FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Imagine that you work in the accounting department of a university and your boss has asked you to explain components of revenue, expenses, and changes in net assets that are reported on the university’s statement of revenues.
- Discuss at least two unique situations or transactions that you may encounter.
- Describe any circumstances the entity may engage in activities that result in Unrelated Business Income Tax (UBIT).
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- Drawing on your knowledge of your text, how would you as an accounting student classify and record research and development expenditure in your books? As: A capital expenditure Deferred Revenue Deferred Liability An expense None of the above.arrow_forward1. List three types of records that a company must keep for tax purposes. 2. Explain why the ATO conducts audits. 3. List three key principles that should be followed when managing a work teamarrow_forwardUsing the following categories, discuss the differences that exist between accounting for these items in a personal context versus for a business. Specifically provide examples of the difference in account names or terms used to describe the eguivalent item when related to accounting for a business. 1. Assets & LIabilities 2. Net Worth 3. Surplus(deficit)arrow_forward
- the conceptual framework for financial reporting states that the purpose of financial reporting is to a. provide information to management accountants for decision making b. support and enhance transparent financial reporting by governments and other public sector entities c. provide tax authorities with information to be used for tax assessment d. none of the abovearrow_forwardWhich sentence is incorrect? Select one: a. According to the GAAP in Accrual-Basis Accounting, companies recognise revenues when they perform for their services. b.The Accrual and Cash-basis accounting are in accordance with generally accepted accounting principles. c.In the Accrual-Basis Accounting, expenses are recognized when incurred. d. IFRS & GAAP use the same process for recording transactions.arrow_forwardaccounting records the impact of a business event when it occurs, regardless of whether the transaction affected casharrow_forward
- An Employment Identification Number a) is issued to businesses by the IRS b) is issued by the state in which the business operates c) is like a social security number for the business d) Both answer choices a) and c) are correctarrow_forwardwhat student learns about The Accounting Cycle Advanced Accounting for Assets Partnerships and Corporations Financial Analysis and Decision Makingarrow_forward
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