...Chapter 01 Environment and Theoretical Structure of Financial Accounting True / False Questions 1. | The primary function of financial accounting is to provide relevant financial information to parties external to business enterprises. True False | 2. | Accrual accounting attempts to measure revenues and expenses that occurred during accounting periods so they equal net operating cash flow. True False | 3. | The FASB is currently the public-sector organization responsible for setting accounting standards in the United States. True False | 4. | The FASB's due process invites various interested parties to indicate their opinions about whether financial accounting standards should be changed. True False | 5. | Accounting for stock-based compensation is an area in which the FASB has received little political interference. True False | 6. | The Public Reform and Investor Protection Act of 2002 (Sarbanes-Oxley) changed the entity responsible for setting auditing standards in the United States. True False | 7. | A rules-based approach to standard setting stresses professional judgment as opposed to following a list of rules. True False | 8. | Under federal securities laws, the SEC has the authority to set accounting standards in the United States. True False | 9. | The primary responsibility for properly applying GAAP when communicating with investors and creditors through...
Words: 17634 - Pages: 71
...Associate Level Material Critical Thinking Final Presentation Select and complete one of the following options: Option 1: Education Option 2: Marketing Option 3: City Council This benchmark assessment is a means for you to apply all you have learned in this course. It is recommended that you work on this a little each week to ensure adequate time is spent on building this presentation. To provide context, a variety of scenarios are provided for you to choose from. Regardless of the scenario, the presentation should include the same criteria. Option 1: Education Imagine you are an elementary school teacher wanting to add critical thinking to the curriculum at your school. You are preparing a presentation to deliver to the school board for your district. You want to convince them to change the way they teach thinking and to specifically address the explicit teaching of critical thinking in the elementary school setting. Research this topic online and in the University Library. Locate at least three articles on this topic, in addition to the Elder article. Create a 10- to 12-slide Microsoft® PowerPoint® presentation that includes the following: • Is this topic a problem or an issue? How would you express it? • What methods could you use to produce ideas to resolve this problem or issue? • What habits and perceptual blocks that hinder your thinking did you have to overcome with this topic? • How did you detect bias in your research...
Words: 882 - Pages: 4
...What is critical thinking? Critical thinking is when anyone can research the topic that one is discussing and coming to a rational conclusion on the topic. Though there is a definition of critical thinking people are thought different ways to process critical thinking. Critical Thinking “it involves more than just blindly acting or reacting. (Critical Thinking. Chapter 1 pg. 2)”. One should avoid allowing their critical thinking process to not being bias, using emotions, or lead by temptation, greed or irrelevant considerations. Critical thinking is a way to determine whether a person believes in the topic and has done research to make a decision based on the facts that are presented at the time. There is no time limit on making a educated or rational conclusion on the topic. Based on my personal experience, one can access their cell phones at the time of the debate, argument or discussion. One can gather their thoughts and their position on the topic. The premise or conclusion of the decision one can decide if they believe in what they were told about the topic. Whether one makes decisions on a daily it comes to down to what we are going to do or decide what to wear. When we are making important decisions or choices it is important to not rush into making any drastic decisions without discussing it with a significant other. The purpose of critical thinking is so that a person can make an educated choice at the end of the discussion or making a choice. The thing...
Words: 345 - Pages: 2
...the inventory management process. Topic: Overview of Inventory Management Process 2. A receiving report records the shipment of goods to customers. FALSE AACSB: Analytic AICPA BB: Industry AICPA FN: Decision Making Blooms: Remember Difficulty: 1 Easy Learning Objective: 13-02 Be able to identify and describe the types of documents and records used in the inventory management process. Topic: Types of Documents and Records 3. Sale of finished goods is a part of the inventory management process. FALSE AACSB: Analytic AICPA BB: Industry AICPA FN: Decision Making Blooms: Remember Difficulty: 1 Easy Learning Objective: 13-03 Understand the functions in the inventory management process. Topic: The Major Functions 4. Once the controls in the inventory system have been tested, the auditor sets the level of control risk. TRUE AACSB: Analytic AICPA BB: Industry AICPA FN: Risk Analysis Blooms: Remember Difficulty: 1 Easy Learning Objective: 13-06 Know how to assess control risk for the inventory system. Topic: Control Risk Assessment 5. The major control procedure for preventing fictitious inventory transactions from being recorded is proper segregation of duties. TRUE AACSB: Analytic AICPA BB: Industry AICPA FN: Decision Making Blooms: Apply Difficulty: 1 Easy Learning Objective: 13-07 Know key internal controls and develop relevant tests of controls for inventory transactions. Topic: Control...
