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Disc 1-1: Using Accounting
As a potential business owner, discuss why and how you can use accounting in your business by answering the following questions:
1. What type of business would you like to own? 2. How will you be able to tell if your business is successful? 3. What accounting knowledge do you think you will need to have? 4. What do you think will be your biggest accounting challenges? 5. Why?
2-1 Disc - Cash-vs-Accrual Accounting
Using the same business listed above, consider the impacts of the basis of accounting by answering the following questions:
1. What is the cash basis of accounting?2. What is the accrual basis of accounting?3. How will the accounting for your specific business be different if you use the accrual basis (please use specific examples) instead of the cash basis?4. What will accrual basis statements tell you specifically that cash basis statements will not tell you?
Which of the following information items with regard to a major customer must be disclosed? a. The identity of the customer.
Carson Company on July 15 sells merchandise on account to Tayler Co. for $1,000, terms 2/10, n/30. On July 20 Tayler Co. returns merchandise worth $400 to Carson Company. On July 24 payment is received from Tayler Co. for the balance due. What is ..
blue service center just purchased an automobile hoist for 35000. the hoist has an 8-year life and an estimated salvage
Compute the following ratios and other amounts for each of the two years, ending Decem- ber 31, 2011, and December 31, 2010. Because only two years of data are given on the bal- ance sheets, to be consistent, you should use year-end balances for e..
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