Chapter 1: Q10DQ. (page 29)
Question: What are some accounting-related professions?
Accounting-related profession requires a specialized skills, and some such professions are appraisers, market researcher, auditor, investment banker, FBI investigator, etc.
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Describe the three major business activities in organizations
BMW Group, one of Europe’s largest manufacturers, reports the following income statement accounts for the year ended December 31, 2015 (euros in millions).
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . € 92,175
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,043
Selling and administrative costs . . . . . . . . . . . . 8,633
Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . 3,103
Use this information to prepare BMW’s income statement for the year ended December 31, 2015.
What information is reported in a balance sheet?
Question: How do ethics rules affect auditors’ choice of clients?
The following describe several different business organizations. Determine whether each description best refers to a sole proprietorship (SP), partnership (P), or corporation (C).
a. Micah and Nancy own Financial Services, a financial services provider. Neither Micah nor Nancy has personal responsibility for the debts of Financial Services.
b. Riley and Kay own Speedy Packages, a courier service. Both are personally liable for the debts of the business.
c. IBC Services does not have separate legal existence apart from the one person who owns it.
d. Trent Company is owned by Trent Malone, who is personally liable for the company’s debts.
e. Ownership of Zander Company is divided into 1,000 shares of stock.
f. Physio Products does not pay income taxes and has one owner.
g. AJ Company pays its own income taxes and has two owners.
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