Types of gaap accounting methods
Fund accounting is very different from commercial accounting, but has a lot of similarities as well. Discuss the similarities and differences between these two types of GAAP accounting methods.
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What is the maximum depreciation in 2009 for a new computer used 100% for business that was acquired on October 1, 2009, for $3,000, assuming that an expense election under Section 179 is not made and that it is the only property placed in service
What is the maximum depreciation in 2009 for a new computer used 80% for business that was acquired on July 2, 2009, for $3,000, assuming that an expense election under Section 179 is not made? This is the only property placed in service during 20
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Jim Junction purchased a truck for business on November 17, 2009, for $40,000. On July 21, 2010, he exchanged the truck for another truck in a like-kind exchange. The new truck had a fair market value of $42,000. When does the holding period on th
A corporation issues $100,000, 10%, 5-year bonds on January 1, 2009, for $104,200. Interest is paid semiannually on January 1 and July 1. If the corporation uses the straight-line method of amortization of bond premium, the amount of bond interest
Prepare a schedule analyzing the changes in each of the plant asset accounts during 2011. this schedule should include columns for beginning balance, increase, decrease and ending balance for each of the plant asset accounts.
Provide examples of resources that are temporarily restricted as to: (a) purpose; (b) time; and (c) the occurrence of a specific event. Provide an example of permanently restricted resources.
For example, adequate control over the time on employees' time cards includes the use of a time clock or other method of making certain that employees are paid for the number of hours they worked. Discuss other key internal controls over the timek
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