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DISCUSSION QUESTIONS
1. Three expense recognition methods (associating cause and effect, systematic and rational allocation, and immediate recognition) were discussed in the text under the expense recognition principle. Indicate the basic nature of each of these expense recognition methods and give two examples of each.
2. How is materiality (or immateriality) related to the proper presentation of financial statements?
3. What factors and measures should be considered in assessing the materiality of a misstatement in the presentation of a financial statement?
4. Distinguish between cash-basis accounting and accrual-basis accounting. Why is accrual-basis accounting acceptable for most businesses and the cash-basis unacceptable in the preparation of an income statement and a balance sheet?
5. What are interim reports?
6. Why are balance sheets often not provided with interim data?
7. Distinguish between ratio analysis and percentage analysis relative to the interpretation of financial statements. What is the value of these two types of analyses?
Calculate the increase or decrease in profits for the divisions and the company as a whole (four separate computations) if the agreement is enforced.
What are some of the important issues that need to be considered when discussing the Sandwich Generation
Alvarez Company’s output for the current period yields a $20,000 favorable overhead volume variance and a $60,400 unfavorable overhead controllable variance. Standard overhead charged to production for the period is $225,000. What is the actual total..
Revco Drug Store filed for bankruptcy in July of 1988 and was one of the largest bankruptcies in US financial history as well as being one of the largest leveraged buyouts. Using the basic background information already provided conduct more extensiv..
Berkeley Bag manufactures high end book bags. One product line is a shoulder bag designed for trade fairs and conferences that the company "seeds" with products specified by the customer. The equivalent units of work completed and transferred out in ..
A company has 360,000 shares authorized, 200,000 shares issued, and 100,000 shares outstanding. The par value of its stock is $1 per share. The company does a 2-for-1 stock split. What is the balance in its Common Stock account after the split?
The company budgeted sales at 600,000 units per month in April, June, and July and at 450,000 units in May. The selling price is $4 per unit. All sales are cash sales. That is, customers must pay ABC, Inc. before the tiles are shipped to the customer..
case study analysis.what are the four criteria used to determine the amount and timing of revenue reported in the
assume you are interviewing for a part-time accounting job at spilker amp associates inc. and the interviewer gives you
Fatimah and Ahmad, who make $50,000 per year, calculated their average tax rate at 20 percent. They contribute 15 percent of their income to charity and pay themselves 10 percent of their income. Calculate their income statement using the better meth..
Larned Corporation recorded the following transactions for the just completed month. Record the above transactions in journal entries. $75,000 in raw materials were purchased on account.
A business purchased merchandise for $12,000 on account; terms are 2/10, n/30. If $2,000 of the merchandise was returned and the remaining amount due was paid within the discount period, the purchase discount would be:
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