Choice Quiz (See related pages) Results Reporter | | Out of 15 questions‚ you answered 2 correctly with a final grade of 13% | | | | | | 2 correct (13%) | | | | 12 incorrect (80%) | | | | 1 unanswered (7%) | | | Your Results: | The correct answer for each question is indicated by a . | ------------------------------------------------- Top of Form | 1 INCORRECT | | Which of the following organizations would be least likely to have a company objective involving the maximization
Premium Management accounting
HISTORY OF ACCOUNTING LEARNING OUTCOMES Understand the history of accounting dating from prehistoric times to written record keeping. Identify the seven preconditions for the emergence of systematic book keeping. Know Luca Pacioll contributions in introducing double entry book keeping. Accounting is a tool‚ invented by humankind‚ to fulfill needs of society. Unlike the explorers of the past who discovered new lands‚ accounting cannot in any true sense be said to have been discovered
Premium Accountancy Bookkeeping Double-entry bookkeeping system
Chapter 2 Cost Terms‚ Concepts‚ and Classifications Exercise 2-2 (15 minutes) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10 . 11 . 12 . 13 . 14 . 15 . Depreciation on salespersons’ cars ................ Rent on equipment used in the factory .......... Lubricants used for machine maintenance ..... Salaries of personnel who work in the finished goods warehouse.............................. Soap and paper towels used by factory workers at the end of a shift ...................... Factory supervisors’ salaries
Premium Costs Inventory USB flash drive
U. S. Generally Accepted Accounting Principles (U. S. GAAP) and International Financial Reporting Standards (IFRS) There are numerous companies that use different types of accounting standards or rules. International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles the most popularly used by companies. IFRS is a set of accounting standards that provides a global framework for how public companies prepare and disclose their financial statements. The U.S. Generally
Premium Generally Accepted Accounting Principles Inventory Balance sheet
Reflection Lana Lambrou ETH/376 Susan Paris March 30‚ 2013 The AICPA is the group of accountants which has provided some principles to adopt in practices. There are six principles which contain the important elements to protect the interest of public. These six principles determine the ethicality of an event. If these principles are followed by all the CPAs then the manipulation of accounts can be prohibited. The CPAs have the responsibility as well as accountability towards the public
Premium Responsibility Social responsibility Certified Public Accountant
ĐỀ THI KIỂM TRA GIỮA KỲ Môn học: KẾ TOÁN QUẢN TRỊ (Managerial Accounting) Lớp: KT302DV01‚ HK10.1 Thời lượng: 6 0 phút (Không kể thời gian phát đề) Không được tham khảo tài liệu‚ Chỉ được sử dụng từ điển Anh – Việt‚ không sử dụng Kim từ điển Sinh viên làm bài trên đề thi Đề thi gồm 07 trang Họ tên sinh viên: …………………………………………………. Chữ ký và họ tên cán bộ coi thi 1 Chữ ký và họ tên cán bộ coi thi 2 Đ iểm thi Bằng số Đ iểm thi b ằng chữ ………………………………………………… MSSV: ………………………………………
Premium Costs Management accounting Variable cost
ACCOUNTING SUBSTANCE OVER FORM Substance over form is an accounting concept where the entity is accounting for items according to their substance and economic reality and not merely their legal form. It is one of the key determinants of reliable information. For most transactions there will be no difference and in some cases however‚ the two diverge and the choice of how to present the transactions can give very different results. This differences occurs when an asset or liability is not recognized
Premium Generally Accepted Accounting Principles Balance sheet Accounts receivable
$25‚000 (inventory at end of year) = $195‚000 (cost of goods sold) $400‚000 (sales) - $12‚000 (discounts) = $388‚000 (net sales) $388‚000 (net sales) - $195‚000 (cost of goods) = $193‚000 (gross profit margin) Use the following to answer questions 4 and 5 Cyclone Co. uses the periodic inventory system. The following information about their inventory of Model XX Mountain Bicycles is available: Date Transaction Number of Units Cost per Unit Total Cost of Goods Available for sale 1/1
Premium Generally Accepted Accounting Principles Inventory Revenue
1.Temblador Corporation purchased a machine 7 years ago for 319‚000 when it launched product E26T. Unfortunately‚ this machine has broken down and cannot be repaired. The machine could be replaced by a new model 330 machine costing 323‚000 or by a new model 230 machine costing 285‚000. Management has decided to buy the model 230 machine. It has less capacity than the model 330 machine‚ but its capacity is sufficient to continue making product E26T. Management also considered‚ but rejected‚ the alternative
Premium Costs Fixed cost Variable cost
-assets and liability accounts are closed to the balance sheet. -the post-closing trial balance shows the updated capital account balance. -the financial statements are prepared from the adjusted trial balance. -accumulated depreciation is a permanent account and does not close at the end of the period and the balance sheet is carried forward into the next period. -capital is a permanent account. -the closing process zeroes out all revenues and expenses. -current assets will be used up or converted
Premium Revenue Generally Accepted Accounting Principles Income statement