Financial Accounting

Refer to the financial reports of Apple, Inc. for the year ended September 25, 2010

- Equipment: costs capitalized and depreciated. Sales tax may apply to the amount allocated to the equipment.

cognizant of the fact that the choices he makes can affect the price a buyer pays

330-10-30330-10-30-1 The primary basis of accounting for inventories is cost, which has been defined generally as the price paid or consideration given to acquire an asset. As applied to inventories, cost means in principle the sum of the applicable expenditures and charges directly or indirectly incurred in bringing an article to its existing condition and location. It is understood to mean acquisition and production cost, and its determination involves many considerations. 330-10-30330-10-30-2 Although principles for the determination of inventory costs may be easily stated, their application, particularly to such inventory items as work in process and finished goods, is difficult because of the variety of considerations in the allocation of costs and charges.

Xilinx, Inc. designs, develops, and markets complete programmable logic solutions, including advanced integrated circuits, software design tools, predefined system functions delivered as intellectual property cores, customer training, field engineering and technical support. Customers are electronic equipment manufacturers primarily in the telecommunications, networking, computing, industrial, and consumer markets. Products are sold globally through a direct sales management organization and through franchised domestic and foreign distributors. (Source: Company 2007 Form 10-K)

Generally, product expenses include all those costs associated with the acquisition, manufacture or production of a product. Drury (2007)

15. An individual receiving both stock and short term notes for appreciated property has no recognized gain because of &351. Answer: True

19. The accounting assumption that requires every business to be accounted for separately from other business entities, including its owner or owners is known as the:

Although the Gross and Net profit margins are lower than those of Major Monitor Ltd, the HR metrics are better. The turnover is lower, the job acceptance rate is higher and the cost per employee is less. The environment in which to work in seems like a much more appealing one. With engaged managers and employees, they can look at different ways that they can reduce their costs to make higher profit margins.

Rothschild, J. M., Lee, T. H., Bae, T., and others. "Survey of Physicians' Experience Using a Handheld Drug Reference Guide." (Presented at AMIA 2000 Annual Symposium). American Medical Informatics Association, Los Angeles, California, March 2000.

Revenue recognition issues are the subjects of headlines in our daily newspapers, primarily because major corporations have recognized revenues that did not meet its revenue recognition rule. For businesses that use cash basis accounting, revenue recognition is a simple process; a sale equals revenue, but not for companies that use accrual basis accounting.  The more complex the business, the more specialized the industry, the more difficult the decision becomes for that business as to when to recognize earnings. Revenue recognition is one of the areas where managers can exercise their accounting discretion to achieve certain objectives. By looking at

9. (TCO B) Variable expenses for Alpha Company are 25% of sales. What are sales at the break-even point, assuming that fixed expenses total $150,000 per year:

Refer to the financial reports of Apple, Inc. for the year ended September 25, 2010

Timing of revenue recognition is a crucial part in revenue recognition. According to US GAAP, revenue should be recognized when it is realized/realizable and earned (FASB, 1984, Para. 83).

(c) Of the above accounts, CHF1,600 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account.