Free Essay

Journal Entry for Chapter 5

In: Historical Events

Submitted By achapa04
Words 1901
Pages 8
Journal Entry 11.Chapter 5: The teacher and his teachings, Pages: 108-109. Monday 24, 2014
A New Kind of Teacher
Socrates a different kind of teacher, he was not paid to be a teacher and his teaching method was different. He believed that people could not think clearly if they are not clear on what they are analyzing or talking about. Therefore, in his teaching sessions he would ask questions and answer them the best he could. So I wondered, how different would the education system be if we had follow Socrates way of teaching? Socrates is one of the most important people in western philosophy. I found it interesting that we have no writings from his own hand, from his two students Plato and Xenophon. I agreed with Socrates claim that appearance of the body is less important than how it functions and true beauty comes from spirit and character. I questioned if spirit and character is more important than the physical appearance, why do modern society judge an individual based on their physical appearance?
Journal Entry 12. Chapter 6: the Theory of forms. Pages 144. Thursday, February 20, 2014.
Knowledge Vs. Opinion
Plato is one of the philosophers that interest me the most because of his search for knowledge outside his “comfort zone.” Plato left the Athens and wandered for twelve years and during that time he studied mathematics and mysticism. For me, as a math minor, it was interesting to see how mathematics influenced Plato’s philosophy and I wondered, does an individual’s knowledge in science and math affect their philosophy claims and theories? After he finished most of his writing he founded his academy “Academos.” I was fascinated how Plato lectured without notes for forty years. Does knowledge come from the heart and soul? In Plato’s work theory of Forms he attempted to provide a rational explanation on what knowledge really is and he wanted to identify what defines an individual as “wise.” He questioned knowledge versus an opinion. Based on what I read on Plato’s theory of forms I had doubts and questions whether what really is true knowledge. Can we really prove what is knowledge or just an opinion? Can we actually prove what true knowledge is?
Journal Entry 13. Chapter 6: The divine. Pages 155. Saturday, February 22, 2014. The Republic
I agree with Plato’s argument that there is a reciprocal relationship between the individual and the kind of society in which he or she lives on. If I were to be born in a different century I would be a different person. Also, If I was born in a different area, I would be a different person. My family is originally from a poor town in Mexico. If my family were to have stayed there I would have different thoughts and opinions because I would be adjusted to a different environment, have different customs and think differently because I would not have the same educational background like I have now. I also agree with Plato’s argument in “The Republic” that knowing what is right or wrong comes from experiences and consequences we encounter. We can only distingue between right or wrong based on our past actions. One is not truly aware of whether a situation is wrong or right till the consequences our acts produce bring us a basic understanding of moral truth. Is morality based only on experience? Is the instrumental theory of morality different for every individual since we are all different?
Journal Entry 15. Chapter 6: Page 151, Allegory of the Cave. Sunday, February 23, 2014.
Allegory of the Cave
In my opinion, in Allegory of the cave the puppet masters are considered a metaphor for the government and the ideals they force society to follow because they have power over them. Society is just but a puppet that is being controlled by the puppet masters to follow their ideas. Therefore they are being controlled, with no saying, and no voice, the puppets find it easier to be influenced by these ideals just for the fact that it is easier than to come out and question them. At the end, the person realizes that they were trapped in a cave all along because he had limited himself and didn’t use his mind to see how there is much more than what meets the eye.
Journal Entry 16. Chapter 7: Pages 188-190. Monday, March 3, 2014.
What is reality? Aristotle did not completely agree with Plato’s rationalistic idealism. Aristotle was a naturalist and he believed that reality consists of the natural world, which is full of consistent and discoverable laws. Aristotle accused Plato of mistaking intellectual analysis for ontological status or reality. According to Aristotle, form exist within the natural order embedded in particular things and cannot exist independently. I agree with Aristotle because I believe that reality consists of the natural world but I don’t disagree with Plato’s claims. I think both philosophers’ claims are structured based on their educational background and customs. Aristotle was a philosophical naturalist, and he denied the existence of a separate supernatural order of reality and believed in natural order and behaves according to fixed laws and principles. If naturalist deny the existence of separate supernatural order of reality, was Aristotle an atheist?
Journal Entry 17. Chapter 7: Pages 188-190. Wednesday, March 5, 2014.
What is happiness?
