Exam 1-5.docx - Nigiri Inc began operations on October 1...

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Nigiri Inc. began operations on October 1, 2017. During October, Nigiri sold ordinary shares for ¥660,000,000, earned net income of ¥96,000,000, and paid dividends of ¥2,967,000. Equity at the end of October is ¥756,000,000. ¥93,033,000. ¥753,033,000. ¥96,000,000. ______________________ The accounting process involves all of the following except communicating financial information to users by preparing financial reports. recording non-quantifiable economic events. identifying economic events that are relevant to the business. analyzing and interpreting financial reports. Most assets should be valued at cost because fair values are not relevant. may be higher or lower than historical cost. may not be representationally faithful. are not useful for decision-making. Which of the following techniques is not used by accountants to interpret and report financial information? Special memos for each class of external users. Ratios.
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Charts. Graphs. __________________________ Which of the following would not be considered internal users of accounting data for a company? Salesmen of a company. Creditors of a company. The president of a company. The controller of a company O' Hara Company began operations on December 1, 2017. Presented below is selected information related to O' Hara Company at December 31, 2017. Equipment ₤160,000 Utilities Expense ₤ 24,000 Cash 56,000 Accounts Receivable 108,000 Service Revenue 432,000 Salaries and Wages Expense 188,000 Rent Expense 52,000 Notes Payable 40,000 Accounts Payable 64,000 Dividends 60,000 Share Capital-ordinary 112,000 Retained earnings at December 31, 2017 is (Exclude Accounts Payable and deduct all other expenses and dividents) £60,000. £108,000. £88,000. £220,000. During July, its first period of operations, Aju Inc. sold ordinary shares for W1,060,000,000, earned net income of W130,000,000, and paid dividends of W27,000,000. Equity at the end of July is W1,033,000,000.
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W103,000,000. W1,163,000,000. W1,190,000,000. The first step in solving an ethical dilemma is to weigh the impact of each alternative on various stakeholders. identify and analyze the principal elements in the situation. identify the alternatives. recognize an ethical situation and the ethical issues involved The Sarbanes-Oxley Act determines U.S tax regulations. internal control standards of U.S. publicly traded companies. internal control standards as enforced by the IASB. international tax regulations. Harrod's Inc. purchased land for ₤50,000 in 2007. At December 31, 2017, an appraisal determined the fair value of the land is ₤65,000. If Harrod's follows the historical cost principle, in the 2017 financial statements, the land will be reported at ₤50,000 on the statement of financial position. ₤50,000 on the income statement. ₤65,000 on the income statement. ₤65,000 on the statement of financial position.
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External users of accounting information include all of following except all of these answer choices are correct. the shareholders of Air Italy. a potential customers of Olivetti. the management of Pirelli. IFRS is considered to be more rules-based and less principles-based than GAAP.
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