Serf Exported Syllabus Title: ACCT-101-W1&2-fa99 Syllabus Columns: 11 EventID: 10913 SyllabusID: 262 Position: 1 Type: 7 Heading:

Getting Started

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Welcome

Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text: Welcome to the Web course on Financial Accounting I. Although this course hasn't started yet, you may be interested in a few items of importance that will help you navigate more smoothly through this course. EventID: 10915 SyllabusID: 262 Position: 3 Type: 6 Heading:

Course Description

Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text: Financial Accounting I will introduce the student to the fundamentals of accounting, their application to recording and classifying business transactions and presenting the results in the financial statements of sole proprietorships, partnerships and corporations. It will also introduce the student to analyzing and interpreting data for management, investors and creditors. EventID: 10916 SyllabusID: 262 Position: 4 Type: 6 Heading:

Course Prerequisite

Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text: None required, although completion of English 101 is resommended.
Additionally, since this is an online course, it is highly recommended that you have experience in spreadsheet / word processing applications and attachments to e-mail. All homework and project assignments are transmitted through e-mail. EventID: 10917 SyllabusID: 262 Position: 5 Type: 6 Heading:

Accounting Program Outcomes

Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text: Graduates of the Accounting Program will:
  • Possess a high degree of professionalism in meeting the standards required by the employer.
  • Understand the moral and legal ramifications of working in an ethical environment.
  • Be able to prepare a financial report for a proprietorship, partnership, or corporation.
  • Read and interpret financial data.
  • Be skilled in written and oral communication.
  • Analyze transactions for decision making.
  • Meet the minimum qualifications to function as a junior accountant. EventID: 10918 SyllabusID: 262 Position: 6 Type: 6 Heading:

    Student Learning Outcomes

    Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text: As the student you will learn:
  • The purpose and nature of accounting.
  • Why accounting data is an important function of business.
  • To explain why outsiders are interested in the accounting data of business -- especially the financial statements.
  • To understand the accounting double-entry system and its applications.
  • To show how business transactions record changes in the financial condition and how business income is measured.
  • To show the apportioning of transactions between accounting periods and the end of period adjustments required to show the effect in the entire accounting process.
  • To show how the working capital is accounted for and controlled in: cash transactions, receivables, inventories, and current liabilities.
  • To show long-term resources and depreciation and how it effects the business operation.
  • To show the differenciation between fixed assets (plant and equipment), natural resources and intangibles. EventID: 10919 SyllabusID: 262 Position: 7 Type: 6 Heading:

    Textbook

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  • ACCOUNTING: THE BASIS FOR BUSINESS DECISIONS. By Meigs, Williams, Haka & Bettner. McGraw-Hill Publishing Company 11th edition, 1999.
  • STUDY GUIDE Volume I for use with ACCOUNTING: THE BASIS FOR BUSINESS DECISIONS. By Mark S. Bettner. McGraw-Hill Publishing Company, 11th edition, 1999.
  • THE INTERACTIVE ACCOUNTING LAB(Student Software Package). By Smith & Birney. McGraw-Hill Publishing Company, 2nd edition, 1998. EventID: 10920 SyllabusID: 262 Position: 8 Type: 6 Heading:

    Instructor

    Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text: Lisa Marie McCauley, CPA
    Northampton Community College
    Vice President for Finance and Operations
    Keystone #215
    Office (610) 861-5459
    Fax (610) 861-4591
    E-mail(office): LMcCauley@northampton.edu
    E-mail (home): LMMSCUBA@mail.ptd.net EventID: 10921 SyllabusID: 262 Position: 9 Type: 1 Heading:

    Course Assignments

    Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text: This course is divided into the following sections:
  • Reading Assignments
  • Points of Interest
  • Problem/Homework Assignments
  • Projects
  • Discussion Forums
  • Chapter Quizes.
    You are responsible for completing the assigned work within the period noted.
  • Homework, such as textbook exercises and problems, must be completed on spreadsheet application software and forwarded to the instructors' e-mail address.
  • Discussion Forums are open daily, however, there will be specified night(s) each week that may include additional notes or comments from other students and the instructor. This forum can also be used by the students to discuss weekly projects and homework assignments. I will be monitoring the activity as a guide to your participation in the class. EventID: 10923 SyllabusID: 262 Position: 10 Type: 1 Heading:

    Accounting 101 Grading Standards

    Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text: Each Assignment / Project / Observational Item / Exam will be graded as indicated on the 'WEIGHT', the following is an overall summary:
    Category Total Points Total %%%%
    Homework 1007.6%
    Quizes 1007.6%
    Lab Software Modules 706.3%
    Projects 502.5%
    Comprehensive Problems 20015.2%
    Test 1 20015.2%
    Test 2 20015.2%
    Comprehensive Final 400 30.4%
    EventID: 10924 SyllabusID: 262 Position: 11 Type: 1 Heading:

    Overall Course Grades

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    GradeScore %
    A93-100%
    A-90-92%
    B+87-89%
    B83-86%
    B-80-82%
    C+77-79%
    C73-76%
    C-70-72%
    D63-69%
    D-61-62
    FBelow 61%
    EventID: 10925 SyllabusID: 262 Position: 12 Type: 2 Heading: CHAPTER 1:Accounting: Information for Decision Making Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 10926 SyllabusID: 262 Position: 13 Type: 1 Heading:

    Chapter 1 Objectives

    Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text: Review the following Learning Objectives, also listed on the left side of page 2 of your textbook. These will be indicated throughout the chapter as you progress with your reading. Concentrate on these items are you read -- it is essential to your understanding of each chapter. If an item is not explained enough, let the instructor know the specific area.
  • Discuss accounting as the language of business and the role of accounting information in economic decision making.
  • Discuss the importance of accounting systems in generating reliable accounting information.
  • Explain the importantance of financial accounting imformation for external parties -- primarily investors and creditors -- in terms of the objectives and the characteristics of that information.
  • Explain the importance of managerial accounting information for internal parties -- primarily management -- in terms of the objectives and characteristics of that information.
  • Discuss the elements in the system of external and internal financial reporting that create integrity in the reported information.
  • Identify and discuss several professional accounting organizations that play important roles in the communication of accounting information.
  • Discuss the importance of personal competence, professional judgement, and ethical behavior on the part of accountants as an integral element of insuring integrity of financial information.
  • Describe the various career opportunities in accounting. EventID: 10927 SyllabusID: 262 Position: 14 Type: 1 Heading:

    Chapter 1 Instructor Points of Interest

    Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text: This chapter contains significant emphasis on the users and uses of accounting information. Detailed explanations of both external and internal reporting are included, as well as, extensive discussions of the sources of integrity on the reporting process.
    Additionally,dialogues have been included that pertain to the nonqualitative aspects of accounting such as the information needs of decision makers, accounting theory, systems design, internal control, auditing, ethics, and issues involving profesisonal judgement.
    The chapter contains many illustrations and tables which should assist you in the learning process. EventID: 10928 SyllabusID: 262 Position: 15 Type: 1 Heading:

    Chapter 1: Reading Assignments

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  • Chapter 1
  • Study guide highlights EventID: 10929 SyllabusID: 262 Position: 16 Type: 8 Heading:

    Chapter 1:Homework Assignment

    Tracking: 0 Weight: 10 Deadline: 13 Columns: 1 Formatting: 3 Text:
  • Review the textbook self-test, answers are located at the end of the chapter.
  • Complete the Study guide exercises and problems in your book; do not transmit.
    Complete the following exercises and problems on an electronic spreadsheet application (Excell, Lotus, Quatro Pro) or word processing application if applicable. Please save the file as an excell spreadsheetor word document, and forward it through e-mail as an attachment. The assignment will be reviewed an graded.
  • Exercise 1.2, 1.7, 1.8, 1.9, 1.11, 1.12, 1.13. EventID: 10930 SyllabusID: 262 Position: 17 Type: 8 Heading:

    Chapter 1:Internet Project

    Tracking: 0 Weight: 5 Deadline: 13 Columns: 1 Formatting: 3 Text: Complete Textbook Internet Assignment 1.1 and prepare a summary of information including internet location addresses. EventID: 10931 SyllabusID: 262 Position: 18 Type: 2 Heading: Chapter 1 QUIZ !!!! Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 10932 SyllabusID: 262 Position: 19 Type: 1 Heading:

    Chapter 1 QUIZ !!!

