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1. On numerous occasions, proposals have surfaced to put the federal government on the accrual basis of accounting. This is no small issue because if this basis were used, it would mean that billions in unrecorded liabilities would have to be booked and the federal deficit would increase substantially.
Instructions
(a) What is the difference between accrual-basis accounting and cash-basis accounting?
(b) Comment on why politicians prefer a cash-basis accounting system over an accrual-basis system.
(c) Write a letter to your senators explaining why you think the federal government should adopt the accrual basis of accounting.
Describe how influential you believe the IASB is over FASB. Describe whether or not you support the U.S. adopting International Financial Reporting Standards for publicly traded companies.
you manage a real estate investment company. one year ago the company purchased 10 parcels of land distributed
What is its return on stockholders' equity?
the following information applies to the questions displayed below. far north telecom ltd. of ontario has organized a
eve brown is trying to save for her retirement. she believes she can earn 12 on average each year on her retirement
The materials inventory increased from the beginning to the end of the period by $12,000, while the work in process inventory decreased from the beginning to the end of the period by $5,000. What is the cost of goods manufactured?
Prepare the journal entry on January 31 to record the collection of cash and recognition of the first month's revenue, assuming total cost savings exceed target,
on december 31 2010 beta company had 280000 shares of common stock issued and outstanding. beta issued a 7 stock
An asset is being constructed for an enterprise's own use. The asset has been financed with a specific new borrowing. The interest cost incurred during the construction period as a result of expenditures for the asset is:
Olga's sole proprietorship earned a net profit of $95,000 during the year and she withdrew $70,000 of this profit. Olga must report $70,000 net income from the sole proprietorship on her individual income tax return (form 1040).
What are the implications for a scientific utilitarianism, if these `pleasures" are being created by business? Does it matter?
the standard cost of item 285 manufactured by lemon company includes 3 pounds of direct materials at 6.00 per pound.
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