Accounting 3320-001 Final Exam

Then the Partnership DISTRIBUTES to Partner A the property contributed by Partner B, only THEN will you have tax consequences. The general rule is that there are NO tax consequences when a Partner receives NON-cash Property.

25. In a science fiction movie, an officer is implementing an experimental process to prevent a catastrophic geologic event affecting a primitive indigenous alien population. A crew of a starship vessel is willing to save him; however, environmental conditions prevent simple extraction. The commander refuses to let the crew extract the officer, proclaiming “the needs of the many outweigh the needs of the few, or in this case, one.” The commander’s conclusion is based on which moral theory?

1. Why does Daniel Gilbert, author of Stumbling on Happiness, say that experiences might bring more satisfaction than durable goods? Do you agree or disagree?

An accounting cycle is a process, or a series of activities, that consists of collecting an organization’s transactions at the end of a reporting period to prepare essential financial statements of a business (Fleury, 2015). The accounting cycle is a strict, methodical set of rules used to ensure the accuracy and conformity of financial statements (Investopedia, 2017). The steps involved with an accounting cycle, the roles each of the step facilitate, the impact of omission, and what financial statements are assembled from the accounting cycle data.

1. The clear, keratinized portion of a fingernail is known as the nail _PLATE_. It has a root, body, and free edge.

Only simple calculators (i.e., those that only add, subtract, multiply, and divide) can be used during examinations. Any device that is capable of storing text, facilitates communication, records sound, captures images and / or can be programmed will not be permitted. This policy will be strictly enforced. Please note that the instructor is not responsible for providing a calculator to students that do not bring a suitable calculator of their own to exam

Classification: Posting of sales transaction to proper account: tested when accuracy tested; focus on unusual items

Accounting is commonly described as the language of business. It is very important for all business owners to have very good understanding of their finances. Having the knowledge of your business finance, you will know where the money is going. Every business owner should have a good understanding of finance. To have a good understanding business owners needs to understand basic accounting steeps, how does accounting play a role in their business, how to define a financial statement and how the omission of any of these steps would affect the success of a business. Once you have an understanding of accounting/finance and the how it plays

Cleanse is an Australian body soap company who produce and wholesale their products out to supermarket chains such as Woolworths and Coles. The company has been operating for over 3 years and has established a head office in Brisbane and Sydney with over 200 employees in its Australian operations. In addition to its Australian operations, Cleanse also has a branch in Delhi, India where they produce the same product and wholesale Cleanse products

Therefor there is a probability that the cards drawn will equal a sum of 10.

probably be a state or two today solely of indians... but as it turns out we know that

Gravells, A. (2012) Preparing to Teach in the Lifelong Learning Sector: The New Award. 5th Edition. London: Learning

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Obtaining financing is one of the challenges facing a new venture. The financial planning and good budgeting will be significant factors in helping Portions Restaurant reach success. The restaurants financial statement analysis below lists the sources of funding, the capital structure, debt to equity ratios, the intentions of going public and a break even analysis.