professional conduct is clear that an accountant should follow all the six principles so that a healthy work environment could be created in the interest of the company‚ society and nation. The second discussion is focused on evaluation of ethicality of accounting activities. Manipulating the financial statements for personal interest or for loyalty towards company or its executives is unethical and the person responsible for such act will be punishable. Misstatement of financial statements is ethically wrong
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Homework 1: Please complete your homework on separate pages. For multiple choices question‚ you only need to write down the answers. 1. Lanni Products is a start-up computer software development firm. It currently owns computer equipment worth $30‚000 and has cash on hand of $20‚000 contributed by Lanni’s owners. For each of the following transactions‚ identify the real and/or financial assets that trade hands. Are any financial assets created or destroyed in the transaction? a. Lanni takes
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UNIVERSITY OF MARYLAND UNIVERSITY COLLEGE PRINCIPLES OF ACCOUNTING I ACCT220 FUN QUIZ SIX: CHAPTER SIX I. Multiple Choice. Select the best lettered answer for the number question or best lettered completion for the numbered partial statement. Record the letter next to the number. 1. _____ Fetherston Company’s goods in transit at December 31 include: sales made purchases made (1) FOB destination (3) FOB destination (2) FOB shipping point (4) FOB shipping point Which items should
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Chapter 8 Activity-Based Costing: A Tool to Aid Decision Making Solutions to Questions 8-1 Activity-based costing differs from traditional costing systems in a number of ways. In activity-based costing‚ nonmanufacturing as well as manufacturing costs may be assigned to products. And‚ some manufacturing costs—including the costs of idle capacity—may be excluded from product costs. An activity-based costing system typically includes a number of activity cost pools‚ each of which has its
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is provided for general guidance only and on the understanding that it does not represent‚ and is not intended to be‚ advice. Whilst care has been taken in its preparation‚ it should not be used as a substitute for consultation with professional accounting‚ tax‚ legal or other advisors. Before making any decision or taking any action‚ you should consult with an appropriate specialist or professional. No warranty is given to the correctness of the information contained in this document‚ or its suitability
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gooda available for sale. -the consistency principle states that the busineses should use the same accounting methods from period to period. -under the FIFO‚ the ending inventory is based on the cost of the most recent purchases. -the value of purchases remains the same irrespective of the inventory valuation method used. -using FIFO‚ the COGS is based on the oldest purchases. -the accounting conservatism principle requires that financial statements should report LEAST favorable figures. -do
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General information 1. Turn in a hard copy at the beginning of class. 2. “Consulting” solution manuals or prior years‟ assignments is academic dishonesty. So is discussing your homework assignments with any classmates. 3. Be prepared to explain your answers in class. Homework #1. INCOME MEASUREMENT AND ACCRUAL ACCOUNTING PRACTICE PROBLEMS What is a synonym for unearned revenue? Accumulated depreciation on the balance sheet equals depreciation expense for the year on the income statement.
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Accounting: Topic 6: Analysis And Interpretation Of Financial Statements (Part 2) Capital Structure Analysis Proportion of debt financing relative to equity financing (=gearing or leverage) * Reflects the entity’s financing decisions * Investments in assets are funded externally by liabilities‚ or internally by owner’s as shown in accounting equation (A=L+OE) Debt to equity ratio: Total liabilities/ Total equity x 100=x% Debt ratio: Total liabilities/ Total asset x 100=x%
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Cost Accounting -- MIDTERM 1 1) Pointed Pencil company incurs the following costs in its manufacture of pencils. Classify each one of them according to one of the value chain functions: Functions: A) Research and Development B) Design of products‚ services‚ and processes. C) Production D) Marketing E) Distribution F) Customer Service G) Strategy and Administration ____ 1) Cost of wood used in manufacture of pencils. ____ 2) Cost of wood used in packing cartons to ship pencils. ____
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Costs assigned to the building of a house should appear on the income statement when Answer a. the purchase order to manufacture the house is received. b. the house is sold. c. cash is collected for the sale of the house. d. the house is completed. The basic document for keeping track of costs in a job order costing system is a Answer a. labor time card. b. job order cost card. c. process cost report. d. materials requisition form. The following information is available at the
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