Aristotle was believed that happiness requires activity, good habits and practical wisdom. I completely agree with him but I also believe happiness depends on the individual and what makes them happy. Aristotle also claimed that happiness is the state of realizing its entelechy. Entelechy means the realization of potential and means being really alive rather then just existing. He believed that a good life is when someone gets the opportunity to become fully himself or herself. I think happiness depends upon ourselves but we all come into the world in search for happiness. Our actions reflect what we think will make us more happy. Thus, Aristotle claimed that an individual is truly happy then he or she is alive rather than just existing. This statement made me wonder whether I was actually alive or whether happiness is truly attain with years of experience and knowledge?
Journal Entry 18. Chapter 9: pg 230- 235. Friday, March 7, 2014
A Superior Being Thomas Aquinas was encouraged in the search for philosophical unity by his teacher who provided his foundation to his beliefs. His teacher Augustine argued that reason without faith is powerless. In Aquinas time, Christians saw no need to develop political interest because the main concern was salvation through faith. It was the time where Christianity arose and society grew uninterested in science and philosophy. Aquinas attempted to demonstrate God’s existence through “five ways.” All of his five ways make sense but I think the last three ways prove that there has to be a superior being for everything to exist. I agree the most with the third one which states that some things are only possible but others are necessary. I agree with the principle of sufficient reason because I believe noting can’t evolve of nothing there has to be a reason for an occurrence. In my opinion, the universe is to amazing and to be an accident; it has to have a reason for it existence. Aquinas claimed God is the necessary reason that only possible things actually happen. The Fifth Way, which states that order, or design, doesn’t arise on its own. Since there is order in the world, something capable of maintaining order must have created it. Everything in the world has purpose and a function that keeps the world going round. Everything is linked together genetics, photosynthesis, plants, respiration, water and etc, everyone and everything was designed a purpose in life. A superior being has to exist to maintain order, design and maintain the world in place. It’s very hard to prove the existence of God and sometimes I question, who is God? Is God just another archetype? Can it ever be truly proven that God exist?
Journal Entry 18. Chapter 9: pg 240- 245. Saturday, March 8, 2014
Good vs. Evil
“Though God did not deliberately will evil, He willed the real possibility of evil. Evil must always be possible when love and goodness are free choices.” In this quote Aquinas proposes a solution to the problem of evil and he states that evil is necessary for good to happen. I agree with his claim because where there is good there must also be evil. Good and evil make it possible for human beings to have choices in life and develop our on lifestyle. Our choices make us who we are and give structure to our life. Could evil been created by God to make us who we are? How different would the world be without evil? How different would our character be? Does our choices between good and evil makes us who we are?
Journal Entry 19. Chapter 17: Pages 466-468. March 17, 2014
Our Own Point of View
Friedrich Nietzsche was the first to recognize the symptoms of profound sickness at the core of modernity. Back in his time modernity was defined as the historical period of nineteenth and twentieth century, it was a period of enlightenment. The historical period greatly influences an individuals ideas and cultural customs. Nietzschean is seen as a more modern philosopher, and in my opinion we can relate to him more because his ideas a beliefs are structure to fit modern society. I agree with his perpectivism that every view is only one among many possible interpretations. We all think differently and have different points of view that’s why I like how this modern philosopher tries to prevent the reader from forgetting that they also have a point of view. We sometimes forget we also have a point of view because we are too busy trying to understand someone elses. This section made me question why do we let others influence our point of view? Does our historical period structure our points of view?
Journal Entry 20. Chapter 17: Nietzsche and God. Pages 466-468. March 17, 2014
Is God really dead?
Nietzsche’s most famous pronouncement was called “God is dead” to illustrate how the world was transforming to a modern age. He used his famous quote “God is dead, ” to demonstrate that the idea of God has lost its full power. I agree with Nietzsche that the old religions are dying and traditions are becoming a thing of the past because we are in a new century with new advancements, ideas and technology that makes us neglect out faith. However, I believe that our faith is called upon ourselves and we decide how much we want to center our life in god. Nietzsche claimed that God is dead because we have killed him and I definitely agree with him because how society has become has taken power way from the idea of god. We are more focused on our career, in our school, and the new technology that we neglect our worship to god. Some of us tend only to turn to god when we are struggling or when we are looking for salvation. Are we unable to face consequences of life without god? Even though we are on a modern period, does god still remain as our hope for salvation?