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    Let's See How Well You Understand this Chapter!

    The following questions will test your comprehension of the reading material, study guide and textbook homework; it should be used as a guide for upcoming tests. EventID: 10933 SyllabusID: 262 Position: 20 Type: 14 Heading: GAAP Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 686 EventID: 10934 SyllabusID: 262 Position: 21 Type: 14 Heading: Chapter 1.2 Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 687 EventID: 10935 SyllabusID: 262 Position: 22 Type: 14 Heading: Chapter 1.3 Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 688 EventID: 10936 SyllabusID: 262 Position: 23 Type: 14 Heading: Chapter 1.4 Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 689 EventID: 10937 SyllabusID: 262 Position: 24 Type: 14 Heading: Chapter 1.5 Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 690 EventID: 10938 SyllabusID: 262 Position: 25 Type: 2 Heading: Accounting Lab Software Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 10939 SyllabusID: 262 Position: 26 Type: 8 Heading:

    Accounting Lab Assignments

    Tracking: 0 Weight: 50 Deadline: 28 Columns: 1 Formatting: 3 Text: Complete the following modules of the software program.
  • Module 1: Introduction to Accounting Equation and Financial Statements
  • Module 2: Analyzing Business Transactions
  • Module 3: Transactions Analysis - Debit and Credit Rules
  • Module 4: Recording Transactions in the General Ledger and Posting to the General Ledger
  • Module 6: Preparing Adjusting Entries
    You will have 4 weeks to complete this information, however you amy submit the assigment in modules as you complete it to review your progress.
    Submit a copy of your student grading summary report, using a GIF document file or you may bring it with you to Exam #1. EventID: 10942 SyllabusID: 262 Position: 27 Type: 2 Heading: CHAPTER 2: Basic Financial Statements Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 10943 SyllabusID: 262 Position: 28 Type: 1 Heading:

    Chapter 2: Learning Objectives

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  • Explain the nature and general purpose of financial statements.
  • Explain the accounting principles that are important for an understanding of financial statements and how professional judgement by accountants may affect the application of those principles.
  • Demonstrate how certain business transactions affect the elements of the accounting equation: Assets = Liabilities + Owners Equity.
  • Explain that the statement of financial position, often referred to as the balance sheet, is an expansion of the basic accounting equation.
  • Explain that the income statement reports an enterprise's financial performance for a period of time in terms of the relationship of revenues and expenses.
  • Explain that the statement of cash flows explains the change in cash for a period of time in terms of the company's operating, investing and financing activities.
  • Explain important relationships among the statement of financial position, income statements, and statement of cash flows, and how these statements relate to each other.
  • Explain common forms of business organization -- sole proprietorship, partnership, corporation -- and demonstrate how they differ in terms of their presentation in the statement of financial position.
  • Discuss and illustrate the importance of nonfinancial information to supplement the information in the primary financial statements.
  • Discuss the importance of financial statements to a company and its investors and creditors and why management may take steps to improve the appearance of the company in its financial statements. EventID: 10944 SyllabusID: 262 Position: 29 Type: 1 Heading:

    Chapter 2 Instructor Points of Interest

    Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text: The overriding objective of this chapter is to introduce the student to the balance sheet, income statement, and statment of cash flows.In discussing the valuation of assets in the balance sheet of a business, the text stresses the cost principle. Therefore, the statement is made that the balance sheet of a business does not show 'how much the company is worth' -- since is may not contain estimated market values. EventID: 10945 SyllabusID: 262 Position: 30 Type: 1 Heading:

    Chapter 2: Reading Assignment

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  • Textbook Chapter 2
  • Study guide highlights
  • Textbook demonstration problem EventID: 10946 SyllabusID: 262 Position: 31 Type: 8 Heading:

    Chapter 2:Homework Assignment

    Tracking: 0 Weight: 10 Deadline: 7 Columns: 1 Formatting: 3 Text: Review the textbook self-test, answers are located at the end of the chapter.
    Complete the Study guide exercises and problems in your book,do not transmit.
    Complete the following exercises and problems on a spreadsheet or word processing application, as applicable. Please save the file and trasmit using e-mail. The assignment will be reviewed and graded.
    Exercise #2.2, 2.4, 2.6, 2.8, 2.13, 2.14, 2.17
    Problem #2.3, 2.7 EventID: 10947 SyllabusID: 262 Position: 32 Type: 8 Heading:

    Chapter 2: Internet Project

    Tracking: 0 Weight: 5 Deadline: 7 Columns: 1 Formatting: 3 Text: Complete Textbook Internet Assignment 2.1 and prepare a summary of information including internet location addresses. EventID: 10948 SyllabusID: 262 Position: 33 Type: 2 Heading: Chapter 2 QUIZ !!! Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 10949 SyllabusID: 262 Position: 34 Type: 1 Heading:

    Chapter 2: QUIZ

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    If you completed the assignments and self study guide you should be able to answer these questions. Good Luck!!!

    The following questions will test your comprehension of the reading material, study guide and textbook homework; it should be used as a guide for upcoming tests. EventID: 10950 SyllabusID: 262 Position: 35 Type: 14 Heading: Chapter 2.1 Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 691 EventID: 10951 SyllabusID: 262 Position: 36 Type: 14 Heading: Chapter 2.2 Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 692 EventID: 10952 SyllabusID: 262 Position: 37 Type: 14 Heading: Chapter 2.3 Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 693 EventID: 10953 SyllabusID: 262 Position: 38 Type: 14 Heading: Chapter 2.4 Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 694 EventID: 10954 SyllabusID: 262 Position: 39 Type: 14 Heading: Chapter 2.5 Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 695 EventID: 10955 SyllabusID: 262 Position: 40 Type: 2 Heading: CHAPTER 3: The Accounting Cycle - Capturing Economic Events Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 10956 SyllabusID: 262 Position: 41 Type: 1 Heading:

    Chapter 3: Learning Objectives

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  • Discuss the role of accounting records in an organization
  • Describe a ledger account and a ledger
  • State the rules of debit and credit for balance sheet accounts.
  • Explain the double entry system of accounting.
  • Explain the purpose of a journal and its relationship to the ledger.
  • Explain the nature of net income, revenue, and expenses.
  • Apply the realization and matching principles in recording revenue and expense.
  • Explain why revenues are recorded with credits and expenses are recorded with debits.
  • Describe the steps in the accounting cycle.
  • Prepare a trail balance and discuss its uses and limitations.
  • Explain the nature of adjusting entries.
  • Prepare statements of income, owners' equity, and a statement of cash flows. Explain how these statements are related to the balance sheet.
  • Explain the purpose of closing entries. EventID: 10957 SyllabusID: 262 Position: 42 Type: 1 Heading:

    Chapter 3 Instructor Points of Interest

    Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text: Overnight Auto Service is used as a continuing example on Chapter 1 through 4. The activities of the company are limited to the balance sheet at the start of Chapter 3. Then the mechanics o fthe double-entry system are introduced showing changes in assets, liabilities, and owner's equity. This is the accounting cycle -- the flow of information from the initial recording of transactions through the accounting records. EventID: 10958 SyllabusID: 262 Position: 43 Type: 1 Heading:

    Chapter 3: Reading Assignment

    Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text:
  • Textbook Chapter 3
  • Study guide highlights
  • Textbook demonstration problem EventID: 10959 SyllabusID: 262 Position: 44 Type: 8 Heading:

