BRIEF EXERCISES Brief Exercise 4–1 PACIFIC SCIENTIFIC CORPORATION Income Statement For the Year Ended December 31‚ 2013 ($ in millions) Revenues and gains: Sales .................................................................. Gain on sale of investments ............................. Total revenues and gains .............................. $2‚106 45 2‚151 Expenses and losses: Cost of goods sold ............................................ Selling..............................................
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Intermediate Accounting E2-1 a. True b. False – General-purpose financial reports also assists other people who don’t have the authority to demand financial information they need and so must rely on the information in financial reports. c. False – standards that are based on individual conceptual framework will result in different conclusions being drawn on similar issues‚ and thus would not be consistent and comparable. d. False – General purpose financial reports are also beneficial
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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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BIOL 1001 Midterm I W2013 vA W2013 SC/BIOL 1001 3.0 Midterm I – February 6‚ 2013 Section P – Version A This test consists of 32 multiple choice items (including section and version indicators – these do not count in the score but must be completed) and 2 short
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User | | Course | C++ Programming I | Test | Week 5 Midterm Exam | Started | 11/12/12 5:06 PM | Submitted | 11/13/12 10:28 PM | Status | Completed | Score | 64 out of 100 points | Time Elapsed | 2 hours‚ 0 minute out of 2 hours. | Instructions | The midterm exam consists of multiple choice questions. You will have 2 hours to complete it. Good Luck! | Question 1 0 out of 2 points | | | Study the following code snippet: int greater_num(int num1‚ int num2) {
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Accounting 221 Exam 1 -- Fall 2003 Multiple Choice (10 points). Select the correct answer for each of the following multiple choice questions. 1. Assets may best be defined as: a. Economic resources invested by the owners of a business. b. Tangible economic resources of value. c. Economic resources invested by the creditors of a business. d. Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events. e. Probable future economic
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1. A shareholder in a professional corporation can be liable for malpractice arising from the rendering of professional services. (Points : 2) True 2. Jay tells Kim that he will buy her textbook from the last semester for $80. Kim agrees. Jay and Kim have (Points : 2) an express contract. 3. Barb allows Candy to enter Barb ’s warehouse and take a DVD player. Charged with theft‚ Candy can successfully claim‚ as a defense‚ (Points : 2) consent. 4. The U.S. Congress enacts a new federal statute that
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ACCT 1106 SAMPLE EXAMINATION Section 1 – Technical Questions Question 1 – Perpetual Journal Entries 20 marks On October 1‚ Keiler Motorcycle Shop had an inventory of 20 dirt bikes at a cost of $1‚150 each. During the month of October‚ the following transactions occurred. Oct. 3 Purchased 10 bikes at a cost of $1‚150 each from the Lyons Bike Company‚ terms n/30. 6 Sold 10 bikes for $1‚500 each‚ terms n/30. 6 Freight of $250 on the October 6 sale was
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Hanoi University faculty of management and tourism MIDTERM TEST Business Modeling STUDENT FULL NAME ___________________________________________ID______________MAJOR:______ TUTOR:_________________________________ TUT:_______ DATE: ______________ TIME: 30 MINS Instruction: - You are required to complete the midterm test (including section A and B) by using Excel. - During the test‚ you must not communicate with your friends under any form. Please refer to the invigilator
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ACTG2011 MIDTERM Exam-AID Review Package Tutor: Balpreet Singh (bsingh13@schulich.yorku.ca) York SOS 1 Preface This document was created by the York University chapter of Students Offering Support (York SOS) to accompany our ACTG2011 Exam-AID session. It is intended for students enrolled in any sections of 2012/2013 INTRODUCTION TO FINANCIAL ACCOUNTING II-ACTG2011 course who are looking for an additional resource to assist their studies in preparation for the exam. References
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