Similar Documents

Free Essay


...CHAPTER 2 THE RECORDING PROCESS ACCT100 Fall 2013 Teresa Chu Chapter 2-1 The Account Record increases and decreases in a specific asset, liability or equity item Debit = “Left” Credit = “Right” Account Name T-Account form Debit / Dr. Credit / Cr. Chapter 2-2 Debits and Credits Double-entry system Dual effect of transaction Each transaction MUST affect 2 or more accounts to keep the basic accounting equation balance DEBIT = CREDIT for each transaction Chapter 2-3 Summary of Debit/Credit Rules Debits > Credits → Debit balance Credits > Debits → Credit balance Normal balance: the side to record increases Chapter 2-4 Steps in the Recording Process 1) Analysis of transaction → Analyze business documents which provide evidence of transactions (e.g. sales invoice, check, bill or cash register tape) 2) Journalizing 3) Posting Chapter 2-5 The Journal Also refer to “General Journal” Book of original entry Contributions: Record transactions in chronological order 1. Show complete effects of a transaction 2. Provide chronological record of transactions Chapter 2-6 Step 2 Journalizing: entering transactions in a journal 3. Help preventing or locating errors because debit and credit amounts can be easily compared Journalizing Oct. 1 Lynn Robbins begins business as a real estate agent with a cash investment of ¥200,000 in exchange for ordinary shares 2 Hires an administrative assistant. 3 Purchases office......

Words: 963 - Pages: 4

Free Essay

Interactive Procedure.Pdf

...Save Reset Print Name(s): Course & Selection: Identifier: Client: Chapter 03: Financial Accounting Exercise 03-02: Basic Financial Accounting Process Single Company Code Version 1 Rev: 01/03/2011 Introduction General Notes and Information It is strongly recommended that you read through the entire exercise prior to starting. Not all instructions can be provided in a linear manner. The following symbols are used to indicate important information as described below: An arrow highlights an important instruction that must not be overlooked. A text box prompts you to type-in an important piece of information. Each student or group will be assigned a unique three digit identifier. This identifier is used in all exercises to uniquely identify your data. Whenever you see ### in these exercises, replace it with your identifier. Always work with your data. Business Process Overview The financial accounting process allows GBI to pay vendors for services or materials acquired. This process can be used to pay for liabilities that GBI has incurred due to normal operations. This exercise is about paying off liabilities within the accounting statements. Chapter 04 Save Reset Print Chapter 03: Financial Accounting Exercise 03-02 Exercise 04-02 Exercise Prerequisites Chapter 04: ProcurementFinancial Accounting Master Data-SCC Exercise 3-1 Process Exercise 04-02: Basic Procurement Process Exercise Single Company Code Workflow Invest in GBI View Account Balances......

Words: 3323 - Pages: 14

Premium Essay

Acc 280 Final Exam - Correct Answers

...ACC 280 Principles of Accounting Chapter Questions ACC 280 FINAL EXAM - CORRECT ANSWERS Chapter 4 1. It is not true that current assets are assets that a company expects to 2. After closing entries are posted, the balance in the owner's capital account in the ledger will be equal to 3. When using a worksheet, adjusting entries are journalized 4. Liabilities are generally classified on a balance sheet as Chapter 5 5. At the beginning of the year, Hinz Company had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Hinz Company reported ending inventory of $600,000 and sales of $2,000,000, the company's cost of goods sold and gross profit rate must be 6. The Merchandise Inventory account is used in each of the following except the entry to record 7. On a classified balance sheet, merchandise inventory is classified as 8. The Sales Returns and Allowances account does not provide information to management about Chapter 6 9. Merchandise inventory is 10. Lee Industries had the following inventory transactions occur during 2010: 11. The company sold 51 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO? (rounded to whole dollars) 12. Shandy Shutters has the following inventory information. Nov. | 1 |......

Words: 1109 - Pages: 5

Premium Essay


...DEPARTMENT OF MARKETING AND BUSINESS ECONOMICS ALBERTA SCHOOL OF BUSINESS International Marketing MARK 644 - X50, Winter 2015 Instructor: Edy Wong, PhD Office: BUS 3 – 21B Phone: 780 492 8137 Email: Office Hours: By appointment Class Location: Business B 9 Class Times: Wednesday, 6:30 p.m. to 9:30 p.m. Course Duration: January 7th to April 8th, 2015 I. COURSE DESCRIPTION This course is designed to provide students with an understanding of how marketing principles and strategy must be adapted to the international business environment and how an effective international marketing strategy should be formulated. Topics for the course include an overview of the global business environment, influence of culture on consumer preferences and marketing strategy, effects of socio-economic and political factors on market analysis and marketing strategy, techniques of competitive analysis, logistical and supply chain considerations, and relevant government regulations on international trade. The learning strategy for this course will be based on a combination of class lectures, group discussions and presentations, and a group paper. Students are encouraged to contribute to the learning process by drawing on their professional and business experience in class discussions and projects. Learning outcomes in this course will include an understanding of the principles of international marketing, an appreciation of the relevance of politics,......

