1. The accrual basis of accounting: (Points : 1) Is generally accepted for external reporting because it is more useful for most business decisions Is flawed because it gives complete information about cash flows Recognizes revenues when received in cash Recognizes expenses when paid in cash Eliminates the need for adjusting entries at the end of each period 2. The 12-month period that ends when a company’s activities are at their lowest point
Premium Generally Accepted Accounting Principles Balance sheet
Wednesday January 11th‚ 2012 Chapter 1 Introduction to Management Accounting What is Managerial Accounting? -managerial accounting is providing information for a company’s internal users -it is the firm’s internal accounting system -it is designed to support the information that managers need -it is not bound by any formal criteria such as GAAP or IFRS (International Financial Reporting Standards) -managerial accounting has 3 basic objectives: 1. Provide information for planning the organizations
Premium Management accounting Costs Variable cost
Gross profit is a company’s residual profit after selling a product or service; it involves deducting the cost associated with the production and sales. To calculate gross profit it involves examining the income statement. In the income statement you take the revenue and subtract the cost of goods sold. This is also called gross margin and gross profit. Gross profit is needed in a company because it shows how efficiently management uses labor and supplies in the production process (Investopedia
Premium Inventory Revenue
Chapter 12 & 13 1. A sales manager collected the following data on salespersons’ annual sales and years of experience. Years of Annual Sales Salesperson Experience ($1000s) 1 1 80 2 3 97 3 4 92 4 4 102 5 6 103 6 8 111 7 10 119 8 10 123 9 11 117 10 13 136 a. Develop a scatter diagram for these data with years of experience as the independent variable. b. Develop an estimated regression equation that can be used to
Premium Sales Marketing Forecasting
Sarah GunsetACCT 325 Phase 2 IP-2Jason Cade July 21‚ 14 Ethics plays such an important role in the business world. There are organizations and boards that set guidelines specifically to improve the work environment and help control the amount of ethical dilemmas. The SEC works as the head quarters for these boards and has developed many new guidelines since the crisis of the early 2000’s. The International Ethics Standards Board for Accountants (IESBA) has established ethical standards and
Premium Ethics Business ethics Morality
There is ACC 205 Week 4 Assignment P7-31A‚ P8-32A‚ P8-26A‚ P8-27A‚ P7-27A in this pack. Deadline: ( )‚ Business - Accounting Week1 D1: As you have learned in this week’s readings the Accounting Equation is + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation. D2: What does the term account mean? What are the different classifications of accounts? How do
Premium Bookkeeping Depreciation FIFO and LIFO accounting
Learning Team A Week One Reflection ACC/422 Monday‚ April 8‚ 2013 Lisa A. Foy Learning Team A Week One Reflection The object of the reflection for this week is to discuss the objectives for Week One and their relation to the importance of the balance sheet to internal and external users. The objectives discussed by Learning Team A are the components of cash and cash equivalents‚ and the comparison and contrast of different inventory cost flow assumptions and how they are valued. The internal
Premium Balance sheet Inventory Asset
ACC 206 Week Three Assignment Please complete the following five exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document‚ and submit it in the appropriate week using the Assignment Submission button. 1. Overhead application: Working backward The Towson Manufacturing Corporation applies overhead on the basis of machine hours. The following divisional
Premium Variable cost Costs Fixed cost
Demonstrating Effective Leadership; Case 29: Prenatal Care for Illegal Immigrants Anne KamKim Deolal PSL5002 – Collaboration‚ Communication‚ and Case Analysis for Master’s Learners March 8th‚ 2015 Mr. Larry Sanderson Demonstrating Effective Leadership; Case 29: Prenatal Care for Illegal Immigrants Business organization whether it is a profit or a non-profit agency must have an effective leadership in order to become successful‚ many people seem to think they are leaders but not all can become effective
Premium Management Leadership Sociology
History of the Old Testament Exegesis of Isaiah 7:14-16 Historical Context of Isaiah 7:14-16 The book of Isaiah is a vast collection of many works by both Isaiah and other anonymous writers. Although the entire book is dated from the post-exilic period‚ different sections of the book were written at various times. In fact‚ the organization of the book isn’t ordered chronologically‚ but rather by combining separate literary works and booklets (Hastings 424). According to Robert Alter and Frank
Premium Cyrus the Great Isaiah Bible