Name: __________________________ Date: _____________ 1. Alpha Company’s stock trades on the NY stock exchange. For Alpha Company‚ revenue on account amounted to $5‚150. Cash collections of accounts receivable amounted to $2‚300. Expenses incurred on account were $2‚100. Cash paid on accounts payable was $1‚950. Alpha’s net income was A) $2‚900 B) $3‚050 C) $350 D) $200 2. Hamilton Company began operations in 2009. During the year‚ the following cash transactions occurred:
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The Role of Accounting on Business and our Society Purpose of Financial Statement Financial statement plays a significant role in business organization. Basically‚ it provides information about the performance‚ changes and the financial position of a business organization. The major purpose of financial statement is to provide essential information to a wide range of users as described below: Managers Financial statement helps the managers within a business organization to manage day
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Ver. 04/09 PRACTICE FINANCIAL QUIZ #1 NOTE: The figures in these questions are not representative of any company or industry and are for the purpose of learning certain financial concepts that pertain to marketing. PART I—SALES ANALYSIS The J&J Corporation manufactures television sets‚ DVD players and MP3 players. The wholesale prices to their customers can vary from under $100 to over $1000‚ depending on the technical complexity of the item and the quantity purchased. Analyze the following
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Case 1: Sunrise bank recently appointed the accounting firm Smith‚ Godfroy‚ and Hannaford as the bank’s auditor. Sunrise quickly became one of Smith‚ Godfroy‚ and Hannaford’s largest clients. Subject to banking regulations‚ Sunrise must provide for any expected losses on notes receivable that Sunrise may not collect in full. During the course of the audit‚ Smith‚ Godfroy‚ and Hannaford determined that three large notes receivable of Sunrise seem questionable. Smith‚ Godfroy‚ and Hannaford discussed
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ACCT 2300 Final Exam Review Sheet 1. Chapter 1 a. Types of businesses b. Purpose of accounting & Primary users of information c. Purpose of Financial Statements d. Conceptual Framework 2. Chapter 2 a. Objectives of Financial Reporting b. Financial Statements – Know how to calculate each and all the parts in them b.i. Income Statement – Single and Multi-Step Net Sales - COGS Gross Profit Operating Expenses: - General and Administrative Expenses - Selling Expenses
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ACCT 340 – Fall 2013 Exam 2 Review Problems: Chapters 5‚7‚8‚9 Chapter 5: 1. On February 1‚ 2007‚ Nance Contractors agreed to construct a building at a contract price of $6‚000‚000. Nance estimated total construction costs would be $4‚000‚000 and the project would be finished in 2009. Information relating to the costs and billings for this contract is as follows: 2007 2008 2009 Costs incurred in current year $1‚500‚000 $1‚140‚000 $1‚960‚000 Estimated costs to complete 2
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ACCT Internal Report Korea Auto Insurance Co. Inc. is one of the largest liability insurance companies in Korea. In the mean time‚ the Taejon City branch experience severe competition and make efforts to capture greater market share. However the current overhead allocation system is based on revenue amounts which penalize the branch performance. A direct proportional overhead allocation method should be set in order to provide employee higher incentive and more appropriate resource allocation. This
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You have been assigned to analyze the accounting information for a Fortune 500 corporation. From the e-Activity‚ evaluate which tools you would use to analyze its business processes‚ indicating your rationale. The State Farm Insurance Company operates using a mutual company conducting business throughout the US and Canada. The company business lines include property‚ casualty‚ and life insurance companies. Since State Farm is a mutual company‚ it is collectively owned by State Farm policyholders
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Strayer ACC 562 Advance Auditing MIDTERM EXAM (CH 1 – 3) Question 1 CPAs are licensed by the Correct Answer: state’s board of accountancy. Question 2 The Certified Internal Auditor program is administered by the Correct Answer: IIA. Question 3 The objective of an operational audit is to Correct Answer: evaluate the effectiveness and efficiency with which resources are employed. Question 4 As it relates to an audit‚ materiality is Correct Answer: determined
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Part 1 (a) True. (b) False General-purpose financial reports helps users who lack the ability to demand all the financial information they need from an entity and therefore must rely‚ at least partly‚ on the information in financial reports. (c) False Standard-setting that is based on personal conceptual frameworks will lead to different conclusions about identical or similar issues. Another‚ and past decisions may not be indicative of future ones. (d) False Information that is decision-useful
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