Analysis of the data on Ratio: Ratio analysis is one of the techniques of financial analysis to evaluate the financial condition and performance of a business concern. Simply‚ ratio means the comparison of one figure to other relevant figure or figures. According to Myers ‚ “Ratio analysis of financial statements is a study of relationship among various financial factors in a business as disclosed by a single set of statements and a study of trend of these factors as shown in a series of statements
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method. Appropriate use of the retail inventory method. Markdowns and the conventional retail method. Markups and the conventional retail method. Knowledge of the cost ratio for retail inventory methods. Inventory turnover ratio. Dollar-value LIFO retail method. MULTIPLE CHOICE—Computational Answer a c c d d a a b c No. Description 25. 26. 27. 28. 29. 30. 31. 32. 33. Value inventory at LCM. Relative sales method of inventory valuation. Entry for purchase commitment
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IAS 1 – Presentation of Financial Statements Its objective is to provide information about the financial position‚ performance and changes in financial position of an entity that is useful to a wide range of users in making economic decisions. Considerations underpinning Financial Statements preparation: * Comparability – Standardisation of information‚ internationally to aid users of the accounts. * Consistency – Same accounting methods and policies each month/accounting period. *
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8‚000 d. Rs. 10‚000 5).______________ method assumes that the goods received most recently in the stores or produced recently are the first ones to be delivered to the requisitioning department. a. FIFO b. Weighted average method c. Most recent price method d. LIFO Fill in the blanks: (5 x 1) 1). Indirect cost that is incurred in producing product or services but which can not traced in full. 2 Sunk cost is the cost that incurred or expended in the
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GM4106 Midterm Take-Home Cases Read the case‚ Merrimack Tractors and Mowers‚ Inc: LIFO or FIFO? and prepare a brief memo and spreadsheet supplement for the following items: 1. Prepare an “as if” income statement for 2008 assuming (1) no change in accounting policy and (2) sales of 10‚000 mower units each quarter at a price of $2‚000 per unit with Selling‚ General and Administrative costs the same as they were in 2008. 2. How would this change if the unit sales pattern was 10‚000 units‚ 5
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Yes No 6. When do you update this inventory management policy? Annually Monthly Weekly Daily Others pls. specify ______________ 7. What type of inventory system do you use? First In‚ First Out (FIFO) Last In‚ First Out (LIFO)
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ACCT1501 Practice Exam Questions & Solutions 2011S1 QUESTION 1 ACCOUNTS RECEIVABLES • • • • On 1st July‚ 2007‚ one of SSS’s customers‚ BBB‚ went bankrupt. BBB owes SSS $2‚500 and there is no hope for recovering this amount. On 1st October‚ SSS collected $85‚000 from outstanding accounts. SSS Company’s financial year ends on 31st December. During 2007‚ SSS sold goods for cash for $22‚000‚ and on credit $80‚000. On 1st January 2007‚ SSS Ltd. has a debit balance of $30‚000 in Accounts
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Old Exam Packet – Acct 284 Fall 2009 Exam 1 – Fall 2008 Investing activities: a. involve day to day events like selling goods and services‚ which occur when running a business. b. involve the buying or selling of land‚ buildings‚ equipment‚ and other longer-term investments. c. only involve financial exchanges. d. All of these. Accumulated depreciation: a. is an expense account. b. is a liability account. c. is a regular asset account. d. is an asset contra-account.
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| Ruckman‚ Inc.: Converting from U.S. GAAP to IFRS | ACTG 4240 – Assignment #4 | | Fannie Fang‚ Yingqi Gu‚ Ya Wang | 1/24/2013 | | Ruckman Part I Solutions Page 1. For each of the 16 items listed below‚ briefly describe the difference in GAAP treatment and IFRS treatment. Just start with this form and type in your responses in the appropriate cells. You don’t need to give too much detail‚ just enough so your client can tell the difference. 2. In the “Needed to Convert
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CGC1/ATO1 Additional Study Questions The following list of questions has been developed as a supplement to the Course of Study and Learning Resources for CGC1 and or ATO1. As you begin working through the textbooks try to answer the questions below in detail. This will provide you with a note-taking tool and a review document at the end or your studies. These questions relate to concepts that will be most likely be tested on the actual assessment. Current Tax System Why do we have an income
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