Multiple Choice: 1. In general terms‚ financial assets appear in the balance sheet at: a. Face value b. Current value c. Cost d. Estimated future sales value 2. Which of the following practices contributes to efficient cash management? a. Never borrow money – maintain a cash balance sufficient to make all necessary payments. b. Record all cash receipts and cash payments at the end of the month when reconciling the bank statements
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Vocabulary Quiz Name _______________ Chapter 1 1. An accounting principle that states that assets should be recorded at their cost. 2. Debts and obligations of a business. 3. Resources owned by a business. 4. The amount by which expenses exceed revenues. 5. An association of two or more persons to carry on as co-owners of a business for
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PROBLEM SET 1 - SOLUTION PROBLEM 1 Part A - Record a liability (and expense) for $800‚000 in 2009. Since the loss has been recorded‚ we don’t have to disclose it. However‚ if the possible loss exceeds $800‚000 (or if the probable loss was a range and we only recorded the minimum) then we need to disclose. Part B - If only 80% of the cans were sold before 12/31/09‚ then record a liability of $640‚000. The recall of the cans sold in 2010 would be disclosed as a subsequent event. Part C - Disclose
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FACULTY OF BUSINESS & MANAGEMENT COURSE: BACHELOR OF ACCOUNTING WITH HONOURS COURSE CODE: BBFA2203 COURSE TITTLE: INTERMEDIATE FINANCIAL ACCOUNTING 1 SEMESTER: JANUARY 2013 MATRICULATION NUMBER : 861109355388001 IDENTITY CARD NUMBER : 861109-35-5388 TELEPHONE NUMBER : 016-4263635 E-MAIL : ajima_s@yahoo.com TUTOR : IZDIHAR B. BAHRIN @ MD. DAUD LEARNING CENTRE : GREENHILL LEARNING CENTRE DECLARATION I hereby declare that the work in
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First of all‚ I’m a big fan of the original two‚ maybe three Friday the 13th films. Four was alright. Then they started getting ridiculous. Anyway‚ last night Dan had rented me the new Friday the 13th and now I should be on a hunt for Michael Bay’s head with a hockey mask and a machete. This movie did not carry a subtitle‚ which‚ in movie terms‚ implies a remake‚ i.e.‚ the recent remake of Halloween by Rob Zombie. That was a okay film‚ by the way‚ by comparison. Rob Zombie gave the fans of the
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during the first week of October were: Oct. 3 Additional capital stock was sold for $30‚000. The accounts payable were paid in full. (No payment was made on the notes payable.) Oct. 6 More furniture was purchased on account at a cost of $18‚000‚ to be paid within 30 days. Supplies were purchased for $1‚000 cash from a restaurant supply center that was going out of business. These supplies would have cost $1‚875 if purchased under normal circumstances. Oct. 1–6 Revenues of $5‚500 were earned and paid
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Mid-term exam‚ chapters 1-4 Please record your answer in the space to the right of the question (under “Answers”) or in the appropriate blanks provided (in the problems). Once you complete the answers‚ please submit the exam as an attachment. 150 points Please note that discussing the exam on the BB‚ by email‚ phone or other means are not allowed. Exam has to be done on your own. To attest that this exam was done on your own‚ without assistance from other persons‚ please print (equivalent
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QUESTION 1 1. Annie’s Attic has the following account balances for the dates given: Cash‚ Sept 1 $40‚000 Cash‚ Sept 30 60‚000 Accounts receivable‚ Sept 1 10‚000 Accounts receivable‚ Sept 30 14‚000 Owner’s equity‚ Sept 1 ? Owner’s equity‚ Sept 30 ? Supplies‚ Sept 1 30‚000 Supplies Sept 30 24‚000 Accounts payable‚ Sept 1 6‚000 Accounts payable‚ Sept 30 ? Net income for September 20‚000 What would owner’s equity be on September 1? 5 points QUESTION 2 1. Annie’s Attic has the following account
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Chapter 1: The Accounting Environment – What is Accounting and Why is it Done? Accounting is a system for gathering data about an entity’s economic activity‚ processing and organizing the data and in turn‚ communicating that information to people who want to use it to make decisions. Data are unprocessed facts about an entity’s economic activity that is entered into an accounting system whereas information results from organizing and presenting the data in ways that make it useful for decision
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Case 3-1 The Parable of the Sadhu The case examines the individual versus corporate ethic. Ethical Issues: How does the individual stay true to her values within a corporate ethic? How can one make changes for the better within an organization? Questions Consider corporate values and ethics as discussed in Chapter 3 and the ethical reasoning methods discussed in Chapters 1 and 2 in answering the following questions: 1. Bowen H. McCoy’s friend Stephen is quoted as saying‚ “I feel that
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