Words: 15455 - Pages: 62
...Critical Thinking and Ethics John F Kennedy once said "Too often we... enjoy the comfort of opinion without the discomfort of thought."1 He like other successful leaders possessed an abundance of both critical thinking skills and ethics. Their ability to assess a problem, challenge a topic think clearly about it and reflect, independent of their beliefs and personal values to make a rational decision or come to a logical conclusion. These characteristics helped them achieve and rise to the pinnacles of success. The ability to apply critical thinking to your everyday life and in turn your professional life is one of the cornerstones for achieving success. The critical thinking process has a set of defined steps that are part of the Levels of Thinking. These levels help explain the process of how critical thinking is achieved. The first steps are used to remember, understand and apply information that we are learning. The first three steps in the Levels of Thinking include gathering data on a topic, comprehending the key terms, facts or events of that topic. Then defining that information in your words and then finally applying that to a situation in your life. In its simplest form, this could be like the time your parent taught you or you taught yourself to change a tire. As you progress higher into the Levels of Thinking, critical tasks are done to further breakdown information coupled with an assessment of all the data. These levels culminate in our ability to...
Words: 729 - Pages: 3
...Chapter 09 Property Acquisition and Cost Recovery True / False Questions 1. | Like financial accounting, most business property must be capitalized for tax purposes. True False | 2. | Tax cost recovery methods include depreciation, amortization, and depletion. True False | 3. | If a business mistakenly claims too little depreciation, the business must only reduce the asset's basis by the depreciation actually taken rather than the amount of the allowable depreciation. True False | 4. | An asset's capitalized cost basis includes only the actual purchase price; whereas the other expenses associated with the asset are immediately expensed. True False | 5. | The basis for a personal use asset converted to business use is the lesser of the asset's cost basis or fair market value on the date of the transfer or conversion. True False | 6. | Depreciation is currently computed under the Modified Accelerated Cost Recovery System (MACRS). True False | 7. | The 200 percent or double declining balance method is allowable for five and seven year property. True False | 8. | Taxpayers may use historical data to determine the recovery period for tax depreciation. True False | 9. | Taxpayers use the half-year convention for all assets. True False | 10. | If a taxpayer places only one asset (a building) in service during the fourth quarter of the year, the mid-quarter...
Words: 18014 - Pages: 73
...ch10 Student: ___________________________________________________________________________ 1. An advantage of issuing a bond relative to stock is that the bond interest payments are tax deductible. True False 2. Issuing bonds dilutes the voting power of the common shareholders because bonds have preferential voting rights. True False 3. The major disadvantages of issuing a bond are the risk of bankruptcy and the negative impact on cash flow because debt must be repaid at a specified date in the future. True False 4. A bond's interest payments are determined by multiplying the bond's principal amount by the stated interest rate. True False 5. A convertible bond can be called for early retirement at the option of the issuing company. True False 6. The issuing company and the bond underwriter determine the selling price of a bond. True False 7. The issuance price of a bond is the present value of both the principal plus the cash interest to be received over the life of the bond discounted by the stated (coupon) rate. True False 8. When the market rate of interest is greater than the stated interest rate, the bond will sell at a discount. True False 9. A bond will sell for a premium when the market rate of interest is greater than the stated rate of interest. True False 10. The proceeds received from a bond issue will be greater than the bond maturity value when the stated interest rate exceeds the market rate of interest. True...
