ACCT TEST 1. Which of the following is NOT a characteristic of a corporation? a. Corporations are organized as a separate legal taxable entity. b. Ownership is divided into shares of stock. c. Corporations experience an ease in obtaining large amounts of resources by issuing stock. d. A corporation’s resources are limited to its individual owners’ resources. e. Corporations make up 20% of all businesses. 2. An entity that is organized according to state or federal statutes
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A figure of cost of goods sold reflecting the cost of the product or good that a company sells to generate revenue‚ appearing on the income statement‚ as an expense. Also‚ referred to as "cost of sales". It is essentially a cost of doing business‚ such as the amount paid to purchase raw materials in order to manufacture them into finished goods. For example‚ if a $10 widget costs $6 to make‚ then the cost of goods sold is $6 per widget. That is‚ the cost of goods sold is equal to the beginning
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FINANCIAL STATEMENT ANALYSIS ACCT 7815 MID-TERM EXAM SPRING 2015 NAME: STUDENT ID: THERE ARE 30 MULTIPLE CHOICES QUESTIONS WITH EACH QUESTION WORTH 3 POINTS (TOTAL POINTS: 90) 1. Which of the following ratios is not generally considered to be helpful in assessing short-term liquidity? A. Acid-test ratio B. Current ratio C. Days’ to collect receivables D. Total asset turnover 2. Which of the following statements is incorrect? A. Current assets are expected to be converted
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ACCT 350‚ Fall 2010 Quiz #5 Name: ______________________________________ 1. Bell Inc. took a physical inventory at the end of the year and determined that $650‚000 of goods were on hand. In addition‚ Bell‚ Inc. determined that $50‚000 of goods that were in transit that were shipped f.o.b. shipping were actually received two days after the inventory count and that the company had $75‚000 of goods out on consignment. What amount should Bell report as inventory at the end of the year? A) $650
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Assignment: See attached file Week3 D1: The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods? D2: A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods
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IFRS vs U.S. GAAP Victoria Harris American Public University Acct 610 There are two sets of accounting standards that are used worldwide. One is the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (GAAP). There is a huge desire for there to one set of accounting standards worldwide with the increase of companies performing business in many different countries and global expansion. The International Financial Reporting Standards are issued
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the GAAP. GAAP recognizes at fair value while IFRS only recognizes if an asset will have future economic benefits and has a measured reliability. The IFRS is not allowed to use the FIFO (first in and first out) method when it comes to inventory. The GAAP can either use the LIFO ( last in last out) method or the FIFO when going inventory. Component depreciation involves dividing real estate improvements into various components like plumbing‚ electrical systems‚ and building shells‚ and depreciating
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Charter Company 1. Calculate the following ratios for each year during the period 1980-1983. Comment on the trend indicated by each ratio with respect to the financial performance and condition of the Charter Company. A) Profitability: ROTA = EBIT/total assets 1980 = 145485/[(1728694+1746260)/2]= 8.37% 1981 = 155673/[(1541326+1746260/2] = 6.45% 1982 = 108180/[(1628046+1541326)/2] =6.83% 1983 = 133896/[(1813199+1628046)/2]=7.78% B) Turnover: Accounts Receivables turnover ratio = Net
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– The Charter Company Discussion Questions Answer these questions using the overview (p. 1) and 5 Exhibits (pp. 3 – 9). Write your responses in a new thread on the board. 1. Calculate the following ratios for each year during the period 1980-1983. Comment on the trend indicated by each ratio with respect to the financial performance and condition of the Charter Company. a. Profitability: Return on average total assets (assume a 46% income tax rate) ROTA=Sales/Total assests 1983=133896/1720622
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national accounting standards in retail industry Evaluating International Company under Abstract This paper analyses the international firms under the national accounting standard in retail industry. The study applies two typically firms which are Woolworths from Australia and Walmart from the United States and compare the two firms in 4 perspectives. Firstly‚ the different in recognition of intangible assets‚ revenue‚ tax‚ inventory under IFRS (Aus) and U.S.GAAP. Secondly‚ describe
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