Reports to be based on generally accepted accounting
Why is it important for financial statements and other external reports to be based on generally accepted accounting principles?
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Judy's mother, Sarah, died on July 2, 2006, leaving Judy her entire estate. Included in the estate was Sarah's residence (325 Oak Street, Cincinnati, OH 45211).
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Fixed Asset Turnover Ratio; Cisco Cisco System reported the following information in its 2009 financial statements 2009 2008 Balance sheets Property, plant, and equipment $4,043 $4,151 Income statement Net sales for 2009; $36,117 Calculate Cisco's
Describe the respective roles of the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS) in the setting of accounting standards?
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Garcia Corporation purchased a truck by issuing an $112,800, 5-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 11%. Prepare the journal entry to record the purchase of this truck.
As you contemplate making your investment choices, what accounting information do you want to help you identify companies that will have high future rates of return?
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