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FASB has special rules for reporting on private health care organizations. And of course, if the health care organization is associated with government (as an SPE), then GASB rules. What are the similarities and differences in the accounting practices between the two?
We've been discussing about the different standard setting boards and to which type of health care provider they apply (GASB, FASB, AICPA Accounting Guide for Healthcare)- so we understand who promulgates the rules and that generally, while they follow different sets of GAAP the differences are primarily in how their financials are presented
What they have in common is they measure their assets and liabilities similarly, they recognize revenue and expenses using accrual accounting, and they give comparable performance measures.
Please cite in paragraph and post bibliography
A company will need to choose an accounting method. What are the differences between the cash basis of accounting and the accrual basis of accounting? When are income and expenses recognized under each method?
What is Gigantic Corporation's net tax liability if its taxable income is $325,000 and it has a general business credit of $125,000?
The fixed manufacturing overhead variance caused by actual activity being different from the estimated activity used in calculating the predetermined overhead application rate is called the:
McCallister & Speass Plowing Company is completing the accounting process for the year ending December 31, 2009. The transactions during 2009 have been journalized and posted.
Turner Corporation produces overdrive transmission parts for several small specialty automobile companies. Prior to founding the firm, Benson Turner, the company's president, had an illustrious stock-car-racing career.
Prepare the journal entry to record Autumn Company's issuance of 63,000 share of no-par value common stock assuming the shares;
You have a total of $411,016 in your retirement savings and have the funds invested such that you expect to earn an average of 7.10 percent, compounded monthly on this money throughout your retirement years.
In 2010, Bailey Corporation discovered that equipment purchased on January 1, 2008, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%.
A company established a petty cash fund of $100 on September 1. On September 15, the petty cash fund was increased to $125 in total. Record the above transactions in general journal form.
At the beginning of 2011, Red decided to change the depreciation to the double-declining balance method. The residual value remains at $4 million. Ignoring income taxes, what will be Red's depreciation expense for 2011?
If the manager of the Eastern Division is evaluated on return on investment alone, will the manager invest in the new project? Explain.
Williamson Group operates a chain of bookstores. A recent business expansion plan resulted in the opening of more than 25 new stores. The Upland store has one more feature that the Stowe store does not have-a small coffe shop.
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