    Chapter 3:Homework Assignment

    Tracking: 0 Weight: 10 Deadline: 7 Columns: 1 Formatting: 3 Text: Review the textbook self-test, answers are located at the end of the chapter.
    Complete the study guide exercises and problems in your book; do not transmit.
    Complete the following exercises and transmit using e-mail:
    Exercises 3.2, 3.3, 3.6, 3.8, 3.9, 3.11, 3.12
    Problem 3.3, 3.4, 3.5, 3.9
    EventID: 10960 SyllabusID: 262 Position: 45 Type: 8 Heading:

    Chapter 3:Internet Project

    Tracking: 0 Weight: 5 Deadline: 7 Columns: 1 Formatting: 3 Text: Complete the Textbook Internet Assignment 3.2 textbook page 1058 and summary a summary of the information with URL's. EventID: 10961 SyllabusID: 262 Position: 46 Type: 2 Heading: Chapter 3 QUIZ !!!! Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 10962 SyllabusID: 262 Position: 47 Type: 1 Heading:

    QUIZ Chapter 3

    Tracking: 0 Weight: 0 Deadline: 0 Columns: 2 Formatting: 3 Text: You have been doing well so far, let keep going. See how you do with Chapter 3! EventID: 10963 SyllabusID: 262 Position: 48 Type: 14 Heading: Chapter 3.1 Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 696 EventID: 10964 SyllabusID: 262 Position: 49 Type: 14 Heading: Chapter 3.2 Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 697 EventID: 10965 SyllabusID: 262 Position: 50 Type: 14 Heading: Chapter 3.3 Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 698 EventID: 10966 SyllabusID: 262 Position: 51 Type: 14 Heading: Chapter 3.4 Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 699 EventID: 10967 SyllabusID: 262 Position: 52 Type: 14 Heading: Chapter 3.5 Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 700 EventID: 10968 SyllabusID: 262 Position: 53 Type: 2 Heading: CHAPTER 4: The Accounting Cycle - Preparing and Annual Report Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 10969 SyllabusID: 262 Position: 54 Type: 1 Heading:

    Chapter 4: Learning Objectives

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  • Identify annual accounting activities that make year-end the 'busy season'.
  • Explain the purpose of adjusting entries.
  • Describe and prepare the four basic types of adjusting entries.
  • Explain the concept of materiality.
  • Explain the concept of adequate disclosure.
  • Explain how interim financial statements are prepared in a business that closes its accounts only at year-end.
  • Prepare a worksheet and explain its usefulness. EventID: 10970 SyllabusID: 262 Position: 55 Type: 1 Heading:

    Chapter 4 Instructor Points of Interest

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  • The need for adjusting entries stems from the most basic principle of accrual accounting, the concept that revenue is recognized when it is earned and that expenses are recognized when related goods or services are used.
  • Worksheets are more likely to be seen in basic accounting courses but are realistically part of every electronic spreadsheet.
  • New technology has given accountants a time saving advantage that uses links in the spreadsheets to automatically produce financial statements from adjusted spreadsheets rather than carry the information forward. -- but it is useful in understanding the concept. EventID: 10971 SyllabusID: 262 Position: 56 Type: 1 Heading:

    Chapter 4: Reading Assignments

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  • Textbook Chapter 4
  • Study guide highlights
  • Textbook demonstration problem EventID: 10972 SyllabusID: 262 Position: 57 Type: 8 Heading:

    Chapter 4:Homework Assignment

    Tracking: 0 Weight: 10 Deadline: 7 Columns: 1 Formatting: 3 Text: Review the self-test and study guide exercises and problems.
    Complete the following exercises, transmit using e-mail.
    Exercise # 4.1, 4.2, 4.4, 4.9, 4.10, 4.11, 4.13
    Problem #4.2, 4.4, 4.7, 4.8
    EventID: 10973 SyllabusID: 262 Position: 58 Type: 8 Heading:

    Chapter 4:Internet Project

    Tracking: 0 Weight: 5 Deadline: 7 Columns: 1 Formatting: 3 Text: Complete the Textbook Internet Assignment 4.3 on page 1059 in the textbook. Forward a summary of your information. EventID: 17639 SyllabusID: 262 Position: 59 Type: 2 Heading: Chapter 4 QUIZ !!!! Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 17641 SyllabusID: 262 Position: 60 Type: 14 Heading: Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 850 EventID: 17642 SyllabusID: 262 Position: 61 Type: 14 Heading: Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 851 EventID: 17643 SyllabusID: 262 Position: 62 Type: 14 Heading: Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 852 EventID: 17644 SyllabusID: 262 Position: 63 Type: 14 Heading: Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 853 EventID: 17645 SyllabusID: 262 Position: 64 Type: 14 Heading: Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 854 EventID: 17640 SyllabusID: 262 Position: 65 Type: 2 Heading: Comprehensive Problem #1 Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 10974 SyllabusID: 262 Position: 66 Type: 8 Heading:

    Comprehensive Problem #1

    Tracking: 0 Weight: 50 Deadline: 7 Columns: 1 Formatting: 3 Text: Complete the Textbook Comprehensive Problem #1 - Send completed worksheets and financial statements to the instructor when complete EventID: 10976 SyllabusID: 262 Position: 67 Type: 2 Heading: EXAMINATION #1: Chapter 1-4 Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 10977 SyllabusID: 262 Position: 68 Type: 8 Heading:

    Exam #1Chapter 5: Learning Objectives

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  • Describe the operating cycle of a merchandising company.
  • Define subsidiary ledgers and explain their usefulness.
  • Account for purchases and sales of merchandise in a perpetual inventory system.
  • Explain how a periodic system works.
  • Discuss the factors to be considered in selecting an inventory system.
  • Define special journals and explain their usefulness.
  • Account for additional merchandising transactions related to purchases and sales.
  • Compute gross profit margin and explain its usefulness. EventID: 10980 SyllabusID: 262 Position: 71 Type: 1 Heading:

    Chapter 5 Instructor Points of Interest

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  • The use of the perpetual inventory system as a primary means of accounting for inventories and cost of goods sold reflects the goal of developing student understanding of the real-world environment in which accounting information is developed and used.
  • The evaluation of merchandising operations via gross profit rates emphasizes the timeliness of the information but also follows tha same flow of costs as described previously. EventID: 10981 SyllabusID: 262 Position: 72 Type: 1 Heading:

    Chapter 5: Reading Assignments Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text:
  • Textbook Chapter 5
  • Study guide highlights
  • Textbook demonstration problem EventID: 10982 SyllabusID: 262 Position: 73 Type: 8 Heading:

    Chapter 5:Homework Assignment

    Tracking: 0 Weight: 10 Deadline: 7 Columns: 1 Formatting: 3 Text: Review the textbook self-test and study guide exercises and problems; do not transmit.
    Complete the following exercises:
    Exercise # 5.2, 5.4, 5.7, 5.8, 5.10, 5.12
    Problem #5.2, 5.5, 5.8 EventID: 17657 SyllabusID: 262 Position: 74 Type: 8 Heading:

    Lab Software Assignment

    Tracking: 0 Weight: 10 Deadline: 20 Columns: 1 Formatting: 3 Text: Complete the Lab Accounting Software Module #9 - Perpetual Inventory Systems. Forward a copy of the grading sheet to the instructor or bring a copy to your Exam #2 meeting. EventID: 10983 SyllabusID: 262 Position: 75 Type: 8 Heading:

    Chapter 5:Internet Project

    Tracking: 0 Weight: 5 Deadline: 7 Columns: 1 Formatting: 3 Text: Complete the Textbook Internet Assignment 5.3 on Textbook page 1059, return a summary of the information. EventID: 10984 SyllabusID: 262 Position: 76 Type: 2 Heading: Chapter 5 QUIZ !!! Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 10985 SyllabusID: 262 Position: 77 Type: 1 Heading:

    Chapter 5 QUIZ !!!

    Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text: The following questions will test your comprehension of the reading material, study guide and textbook homework; it should be used as a guide for upcoming tests. EventID: 17646 SyllabusID: 262 Position: 78 Type: 14 Heading: Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 1144 EventID: 17647 SyllabusID: 262 Position: 79 Type: 14 Heading: Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 1145 EventID: 17648 SyllabusID: 262 Position: 80 Type: 14 Heading: Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 1146 EventID: 17649 SyllabusID: 262 Position: 81 Type: 14 Heading: Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 1147 EventID: 17650 SyllabusID: 262 Position: 82 Type: 14 Heading: Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 1148 EventID: 10986 SyllabusID: 262 Position: 83 Type: 2 Heading: CHAPTER 6: Forms of Business Organization Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 10987 SyllabusID: 262 Position: 84 Type: 1 Heading:

    Chapter 6: Learning Objectives

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  • Describe the basic characteristics of a sole proprietorship.
  • Identify factors to consider in evaluating the profitability and solvency of a sole proprietorship.
  • Describe the basic characteristics of a general partnership and of partnerships that limit personal liability.
  • Describe the basic characteristics of corporations.
  • Account for corporate income taxes, explain the effects of these taxes on before-tax profit and losses.
  • Account for the issuance of stock.
  • Explain the nature of retained earnings, account for dividends, and prepare a statement of retained earnings.
  • Explain why the financial statements of a corporation are interpreted differently from those of an unincorporated business.
  • Discuss the principal factors to consider in selecting a form of business organization.
  • Allocate partnership net income among partners. EventID: 10988 SyllabusID: 262 Position: 85 Type: 1 Heading:

    Chapter 6 Instructor Points of Interest

    Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text:
  • This chapter, along with the two that follow it, is representative of the ongoing evolution of the introductory accounting course. The interpretation and use of accounting information are of central concern. The form of an organization employed by the entity has tremendous impact on the nature of the information developed and how it is used.
  • The discussion included in this chapter concentrates on the consequences of unlimited personal liability and other distinctive characteristics of a proprietorship.
  • Much of the technical material in this chapter concerns accounting practices for corporations; including issuance of common stock, declaration and payment of dividends, and retained earnings.
  • Corporate income taxes are also introduced and the problem of double taxation. EventID: 10989 SyllabusID: 262 Position: 86 Type: 1 Heading:

    Chapter 6: Reading Assignments

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  • Textbook Chapter 6
  • Study guide highlights
  • Demonstraton Problem EventID: 10990 SyllabusID: 262 Position: 87 Type: 8 Heading:

    Chapter 6: Homework Assignment

    Tracking: 0 Weight: 10 Deadline: 7 Columns: 1 Formatting: 3 Text: Review the textbook self-test and study guide exercises and problems in your book; do not transmit.
    Complete the following exercises and problems, submit using e-mail:
    Exercise # 6.3, 6.4, 6.6, 6.7, 6.10, 6.11
    Problem #6.3, 6.5 EventID: 10991 SyllabusID: 262 Position: 88 Type: 8 Heading:

    Chapter 6: Internet Project

    Tracking: 0 Weight: 5 Deadline: 7 Columns: 1 Formatting: 3 Text: Complete the textbook Internet Assignment 6.1 on page 271. EventID: 10992 SyllabusID: 262 Position: 89 Type: 2 Heading: Chapter 6 QUIZ!!! Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 17855 SyllabusID: 262 Position: 90 Type: 14 Heading: Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 1155 EventID: 17856 SyllabusID: 262 Position: 91 Type: 14 Heading: Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 1156 EventID: 17858 SyllabusID: 262 Position: 92 Type: 14 Heading: Tracking: 0 Weight: 1 Deadline: 1 Columns: 2 Formatting: 3 Text: 1157 EventID: 17857 SyllabusID: 262 Position: 93 Type: 14 Heading: Tracking: 0 Weight: 2 Deadline: 1 Columns: 2 Formatting: 3 Text: 1158 EventID: 11002 SyllabusID: 262 Position: 94 Type: 2 Heading: CHAPTER 7: Financial Assets Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 11003 SyllabusID: 262 Position: 95 Type: 1 Heading:

    Chapter 7 Objectives

    Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text: Review the Learning Objectives listed on page 274 of the textbook. Remember these are crucial to your understanding of the chapter. EventID: 11004 SyllabusID: 262 Position: 96 Type: 1 Heading:

    Chapter 7 Instructor Points of Interest

    Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text: EventID: 11005 SyllabusID: 262 Position: 97 Type: 1 Heading:

    Chapter 7: Reading Assignments

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  • Textbook Chapter 7
  • Study guide highlights
  • Textbook demonstration problem EventID: 11006 SyllabusID: 262 Position: 98 Type: 8 Heading:

    Homework Assignment

    Tracking: 1 Weight: 10 Deadline: 7 Columns: 1 Formatting: 3 Text: Review the textbook self-test and study guide exercises and problems; do not transmit.
    Complete the following and submit as an attachment using e-mail.
    Exercises 2-4-5-6-9-19-11-12
    Problem 2-4-7-8 EventID: 11007 SyllabusID: 262 Position: 99 Type: 8 Heading:

    Internet Project

    Tracking: 1 Weight: 5 Deadline: 7 Columns: 1 Formatting: 3 Text: Complete the textbook internet assignment 7.3 on page 1060 of your textbook and summary a summary of your findings. EventID: 11008 SyllabusID: 262 Position: 100 Type: 2 Heading: Chapter 7 QUIZ !!! Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 17651 SyllabusID: 262 Position: 101 Type: 2 Heading: Examination #2: Chapters 5-6-7 Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 17652 SyllabusID: 262 Position: 102 Type: 8 Heading:

    Exam 2

    Tracking: 0 Weight: 200 Deadline: 1 Columns: 0 Formatting: 3 Text: Exam #2 covers chapters 5-6-14. The test must be taken in person at the designated location. EventID: 11009 SyllabusID: 262 Position: 103 Type: 2 Heading: CHAPTER 8: Inventories and the Cost of Goods Sold Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 11010 SyllabusID: 262 Position: 104 Type: 1 Heading:

    Chapter 8 Objectives

    Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text: Review the Learning Objectives listed on page 328 in the textbook. EventID: 11011 SyllabusID: 262 Position: 105 Type: 1 Heading:

    Chapter 8 Instructor Points of Interest

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    Chapter 8: Reading Assignments

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  • Textbook Chapter 8
  • Study guide highlights
  • Textbook demonstration problem EventID: 11013 SyllabusID: 262 Position: 107 Type: 8 Heading:

    Homework Assignment

    Tracking: 1 Weight: 10 Deadline: 7 Columns: 1 Formatting: 3 Text: Review the textbook self-test and study guide exercises and problems; do not transmit.
    Complete the following exercises, submit using e-mail attachment;
    Exercise 1-2-6-10-12-16
    Problem 3-5-9
    EventID: 11014 SyllabusID: 262 Position: 108 Type: 8 Heading:

    Internet Project

    Tracking: 1 Weight: 5 Deadline: 7 Columns: 1 Formatting: 3 Text: Complete the Textbook Internet Assignment 8.2 on page 1061 and submit a summary of your findings. EventID: 11015 SyllabusID: 262 Position: 109 Type: 2 Heading: Chapter 8 QUIZ !!! Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 17653 SyllabusID: 262 Position: 110 Type: 2 Heading: Comprehensive Problem #2 Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 11016 SyllabusID: 262 Position: 111 Type: 8 Heading:

    Comprehensive Problem #2

    Tracking: 1 Weight: 50 Deadline: 14 Columns: 1 Formatting: 3 Text: Begin working on the Comprehensive Problem #2 located in your textbook, additional worksheet and material from chapter 9 will also be required. EventID: 11017 SyllabusID: 262 Position: 112 Type: 2 Heading: CHAPTER 9: Plant Assets and Depreciation Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 11018 SyllabusID: 262 Position: 113 Type: 1 Heading:

