What costs to capitalize - Study guides, Class notes & Summaries

Activity-Based costing (ABC) Ans: A method of cost accounting designed to identify streams of activity and then to allocate costs across particular business processes according to the mount of time employees devote to particular activities Adapters Ans: Companies that take the current industry structure and its evolution as givens, and choose where to compete. Adverse impact Ans: When a seemingly neutral employment practice has a disproportionately negative effect on a protected group. Ad...

These characteristics: They are acquired for use in operations and not for resale. They are long-term in nature and usually depreciated They possess physical substance. Describe what? - ANSWER-property, plant, and equipment Only asset that is NOT depreciated - ANSWER-land PP&E - ANSWER-property, plant, and equipment historical cost - ANSWER-the cash or cash equivalent price of obtaining the asset and bringing it to the location and condition necessary for its intended use compani...

The normal balance of the account "Allowance for Uncollectable Accounts" is a _____ because _____. A. Debit; it is a contra account to Revenue (a credit account) B. Credit; it is a contra account to Accounts Receivable (a debit account) C. Debit; it is an expense in the income statement D. Credit; it is a contra account to Bad Debt Expense (a debit account) -Answer- B. Credit; it is a contra account to Accounts Receivable (a debit account) Many intangible assets are not recorded on ...

Forensic Accounting Assessment Questions and Answers 100% Pass Which action is potentially unethical because it understates cost of goods sold? Understating purchases Why is it unethical for a supervisor to ask an accountant to capitalize the marketing research program? This action overstates assets. How can financial statement fraud impact stakeholders? Fraud can be an embarrassment to the audit profession. How do fraudulent financial statements impact stakeholders and the markets? Financial...

Because businesses are generally not allowed to expense the cost of assets immediately, what do they do instead? correct answers - the must capitalize the cost of the assets (record cost on balance sheet) and depreciate the cost of the asset over the cost recovery period (the depreciable life of the asset defined by tax laws) What are the three types of cost recovery methods? correct answers - depreciation - depletion - amortization What assets are depreciated? correct answers - tangible...

One distinguishing feature between independent agency systems and other marketing systems is the... - Answer agency expiration list Foreign Insurer - Answer An insurer licensed to operate in a state but incorporated in another state Domestic Insurer - Answer An insurer doing business in the jurisdiction in which it was incorporated Alien Insurer - Answer An insurer domiciled in a country other than the US Direct Response Marketing System - Answer Greatly reduces compen...

what are the major characteristics of property, plant, and equipment? - Answer they are required for use in operations and not held for resale, long term in nature and usually depreciated, possess physical substance historical cost - Answer measures the cash or cash equivalent price of obtaining the asset and bringing it to the location and condition necessary for its intended use subsequent to acquisition, companies should ____ write up property, plant, and equipment, to reflect fai...

Risks The effect of uncertainty on objectives The chance of something happening that will have an impact on objectives Being prepared for the worst and being poised to exploit opportunities as they are discovered Enterprise Risk Management A strategic business discipline that supports the achievement of an organization's objectives by addressing the full spectrum of its risks and managing the combined impact of those risks as an interrelated risk portfolio. Support Function: B...

Course Careers Study Guide 2024 Already Passed What’s a Champion? Someone who salespeople love. How should you open a discovery call? Set the expectations for the call What’s the best definition for a sales cadence? A cadence is the sequence of activities you perform in order to make contact with a prospect What should you avoid using in a prospecting email? Images, Bullet Points, Attachments A sentence is generally incomplete when It lacks a subject and a verb Defini...

CLFP Financial and Tax Accounting for Leases: Exam Questions With Correct Answers Latest 2024/2025 (GRADED) How did APB (Accounting Principals Board) fail? correct answerCreated Opinion #5 (Reporting of Leases in Financial Statements of Lessees) and Opinion #7 (Accounting for Leases in Financial Statements for Lessors) that ha different opinions and left lessors & lessees with conflicting rules. What was FASB 13? correct answerFinancial Accounting Standards Board issued "Accounting for Lease...