Financial Accounting: Guided Readings for Financial Accounting, Lesson 11.3 – Expert Level Flashcards


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SUGGESTION: A lot of interesting and challenging material is covered in Chapter Eleven. What points did you think were most important? You might pause for a few moments and make a list of the topics that were discussed. Then, rank them from most important to least. After that, click on the short video in the textbook at the end of Chapter Eleven titled chapter “The Most Important Elements of Chapter Eleven.” Focusing is on the most important material is always good for learning.

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SUGGESTION: At the end of Chapter Eleven, you will find two video problems. The first concerns your roommate whose parents own a chain of ice cream shops. They recently bought a shop that had already been in business and had a large number of loyal customers. Your roommate was surprised by the amount paid for this business. The price seemed higher than the value of the property. How would you explain this price? Click on that video and hear the author’s answers.

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SUGGESTION: At the end of Chapter Eleven, you will find two video problems. The second one concerns your uncle who owns an office supply company. The company wants to acquire rights to use a well-known logo. Because of the high cost, the payment has been postponed for four years. The uncle wants to know how this deferred payment is reported. What would you tell him? Click on the video and watch the discussion of present value, a topic that can be very important in accounting and finance classes.

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“Mistakes are the portals of discovery.”
James Joyce

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