ACCOUNTING EXAM 2 STUDY GUIDE Chapter 5 1. Know the following terms: merchandise inventory‚ sales‚ sales returns and allowances‚ sales discounts‚ net sales‚ cost of merchandise sold‚ gross profit‚ operating expenses‚ operating cycle‚ purchase discounts‚ purchase returns and allowances‚ FOB shipping point‚ FOB destination‚ and inventory shrinkage. 2. Be able to prepare a multiple step income statement. 3. Be able to prepare the journal entries for the seller and buyer including
Premium Generally Accepted Accounting Principles Finance Management
------------------------------------------------- The Diversity Board Assignment – An Overview The Diversity Board Assignment encourages you to step outside of your comfort zone and experience the lives of others who are different from you. This assignment is worth 30 pts. Basic Requirements: 1. 2-3 pages typed‚ double-spaced‚ using 12 pt. Times New Roman font. 2. 2-3 sources required using APA format—Magazines‚ Books‚ Newspaper Articles‚ Internet Articles‚ etc. a. Resources for
Free Islam Muslim
C) The new management is becoming very aggressive with the adoption new accounting policies and financial reporting. The management is starting to take greater risk and adopt new revenue recognition policies. They believed the previous year’s policies were too conservative and inappropriate. The new management is placing higher priority on short-term performance rather than long term. The reason behind these major changes is due to the excessive pressure on management. Everyone in the management
Premium Finance Term Balance sheet
(A) Rules-based accounting standard Rule-based systems are fairly simplistic‚ consisting of little more than a set of if-then statements‚ but provide the basis for so-called "expert systems" which are widely used in many fields. The concept of an expert system is this: the knowledge of an expert is encoded into the rule set. When exposed to the same data‚ the expert system AI will perform in a similar manner to the expert. Rule-based systems are a relatively simple model that can be adapted to
Premium Expert system Artificial intelligence Accountancy
Discussion Board #1 Answer the following questions in the Discussion Board after reading chapter 1 & 2. 1. Is it possible for an economy to be based entirely on services? I think so. It is possible for an economy to base itself solely on services and importing manufactured materials or raw materials from other countries. However‚ in real life‚ it is more "service dominant" than "service monopoly". 2. What is the value of self-service in an economy? It can reduce labor costs. For example
Premium Cooking Culinary art Buffet
One versus Two-Tier Boards –advantages and disadvantages Luke Vella Critien Introduction When the structure and joint advantages and disadvantages of a one-tier board are compared to a two-tier board model the primary goal is to achieve a good governance among corporations (Peij & Brandjes‚ 2012). The most important goal of a good and sound governance system is to achieve the organizational goals whilst organizing and reconciling conflicting interest between shareholders‚ managers and other relevant
Premium Corporate governance Management Board of directors
AC4321 Management Accounting S04 Group4 Hui Yan Shan 53034152 Kwan Mei Yee 53023082 Siu lai Kwan 52692231 SU Chingting 52480431 ZENG Mengyun 52639616 Zhou Yunqi 52638828 1. CRC will improve its ability to plan its cash receipts. For the new membership and fee structure‚ it is more predictable in a sense that CRC get the prepaid membership fees at the beginning of the year. In addition‚ by using new membership and fee structure‚ cash receipts are also more certain. Since there are
Premium Income statement Cash flow Rate of return
INVESTIGATORY PROJECT Entitled “MORINGA BOARD” Proponents: Kim R. Pagsinohin Nice R. Dela Roca Alisa Joy R. Panganiban ABSTRACT Malunggay is known for its power of healing. It can be use for various medical purposes. It contains various vitamins and minerals that help in fighting different infirmaries. Its leaves can be eaten as a dish as well as the pods. But when the pods dried‚ it’s useless. This study aims to produce a cork board out of Malunggay (Moringa oleifera) pods and
Premium Vitamin
& Board: A Strategic Case Study Analysis Strategic Profile and Case Analysis Purpose Room & Board was wholly owned by John Gabbert‚ who had created it more than 25 years earlier. As a Minnesota-based privately owned company‚ Room & Board has been known for offering products that combined classic‚ simple design with high quality handcrafted furniture and giving exceptional service to their customers. Approximately $50 million of revenue a year was generated through Room & Board fully
Premium Competition Competitor analysis Privately held company
The eSOC II Board As mentioned in Lecture 3 and the textbook‚ most logic circuits today are built using programmable logic devices (PLDs). These devices allow circuits to be built directly onto single chips‚ without the need for interconnection of separate‚ single purpose ICs. The eSOC II (electronic System-on-a-Chip) board is designed to allow a direct interface between the Quartus II software and the Altera Cyclone II EP2C8 FPGA. The board provides an interface to the chip‚ along with supporting
Premium