Words: 2023 - Pages: 9

Premium Essay


...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.......

Words: 23435 - Pages: 94

Premium Essay

Ch 3 Review

...Chapter 3 (REVIEW-Self study chapter) After studying this chapter, you should be able to: Understand basic accounting terminology. Explain double-entry rules. Explain how transactions affect the accounting equation. Identify the steps in the accounting cycle and the steps in the recording process. Explain the reasons for and prepare adjusting entries. Explain how the type of ownership structure affects the financial statements. Prepare closing entries and consider other matters relating to the closing process. Prepare a 10-column work sheet and financial statements. After studying Appendix 3A, you should be able to: Identify adjusting entries that may be reversed. THE ACCOUNTING INFORMATION SYSTEM The Accounting Information System Basic Terminology Event: The cause of changes of assets, liabilities, and equity Transaction: A transfer or exchange between two or more entities or parties Account: Where transactions are recorded - A separate account is used for each asset, liability, revenue, expense, gain, loss and capital (owner’s equity) Permanent accounts (or “real” accounts) * Asset, liability, and equity accounts * Appear on the balance sheet * Permanent accounts are not closed at year end Temporary accounts (or “nominal” accounts) * Revenue, expense, and dividend accounts * Revenue and expenses are on the income statement; dividends are on the statement of changes in shareholders equity. *......

Words: 1362 - Pages: 6

Premium Essay


...The final exam consists of 100 multiple-choice questions from the information presented in Chapter 1 through Chapter 13. Each question is worth 2.5 points. This study guide indicates the items you should review before taking the exam. GOOD LUCK! CHAPTER 1 1. Know the 3 forms of business entities 2. Know the definitions of revenues and expenses 3. Know the difference between internal and external users 4. FASB – responsible for GAAP (accounting principles) 5. Accounting Equation 6. Know the 3 activities that business engage in and give examples of each activity. (These 4 questions also relate to Chapter 12, The Statement of Cash Flows) 7. The International Accounting Standards Board is responsible for developing a single set of worldwide accountings standards (IFRS). 8. These standards will help companies to reduce accounting costs, make it easier to acquire foreign companies, and facilitate comparisons between foreign companies. 9. Know the primary objective of financial reporting 10. What makes information relevant? 11. Financial information should be understandable to whom 12. Balance Sheet – lists assets, liabilities and owners’ equity 13. Income Statement – revenues minus expenses equal net income 14. Net Income = Revenues - Expenses 15. Assets are recorded at historical/original cost because it is objective and verifiable CHAPTER 2 1. Review various source documents. Source documents indicate a transaction has......

Words: 1038 - Pages: 5

Premium Essay


...of Study: | BACHELOR OF ACCOUNTING AND FINANCE, BACHELOR OF ACCOUNTING, BACHELOR OF FINANCE AND INVESTMENTS | 3. | Year of Study: | 1 | 4. | Year and Semester: | JAN 2015 | 5. | Credit Hour & Contact Hours: | 3 credit hours Lecture: 3Tutorial: 3Practical: | 6. | Lecturer: | SHAKERIN ISMAIL | 7. | Tutor: | SHAKERIN ISMAIL | 8. | Mode of Delivery: | LECTURE, TUTORIAL | 9. | Objective: | This subject would enable the students: 1. To understand and appreciate of the accounting concepts and accounting practice. 2. To prepare the recording process and understand the whole accounting cycle. 3. To possess the technical ability in preparing basic financial statements. | 10. | Learning Outcome: | At the end of the course, students should be able to:Knowledge 1. Distinguish different forms of business and its reporting environment. 2. Explain the accounting principles and the role of accounting reports.Thinking Skills 3. Use accounting equation to analyse the economic effect of a transaction. 4. Use double entry system of accounting to record business transactions.Subject-based Practical Skills 5. Prepare trial balance. 6. Prepare adjusting entries and closing entries. 7. Prepare entry for special journals and subsidiary ledgers. 8. Prepare cash book and petty cash systems. 9. Value the stock using FIFO, LIFO and Weighted Average. 10. Prepare basic financial statements. 11.......