    Chapter 9 Objectives

    Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text: Review the Learning Objectives listed on page 376 in the textbook. Remember to look for these items as you read the chpater. EventID: 11019 SyllabusID: 262 Position: 114 Type: 1 Heading:

    Chapter 9 Instructor Points of Interest

    Tracking: 0 Weight: 0 Deadline: 0 Columns: 1 Formatting: 3 Text: EventID: 11020 SyllabusID: 262 Position: 115 Type: 1 Heading:

    Chapter 9: Reading Assignments

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  • Textbook Chapter 9
  • Study guide highlights
  • Textbook demonstration problem EventID: 11021 SyllabusID: 262 Position: 116 Type: 8 Heading:

    Homework Assignment

    Tracking: 1 Weight: 10 Deadline: 7 Columns: 1 Formatting: 3 Text: Review the textbook self-test and study guide exercises and problems; do not transmit.
    Complete the following exercises:
    Exercise 2-4-6-7-8-13
    Problem 2-4-6
    EventID: 11022 SyllabusID: 262 Position: 117 Type: 8 Heading:

    Internet Project

    Tracking: 1 Weight: 5 Deadline: 7 Columns: 1 Formatting: 3 Text: Complete the Textbook Internet Assignment 9.1 on page 421, submit a summary of your findings. EventID: 17654 SyllabusID: 262 Position: 118 Type: 2 Heading: Chapter 9 Quiz Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 11023 SyllabusID: 262 Position: 119 Type: 2 Heading: FINAL EXAMINATION
    COMPREHENSIVE Tracking: 0 Weight: 0 Deadline: 0 Columns: 0 Formatting: 3 Text: EventID: 11024 SyllabusID: 262 Position: 120 Type: 8 Heading:

