Acct 2010 Study guides, Class notes & Summaries

Chapter 4 1.The periodicity assumption states that: a. a transaction can only affect one period of time. b. estimates should not be made if a transaction affects more than one time period. c. adjustments to the enterprise's accounts can only be made in the time period when the business terminates its operations. d. the economic life of a business can be divided into artificial time periods. 2.One of the accounting concepts upon which adjustments for prepayments and accruals are based i...

Financial Illiteracy - answer--more than one in six U.S. teens are unable to make simple, everyday choices about spending, and only one in ten can solve complex financial tasks. -17.8% of US students do not even reach the baseline level of financial proficiency What Will Plans Do - answer--Achieve your financial goals -Achieve financial independence. -Invest intelligently -Minimize your payments to Uncle Sam -Cover your assets Life Cycle of Financial Planning - answer--Stage 1: The Ea...

Financial Illiteracy - answer--more than one in six U.S. teens are unable to make simple, everyday choices about spending, and only one in ten can solve complex financial tasks. -17.8% of US students do not even reach the baseline level of financial proficiency What Will Plans Do - answer--Achieve your financial goals -Achieve financial independence. -Invest intelligently -Minimize your payments to Uncle Sam -Cover your assets Life Cycle of Financial Planning - answer--Stage 1: The Ea...

ACCT 551 exam docs new questions with answers graded A+ Question 1. Question : (TCO C) The cost of an intangible asset includes all of the following except Question 2. Question : (TCO C) When a patent is amortized, the credit is usually made to Question 3. Question : (TCO C) Negative goodwill arises when the of the net assets acquired is higher than the purchase price of the assets. excess earnings Instructor Explanation: Chapter 12 Questi...

Table of Contents About this Catalog ...........................................................................................................................................2 Welcome from the Dean of Graduate Studies....................................................................................................3 Calendars ........................................................................................................................................................4 Directions ...

Breanna Morrow Professor Hollies Mercy College- Accounting Program ACCT 341- Exam #1 Part I- True/False Questions (20 points). 1. The United States Federal government has a provision in the Constitution which precludes deficit spending. a. True b. False 2. Longer class lives for depreciable property and the required use of straight- line method of depreciation would likely dampen the tax incentive for purchasing capital assets. a. True b. False 3. The favorable treatment of resea...

ACCT 2101 Final Exam Study Guide Solutions Chapters 1 - 12 ACCT 2101 Final Exam Study Guide Chapters 1 – 12 Chapter 1 1. The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a. account payable. b. account receivable. c. revenue. d. expense. 2. The right to receive money in the future is called a(n) a. account payable. b. account receiva...

ACCT 201 Financial Analysis of Apple Inc Company’s Overview McCormick & Company, Incorporated is a global leader in flavor. With $4.3 billion in annual sales, the company manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the entire food industry – retail outlets, food manufacturers and foodservice businesses. We operate in two business segments, consumer and industrial. Demand for flavor is growing globally, and across bo...

Chapter 5--Accounting Systems Student: ___________________________________________________________________________ 1. Businesses must implement controls to help guide the behavior of their employees toward business objectives. True False 2. The methods or procedures used to record and report financial data are called the accounting system. True False 3. Systems analysis is the final phase in the creation or revision of an accounting system. True False 4. Processing methods are ...

ACCT 551 Week 1 Quiz → Question: (TCO C) Which of the following should not be reported in the income statement? Question: (TCO C) Which of the following is often reported as an extraordinary item? Question: (TCO C) Alonzo Co. acquires three patents from Shaq Corp. for a total of $360,000. The patents were carried on Shaq’s books as follows: Patent AA, $5,000; Patent BB, $2,000; and Patent CC, $3,000. When Alonzo acquired the patents, their fair market values were: Patent AA, $20,000; Patent...