Multiple choice When preparing a bank reconciliation‚ which of the following items should be added to the book balance? EFT receipts deposits in transit collection items both EFT receipts and collection items Which of the following must be added to beginning Retained Earnings to compute ending Retained Earnings? net income expenses dividends all of these answers are correct The use of the FIFO method increases taxable income: when prices are constant when prices are declining
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CHAPTER 16 (fin man); chapter 1 (man) MANAGERIAL ACCOUNTING CONCEPTS AND PRINCIPLES discussion questions 1. Financial accounting and managerial accounting are different in several ways. Financial accounting information is reported in statements that are useful to persons or groups outside of a company. These statements objectively report the results of past operations at fixed periods and the financial condition of the business under generally accepted accounting principles. Managerial
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ACC/422 final exams http://www.finalexamguideline.com/main.sc 1) Which of the following is NOT considered cash for financial reporting purposes? 2) What is the preferable presentation of accounts receivable from officers‚ employees‚ or affiliated companies on a balance sheet? 3) Which of the following is considered cash? 4) If a company employs the gross method of recording accounts receivable from customers‚ then sales discounts taken should be reported
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degree of financial leverage »Income Statement - Performance over some period of time * Income = Revenues – Expenses * Matching principle: production costs are matched with revenues * Noncash items: an income item (e.g.‚ depreciation) that does not affect its cash flow * Calculating Earnings and Dividends per Share * Earnings per share = Net income/Total shares outstanding * Dividends per share = Total dividends/Total shares outstanding »Taxes:
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for businesses. The decision to lease or purchase for a business depends on several factors. Several questions should be asked to evaluate the decision. First‚ what is the company purchasing? What is the economic life of the purchase? How much depreciation of the item will occur over the period of the lease? What is the interest rate of the lease agreement? Will there be maintenance and repair costs associated with the lease/purchase? How does the decision to lease or purchase affect the company’s
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Ocean Carriers Project Analysis Introduction Ocean Carriers receives a lease for a ship over three years starting in 2003. However‚ the company currently does not hold qualified ships that can meet customers’ demand. Our report is not only to assist Ms. Linn to decide whether or not to purchase a new ship but also give a reasonable suggestion on how long to hold on the ship regarding the NPV and long term prospective of dry bulk industry. Upon business operating in U.S or H.K‚ we consider four scenarios
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supplies expense………………………. | 1‚200 | | Utilities expense………………………………. | 850 | | Malpractice insurance expense……………….. | 6‚000 | | Office rent expense…………………………… | 24‚000 | | Continuing education expense………………... | 2‚650 | | Depreciation expense: fixtures………………... | 4‚500 | | Miscellaneous expense………………………... | 6‚000 | | Income taxes expense…………………………. | 29‚400 | 170‚400 | Net income………………………………………. | | $ 54‚600 | The firm’s statement of retained earnings indicates
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Accountancy Department College of Business and Accountancy Notre Dame University Cotabato City‚ Philippines CPA – MOCK BOARD EXAMINATION AUDITING PROBLEMS MR. RONALD GERMO MAMARIL INSTRUCTION: Select the correct answer for each of the following questions. Mark only one answer for each item by shading the box corresponding to the letter of your choice on the sheet provided. STRICLY NO ERASURES ALLOWED. Use pencil no. 1 only. CASE 1: STOCK INVESTMENT IN SAN
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and a residual value of $40‚000 was purchased for $120‚000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation? 2. As a recent graduate of State University you ’re aware that IFRS requires component depreciation for plant assets. A friend has asked you to succinctly explain what component depreciation means. Which of the following correctly describes component depreciation? 3. Given the following account balances at year end‚ compute the total
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fixed assets should be capitalized when they are ready for use‚ which means when its physical completion is complete. FRS 15 deals with three issues regarding tangible fixed assets: • their initial measurement; • their revaluation; • their depreciation. A tangible fixed asset should initially be measured at cost. FRS permits a choice as to whether tangible fixed assets are stated at cost or at revalued amount. However‚ where an enterprise chooses to adopt a policy of revaluing some assets‚ all
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