Merchandise: Products that a company acquires to resell to customers. Merchandisers earn net income by buying and selling merchandise. -Wholesalers or retailers Wholesaler: An intermediary that buys products from manufacturers and sells them to retailers or wholesalers. Retailer: An intermediary that buys products from manufacturers or wholesalers and sells them to consumers. Cost of goods sold: The expense of buying and preparing merchandise. Gross profit: Net sales of a product – Cost of goods
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competencies in cost management‚ performance measurement (financial and non-financial)‚ process management and risk management as a result play a fey role in decision making across the various functional areas of an organization Managerial accounting: the form of accounting concerned with providing information to managers for use in planning and controlling operations and for decision making Financial accounting: the form of accounting concerned with providing information to shareholders‚ creditors
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$45‚000 and the current ratio is 4:1. What are current liabilities? A. $ 10‚000 B. $ 11‚250 C. $ 15‚000 D. $ 17‚400 E. $ 180‚000 6. Wolfpack‚ Inc. collected $6‚250 on account. The effect of the transaction on the accounting equation is to: A. Increase revenue and decrease expenses. B. Have no effect on total assets. C. Decrease assets and decrease liabilities. D. Increase assets and increase stockholder’s equity. E. Both A
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INC) | |[pic] | |Financial analysis statement for the year ended | |December in 2011
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expected selling price. (iii) Dual Aspect The dual aspect concept can be defined as every transaction having a minimum of two entries into the accounting system. One represented by the assets of the enterprise and the other by the claims against it. Should there be a debit entry then there must be a credit entry as well. Due to this concept‚ the accounting equation ‘Asset = Equity + Liability’ is formed. Example: 1. Company ABC made payment of salary RM5000 by cheque to its staff. Using the dual
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Inventory Cost of Goods Sold $40‚000 $16‚000 $20‚000 $50‚000 Inventory Turnover 12) handling of incoming checks oversight of the internal control systems 2.78 Control activities Monitoring 13) An Audit Opinion is an evaluation of the company’s financial statements performed by an independent accountant or auditor. 14) Credit Sales Allowance for Doubtful Accounts Estimated Uncollectibles $235‚000 $7‚250 7% Estimated Uncollectible Accounts $16‚450 15) Bestway‚ Inc. Credit Sales Allowance for
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4.2: Niches and Community Interactions Article I. The Niche: What is a niche? Section I.1 Tolerance (a) Tolerance: the ability to survive and reproduce under a range of environmental circumstances (b) Habitat: the general place where an organism lives Section I.2 Defining the Niche (a) Niche: describes not only what an organisms does‚ but also how it interacts with biotic and abiotic factors in the environment (b) A niche is the range of physical and biological conditions in which a specie
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CHAPTER 2 A Further Look at Financial Statements Study Objectives 1. Identify sections of a classified balance sheet. 2. Identify and compute ratios for analyzing a company’s profitability. 3. Explain the relationship between a retained earnings statement and a statement of stockholders’ equity. 4. Identify and compute ratios for analyzing a company’s liquidity and solvency using a balance sheet. 5. Use the statement of cash flows to evaluate solvency. 6. Explain the meaning of
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References: • Dahmash‚ N. (1995). Financial Statements and Accounting Standards Generally Accepted.. Amman-Jordan. • Kieso‚ D. E.‚ Waygandt‚ J. J.‚ & Warfield‚ T. D. (2005). Intermediate Accounting. (11 edition). Wiley Publisher. • ACCPA‚ (2006) Journal of Accountancy‚ (Monthly Journal) September 2006‚ p. 17. • Cheney‚ G. (2006). FASB‚ IASB request views on new reporting concepts. Accounting Today‚ Aug. 21-Sept. 3. • Singleton-Green‚ B. (2006). The gathering
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410 Instructor’s Manual Financial Accounting and Reporting Twelfth edition Barry Elliott Jamie Elliott For further instructor material please visit: www.pearsoned.co.uk/elliott-elliott ISBN: 978-0-273-71271-8 ( Pearson Education Limited 2008 Lecturers adopting the main text are permitted to download and photocopy the manual as required. [pic] Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies
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