Accounting principles 7th by naomi chapter 04

... CHAPTER ACCOUNTING IN ACTION After studying this chapter, you should be able to: • Explain what accounting is • Identify users and uses of accounting • Understand why ... concept • Explain the meaning of generally accepted accounting principles and the cost principle CHAPTER ACCOUNTING IN After studying thisACTION chapter, you should be able to: • Explain the meaning ... BOO...

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... CHAPTER THE RECORDING After studying this chapter, you should be able to: PROCESS Explain what an account is and how ... process Explain what a journal is and how it helps in the recording process CHAPTER THE RECORDING After studying PROCESS this chapter, you should be able to: Explain what a ledger is and how it helps ... trial balance and explain its purpose THE ACCOUNT STUDY OBJECTIV...

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... accrual-basis accounting is incorrect? a Accrual-basis accounting follows the revenue recognition principle b Accrual-basis accounting is the method required by generally accepted accounting principles ... Accrual-basis accounting follows the revenue recognition principle b Accrual-basis accounting is the method required by generally accepted accounting principles c Accrual-...

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... inventory system explain the steps in the accounting cycle for a merchandising company CHAPTER ACCOUNTING FOR MERCHANDISING OPERATIONS After studying this chapter, you should be able to: distinguish ... CHAPTER ACCOUNTING FOR MERCHANDISING OPERATIONS After studying this chapter, you should be able to: identify the differences between ... goods on hand at the beginning of the acco...

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... CHAPTER INVENTORIES After studying this chapter, you should be able to: Describe steps in determining inventory quantities Explain the basis of accounting for inventories ... determined when sale occurs Periodic • cost of goods sold is determined at the end of accounting period Basis of Accounting for Inventories Periodic Cost Flow Methods STUDY OBJECTIVE • Revenues from ... classifi...

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... CHAPTER ACCOUNTING INFORMATION SYSTEMS After studying this chapter, you should be able to: Identify basic principles of accounting information systems Explain ... operations with manual accounting systems and convert to computerized systems as business grows • To understand computerized accounting systems– one must understand how manual accounting systems ... STUDY OBJECTIVE A...

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... CHAPTER INTERNAL CONTROL AND CASH After studying this chapter, you should be able to: Define internal control Identify the principles of internal control Explain ... organization’s assets Enhances the accuracy and reliability of accounting records PRINCIPLES OF INTERNAL CONTROL STUDY OBJECTIVE PRINCIPLES OF INTERNAL CONTROL • Establishment of responsibility: ... internal control Ex...

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... CHAPTER ACCOUNTING FOR RECEIVABLES After studying this chapter, you should be able to: Identify the different types of receivables ... receivable Compute the maturity date of and interest on notes receivable CHAPTER ACCOUNTING FOR RECEIVABLES After studying this chapter, you should be able to: Explain how notes receivable are recognized ... receivables Examples: interest receivable...

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... CHAPTER 10 PLANT ASSETS, NATURAL RESOURCES, AND INTANGIBLE After studying this ASSETS chapter, you should be able to: Describe how the cost ... business, and private monopolistic arrangements ACCOUNTING FOR INTANGIBLE ASSETS • In general, accounting for intangible assets parallels the accounting for plant assets • Intangible assets are: ... eliminated and gain or loss, if any, is r...

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... CHAPTER 11 CURRENT LIABILITIES AND PAYROLL ACCOUNTING After studying this chapter, you should be able to: Explain a current liability, ... accounting and disclosure requirements for contingent liabilities CHAPTER 11 CURRENT LIABILITIES AND PAYROLL ACCOUNTING After studying this chapter, you should be able to: Discuss the objectives of internal ... Describe the accounting for...

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... CHAPTER 12 ACCOUNTING PRINCIPLES After studying this chapter, you should be able to: Explain the meaning of generally accepted accounting principles and identify the ... Discuss the qualitative characteristics of accounting information and elements of financial statements CHAPTER 12 ACCOUNTING PRINCIPLES After studying this chapter, you should be able to: Identify ......

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... CHAPTER 13 ACCOUNTING FOR After studying this chapter, you should be PARTNERSHIPS able to: Identify the characteristics of the partnership form of business organization Explain the accounting ... assigned must be agreed to by all of the partners • Once partnership has been formed – accounting is similar to accounting for transactions of any other type of business organization Com...

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... CHAPTER 14 CORPORATIONS: ORGANIZATION AND CAPITAL STOCK TRANSACTIONS After studying this chapter, you should be able to: Identify the major ... Paid-in Capital in Excess of Par Value $2,000 d Common Stock $10,000 and Retained Earnings $2,000 Chapter 14 ABC Corporation issues 1,000 shares of $10 par value common stock at $12 per share In recording ... Paid-in Capital in Excess of Par...

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... record date Chapter 15 The date a cash dividend becomes a binding legal obligation to a corporation is the a b c d declaration date earnings date payment date record date Chapter 15 Stock Dividends ... the year, earnings per share is: a b c d $7.00 $4.90 $2.10 No correct answer is given Chapter 15 CHAPTER 15 Corporations: Dividends, Retained Earnings, and Income Reporting Copy...

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... debenture bonds bearer bonds Chapter 16 The term used for bonds that are unsecured is: a b c d callable bonds indenture bonds debenture bonds bearer bonds Chapter 16 Conver t ing Bonds into Common ... operating lease d lessor lease Chapter 16 The renting of an apartment is an example of a(n): a capital lease b lease liability c operating lease d lessor lease Chapter 16 Present...

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