Words: 643 - Pages: 3

Free Essay

Unit Plan

...registered on the appropriate Pearson website. Bring in some notebook paper. If you purchased your Literature book, bring it in, hopefully still wrapped in the plastic. Don’t break the plastic, since you may be using the website and can purchase the lit book without the mylitlab access code. Assignment #4 for Thursday, January 16: Read Chapter One in your Literature for Composition textbook or e-text version “How to Write an Effective Essay: A Crash Course” (1-8). Bring in either your text or e-book, since you may be called on to answer one of the Chapter One journal entry questions I will upload onto, questions you can download and bring to class. Whatever Chapter One work we do not finish Thursday, we will complete next class, then begin the Chapter Two journal entry questions and answers. Assignment #5 for Tuesday, January 21: Before class, read Chapter Two, “The Writer as Reader” in either your Literature for Composition text or e-book (9-19). Again, bring in your text or e-book and the Chapter Two journal entry questions downloaded from mywritinglab, and begin a discussion of Chapter Two. Since we may not conclude the...

Words: 375 - Pages: 2

Premium Essay

Bus1050 Outline

...receivable 2. Long Term: Those assets with long lives Example: buildings, land, patents D Liability accounts: debts 1. Short term: those paid in less than 12 months, e.g. accounts payable 2. Long term: those paid in longer than 12 months, e.g. home mortgage E. Double entry 1. For each transaction, must be two entries – a debit and a credit 2. Debits must equal credits F. T accounts: debits (dr) on the left; credits (cr) on the right IV. Accounting review A Definition B Financial Statements 1 Balance Sheet (BS) (accounting equation) 2 Income (Profit and Loss) Statement (IS) 3 Cash Flow Statement 4 Footnotes 5 Retained earnings (RE) links BS and IS C Accounting cycle V. Pacioli reading A. Father of accounting B. Chapter 1 1. Three things to run a business a. Cash b. A good bookkeeper and ready mathematician c. Transactions arranged in a systematic way 2. The Venetian system 3. Ubi non est ordo, ibi est confusion (translated?) C. Chapter 2 1. Begin the business book with God’s name. Why? 2. Make an inventory or asset list – short-term and long-term D. Chapter 3 – example of inventory (asset) list, starting with...

Words: 992 - Pages: 4

Premium Essay

Accounting 200

...Review - Exam 2 Carryover material • All material from Chapters 1-4 • Accounting Equation (increase/decrease questions) • Debits/Credit Rules and normal balances • Financial statements: Income Statement, Statement of Retained Earnings and Classified Balance Sheet - know how each is composed and how they are affected by journal entries • Application of Revenue Recognition, Matching Principle, Cost Principle Chapter 5 • Perpetual Inventory Systems • Recording all transactions involving Inventory under perpetual inventory system • Recording collection of Accounts Receivable, with or without a discount • Income statement of merchandising company (multi-step) • Cost of Goods Sold Calculation for periodic method • Gross profit rate and profit margin ratio Chapter 6 • Cost Flow Assumptions (FIFO, LIFO, Average methods) Use each method to calculate Ending Inventory and/or Cost of Goods Sold • Effect of different cost flow methods (and errors made) on both the Balance Sheet and Income Statement • Shipping terms/ownership (F.O.B; consignment) • Lower of cost or market • Inventory Turnover Ratio and Average Days in Inventory Chapter 8 • Types of Receivables • Accounts receivable account activity (Recognition, Valuation, & Disposition) • Allowance method Estimating uncollectible amounts (bad debt expense) using percent of receivables method Write-off of uncollectible accounts (including journal entry) • Notes Receivables Calculation of interest......

Words: 818 - Pages: 4

Premium Essay


...AC 410B Intermediate Accounting II Final Exam Topics Chapter 11: Depreciation, Impairments, and Depletion Questions 1. Explain the meaning of depreciation. 2. Describe factors involved in the depreciation process. 3. Describe the different methods of depreciation. 4. Identify the conditions for impairment of fixed assets. 5. Explain the treatment of impairments for different kinds of assets. 6. Describe the full cost vs. successful efforts concepts for depletion. 7. Explain liquidating dividends. 8. Explain the required disclosures related to depreciation and depletion. Exercises 1. Calculate depreciation using the following methods: [E11-6] a. activity method b. straight-line method c. sum-of-the-years’ digits method d. declining balance method e. group & composite methods [E11-9] 2. Calculate partial-period depreciation. 3. Calculate depreciation based on revision of salvage value or estimated life. [E11-11], [E11-13] 4. Conduct a recoverability test for impairment. [E11-17] 5. Determine the amount of impairment to be recorded on a fixed asset. [E11-17] 6. Prepare the journal entries to record: a. depreciation expense b. the impairment of a fixed asset c. the restoration of impairments d. impairment and restoration of impairment for an asset held for disposal [E11-17] e. depletion of a natural......

