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Question: Reply to student response in 150 words
1. Financial accounting deals with the organization as a whole, reporting to parties outside the organization, is highly regulated and primarily uses historical data, also uses GAAP.
2. Managerial accounting deals with responsibilities centered within the organization as well as with the organization as a whole, deals with activities inside an organization, is unregulated, use projections about the future
Financial accounting is mandatory as per the statutory requirement. Financial accounting is preferred, because legally every company is bound to disclose right and accurate information to the potential and existing investors.
The Post Division of the Chester Company produces basic posts which can be sold to outside customers or sold to the Lamp Division of the Chester Company . Last year the Lamp Division bought all of its 25,000 posts from Post Division. Suppose the tran..
Determine whether the omitted procedure is important in supporting the auditors' opinion on the entity's financial statements. Engage another public accounting firm to conduct a quality assurance review.
On September 26, 2013, Vu Industries announced a 3-for-1 common stock split. Which of the following items would be increased by the stock split?
Explain why the estate was not subject to any federal estate tax. Assuming that the above information describes the activities of the estate and that all provisions of the decedent's will have been carried out.
(Learning Objective 1: Report trading investments) Answer these questions about investments. What is the amount to report on the balance sheet for a trading security? Why is a trading security always a current asset? Explain.
A buyer had an inventory of $45,000 on June 1 and a planned EOM stock of $51,000. Planned sales for the department were $39,000 and planned markdowns for the month were $3200. As of June 1, the buyer had merchandise onorder of $10,000 at retail to be..
Scandanavia, Inc., a producer of tables, has a total of 2,500,000 shares outstanding. The current value of the firm is $10 million (no debt). It issues a total of 25,000 2-year warrants to its two top executives with an exercise price of $50. If the ..
How does fair value measurement based on a transfer price differ from a valuation based on settlement of a liability with the counterparty?
Morgan (age 45) is single and provides more than 50% of the support of Rosalyn (a family friend, age 36), Flo (a niece, age 18), and Jerold (a nephew, age 18). Morgan's taxable income is? Morgan's Tax liability?
What is the interrelationship among the concepts of risk, moral hazard (when setting executive compensation), and generally accepted accounting principles?
On January 1, 20X1, Popular Creek Corporation organized RoadTime Company as a subsidiary in Switzerland. Prepare a proof of the translation adjustment.
Describe the basic accounting equation that provides the structure for the balance sheet. Define the three major components reported on the balance sheet.
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