Legal liability

Chapter 1: Introduction to accounting Multiple Choice 1. Which of these is a decision relevant to the accounting function of an entity? a. Whether debts can be repaid b. Finding the most cost effective way to produce goods c. The investment prospects of the entity d. None of the above e. All of the above 2. Under the Framework describes the qualitative characteristic of relevance as: a. information that is of value to users in decision making. b. information that can be classified. c.

Ten Key Lessons From The Famous Book Rich Dad Poor Dad. Lesson one; those who are rich don’t work for money Robert Kiyosaki, the author explains that there is a very big difference between those who work for money and those who let money work for them. He explains that the poor and the middle class work for money in order to satisfy their needs. This needs include, paying debts, buying food, paying rent, paying allowances. This people work for money because they have the fear of not having money

Partnership Limited Liability Company Sole Proprietorship 1. Formed by >=2 individuals (or entities), each with unlimited liability: Sole Proprietorship 2. Formed by >=2 individuals (or entities), some but not all with unlimited liability: General Partnership 3. Easiest to form and the most common business entity: Limited Liability Company 4. A distinct legal entity treated as a legal “person”:

Executive Summary University of Phoenix Executive Summary Dating back to 1929, television has been viewed all over the world by millions of families. The impact technology has on television is phenomenal. Viewers have watched programs as silhouettes, outlines, with no sound, or black and white. With time, technology brought direct broadcast satellite to television. New Corporations Fox Entertainment Group, launched DirecTV in 1994. This company provided

Exercise Solutions -Set A 1. Recognition of normal balances | | | | | | The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. | Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item. | | | | | | Classification | Normal Balance | a.       The albums, tapes, and CDs held for sale to customers. | A | Debit | b.     

Research resources, legal and compliance requirements, specifically in relation to occupational health and safety (OHS), in accordance with business goals and objectives • OHS: Dong’s China Bar has established the practical guidelines to maintain the requirements of Occupational

11 Current Liabilities, Contingencies & Provisions Required Reading: Alfredson – Chap 5, Keiso – Chaps 13, IAS 37 Learning Objectives 1. CURRENT LIABILITIES: – Define and explain types of current liabilities. – Account for the major types 2. IAS 37 PROVISIONS & CONTINGENCIES – Define Provisions and answer the following questions: • • • Why do them When to provide How much to provide – Calculate and account for Restructuring Provisions – Define Contingent Assets & Liabilities and apply

will be $1M, which comprises $450,000 for the procurement of the Lego and Panaito operations of Servco Incorporated Office Technology. The residue of the reserves will be used for: • Initial Inventory: $200,000 • Initial Capitalization: $225,000 • Legal, Insurance, Rent & Misc: $125,000 The start-up subsidy

policies are discussed in the first note? Does the note describe the entities that are included as component units? Does it list enti- ties that are not considered component units? Are there any notes that dis- close (1) any material violations of legal provisions, (2) deficit fund balances or net position, or (3) significant commitments or contingencies? overnment-wide Statements. What are the titles of the two government-wide statements? Are total assets larger for governmental activities or

income 10,470 10,470 Less: Dividends (6,000) Retained earnings, August 31 $4,470 HELP TODAY Balance Sheet As of August 31 Assets: Liabilities: Cash $25,360 Accounts payable $10,500 Accounts receivable 22,360 0 Office supplies 5,250 Equity: Land 44,000 Common stock 102,000 Office equipment 20,000 Retained earnings 4,470 Total assets $116,970 Total liabilities and equity $116,970 Identify the financial statement(s) where each of the following items appears. Use I for income statement, E for