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BAF3M0 Exam Review Sheet
There is a BAF3M0 review package in the I Drive 4Students OUT Chan BAF3M0.
Please print it out (16 pages) and we will work on the package during the last few classes
of the semester.
The following are terms/questions you should kn
BAF3M Exam Review booklet
Chapter 1 & 2
List 2 advantages of a sole-proprietorship over a corporation
List 2 advantages of a corporation over a sole proprietorship
Explain the difference between Accounts Receivable and Accounts Payable?
Explain what Owner
1. Discuss the definition of trade or business. Why does it matter whether a taxpayer is
classified as an employee or as self-employed?
A trade or business is any activity that is engaged in for profit. The profit motive is necessary, and the
Accounting - 1.course
Example 1: Compute the missing amount in the accounting equation for each company
(amounts in billions):
Example 2: Classify following items as an Asset, a Liabilitiy, an Owners Equity, a Revenues
or a Expenses
Week 2 Assignment
At the start of the current year, Blue Corporation (a calendar year taxpayer) has
accumulated E & P of $100,000. Blues current E & P is $60,000, and at the end of the year, it
distributes $200,000 ($1
Week 1 Assignment
Bart exchanges some real estate (basis of $800,000 and fair market value of $1 Million)
for other real estate owned by Roland (basis of $1.2 Million and fair market value of $900,000)
and $100,000 in cash. The real estate in
LEA 201 Week 2 Organizational Design Help or Hindrance
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Organizational Design: Help or Hindrance? Identify two mediu
LEA 201 Week 5 Reflective Paper
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The Reflective Paper should demonstrate understanding of the reading materials, as well as, new
Why is the customer interview process important with regard to the Chart of Accounts
a chart of accounts is a list of account names and numbers used in accounting to organize
financial records into different expenses, liabilities, assets and income
What are journal entries and why are they used?
Journal entries are adjustments that are made to an account to document any sales or purchases
that may have not yet been recorded for that financial period. They are also used for any
transactions on the ac
What are the advantages and disadvantages of using a company like ADP to do payroll
versus completing it on your own in QuickBooks? Why would you want to track employee
time against specific customer jobs? How does QuickBooks handle this functionality?
Why is it important to reconcile your accounts in a timely manner?
It is important to reconcile your accounts in a timely manner because reconciling all of your
accounts is the only way you can be sure that all of the transactions that have taken place we
Describe a typical accounting cycle throughout a month. What personnel in the company
are performing each function and why? What oversight/controls should be in place for
each part of the process and why?
In order to understand a clients business I would have to ask them a series of questions
pertaining to their business. I would want to make sure I create an environment that is
comfortable and trusting so that the client is at ease with sharing and answer
There are a few advantages of using a computerized accounting software package. The biggest
advantage is being able to take advantage of what the computerized accounting software package
can offer. Utilizing a computerized accounting software package allo
Why is it important to track inventory from the point of ordering to the point of selling?
It is very important to track inventory from the point of ordering to the point of selling.
Inventory is usually the largest asset of any business because they are
What is the difference between financial and managerial reporting?
Financial reporting reports on the results of an entire business where as managerial accounting
reports at a more detailed level of the profits by product, product line, customer, and geog
Why is QuickBooks a better option than a manual accounting process when it comes to dealing with
vendors and customers?
There are a few reasons why QuickBooks is a better option than a manual accounting process when it
comes to dealing with vendors and cu
Multi-national corporation in India and Singapore.
Selection of case study countries
World economies play a pivotal role in determining the developed or underdeveloped nature of a
country. In a business perspective, there always exist those countries wi
Explain the value of a customer-profitability analysis in making management decisions about future
operations. Are there times when a company would be better off without a particular customer? If so,
explain the scenario and indicate how you might approac
Week 3 Discussions
Discuss the four possible capacity levels a firm must evaluate when deciding how to set budgeted fixed
manufacturing cost rates, including the pros and cons of selecting each capacity level. Explain the
potential impact this decision wo