Study guides, Class notes & Summaries

This meticulously crafted resource will give you a competitive edge in your ACCA (Association of Chartered Certified Accountants) preparations. This document contains the June 2023 exam paper and detailed answers, providing invaluable insights into the exam structure, question formats, and exemplary responses. Whether you're a student aiming to excel in your ACCA exams or a professional seeking to enhance your accounting skills, this document is an indispensable tool for success. Elevate your s...

1. Nomar Co. shipped inventory on consignment to Seabright Co. that cost $20,000. Seabright paid $500 for advertising that was reimbursable from Nomar. At the end of the year, 70% of the inventory was sold for $30,000. The agreement states that a commission of 20% will be provided to Seabright for all sales. What amount of net inventory on consignment remains on the balance sheet for the first year for Nomar? A: $6,000 Explanation: Nomar includes in its inventory account items of inventor...

Accounting Principles 241 Final Exam Study Guide || All Questions & Answers (100% Verified) Which of the following is not a step in the Accounting Process? A. Identification B. Verification C. Communication D. Recording - ANSWER - B. Verification Are Taxing Authorities external or internal Accounting users? - ANSWER - External Accounting users Is Management an external or internal Accounting user? - ANSWER - Internal Accounting user Are present Creditors external or internal Ac...

Accounting Principles 1 Final Exam The proprietorship form of business organization... - ANSWER - ...generally receives favorable tax treatment relative to a corporation A business organized as a corporation... - ANSWER - ...is owned by it stockholders The partnership form of business organization... - ANSWER - ...is a common form of organization for service-type businesses Most business enterprises in the United States are... - ANSWER - ...proprietorships and partnerships Not an...

WGU C213 Accounting for Decision Makers 2024 Accounting - the recording of the day-to-day financial activities of a company and the organization of that information into summary reports used to evaluate the company's financial status Bookkeeping - the preservation of a systematic, quantitative record of an activity accounting system - used by a business to handle routine bookkeeping tasks and to structure the information so it can be used to evaluate the performance and financial status ...

NING HOW COSTS BEHAVE 10-1 The two assumptions are: 1. Variations in the level of a single activity (the cost driver) explain the variations in the related total costs. 2. Cost behavior is approximated by a linear cost function within the relevant range. A linear cost function is a cost function where, within the relevant range, the graph of total costs versus the level of a single activity forms a straight line. 10-2 Three alternative linear cost functions are: 1. Variable cost function...

1)American Institute of Certified Public Accountants (AICPA) - correct answer-The professional organization of CPAs; has a strong professional code of ethics designed to instill higher ethical standards in the members of the accounting profession. 2)Annual Interest - correct answer-The amount of interest to be paid each year. 3)Annual Reports - correct answer-An annual report is a document that a company publishes each year, containing the financial statements, a description of the company...

FAR - CPA EXAM WITH 100% COMPLETE SOLUTIONS F1 M1 - Balance Sheet, Income Statement, Comprehensive Income - CORRECT ANSWER - What is included in a full set of financial statements? - CORRECT ANSWER -- Statement of Financial Position (Balance Sheet) -Statement of Earnings (Income Statement) -Statement of CF -Statement of Comprehensive Income -Statement of Owners Equity -Notes to Financial Statements Current Assets - CORRECT ANSWER --Cash and Cash Equivalents -Investments: Tradi...

Which of the following is not an attribute of a profession? A. Extensive education process B. Existence of a governing body C. Application of professional scepticism D. Systematic body of theory and knowledge - C. Application of professional scepticism Which of the following best describes the 'traditional' or 'functional' view of a professional? I Professionals are law abiding citizens. II Professionals behave in an ethical and appropriate manner. III Professionals have a significan...

CPA ETHICS EXAM GUIDED QUESTIONS AND ANSWERS FOR GUARANTEED SUCCESS Which category contains the ethical standards, a violation of which makes a member liable to disciplinary action? (a) Ethics Rulings. (b) Interpretations of the Rules. (c) Rules. - CORRECT ANSWER -(c) is the conect answer. Code of Professional Conduct, Strncture, says that infraction of any of the rules makes a member liable to disciplinary action. (a) is wrong since members who depart from the guidance in ethical ...