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In a memo to your new assistant, Susan Thompson, explain to her the similarities and differences between financial and managerial accounting. Provide examples of managerial accounting reports that she could expect to see within EEC, and explain how management might use the information to make decisions. Keep in mind that the income statement, statement of owners' equity balance sheet, and cash flow statement, although generated in financial accounting, are used to develop all of your managerial accounting reports.
What amount of net income would Spartan Company report on its 2010 income statement? Explain why the amount of net income differs from the amount of the ending Retained Earnings balance.
Other than satisfying the SEC's full disclosure requirement, why is it important for a firm to provide the forward looking statement?
Currently the federal government maintains a dual system of accounts--budgetary and proprietary accounts. What are the two types of accounts? Why does the federal government keep two types?
Prepare journal entries for the adjustments entered in the six-column table for part 1 and Prepare journal entries to reverse the effects of the adjusting entries that involve accruals.
What are the likely causes of these problems and what are consequences of these problems for investors, Czech companies, and the Prague Stock Exchange?
the company's stock price is in a downward trend. Explain how would an auditor interpret this negative information with regard to a potential audit client? Explain how would your answer be different if this was a continuing client?
Definition of Yield and Rate of Return and identification of their role in finance.
Identify the type of lease involved for the lessee and the lessor, and give reasons for your classifications and prepare all the journal entries for both the lessee and the lessor for 2007 and 2008.
Evaluate the amount of desired profit from the production and sale of Product T. and evaluate the total variable costs for the production and sale of 75,000 units of Product T.
Analyze the process of accounting for changes in ownership interest to determine which step in that process is likely to cause the greatest number of challenges to the greatest number of companies. Explain your rationale.
Why does an intra-entity sale of a depreciable asset (such as equipment or a building) require subsequent adjustments to depreciation expense within the consolidation process?
What entry must Sam's Painting Service make on December 31 before financial statements are prepared?
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