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Acct 621 Accounting for Managers

   

Added on  2020-05-04

6 Pages678 Words260 Views
Running head: MANAGERIAL ACCOUNTINGManagerial AccountingName of the Student:Name of the University:Authors Note:

MANAGERIAL ACCOUNTING1Table of Contents1. Evaluating the accounting principles used in Canada:...........................................................22. Multiple choice.......................................................................................................................23a. Preparing comprehensive income statement:.......................................................................23b. Preparing statement of financial position:............................................................................34a. Calculating profit for the year:.............................................................................................44b. Calculating shareholder equity at the end of the year:.........................................................45. Providing explanation for each transaction:...........................................................................4Reference and Bibliography:......................................................................................................6

MANAGERIAL ACCOUNTING21. Evaluating the accounting principles used in Canada:Currently in Canada the accounting principle that is been used in Canada is IFRS andAcSB. This change is mainly conducted in 2011, where companies were made to switch fromGAAP to IFRS systems (Pwc.com, 2017). 2. Multiple choiceS3.1) Answer C (Income + Asset = Equity)S3.2) Answer D (All the above)S3.3) Answer D (Total assets will not change)S3.4) Answer C (Increasing assets and increasing accounts payable)S3.5) Answer A (Profit of $15,000 and cash of $40,000)S3.6) Answer A (Profit of $20,000, cash of $30,000, and equity of $100,000)S3.7) Answer B (75,000)S3.8) Answer B (Statement of financial position, profit, and cash flow)S3.9) Answer D (Increase in accounts receivables and increase sales)S3.10) Answer B (Profit of $38,000, cash of $33,000, and shareholders’ equity of$63,000)S3.11) Answer B (240,000-125,000=115,000)S3.12) Answer B (Increasing accounts payable and increasing assets)3a. Preparing comprehensive income statement:Income statementAmountAmount

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