Words: 23435 - Pages: 94
...Critical Thinking and Ethics As I sit here thinking about critical thinking, I ask myself, what is critical thinking? My definition of critical thinking would be, to go into deep though about something that’s on your mind. I then though maybe you should look up the real definition of critical thinking. In doing that I came up with this. According to the Encarta Dictionary critical thinking is disciplined intellectual criticism that combines research, knowledge of historical context, and balanced judgment. Another source tells me it’s thinking about a subject, problem, or content. It’s self-directed, self-monitored and self- corrective thinking. Critical thinking assent standards of excellence and command of their use. As I go farther into my research of critical thinking, I also find out there are different steps to critical thinking. One of the first steps is Knowledge. Knowledge is topic, issue, thesis, and the main point. In other words you have to know what you’re thinking about. Thinking on a topic you know little about can cause you to feel overwhelmed. Step two in the critical thinking process is Comprehension. Comprehension is understanding what it is you’re reading, hearing or seeing. I comprehend better when I see or hear something being taught to me. You have to be able to comprehend what you’re thinking about to help you understand what you’re learning. The third step in critical thinking is Application. Application is to know and apply what you comprehend. In...
Words: 612 - Pages: 3
...BUS3006 Unit 3 Research Paper Topic Information Template Pre-requisite: Prior to working on this assignment, complete Unit 2 studies, discussions, and assignment. In addition, review the Unit 3 studies. Upon completing Unit 2, the next step in the research paper is to revise your research paper’s healthcare management-related topic and problem statement. As you compose this assignment avoid performing research and using citations. Internet research is not needed because you are sharing your thoughts and not those of another author. The six parts of the critical thinking process provided as a Resource will guide you to be successful in completing the assignment. Use this template by completing Section 1, Section 2, and Section 3, which will guide the composition needed for your assignment. Have fun and be sure to submit by Sunday of week 3 to assure you can then be successful with Unit 4’s course work. Note that this topic and problem statement will be the focus of your research worksheet for Unit 3 and Unit 4 discussions. | Name |Date Completed | | Siobahan Booker | 10/3/2012 | Section 1: Compose your chosen research paper topic using descriptive words. Suggested length is 6-12 words. Avoid pronouns. |Research Paper’s Healthcare Management-Related...
Words: 909 - Pages: 4
...Smith 1 John Smith Professor Jones English 1A 9 September 2013 Critical Thinking Democracies are made up of communities and will only thrive if critical thinking and local involvement are key features. Communities are the basis of a democracy and represent citizens at a local level. In a democracy local citizens put forward ideas which percolate up to higher levels of government. Improving citizens ability to become critical thinkers is vital to making a strong democracy. Critical thinking is essential for a democracy to flourish. It's important that citizens of a democracy apply critical thinking to form an unbiased point of view. Education helps people engage in the community and fulfill basic societal expectations of a democratic citizen. To enhance a democratic society the education system must improve. For example, have students write editorials or reviews on current events. This keeps students in touch with whats going on in the world and helps them form opinions on the topic. Also encouraging students to run or elect a student council. Running for student council develops a students leadership skills and promotes democratic thinking. The foundation of a democracy is having the freedom to question the government, access all information, and take action. Democracies are always in a state of development and critical thinking is a key component of finding innovative and progressive solutions to problems that arise in the democratic process. Further, the...
Words: 625 - Pages: 3
...Log Section 1 - Two reflective entries Reflective entry 1: New Beginnings Deciding to attend university as a mature age student was a decision I did not take lightly. I am working towards furthering my education in order to gain the necessary qualifications that will help me in my future business endeavour. I have found that after so long out of the education system it has been a difficult transition juggling study and work. The first units that were chosen for me in study period 2, I thought were difficult to understand having never written an essay before and without the knowledge or know how, I was not able to complete these units. SSK12 has given me a good understanding of what it takes at becoming a university student and in particular the skills on writing essays. As I have mentioned previously up until study period 2, I had never written an essay and did not fully comprehend how important the set out of a university essay was. Choosing an Essay Question was an important part of my learning in week 6 because this has now given me the beginning step in writing a university essay using the correct format. I am feeling a lot more confident when approaching the subject of essays as I now understand and have the knowledge on the procedure in completing an academic essay and what is required. I now know that by firstly choosing a question will then help you to with your thesis and this in turn will give you your main idea and sets the way in which to write...
