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The Concept of Materiality
1. Why is the materiality of a transaction or an event a matter of professional judgement?
2. What criteria should accountants consider in determining whether a transaction or ay event is material?
3. Does the concept of materiality mean that financial statements are not precise, down to the last dollar? Does this concept make financial statements less use full to most users?
Avis rent-a-car purchases a large number of cars each year for its rental fleet. The cost of any individual automobile is immaterial to Avis, which is a very large corporation. Would it be acceptable for Avis to charge the purchase of automobiles for its rental fleet directly to expense rather than to an asset account?
Retained earnings at 1/1/06 was $150,000 and at 12/31/06 it was $200,000. During 2006, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings.
You own a bond with a face value of $10,000 and a conversion ratio of 450. What is the conversion price?
The differences between the book basis and tax basis of the assets and liabilities at the end of 2008 are as follows: What is the journal entry to record income tax expense, deferred income taxes, and income tax payable for 2008?
In your own words, explain what is meant by "inductive reasoning" and "deductive reasoning." State the differences between the two and provide examples to illustrate.
What are the equivalent units of production (EUP) for the conversion costs in the month of September assuming ALG uses weighted-average process costing?
Three years later, the shareholder ssells the land for $220,000. What is his realized gain or loss?
What is its new target variable cost per skier / snowboarder? Compare this to the current variable cost per skier / snowboarder. Comment on your results.
Conan Industries also paid $71,411 for expenses in 2010. Of the amount paid, $33,331 was for expenses incurred on account in 2009. In addition, Conan incurred $42,259 of expenses in 2010, which will not be paid until 2011.
Prepare the adjusting entry that records bad debts expense. Prepare the journal entry that records a write-off of a $700 uncollectible account receivable.
Manning Imports is contemplating an agreement to lease equipment to a customer for five years. Manning normally sells the asset for a cash price of $100,000. Assuming that 8% is a reasonable rate of interest.
What is the projected ending retained earning balance of march 31, 2012, assuming that 2010 was their worst year of business?
Please explain to me the accounting research methodologies of deductive, inductive and pragmatic research methods. Give me some examples to reinforce these methods.
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