Words: 1647 - Pages: 7

Premium Essay


...CHAPTER 15 Accounting for Partnerships CHAPTER OUTLINE Partnership Accounting Partners’ Accounts Ownership Changes Partnership Liquidation Instalment Liquidation Plan of Cash Distribution to Partners Summary Review and Multiple Choice Questions, Case, and Problems LEARNING OBJECTIVES After studying this chapter, you should be able to do the following: • Describe the advantages and disadvantages of the partnership form of organization. • Explain where the major differences lie in the accounting for corporations and partnerships. • Apply the three accounting methods available to record the admission of a new partner, and evaluate the strengths and weaknesses of each method. • Apply the accounting methods for the recording of the retirement of a partner. • Prepare the journal entries to record the liquidation of a partnership when a cash payment to partners is made only after the sale of all of the partnership assets. • Prepare a schedule of the liquidation of a partnership where instalment payments to partners are made as cash becomes available. • Prepare a cash distribution plan prior to the commencement of the partnership liquidation. 1 2 CHAPTER 15 ACCOUNTING FOR PARTNERSHIPS This chapter will examine the accounting practices involved in the partnership form of business organization. The major differences between corporations and partnerships appear in the equity section of the balance sheet. The accounting principles involved have been in use for......

Words: 12196 - Pages: 49

Premium Essay

Accounting Week 4

...JWCL165_c10_444-505.qxd 8/12/09 7:24 AM Page 444 10 Liabilities Chapter STUDY OBJECTIVES After studying this chapter, you should be able to: 1 Explain a current liability, and identify the major types of current liabilities. 2 Describe the accounting for notes payable. 3 Explain the accounting for other current liabilities. 4 Explain why bonds are issued, and identify the types of bonds. 5 Prepare the entries for the issuance of bonds and interest expense. 6 Describe the entries when bonds are redeemed or converted. 7 Describe the accounting for long-term notes payable. 8 Identify the methods for the presentation and analysis of long-term liabilities. ✓ The Navigator Scan Study Objectives Read Feature Story Read Preview Read text and answer p. 453 p. 465 ■ ■ ■ ■ ■ p. 458 ■ Do it! p. 461 Do it! ■ p. 463 ■ ■ ■ ■ ■ Work Comprehensive p. 469 Review Summary of Study Objectives Answer Self-Study Questions Complete Assignments ✓ The Navigator Feature Story FINANCING HIS DREAMS What would you do if you had a great idea for a new product, but couldn’t come up with the cash to get the business off the ground? Small businesses often cannot attract investors. Nor can they obtain traditional debt financing through bank loans or bond issuances. Instead, they often resort to unusual, and costly, forms of nontraditional financing. Such was the case for Wilbert Murdock. Murdock grew up in a New York housing project, and always...

Words: 31376 - Pages: 126

Premium Essay

Acct 504 Study Questions

...8/4/13 Chapter 1 Results 36% (9 out of 25 correct) Responses to questions are indicated by the symbol. 1. Corporations generally receive more favorable tax treatment than sole proprietorships and corporations. A. True B. False Correct! Sole proprietorships and partnerships generally receive more favorable tax treatment than corporations. 2. Which is not one of the three forms of business organization? A. Sole proprietorship B. Creditorship C. Partnership D. Corporation This is one of three forms of business organization discussed in the chapter. 3. Which is an advantage of corporations relative to partnerships and sole proprietorships? A. Increased difficulty of raising funds B. Harder to transfer ownership C. Reduced legal liability for investors D. Most common form of organization Ownership is easier to transfer in a corporation than in a partnership or proprietorship. 4. Easy transfer of ownership is a characteristic of which form of business organization? A. Sole proprietorship B. Partnership C. Corporation 1/8 8/4/13 Chapter 1 Results D. All of the answer choices are correct Partnerships are effectively dissolved when any portion of the partnership is sold, closed, boughtout by the other partners, or bought by a new partner or partners. 5. In which forms of business organization are the owners personally liable for all the debts of......

Words: 12050 - Pages: 49