What industry are the companies in? Nike; one of the most well known companies across the globe today is most known for being the world’s #1 shoemaker. They design and sell shoes for a variety of sports including baseball‚ golf‚ tennis and football. Nike also sells dress and casual shoes as well as athletic apparel and equipment for almost every sport imaginable. In addition Nike also operates NIKETOWN shoe and sportswear stores‚ factory outlets along with Nike women shops. One of Nike’s biggest
Premium Balance sheet Generally Accepted Accounting Principles Accounts receivable
ACCT1B - Sample Exam 2 Name: __________________________ Date: _____________ 1. The current period’s ending inventory is: A) The next period’s beginning inventory. B) The current period’s cost of goods sold. C) The prior period’s beginning inventory. D) The current period’s net purchases. E) The current period’s beginning inventory. 2. Sales returns and allowances: A) Can provide useful information about dissatisfied customers and the possibility of lost future sales. B) Are recorded
Premium Inventory Balance sheet Generally Accepted Accounting Principles
into inflationary economic times we might recommend that the company continues to use LIFO so we can reduce our federal and state corporate income tax. Staying with LIFO would help the company with a better cash flow and profit margin.” I would keep the rest of the paragraph the same. In the third paragraph I would change the P& L to say profit and loss statement. I would then change both the FIFO and LIFO bullet points to be in two correct sentences instead of bullet points. The way that the
Premium Management Writing Generally Accepted Accounting Principles
Accounting 350‚ Fall 2009 Quiz‚ Chpts 7‚8 & 9 – Night Class |1. |Kaniper Company has the following items at year-end: | | |Cash in bank | | |$20‚000 | |
Premium Inventory Balance sheet
8/4/13 Chapter 1 Results 36% (9 out of 25 correct) Responses to questions are indicated by the symbol. 1. Corporations generally receive more favorable tax treatment than sole proprietorships and corporations. A. True B. False Correct! Sole proprietorships and partnerships generally receive more favorable tax treatment than corporations. 2. Which is not one of the three forms of business organization? A. Sole proprietorship B. Creditorship C. Partnership D. Corporation This
Premium Generally Accepted Accounting Principles Balance sheet
Promotions and Price Cuts 4. Loss of Customers to cheap retailers with worse customer service Possible Solutions suggested by the various top level employees: Morris Meyers (CFO): 10% workforce reduction to generate enough profits‚ proposed FIFO (First in first out) policy. He suggested early retirement package to old employees. Lisa contradicted him by sighting an example of Meese Brothers‚ where they had to give compensation on 18 million dollars for getting rid-off the deadwood. Lisa
Premium Strategic business unit Layoff Customer
made. True False 5. All changes reported using the retrospective approach require prior period adjustments. True False 6. All changes in estimate are accounted for retrospectively. True False 7. A change to the LIFO method of valuing inventory usually requires use of the retrospective method. True False 8. Both changes in reporting entities and material error corrections are reported prospectively. True False 9. A change in reporting
Premium Depreciation Balance sheet Generally Accepted Accounting Principles
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
Premium Generally Accepted Accounting Principles Inventory Balance sheet
Summary on Research for Accounting Changes and Error Analysis Companies have always faced issues of how to reflect changes in accounting methods and error corrections in financial statements. A change in accounting principle results when an entity adopts a generally accepted accounting principle different from the one it used previously (Hall 2007). A presumption exists that an accounting principle once adopted shall not be changed in accounting for events and transactions of a similar type (Financial
Premium International Financial Reporting Standards Financial Accounting Standards Board Financial statements
approximately the same under different inventory costing methods and the choice of method does not materially affect net income. To see this‚ remember that FIFO profits include holding gains on inventories. If the inflation rate is low (or inventories turn quickly)‚ there will be less holding gains (inflationary profit) in inventory. Q6-3. FIFO holding gains occur when the costs of earlier inventory p are matched against current selling prices. Holding gains on inventories increase with an increase
Premium Inventory Depreciation Balance sheet