Question : (TCO 3) What is the purpose of the closing process? (TCO 1) The SEC issues accounting standards in the form of accounting research bulletins. financial reporting releases. financial accounting standards. financial technical bulletins.
– 133 2013 net sales / base year 2011 net sales = 800,000 / 600,000 = 1.33 1.33 x 100% = 133% 5. In analyzing financial statements, horizontal analysis is a- tool 6. Comparative balance sheets - are usually prepared for at least two years 7. Assume the following cost of goods sold data for a company: 2013 $1,500,000 2012 1,200,000 2011 1,000,000 If 2011 is the base year, what is the percentage increase in cost of goods sold from 2011 to 2013? – 50% = New - Old Old 100 8.
Please write on one side of the paper only. • No fancy bindings, folders or plastic envelopes please! An appropriate cover sheet is required and must be stapled to the assignment. • Make sure that each page contains your names and student identification numbers in the top right hand
WILEY PLUS ASSIGNMENT WEEK ONE JD November 7, 2011 Brief Exercises BE1-7 to BE1-9 BE1-7 Indicate which statement you would examine to find each of the following items: income statement (I), balance sheet (B), retained earnings statement (R), or statement of cash flows (C). (a) Revenue during the period. (I) Income Statement (b) Supplies on hand at the end of the year: (B) Balance Sheet (c) Cash received from issuing new bonds during the period. (C) Statement of Cash Flows (d) Total debts outstanding at the end of the period. (B) Balance Sheet BE1-8 Use the basic accounting equation to answer these questions.
Discuss how Hincapie should report the proposed preferred stock issue. * General Disclosure- either on the face of the financial statement by means of parenthetical disclosure, or in the Notes of the financial statements "o 505-10-50-2: If both financial position and results of operations are presented, disclosure of changes in the separate accounts comprising shareholders’ equity (in addition to retained earnings) and of the changes in the number of shares of equity securities during at least the most recent annual fiscal period and any subsequent interim period presented is required to make the financial statements sufficiently informative. Disclosure of such changes may take the form of separate statements or may be made in the basic financial statements or notes thereto " "o 505-10-50-3: An entity shall explain, in summary form within its financial statements, the pertinent rights and privileges of the various securities outstanding. Examples of information that shall be disclosed
Falk asks you, as an accounting major, to explain (a) the bases for comparison in analyzing Ventura financial statements and (b) the limitations, if any, in financial statement analysis. Instructions Write a memo to R.J. Falk that explains the basis for comparison and the factors affecting quality of earnings.” BYP 13- 7: Assigned to Shelley. • Ch. 23: Exercises 23.10 & 23.12 of Managerial Accounting: The Basis for Business Decisions Exercise 23.10 – Assigned to Elizabeth 70,000 Units 80,000 Units 90,000 Units Sales $1,400,000 $1,600,000 $1,800,000 Cost of goods sold 840,000 960,000 1,080,000 Gross profit on sales $ 560,000 $ 640,000 $ 720,000 Operating expenses ($90,000 fixed) 370,000 410,000 450,000 Operating income $ 190,000 $ 230,000 $ 270,000 Income taxes (30% of operating income) 57,000 69,000 81,000 Net Income $ 133,000 $ 161,000 $ 189,000 Exercise 23.12 a. Assigned to Andy b.
MULTIPLE CHOICE 1. In the accounting cycle, the last step is a. preparing the financial statements b. journalizing and posting the adjusting entries c. preparing a post-closing trial balance d. journalizing and posting the closing entries ANS: C DIF: Moderate OBJ: 04-01 NAT: AACSB Analytic | AICPA FN-Measurement 2. Which one of the following is not a difference between a retail business and a service business? a. in what is sold b. the inclusion of gross profit in the income statement c. accounting equation d. merchandise inventory included in the balance sheet ANS: C DIF: Moderate OBJ: 05-01 NAT: AACSB Analytic | AICPA BB-Industry 3. Net income plus operating expenses is equal to a. cost of merchandise sold b. cost
(2012). Statement of Financial Accounting Standards No. 154. Accounting Changes and Error Corrections. Retrieved from http://www.fasb.org/cs/BlobServer?blobkey=id&blobwhere=1175820927509&blobheader=application%2Fpdf&blobcol=urldata&blobtable=MungoBlobs Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2007).
General and Commercial Basis Accounting Principles Generally accepted accounting principles (GAAP) state the standard framework of guidelines for financial accounting used in any given jurisdiction; commonly known as standard accounting practice or accounting standards. These contain the rules, standards, and conventions that accountants practice in recording, summarizing and in the preparation of financial statements. Hubpages.com discusses commercial accounting, also known as profit accounting, defining that it performs mainly by profit and loss. The reporting for a profit organization is directed to the investors. ("The Principles of Commercial Accounting and Fund Accounting", 2011).
RUNNING HEAD: Capital Budgeting Analysis Capital Budgeting Analysis Claudio Cordon Strayer University February 26th, 2012 1. Complete the base case Depreciation and After-Tax Cash Flow tables. Compute the NPV, IRR, and MIRR. Does this investment make economic sense? Support your answer with appropriate statistics.