Identify two reasons why accounting is important for business. Justify your selections. -Evaluate the importance of ethics in accounting. Defend your evaluation. -Analyze the importance of having a good understanding of accounting. What implications does a lack of understanding have for business? -Determine the best way to explain accounting to a non-accountant.

Discuss how cost accounting differs from other types of accounting. Provide specific examples to support your response.

Governmental financial statements are significantly different from those produced in accordance with GAAP. One significant reason for the difference is the financial statement user. Describe the governmental financial statement user and their needs.

Ladner Environmental Services’s unadjusted and adjusted trial balances at December 31, 2011 are attached. Journalize the adjusting entries that account for the differences between the two trial balances.

Using the adjusted trial balance of Ladner Environmental Services at the end of its year, December 31, 2011: 1. Prepare Ladner Environmental Services 2011 income statement, statement of owner’s equity, and balance sheet. List expenses in decreasing-balance order on the income statement and show total liabilities on the balance sheet. Write a short paragraph describing

In not less than 200 words and not exceeding 250 words for each question, submit logical answers to the following questions: 1. Discuss the relationship between variance analysis and management by exception. 2. What are the possible causes of material price variance and material efficiency variance? 3. Compare and contrast static budget and flexible budget.

Utopia Dance Clubs, Inc. rented an old warehouse for its newest club on October 1, 2010. To receive a discount, Utopia paid $11,700 for 18 months of rent in advance. Assume no additional rent is paid in 2011 and 2012 and answer the following questions: A) How much rent expense will be recognized for the

Invoice price of goods is $3,500. Purchase terms are 3/10, n/30, and the invoice is paid in the week of receipt. The shipping terms are FOB shipping point, and the shipping costs amount to $330. What is the total cost of inventory?

Jim’s Landscaping is in the business of maintaining and improving yards in surrounding areas. The company bases its overhead cost budgets on the following data: Variable overhead costs: Supplies $4 per yard Machine maintenance $2 per yard Chemicals $6 per yard Fixed overhead costs Salaries and wages $2,300 per month Depreciation $800 per month Utilities

Photos Inc. has a standard cost system in which it applies overhead to products based on the standard direct labor hours allowed for the actual output of the period. Data concerning the ost recent year appear below: Total budgeted fixed overhead cost for the year $250,000 Actual fixed overhead cost for the year $265,000 Budgeted