    FINAL EXAM

    Tracking: 1 Weight: 400 Deadline: 1 Columns: 1 Formatting: 3 Text: Now is the time to use all the information your learn throughout this course. Your test must be taken in person at the designated location. Serf Exported Item Type=14 ID=686 Title: Chapter 1.1 Columns: 7 ItemID: 686 Parameter: 1 Text: Which of the following statements is not consistent with generally accepted accounting principles relating to asset valuation? Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 686 Parameter: 9 Text: Assets are originally recorded in accounting records at their cost to the business entity. Position: 2 Shuffle: 0 Feedback: This is consistent with GAAP; review p11. Wrongback: ItemID: 686 Parameter: 8 Text: Subtracting total liabilities from total assets indicates what the owner's equity in the business is worth under current market conditions. Position: 3 Shuffle: 0 Feedback: Correct -- it does not show 'current market conditions'. Wrongback: ItemID: 686 Parameter: 9 Text: Accountants assume that assets such as office supplies, land, and buildings will be used in the business operations rather than sold at current market prices. Position: 4 Shuffle: 0 Feedback: This is consisitent with GAAP, review p.11 Wrongback: ItemID: 686 Parameter: 9 Text: Accountants prefer to base the valuation of assets upon objective, verifiable evidence rather than upon appraisals or personal opinion. Position: 5 Shuffle: 0 Feedback: This is consistent with GAAP, review p. 11 Wrongback: ItemID: 686 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=687 Title: Chapter 1.2 Columns: 7 ItemID: 687 Parameter: 1 Text: The chief consumers of financial accounting information are: Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 687 Parameter: 9 Text: Chief executive officers and other financial managers. Position: 2 Shuffle: 0 Feedback: Wrongback: ItemID: 687 Parameter: 9 Text: Plant managers Position: 3 Shuffle: 0 Feedback: Wrongback: ItemID: 687 Parameter: 9 Text: Corporate boards of directors Position: 4 Shuffle: 0 Feedback: Wrongback: ItemID: 687 Parameter: 8 Text: Investors and creditors Position: 5 Shuffle: 0 Feedback: Wrongback: ItemID: 687 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=688 Title: Chapter 1.3 Columns: 7 ItemID: 688 Parameter: 1 Text: The objectives of financial reporting are met in large part by a set of financial statements. Of the following which are not one of these statements? Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 688 Parameter: 8 Text: Federal income tax return Position: 2 Shuffle: 0 Feedback: Wrongback: ItemID: 688 Parameter: 9 Text: Income statement Position: 3 Shuffle: 0 Feedback: Wrongback: ItemID: 688 Parameter: 9 Text: Statement of financial position Position: 4 Shuffle: 0 Feedback: Wrongback: ItemID: 688 Parameter: 9 Text: Statement of Cash Flows Position: 5 Shuffle: 0 Feedback: Wrongback: ItemID: 688 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=689 Title: Chapter 1.4 Columns: 7 ItemID: 689 Parameter: 1 Text: Of the following organizations, which has the most direct role in the development of formal accounting standards? Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 689 Parameter: 9 Text: American Accounting Association (AAA) Position: 2 Shuffle: 0 Feedback: Wrongback: ItemID: 689 Parameter: 9 Text: American Institute of Certified Public Accountants (AICPA) Position: 3 Shuffle: 0 Feedback: Wrongback: ItemID: 689 Parameter: 8 Text: Financial Accounting Standards Board (FASB) Position: 4 Shuffle: 0 Feedback: Wrongback: ItemID: 689 Parameter: 9 Text: Institute of Internal Auditors (IIA) Position: 5 Shuffle: 0 Feedback: Wrongback: ItemID: 689 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=690 Title: Chapter 1.5 Columns: 7 ItemID: 690 Parameter: 1 Text: The primary assurance that financial statements issued by management are complete and reliable is provided by: Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 690 Parameter: 8 Text: An audit performed by a certified public accountant Position: 2 Shuffle: 0 Feedback: Wrongback: ItemID: 690 Parameter: 9 Text: Generally accepted accounting principles Position: 3 Shuffle: 0 Feedback: Wrongback: ItemID: 690 Parameter: 9 Text: Government regulation of financial accounting standards Position: 4 Shuffle: 0 Feedback: Wrongback: ItemID: 690 Parameter: 9 Text: Internal controls Position: 5 Shuffle: 0 Feedback: Wrongback: ItemID: 690 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=691 Title: Chapter 2.1 Columns: 7 ItemID: 691 Parameter: 1 Text: During the current year, the assets of the Magic Pan increase by $146,000, and the liabilities increase by $78,000. As a result the owner's equity: Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 691 Parameter: 9 Text: Decreases by $78,000 during the year. Position: 2 Shuffle: 0 Feedback: Remember the accounting equation -- both side must equal. Wrongback: ItemID: 691 Parameter: 8 Text: Increases by $68,000 during the year. Position: 3 Shuffle: 0 Feedback: Excellent you understand the accounting equation. Wrongback: ItemID: 691 Parameter: 9 Text: Increases by $224,000 during the year. Position: 4 Shuffle: 0 Feedback: Remember the accounting equation -- everything must equal. Wrongback: ItemID: 691 Parameter: 9 Text: Is $68,000 at the end of the year. Position: 5 Shuffle: 0 Feedback: Remember the accounting equation -- Assets = Liabilities + Owner's Equity. Wrongback: ItemID: 691 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=692 Title: Chapter 2.2 Columns: 7 ItemID: 692 Parameter: 1 Text: During 2000, the assets of Eaton Theater increased by $90,000, and the liabilities decreased by $36,000. If the owner's equity in Eaton Theater is $188,000 at the end of 2000, the owner's equity at the beginning of 2000 must have been: Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 692 Parameter: 8 Text: $62,000 Position: 2 Shuffle: 0 Feedback: Excellent calculations and use of the accounting equation. Wrongback: ItemID: 692 Parameter: 9 Text: $126,000 Position: 3 Shuffle: 0 Feedback: Remember to watch your calculations and the format. Wrongback: ItemID: 692 Parameter: 9 Text: $314,000 Position: 4 Shuffle: 0 Feedback: Did you calculate the right information?? Wrongback: ItemID: 692 Parameter: 9 Text: $134,000 Position: 5 Shuffle: 0 Feedback: Remember the equation -- work backwards and calculate correctly. Wrongback: ItemID: 692 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=693 Title: Chapter 2.3 Columns: 7 ItemID: 693 Parameter: 1 Text: A business purchases land and building, giving in exchange $225,000 cash and a note payable for $95,000. This transaction: Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 693 Parameter: 9 Text: Increases owner's equity. Position: 2 Shuffle: 0 Feedback: If you are unsure, always use numbers to verify yourself. Wrongback: ItemID: 693 Parameter: 8 Text: Increases total assets. Position: 3 Shuffle: 0 Feedback: Excellent. You are using the information you have learned to analyze -- which is very important in accounting. Wrongback: ItemID: 693 Parameter: 9 Text: Decreases total liabilities. Position: 4 Shuffle: 0 Feedback: Use numbers to verify your answers. Wrongback: ItemID: 693 Parameter: 9 Text: Decreases total assets. Position: 5 Shuffle: 0 Feedback: Did you you actual numbers to verify your answer. Wrongback: ItemID: 693 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=694 Title: Chapter 2.4 Columns: 7 ItemID: 694 Parameter: 1 Text: Qwik Photo sells land for cash at a price in excess of its cost. Which of the following is not true as a result of this transaction. Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 694 Parameter: 9 Text: Cash is increased. Position: 2 Shuffle: 0 Feedback: Use real numbers to check yourself. Wrongback: ItemID: 694 Parameter: 9 Text: Liabilities are not effected. Position: 3 Shuffle: 0 Feedback: Use real numbers what is your actual transaction. Wrongback: ItemID: 694 Parameter: 8 Text: Total assets are not affected. Position: 4 Shuffle: 0 Feedback: Excellent understanding of the concept. Wrongback: ItemID: 694 Parameter: 9 Text: Owner's equity is increased. Position: 5 Shuffle: 0 Feedback: Did you use real numbers to check yourself. Wrongback: ItemID: 694 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=695 Title: Chapter 2.5 Columns: 7 ItemID: 695 Parameter: 1 Text: The owner's equity of Laurel Management Corp. is $240,000 at December 31,2000, and is equal to 3/4th of total liabilities. What is the amount of total assets? Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 695 Parameter: 9 Text: $320,000 Position: 2 Shuffle: 0 Feedback: Watch your calculations Wrongback: ItemID: 695 Parameter: 9 Text: $80,000 Position: 3 Shuffle: 0 Feedback: watch your calculations. Wrongback: ItemID: 695 Parameter: 9 Text: $420,000 Position: 4 Shuffle: 0 Feedback: Did you calculate correctly?? Wrongback: ItemID: 695 Parameter: 8 Text: $560,000 Position: 5 Shuffle: 0 Feedback: Excellent calculations. Wrongback: ItemID: 695 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=696 Title: Chapter 3.1 Columns: 7 ItemID: 696 Parameter: 1 Text: As of January 30th, the trial balance for Lincoln Advertising shows revenue of $15,000 nad expenses of $9,100. On January 31st, the adjusting entry for $200 depreciation in January is made, the owner Adam Lincoln withdraws cash of $2,400. Lincoln Advertising's income statement for January reports net income of: Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 696 Parameter: 9 Text: $3,500. Position: 2 Shuffle: 0 Feedback: make sure you add and subtract the information correctly. Wrongback: ItemID: 696 Parameter: 9 Text: $5,900. Position: 3 Shuffle: 0 Feedback: Did you add and subtract the correct information Wrongback: ItemID: 696 Parameter: 8 Text: $5,700 Position: 4 Shuffle: 0 Feedback: Excellent calculations and understanding. Wrongback: ItemID: 696 Parameter: 9 Text: $3,300 Position: 5 Shuffle: 0 Feedback: Did you add and subtract the information correctly. Wrongback: ItemID: 696 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=697 Title: Chapter 3.2 Columns: 7 ItemID: 697 Parameter: 1 Text: Hawke Plumbing's revenue for March is $49,000, but only $39,000 cash is collected. Expenses for March are $45,000, of which $42,000 is paid in cash. During March, owner Simon Hawke invests an additional $8,000 cash in the business. Using the accrual basis of accounting, Hawke Plumbing's income statement for March reports: Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 697 Parameter: 8 Text: $4,000 net income. Position: 2 Shuffle: 0 Feedback: Excellent calculations and understanding of material. Wrongback: ItemID: 697 Parameter: 9 Text: $12,000 net income. Position: 3 Shuffle: 0 Feedback: Are you sure you added everything and subtracted correctly -- you are $8,000 off. Wrongback: ItemID: 697 Parameter: 9 Text: $3,000 net loss. Position: 4 Shuffle: 0 Feedback: Are you sure you added and subtracted correctly -- you are $7,000 out of balance. Wrongback: ItemID: 697 Parameter: 9 Text: $5,000 net income. Position: 5 Shuffle: 0 Feedback: Are you sure you added and subtracted correctly -- you are $1,000 over in net income. Wrongback: ItemID: 697 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=698 Title: Chapter 3.3 Columns: 7 ItemID: 698 Parameter: 1 Text: Panther Mfg.'s owner's equity at the beginning of the month was $32,000. Net income for the month is $41,000, and withdrawals during the month are $5,000. If owner's equity at the end of the year is $88,000, what is the amount invested by the owner during the month? Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 698 Parameter: 9 Text: $68,000. Position: 2 Shuffle: 0 Feedback: Are you sure you added and subtracted correctly --- you are $40,000 too high. Wrongback: ItemID: 698 Parameter: 8 Text: $20,000. Position: 3 Shuffle: 0 Feedback: Excellent calculations and understanding -- you are doing well. Wrongback: ItemID: 698 Parameter: 9 Text: $15,000. Position: 4 Shuffle: 0 Feedback: Are you sure you added and subtracted correctly -- you are $5,000 too low. Wrongback: ItemID: 698 Parameter: 9 Text: Some other answer. Position: 5 Shuffle: 0 Feedback: This is the easy way out. The calculation should have been $20,000. Wrongback: ItemID: 698 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=699 Title: Chapter 3.4 Columns: 7 ItemID: 699 Parameter: 1 Text: Total assets and liabilities are shown for Carpet Care Now at:
    Beginning of Month -
  • Assets .. $150,000
  • Liabilities .. $115,000
    End of Month -
  • Assets .. $190,000
  • Liabilities .. $130,000
    Owner Jay Hanten made no addtional investments during the month, but made withdrawals of $4,000 from the business. Net income for the month is: Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 699 Parameter: 8 Text: $29,000 Position: 2 Shuffle: 0 Feedback: Excellent calculations and understanding, you are moving along well. Wrongback: ItemID: 699 Parameter: 9 Text: $25,000. Position: 3 Shuffle: 0 Feedback: Did you add and subtract correctly?? -- you are $4,000 too low. Wrongback: ItemID: 699 Parameter: 9 Text: $21,000. Position: 4 Shuffle: 0 Feedback: Did you add and subtract correctly -- you are $8,000 too low. Possibly the $4,000 entry was put in the wrong way. Wrongback: ItemID: 699 Parameter: 9 Text: $56,000 Position: 5 Shuffle: 0 Feedback: Way off -- by $27,000 too much -- did you add and subtract correctly?? Wrongback: ItemID: 699 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=700 Title: Chapter 3.5 Columns: 7 ItemID: 700 Parameter: 1 Text: If closing entries are prepared and psted corectly, and after-closing trial balance: Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 700 Parameter: 9 Text: Shows a credit balance in the Income Summary account if the company generated net income for the period. Position: 2 Shuffle: 0 Feedback: Use actual numbers to verify you answer. Wrongback: ItemID: 700 Parameter: 9 Text: SHows a credit balance for the owner's equity capital account. Position: 3 Shuffle: 0 Feedback: Use actual numbers to verify you answer. Wrongback: ItemID: 700 Parameter: 9 Text: Shows a debit balance for the owner's drawing account. Position: 4 Shuffle: 0 Feedback: Use actual numbers to verify the accounts. Wrongback: ItemID: 700 Parameter: 8 Text: Contains only balance sheet accounts. Position: 5 Shuffle: 0 Feedback: Excellent understanding. Wrongback: ItemID: 700 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=850 Title: Chapter 4.1 Columns: 7 ItemID: 850 Parameter: 1 Text: West Coast Potters purchased a kiln on February 1 for $7,200 which is guaranteed to have a useful life of 10 years. Assuming adjusting entries are prepared monthly, what is the book value of the kiln on June 30? Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 850 Parameter: 9 Text: $6,480. Position: 2 Shuffle: 0 Feedback: Did you remember it was purchased on Feb 1 (only 5 months the first period)?? Wrongback: ItemID: 850 Parameter: 8 Text: $6,900. Position: 3 Shuffle: 0 Feedback: Excellent. Great catch on the Feb 1st date. Wrongback: ItemID: 850 Parameter: 9 Text: $300. Position: 4 Shuffle: 0 Feedback: Remember book value -- not depreciation. Wrongback: ItemID: 850 Parameter: 9 Text: $7,200. Position: 5 Shuffle: 0 Feedback: Read the textbook again on book value and depreciation concepts -- if you need further explaination please contact the instructor. Wrongback: ItemID: 850 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=851 Title: Chapter 4.2 Columns: 7 ItemID: 851 Parameter: 1 Text: Village Square Cinema sells books of movie tickets for $100, which contain tickets to admission to 20 movies. During July, 50 books of tickets were sold for $5,000 and this amount was credited to Unearned Admissions Revenue. By the end of July, it was determined that 400 movie tickets had been used by customers who had purchased ticket books. The July 31st adjusting entry is: Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 851 Parameter: 9 Text: Debit Admissions Revenue $2,000 and credit Unearned Admissions Revenue $2,000. Position: 2 Shuffle: 0 Feedback: What type of entry (debit or credit ) was entered originally -- read the question again. Wrongback: ItemID: 851 Parameter: 9 Text: Debit Admissions Revenue $3,000 and credit Unearned Admissions Revenue $3,000. Position: 3 Shuffle: 0 Feedback: What was the original entry ... did you calculate correctly? Wrongback: ItemID: 851 Parameter: 8 Text: Debit Unearned Admissions Revenue $2,000 and credit Admissions Revenue $2,000. Position: 4 Shuffle: 0 Feedback: Excellent!! Wrongback: ItemID: 851 Parameter: 9 Text: Debit Unearned Admission Revenue $4,000 and credit Admissions Revenue $4,000. Position: 5 Shuffle: 0 Feedback: You have the debit and credit correct but check your calculation again -- it should be $2,000. Wrongback: ItemID: 851 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=852 Title: Chapter 4.3 Columns: 7 ItemID: 852 Parameter: 1 Text: The adjusting entry to recognize interest owned by Bradley Tools to the bank for May was omitted in month end procedures. As a result of this error, Bradley's: Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 852 Parameter: 9 Text: May net income is understated and May 31st assets are overstated. Position: 2 Shuffle: 0 Feedback: Use real numbers to verify your answer. Wrongback: ItemID: 852 Parameter: 9 Text: May expenses are understated and May 31st assets are overstated. Position: 3 Shuffle: 0 Feedback: Use real numbers to verify your information. Wrongback: ItemID: 852 Parameter: 9 Text: May expenses are understated and May 31st owner's equity understated. Position: 4 Shuffle: 0 Feedback: Use real numbers to verify your answer. Wrongback: ItemID: 852 Parameter: 8 Text: May net income is overstated and May 31st liabilities understated. Position: 5 Shuffle: 0 Feedback: Excellent understanding of concepts. Wrongback: ItemID: 852 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=853 Title: Chapter 4.4 Columns: 7 ItemID: 853 Parameter: 1 Text: Net income of Samurai Company was $40,000 before any year-end adjusting entries were made. The following adjustments are necessary : Interest accrued on a company savings account, $110; portion of insurance expiring, $300; portion of fees collected in advance nw earned, $2,400. Net income as shown in the income statement for the current year should be: Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 853 Parameter: 8 Text: $42,210 Position: 2 Shuffle: 0 Feedback: Excellent computation. Wrongback: ItemID: 853 Parameter: 9 Text: $41,990. Position: 3 Shuffle: 0 Feedback: Did you add or subtract the interest accrued on the savings account? Check it out. Wrongback: ItemID: 853 Parameter: 9 Text: $37,410. Position: 4 Shuffle: 0 Feedback: Make sure you add and subtract correctly. Wrongback: ItemID: 853 Parameter: 9 Text: $38,010 Position: 5 Shuffle: 0 Feedback: Make sure you add and subtract correctly. Wrongback: ItemID: 853 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=854 Title: Chapter 4.5 Columns: 7 ItemID: 854 Parameter: 1 Text: A December 31st trial balance ( before December adjustments) shows Office Supplies of $600 and Office Supplies Expense of $1,010. A december adjusting entry recorded office supplies expense of $170. After the December adjusting entries have been posted, what is the proper balance in the Office Supplies account on December 31? Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 854 Parameter: 9 Text: $770 Position: 2 Shuffle: 0 Feedback: You added when you should have subtracted! Wrongback: ItemID: 854 Parameter: 9 Text: $1,180 Position: 3 Shuffle: 0 Feedback: Did you use the correct account ... S/b $600 minus $170 = $430. Wrongback: ItemID: 854 Parameter: 8 Text: $430. Position: 4 Shuffle: 0 Feedback: Excellent!! Wrongback: ItemID: 854 Parameter: 9 Text: $840. Position: 5 Shuffle: 0 Feedback: What did you use in your calculation?? Remember which is the expense and s=which is the inventory account. $600 minus $170 = $430.!!! Wrongback: ItemID: 854 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=1144 Title: Chapter 5.1 Columns: 7 ItemID: 1144 Parameter: 1 Text: Which of the following businesses is most likely to use a periodic inventory system? Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 1144 Parameter: 9 Text: An aircraft manufacturer. Position: 2 Shuffle: 0 Feedback: Aircraft are items that require a part immediately to be able to use in a safe environment. Therefore, it is necessary to have the needed parts on hand when the situtation arises. A periodic system could create a situation where the part is not available because an order wasn't placed at a convinent time. Wrongback: ItemID: 1144 Parameter: 9 Text: A supermarket which is part of a national chain. Position: 3 Shuffle: 0 Feedback: A national chain gains its buying power by bulk purchases a periodic system would not be effiencent in ordering ona national level. Computers usually monitor this type of system on a perpetual basis through the scanned codes. Wrongback: ItemID: 1144 Parameter: 9 Text: An independently owned art gallery with a manual accounting system. Position: 4 Shuffle: 0 Feedback: The manual accounting system would actually create a perpetual inventory system since the information is updated each time the individual creates a transaction. Wrongback: ItemID: 1144 Parameter: 8 Text: A beer bar. Position: 5 Shuffle: 0 Feedback: You might say why?? However,the usual stock on had who allow for a periodic system because most of the stock usually allows for more than one drink from the product (i.e. taps, pitchers...) Wrongback: ItemID: 1144 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=1145 Title: Chapter 5.2 Columns: 7 ItemID: 1145 Parameter: 1 Text: A periodic inventory system eliminates the need for: Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 1145 Parameter: 9 Text: Taking an annual physical inventory. Position: 2 Shuffle: 0 Feedback: This is part of a periodic inventiry system. Wrongback: ItemID: 1145 Parameter: 9 Text: Recording revenue from sales transactions. Position: 3 Shuffle: 0 Feedback: This is part of a periodic inventory system. Wrongback: ItemID: 1145 Parameter: 8 Text: Recording the cost of merchandise sold as sales occur. Position: 4 Shuffle: 0 Feedback: Excellent understanding of inventory systems. Wrongback: ItemID: 1145 Parameter: 9 Text: None of the above. Position: 5 Shuffle: 0 Feedback: Wrongback: ItemID: 1145 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=1146 Title: Chapter 5.3 Columns: 7 ItemID: 1146 Parameter: 1 Text: If management wants to know the cost and quantity of merchandise on hand at all times, the business will probably: Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 1146 Parameter: 9 Text: Use a periodic inventory system. Position: 2 Shuffle: 0 Feedback: Review your textbook for this definition!!! Wrongback: ItemID: 1146 Parameter: 8 Text: Maintain an inventory subsidiary ledger. Position: 3 Shuffle: 0 Feedback: Excellent choice. Wrongback: ItemID: 1146 Parameter: 9 Text: Take a complete physical inventory each day. Position: 4 Shuffle: 0 Feedback: This would be virtually impossible in most environments,not to mention the time and manpower required. Wrongback: ItemID: 1146 Parameter: 9 Text: Debit all purchases of merchandise directly to the Cost of Goods Sold Account. Position: 5 Shuffle: 0 Feedback: This would require additional calulations for preparation of other financial statments, requiring additional time and workloads. Wrongback: ItemID: 1146 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=1147 Title: Chapter 5.4 Columns: 7 ItemID: 1147 Parameter: 1 Text: In a perpetual inventory system, the entry to record the cost of goods sold always includes an entry of equal amount to the: Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 1147 Parameter: 8 Text: Inventory Account. Position: 2 Shuffle: 0 Feedback: Excellent choice and understanding. Wrongback: ItemID: 1147 Parameter: 9 Text: Sales Account. Position: 3 Shuffle: 0 Feedback: Review the information on perpetual inventory systems in your textbook page 199-201. Note the actual transaction entry for this item on page 200. Wrongback: ItemID: 1147 Parameter: 9 Text: Purchases Account. Position: 4 Shuffle: 0 Feedback: Review your textbook on the perpetual inventory system on pages 199-201. Review the specific transaction for the item on page 200. Wrongback: ItemID: 1147 Parameter: 9 Text: None of the above. Position: 5 Shuffle: 0 Feedback: Review the information in your textbook for the perpetual inventory system on pages 199-201, regarding this transaction. Wrongback: ItemID: 1147 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=1148 Title: Chapter 5.5 Columns: 7 ItemID: 1148 Parameter: 1 Text: Prior to taking a physical inventory at year-end, the inventory records of Gifts 'n Such showed an inventory of $25,000, sales of $350,000, and a cost of goods sold of $200,000. The year-end physical inventory indicated merchandise on hand costing $23,000. The company's gross profit for the year was: Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 1148 Parameter: 9 Text: $348,000 Position: 2 Shuffle: 0 Feedback: You recognized the inventory change but not the $200,000 cost of goods sold. Wrongback: ItemID: 1148 Parameter: 9 Text: $152,000 Position: 3 Shuffle: 0 Feedback: You recognized the cost of goods sold correctly but calculated the change in inventory incorrectly - added when you shold have subtracted to get $148,000. Wrongback: ItemID: 1148 Parameter: 8 Text: $148,000 Position: 4 Shuffle: 0 Feedback: Correct calculation - great job. Wrongback: ItemID: 1148 Parameter: 9 Text: Some other amount. Position: 5 Shuffle: 0 Feedback: Please review your textbook on these calculations. Should have been: $200,000 + $25,000 - $23,000 = $202,000 which is subtracted from the sales of $350,000. Wrongback: ItemID: 1148 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=1155 Title: Chapter 6.1 Columns: 7 ItemID: 1155 Parameter: 1 Text: Which of the following characteristics is common to sole proprietorships, partnerships, and corporations? Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 1155 Parameter: 9 Text: Unlimited liability for business debts. Position: 2 Shuffle: 0 Feedback: Corporations (shareholders) have limited liability. Wrongback: ItemID: 1155 Parameter: 8 Text: Treatment as a going concern for accounting purposes. Position: 3 Shuffle: 0 Feedback: Excellent understanding. Wrongback: ItemID: 1155 Parameter: 9 Text: Ease of formation Position: 4 Shuffle: 0 Feedback: A sole proprietorship is easy -- a corporation is complex. Wrongback: ItemID: 1155 Parameter: 9 Text: Seaparation of ownership and management Position: 5 Shuffle: 0 Feedback: A corporation has separation but not the other two types. Wrongback: ItemID: 1155 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=1156 Title: Chapter 6.2 Columns: 7 ItemID: 1156 Parameter: 1 Text: Mutual agency is a characteristic that is associated with which of the following forms of business organization? Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 1156 Parameter: 9 Text: A sole proprietorship Position: 2 Shuffle: 0 Feedback: No -- a partnership; please review organizational characteristics in your textbook. Wrongback: ItemID: 1156 Parameter: 8 Text: A partnership. Position: 3 Shuffle: 0 Feedback: Excellent! Wrongback: ItemID: 1156 Parameter: 9 Text: A corporation. Position: 4 Shuffle: 0 Feedback: No -- a partnership. Please review the characteristic of organizations in your textbook. Wrongback: ItemID: 1156 Parameter: 9 Text: All of the above. Position: 5 Shuffle: 0 Feedback: No -- a partnership only! Review the organizational characteristics in your textbook. Wrongback: ItemID: 1156 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=1157 Title: Chapter 6.3 Columns: 7 ItemID: 1157 Parameter: 1 Text: In the absence of an existing agreement state laws generally provide that partners of a partnership will split profits: Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 1157 Parameter: 8 Text: Equally Position: 2 Shuffle: 0 Feedback: It may not seem fair but it is correct. Wrongback: ItemID: 1157 Parameter: 9 Text: Based upon the amounts in the partners' capital accounts. Position: 3 Shuffle: 0 Feedback: State law still says equally -- thats what agreements are for!! Wrongback: ItemID: 1157 Parameter: 9 Text: Based upon the amount of services provided to the partnership. Position: 4 Shuffle: 0 Feedback: Hard work may not pay off here -- its still equally!!! Wrongback: ItemID: 1157 Parameter: 9 Text: Based upon a combination of the amount of capital and services provided to the partnership. Position: 5 Shuffle: 0 Feedback: If this is what was intended it should have been written in an agreement!! State law says equally!!!!! Wrongback: ItemID: 1157 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0 Serf Exported Item Type=14 ID=1158 Title: Chapter 6.4 Columns: 7 ItemID: 1158 Parameter: 1 Text: Salaries paid to stockholders that are employed by a corporation: Position: 1 Shuffle: 0 Feedback: Wrongback: ItemID: 1158 Parameter: 9 Text: Are deducted from the stockholders' drawing accounts. Position: 2 Shuffle: 0 Feedback: There are NO drawing accounts in a corporation!!!!! Wrongback: ItemID: 1158 Parameter: 9 Text: Are treated as dividends to the stockholders. Position: 3 Shuffle: 0 Feedback: Although salaries may impact the dividends, it does not have a direct relationship. Wrongback: ItemID: 1158 Parameter: 8 Text: Are considered to be tax deductible to the corporation. Position: 4 Shuffle: 0 Feedback: Excellent. Wrongback: ItemID: 1158 Parameter: 9 Text: Are considered to be illegal. Position: 5 Shuffle: 0 Feedback: From a reality stand point some people may feel that way because of high salaries to executive -- however its still legal. Wrongback: ItemID: 1158 Parameter: 10 Text: 0 Position: 6 Shuffle: 0 Feedback: 0 Wrongback: 0