ANSWERS TO QUESTIONS - CHAPTER 6
Long-term operational assets are those assets that are
used by a business to generate revenue. In contrast,
investments are simply held for the production of interest
and dividends and/or for price appreciation.
ANSWERS TO QUESTIONS - CHAPTER 4
The accounting scandals of WorldCom and Enron are
partially responsible for the passage of the SarbanesOxley Act. SOX requires public companies to evaluate
their internal control system.
Internal control is the proce
Study these concepts and ideas, and you will do well on the test. The study
questions that include multiple choice answers should give you a very good idea of what
test questions will be like and how to study for this and future tests.
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Current Events Paper
For my current events paper I chose to write about the urge of today's business leaders
to increase energy supply. This article was written by Justin Gillis on february 23, 2015. This
article talks about how the government is not putt
ACCT 202, Survey of Accounting
SPRING 2015 MCALC Room 2104
Monday 7:00 9:40 PM
Name of Instructor: .Prof. Holland, MBA, CPA
Office: .Room B3174; Snead Hall, School of Business
Office Phone: .(804) 828-1927
Office Hours: .Monday/Wednesday/Frid
Thoreau in Nature
Nature can be a powerful thing for some people. Even more powerful and mind blowing
than the power of human society. For Henry David Thoreau he found all of the beauty in nature
that he f
APA Format Examples
Attan, I., Li, S., Yang, Q., & Zhang. (2010). Male singlehood, poverty and sexuality in
rural china: An exploratory survey. Population 65(4), 679-693. Retrieved from
Human Resources Paper
Human Resources has always been an intriguing field to me. They connect all
people into their respected job position. Whether youre a doctor,lawyer, teacher, or even
firefighter they have people in a human resource
The 5 Top SEO And Online Marketing Trends for 2014
After reading The Top 5 SEO and Online Marketing Trends for 2014, by Cheryl
Conner I realized that it had direct ties into the work we have been learning in the past wee
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ANSWERS TO QUESTIONS - CHAPTER 1
Stakeholders are the parties that use accounting
Stakeholders with a direct interest include owners,
managers, creditors, suppliers, and employees. These
individuals are directly affected by what happens to
Chapter 1 Terms
Accounting: service-based profession that provides reliable and relevant financial
information useful in making decisions
Accounting equation: expression of the relationship between the assets and the
claims on those assets
ACCOUNTING TEST 3 Notes
Chapter 6 homework/notes:
Inventory: not a long term operational asset
Tract of Timber: yes (if the company is in a business that uses or sells
Land: yes (as long as it is not held for
Larabee Company produces two types of product, flat and round, on the same production line.
For the current period, the company reports the following data.
Larabee's controller wishes to apply activity-based costing (ABC) to allocate the $60,000 of
Depreciation is the process of systematically allocating the cost of a plant asset to
expense in the accounting periods benefiting from its use.
Depletion is the process of systematically allocating the cost of a natural resource to the
period when it is
ANSWERS TO QUESTIONS - CHAPTER 3
Merchandise inventory is finished goods that are held for
sale to customers. Costs that are included in
merchandise inventory include the cost of the product,
transportation-in costs, packaging costs, transit
Chapter 11 Cost Behavior, Operating Leverage, and Profitability Analysis
Answer to questions
A fixed cost is a cost that in total remains constant as volume of
activity changes but on a per unit basis varies inversely with
changes in volume of activity
1. The following account balances were drawn from the 2013 financial statements of Gunn
Based on the above information, what is the balance of Common Stock for Gunn
2. Prior to closing, XYZ Compa
Petras Company engaged in the following transactions during 2012, its first year in
operations: (Assume all transactions are cash transactions)
Acquired $950 cash from the issue of common stock.
Borrowed $420 from a bank.
Earned $600 of rev
1. Amounts received in advance from customers for future products or services:
A. Are revenues.
B. Increase income.
C. Are liabilities. UNEARNED REVENUE
D. Are not allowed under GAAP.
E. Require an outlay of cash in the future.
2. Sales taxes payable:
1. Canton Company borrowed $50,000 on a four-year, 8% installment note.
Canton will record the issuance of this note with the following entry:
2. Long-term debt would likely be used for which of the following?
A. acquisition of
Par value of a stock refers to the:
A. Issue price of the stock.
B. Value assigned per share of stock by the corporate charter.
C. Market value of the stock on the date of the financial statements.
D. Maximum selling price of the stock.
E. Dividend value
*Ive tried to be thorough, but I emphasize that this is meant to be a supplement, and I dont promise it to be an
all-inclusive or fully comprehensive study guide. Once again, this list is as complete as I could make it, but
some topics are still listed at