Words: 4682 - Pages: 19
...they have on the prescribed topic. With the discussion in flow, this paper would discuss the aspects that are necessary for developing an academic paper. I will cover steps involved in researching a topic and collecting data to formulate an academic paper. The item critical thinking with the aspect of decision making will be covered in this document. The academic paper is a presentation of real understanding of the subject, the amount of hard work offered during the research. The document is to be well formatted and organized so that readers can read and escalate the ideas mentioned. Planning and Decision Making Writing an academic paper, initial requirement is gaining knowledge of the subject which is then later researched a lot for better writing flow. An analysis is a next step which leads to a perfect output as an academic paper. There are few necessary steps to develop a good academic paper. The first step is to analyze the paper to be discussed, the analysis is something important which is followed by a sequence of collecting information about the writing through reading many posts, articles or blogs or through research. It is also important it is crucial for students to make a note of the references or where information is gathered. In the same manner, the thesis should be thought of and organizing the material is another aspect to be planned well ahead. Once all these are done, draft and review the paper written. Critical thinking is an aspect students should...
Words: 1046 - Pages: 5
...www.plymouth.ac.uk/learn learn@plymouth.ac.uk 01752 587676 8. Critical Thinking In this study guide: What is critical thinking? Structure: organising your thoughts and materials Generating critical thinking Critical questions – a linear model Description, analysis and evaluation Developing an argument For further information and the full range of study guides go to: http://www.learningdevelopment.plymouth.ac.uk What is critical thinking? This guide to critical thinking stresses the importance of asking and answering questions. In everyday life the term „critical‟ is often seen as negative or destructive. Being critical in academic life, however, does not mean questioning things randomly, or for the sake of „nit-picking‟. Instead, academic work aims to get as near as possible to the truth. Critical thinking in any subject or discipline is the way in which this is done, along with the more specialised applications of theory, the methods and techniques, which have been developed for the subject. Critical thinking then, is the attempt to ask and answer questions systematically. This means asking the most useful questions in the most productive sequence in order to yield a coherent and credible „story‟ So thinking critically means asking questions. Instead of accepting „at face value‟ what you read or hear, critical thinkers look for evidence and for good reasons before believing something to be true. This is at the heart of what it means to be a scientist, researcher...
Words: 3291 - Pages: 14
...Critical Thinking and a Democratic Society The definition of an informed citizen is having sufficient and sufficiently reliable information or knowledge to be able to understand a subject or situation and make appropriate judgments or decisions regarding it. Meaning, to understand something fully you need to be properly informed. You cannot make an educated guess on most problems or issues. The purpose of this paper is to analyze the concept of Critical thinking and Creative thinking in a Democratic Society .The requirements to become a better critical thinker stems from a realization that complexity, uncertainty, and ambiguity of a person characteristic of their current environment. Most of the material about critical thinking derives from philosophy, education, and psychology. There are, however, competing schools of thought on what critical thinking is and how to best develop it. In most cases a multidisciplinary assessment of a topic leads to a richer body of research, however, in the case of critical thinking it seems to have led to competing and incomplete views of the topic. Critical thinking is the use of those cognitive skills or strategies that increase the probability of a desirable outcome. It is used to describe thinking that is purposeful, reasoned, and goal directed. Critical thinking is a purposeful, directed thought. It is not easy, as it requires explicit mental energy. The great majority of the decisions and issues we face throughout the day do not...
Words: 875 - Pages: 4
...Critical thinking is a process that I didn’t have very much knowledge about until this week’s learning activities. Reading about critical thinking, logic, and decision making, made me realize how much I use it in my everyday life. In our readings they state “critical thinking frees us from nonsense” (Being a Master Student, Ch7). This is true because when we think with a clear mind it enables us to make better decisions. As I continued to read about critical thinking I noticed that there are many different interpretations and definitions of the meaning of critical thinking. When I was reading the Electronic Reserve Readings, the definition of critical thinking that stood out the most to me was Haplem (as cited in Fowler, 2002) defines critical thinking “as thinking that is purposeful, reasoned, and goal-directed the kind of thinking involved in solving problems, formulating inferences, calculating likelihoods and making decisions when the thinker is using skills that are thoughtful and effective for the particular context and type of thinking task” (Fowler, 2002). I thought this definition was a great way to define critical thinking. It is telling me that you should define the problem, ask yourself questions, and answer those questions logically. There are 6 steps that are to be followed or used during the critical thinking process. I read and then interpreted the steps in my own words, so I could understand them better. Step 1: Identifying the issue or topic. Step...
Words: 518 - Pages: 3
