Learning gives us ________________ that an individual has learned something because they changed the way they act.
A. visible evidence
B. tactile exposure
C. application
D. precedence
E. determination
A. visible evidence
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Which of the following properly represents the preparation of the statement of cash flows prepared using IFRS rules?
A. The flexibility provided under IFRS guidance for the preparation of the statement of cash flows increases the comparability of results between companies. B. Firms using the direct method are not required to provide a reconciliation of net income to cash flows from operations. C. The presentation of the statement of cash flows is the same for all companies preparing statements under IFRS. D. The presentation of the statement of cash flows differs to those following U.S. GAAP as a result of prescribed classification differences under IFRS.
Developing a Professional Profile An increasing number of job applicants are developing an electronic portfolio that is posted to the applicant's personal website. Austin McClain is a recent graduate with an M.P.A. degree in accounting. He needs to
write a professional profile for his electronic portfolio that highlights his accomplishments that include the following: Austin wants a job working with a large international accounting firm as part of a first-year audit staff. He actually has auditing experience resulting from a summer internship with a Dallas accounting firm. He knows how to work with ERP systems, ACL, database, and spreadsheet software. Austin has developed a fluency in Spanish which will be advantageous for working with international clients. As a student, he has been active in Beta Alpha Psy, the honorary accounting society, and several other organizations, where he held leadership positions. He has developed strong skills in writing and speaking. Required: Write a professional profile for Austin McClain suitable for posting to his electronic portfolio.
A shareholder of one-third of all the stock in a corporation would be entitled to one-third of all corporate assets of an ongoing company
a. True b. False Indicate whether the statement is true or false
The accounting records of Lowery, Inc., revealed an accounts receivable balance of $195,000 on January 1, 20x6. Forty percent of the company's sales are for cash, and the remaining 60% are on account. Of the credit sales, 30% are collected in the month of sale and 70% are collected in the following month. Total sales in January and February are expected to amount to $500,000 and $530,000, respectively.Assume that in the latter half of 20x6, Lowery hired a new sales manager who aggressively tried to maximize the company's market share. She implemented a compensation system for the sales force that was 100% commission based, with the commission calculated on the basis of gross sales dollars. Sales volume increased dramatically in a very short period of time, and the sales and collection
patterns changed, as follows:Cash sales:20%Credit sales: 80%Collected in the month of sale15%Collected in the month following sale75%Uncollectible10%Required: A. Compute the company's cash inflows for January and February, 20x6.B. Determine the outstanding receivables balance at the end of February.C. Compare the sales and collection patterns before and after the arrival of the new sales manager. Have things improved or deteriorated? Explain.D. On the basis of the information presented, determine what likely caused the improvement or deterioration in collection patterns. What will be an ideal response?