Before the interview
1) Research the firm
a) Know the different service lines they provide, which industries they work in, and
their main clients.
b) Key: Look up the values/principles of the firm. Know them, especially if your
personal values are the sam
Lessee Entries with Bargain-Purchase Option
The lease agreement has a BPO (Bargain-purchase option) and hence meets the
criteria to be classified as a capital lease from the viewpoint of the lessee. Moreover,
the present value of the minimum lease
Sale-leaseback Transactions: The owner of property sells it to another and
simultaneously leases it back from the new owner.
Any gain should be deferred and amortized over the lease term if the sellerlessee retains substantially all
FUTURE CAREER INFO FROM CHEGG
Calculate income and expenses for companies or individuals.
AVG. NATIONAL SALARY:
$47,990 - $81,290
What does an Accountant do?
The word "arithmetic" makes a lot of people cringe. But when you're an accountant, you
1. Smileys net cash used in financing activities for 2015 was
a. b. 175,000
2. Peavy s net cash provided by investing activities for 2015 was
a. b. 376,000
3. During 2015, Great Company earned net income of 212,000 which included depreciation
expense of 3
Definition (or Partial Definition)
An attest engagement in which the CPAs agree to perform
procedures for a specified party and issue a report that is
restricted to use by that party.
An engagement designed to express limited assuranc
Tax Return Janice Morgan
Income ($4,000 + 17,500)
Less: Deduction for adjusted gross income (Deductible portion of SE tax)
Adjusted gross income
Less: the greater of
Total itemized deduction (
Property Taxes: Based on the value of the asset (Essentially, a tax on wealth, or capital). Generally
imposed on realty or personally.
Exclusive jurisdiction of states and their local political subdivisions.
Deductible for Federal income tax purpose
PlantAssets (alsocalledproperty,plant,andequipment) areresources
that have physical substance (a definite size and shape), are used in the
Determining The Cost of Plant AssetsThe
Classifying Inventorydepends on whether the firm is a
1. Know the major difference among different forms of business organization.
2. Identify different users of financial information.
3. Know three types of business activities and the applications of the each activity.
Example: pay 90K for salarie
Agler Corporation's balance sheet reported the following:
Capital stock outstanding, 5,000 shares, par $30 per share
Paid-in capital in excess of par
The following transactions occurred this year:
Chapter 2 Homework
CL Accounts payable
CA Accounts receivable
PPE Accumulated depreciationequip.
CL Interest payable
CL Income taxes payable
CA Stock investments
PPE Land (in use)
ACCT 315 Midterm
Data differ from information in which way?
Information is output, and data are input
Which of the following is NOT characteristic that makes information useful?
It is inexpensive
Which of the following is a primary activity in the value c
Ch 10 P 4, 7, 8
P 4) a. The award amount should be added 2 the land improvement account to allow 4 improvements
to be made on the land. The land account should be debited $35,000 to recognize that there is
an additional investment
Chapter 9: Individual Writing Assignment Case 1 and 2
1 A) Robots, Inc. may have disclosed how its LIFO inventories would be values under FIFO due
to the company wanting to faithfully represent the companys financial posit
Ch6. Kiser Company reports the following for the month of June.
Units Unit Cost Total Cost
Calculate COGS and ending
LECTURE NOTE, CHAPTER # 11
RELEVANT COSTS FOR DECISION MAKING
(p.390-404 & p. 410-413)
RELEVANT COSTS AND REVENUES
EXPECTED FUTURE COSTS
RELEVANT REVENUES: EXPECTED FUTURE REVENUES
OCCUR IN THE FURURE
DIFFER AMONG ALT