Accounting Help for College and University Students

Tax Accounting

Tax accounting multiple choice questions

Accounting problems: (A)Provision for Doubtful Debts Accounts. (B)Bad Debts Account (C) Bad Debts Recovered Accounts (D) State the effects on Lin Yews Net Profit of the change in the Provision for Doubtful Debts.

(1) On 1 November 1999, Lin Yew's Provision for Doubtful Debts account had a balance of 3500 This was made up of a general provision of $2000, which was 2% of all his debtors, and a further expected loss of $1500, the total amount owed by one of his customers, Lau Chuen, who had been declared bankrupt. On 3 ...continues

Accounting Questions on Revaluation Account, Capital Accounts of Partners

Chan, Tan and Eric were in partnership sharing profits and losses in the ratio Chan 2/3, Tan 1/4 and Eric 1/12. Their summarized Balance Sheet as at 31 October 2000 was as follows: $ $ $ Fixed Assets (at Book Value) Premises 120000 Machinery ...continues

Finance/Accounting concepts

1. What is meant by capital gearing? 2. State and explain whether it is better to be an ordinary shareholder or a preference shareholder during times of falling profits. Assume that all available profits are distributed. 3. State five reasons why making a profit does not necessarily mean having more cash. 4. Distinguish ...continues

Small company taxes and turn on capital

10.A shopkeeper employs several assistants. For the year ended 30 April 2000 her gross profit ratio was 40% and gross profit was $80,000. For the year ended 30April 2001 her gross profit ratio was 35% Even though her gross profit had increased to $90,000. State five possible reasons for the decrease in her ...continues

Journalize entries for the sale of bonds and answer 60 multiple choice questions

On July 1, 2002, Cucumber Communications Equipment Inc. issued $10,000,000 of ten year, 9% bonds at an effective interest rate of 10%. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Instructions 1. Journalize the entr ...continues

Boeing's 10k filing and standard industrial code (SIC) code

Please locate The Boeing Company on the SEC's web site at http://www.sec.gov. Then use the EDGAR database on the SEC web site to view Boeing's 10k filing. Also, search for Boeing's standard inustrial classification (SIC) code. How do you retrieve the different financial statements in the 10k filing? What is the importance ...continues

profit & negative cash flow, financial statements, vertical and horizontal analysis

Is it possible for a company to have a profit and a negative cash flow? Please explain your answer. What is the interrelationship between the Income Statement, Balance Statement, Statement of Retained Earnings and Statement of Cash Flows? Give some examples of situations in which you would use horizontal and/or vertical ...continues

Discuss the barriers and advantanges to harmonization in accounting

History of international standard setting process and the harmonisation in accounting: Appraise the barriers to harmonisation and the advantages of and progress towards harmonisation.

Outline the behavioural aspects of budgeting

The behavioural Aspects of budgeting Critically evaluate the role of participation in budget setting, including any relevant theory. Explain what you understand by such dysfunctional behaviour in budgetary control mainly in the public sector. Should managers be involved in setting budgets.