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An accountant must be familiar with the concepts involved in determining earnings of a company. The amount of earnings reported for a company is dependent on the proper recognition, in general, of revenue and expense for a given time period. In some situations costs are recognized as expenses at the time of product sale; in other situations guidelines have been developed for recognizing costs as expenses or losses by other criteria.
1. Explain the rationale for recognizing costs as expenses at the time of product sale.
2. What is the rationale underlying the appropriateness of treating costs as expenses of a period instead of assigning the costs to an asset? Explain.
3. Some expenses are assigned to specific accounting periods on the basis of systematic and rational allocation of asset cost. Explain the underlying rationale for recognizing expenses on this basis.
At the end of the sixth year, the account balance was transferred to a bank paying 10%, and annual deposits of $80,000 were made at the end of each year from the seventh through the tenth years. what was the account balance at the end of the tenth..
prepare journal entries to record the following retirement. show computations and round to the nearest dollar.the
Hazel Holden and Cedric Dalton are organizing Calgary Metals Unlimited Inc. to undertake a high-risk gold-mining venture in Canada.
if internal audit resources are limited to conducting only one audit at a divisional location, should a high-risk process that was audited last year at this location be audited in lieu of a moderately risky process that was last audited four years..
There was no units in process at the beginning or at the end of the month , and 20,000 units were completed. Determine the unit cost for the month for materials, labor, and factory overhead.
A. The buffalo wildcats, a minor league football team, received $3000 from a fan on June 1 for 2013 season tickets. The wildcats play 10 home games. on December, 2013, the end of the fiscal year, the wildcats had played 6 home games. make the origina..
Determine for each plan, the expected net income and the earnings per share on common stock.
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Semi-Annual Interest to Interest Unamortized Bond
A machine costing $210,400 with a four-year life and an estimated $20,000 salvage value is installed in Luther Company's factory on January 1.
Describe the differences between the three types of audits in terms of their scope and taxpayer type.
A certain stock paid a dividend of $2.00 yesterday and has a history of growth in dividends of 15% annually. What dividend will the stock pay in 10 years?
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