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
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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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