Realgrades

How does net income result? - correct answer Results from revenue , expense, gain, and loss transactions Transaction approach - correct answer Method of income measurement that focuses on the income-related activities—revenue, expense, gain, and loss transactions—that have occurred during the period. Inflows or other enhancements of assets of an entity or settlements of its liabilities during a period from delive...

The changes in a firm's future cash flows that are a direct consequence of accepting a project are called _____ cash flows. - correct answer Incremental Which one of these is an example of erosion that should be included in project analysis? - correct answer The anticipated loss of current sales when a new product is launched. Foamsoft sells customized boat shoes. Currently, it sells 16,850 pairs of shoes annually...

Sarbanes-Oxley Act - correct answer law passed by Congress that requires CEO and CFO to certify that their firm's financial statements are accurate proprietorship - correct answer unincorporated business owned by one person advantages of proprietorships - correct answer -easy and inexpensive to form -subject to few tax regulations -subject to lower income taxes disadvantag...

what are the advantages of proprietorships and partnershisp - correct answer easy to start, subject to few regulations, and no corporate income tax what are the disadvantages - correct answer difficult to raise capital, unlimited liability, adn limited life how are proprietorships and partnerships set up? - correct answer through LLCs and LLPs what are the advantages of a corpo...

Tax Article Summary (Bonus Question) - correct answer - New tax law will make life harder for companies struggling financially - New law is now that companies can only carry forward - No more refunds from carrying back losses :( - Example of carrying back losses: 2010 $100,000 in profits $38,000 in taxes 2011 $1,000,000 in losses $0 in taxes Carry back $100,000 tax inc. ($900,000 left to carry forawrd) Refund of $38,000 Shark-tank Valuation: YON...

In Year 1, Brun Corp. properly accrued $10,000 for an income item on the basis of a reasonable estimate. In Year 2, Brun determined that the exact amount was $12,000. Which of the following statements is true? - correct answer The $2,000 difference is includible in Brun's Year 2 income tax return. An S corporation engaged in manufacturing has a year end of June 30. Revenue consistently has been more than $30 million under both cash and accrual basis of ...

Fundamental Qualities: Relevance - correct answer Predictive value: can help user form expirations for the future Conformity value: validates or refutes exceptions Materiality: omitting or misstating is has an influence on decisions Relevance - correct answer information that is capable of making a difference in a decision Fundamental Qualities: Faithful Representation - correct answer ...

Which of the following depreciation methods does not consider salvage value in computing the total depreciation to be taken? - correct answer Declining balance If an industrial firm uses the units of production method for computing depreciation on its only plant asset, factory machinery, the credit to accumulated depreciation from period to period during the life of the firm will - correct answer vary with production ...

a. is adjusted for the particular business of the firm involved. b. excludes all aspects relevant to a particular firm or project. c. A and B d. none of the above - correct answer B The most important variable in determining a country's degree of overall country risk: a. is political risk. b. is financial risk. c. is the probability of a host government takeover. d. may often vary with the country of concern. - correct answer ...

Which one of the following statements correctly depicts the common chain of command in a corporation? a. The information systems manager reports to the treasurer. b. The credit manager reports to the treasurer. c. The controller reports to the chief executive officer. d. The tax manager reports to the treasurer. e. The capital expenditures manager reports to the controller. - correct answer b. The credit manager reports to the treasurer. A p...

a collection of data and processing procedures that creates needed information for users. - correct answer Accounting Information system Data are raw facts about events that have little organization or meaning while information is processed data that becomes more useful or meaningful - correct answer Differences between data and information refers to electronic storage, retrieval and manipulating of data. It includes...

financial management - correct answer deals with assets capital markets - correct answer deals with interest rates and stock and bond prices investments - correct answer decisions concerning stocks and bonds sarbanes-oakley act - correct answer requires CEO and CFO to certify firm's financial statement proprietorship - correct answer ...

responsibility center - correct answer a part, segment, or subunit of an organization whose manager is accountable for a specified set of activities Responsibility Accounting - correct answer System that measure the activity of responsibility center Four types of centers - correct answer Cost, revenue, profit, investment Profit center - correct answer ...

Define AIS - correct answer Accounting information system- a collection of data and processing procedures that creates needed information for its users What are the differences between data and information? - correct answer Data are raw facts about events that have little organization or meaning while information is processed data that becomes more useful or meaningful What is meant by: Inputs -> Processing -> ...

Tax - correct answer compulsory payment to support the cost of government Taxpayer - correct answer any person or organization that pays tax (includes individuals and corporations) Incidence - correct answer ultimate economic burden of a tax Jurisdiction - correct answer right of a government to tax Source of Rules - correct answer ...

Tax - correct answer Compulsory payment to support the cost of government Taxpayer - correct answer Any person or organization that pays tax (individuals and corp) Incidence - correct answer Ultimate economic burden of a tax - he who bears the burden is not always he who writes the check Jurisdiction - correct answer Right of a government t...

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European Geometric Movment - correct answer -To avoid the nasty things that are happening in WWI and that it is a sort of relief from the chaos of the war -Something that brought them closer to the divine or just something tied to math and lines -non-objective (not represent objects of the physical world not about representation but about creation) -Really a problem of logic and for some it's a way to get to God (perfection) -Ways of utopian ideas. (ki...

Synthetic Cubism - correct answer initially inspired by collages, found objects and featured flattened forms collage - correct answer coined by Georges Braque from the French verb collier which means "to stick" or "to paste" papier collé - correct answer a collage composed of pieces of variously colored paper glued to a ground The Chicago School - correct answer ...

Academies of Art - correct answer an association or school for artists which included the teaching of subjects such as drawing after antique statuary and the live model, and also the study of anatomy, geometry, perspective, history, etc. Atelier - correct answer an artist's or a designer's workshop Antiquity - correct answer the quality of being ancient; ancient times Hie...