Financial account Milestone 1-4
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Saylor Academy *
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Course
103
Subject
Accounting
Date
Nov 24, 2024
Type
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2
Uploaded by ConstableMeerkatMaster898
CONCEPT
Governance
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13
Which of the following is true of an LLC?
An LLC itself pays no taxes.
An LLC is required to have more than five members.
All members of the LLC are liable for the actions of the others.
An LLC is terminated at any member's choice.
CONCEPT
Businesses and Organizations
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14
A Program Manager and a Vice President discussing the costs associated with the
completion of a recent project, so that future cost estimates can be made, is an
example of which of the following?
Departmental accounting
Production accounting
Financial accounting
Managerial accounting
CONCEPT
Accounting in Practice
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15
Which description below is a characteristic of journal entries?
Changes are recorded with either a debit or a credit, but not both.
Changes are verified by at least two qualified individuals.
Changes are associated with at least two different accounts.
Changes are made when there is a planned expense.
CONCEPT
General Journal and General Ledger
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16
Which of the following account groups has a natural debit balance?
Assets
Liabilities
Revenue
Equity
CONCEPT
Natural Balance
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17
Eric owns a heating and cooling company. He routinely inspects a food storage
warehouse. Eric is paid a future expense of $299 for replacing a worn belt the next time
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14
Which of the following is an example of a direct engagement?
Group of answer choices
a. Omega Company hired Manjean to express an opinion on the financial statements of Omega Company which was prepared by another firm on behalf of Omega Company.
b. Butters, CPA was hired to issue an assurance report on sustainability practices of Blacklist Corporation. Butters will evaluate the sustainability practices of Blacklist Corporation and issue a report on it.
c. Mara was engaged to issue an opinion on the financial statements prepared by Onic Corporation.
d. Chantelle is engaged to provide assurance on the total proven reserves of an oil company. The company measures its reserves and prepares a report available to intended users.
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1
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Which of the following best describes a non-profit organization?
One in which the leadership is governed by a board of directors
O One in which the workforce is made up of volunteers
O One that reinvests profit into the organization instead of distributing it to owners
One that relies solely on private donations for the organization's financial needs plz do in 30 minutes
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O One in which the workforce is made up of volunteers
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If you were given the task of creating a Corporate Code of Ethics. What are some of the items that you would include? Feel free to research corporate websites and view existing corporate code of ethic's reports.
Required:
Please respond by including at least five items that you would include in your new Corporate code of Ethics.
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ETHICS (Rule-Making Issues) When the FASB issues new pronouncements, the implementation date is usually12 months from date of issuance, with early implementation encouraged. Karen Weller, controller, discusses with her financialvice president the need for early implementation of a rule that would result in a fairer presentation of the company’s financialcondition and earnings. When the financial vice president determines that early implementation of the rule will adversely affectthe reported net income for the year, he discourages Weller from implementing the rule until it is required.
InstructionsAnswer the following questions.(a) What, if any, is the ethical issue involved in this case?(b) Is the financial vice president acting improperly or immorally?(c) What does Weller have to gain by advocacy of early implementation?(d) Which stakeholders might be affected by the decision against early implementation?
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Chapter 7 of the textbook presents some concerns regarding the current accounting standards for research and development expenditures.
Instructions: For this discussion, you will be divided into two groups:
Group B: You are assigned to Group B if you have a last name beginning with N-Z. Assume that you are the FASB member. Write a memo defending the current standards regarding research and development.
For both groups, your memo should address the following questions:
By requiring expensing of R&D, do you think companies will spend less on R&D? Why or why not? What are the possible implications for the competitiveness of U.S. companies?
If a company makes a commitment to spend money for R&D, it must believe it has future benefits. Shouldn't these costs therefore be capitalized just like the purchase of any long-lived asset that you believe will have future benefits? Explain your answer.
For your initial post, indicate in the subject line which group you are in (Group A…
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Assume that the club treasurer of one such organization is in charge of all financial matters, including collecting and depositing member dues, paying vendor invoices, and preparing yearly reports. Do you think that assigning only one person to this job is a good idea? Why or why not?
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