BRIEF EXERCISE 4-1 STARR CO. | Income Statement | For the Year 2012 | Revenues | | | Sales revenue | | $540‚000 | | | | Expenses | | | Cost of goods sold | | $330‚000 | Salaries and wages expense | | 120‚000 | Other operating expenses | | 10‚000 | Income tax expense | | 25‚000 | Total expenses | | 485‚000 | | | | Net income | | $55‚000 | | | | Earnings per share | |
Premium Revenue Income statement Income
False 7. Advertising costs are considered product costs for external financial reports because they are incurred in order to promote specific products. True False 8. Selling and administrative expenses are product costs under generally accepted accounting principles. True False 9. A variable cost is a cost whose cost per unit varies as the activity level rises and falls. True False 10. When the level of activity increases‚ total variable cost will increase. True False 11. A decrease in production
Premium Costs Variable cost Fixed cost
201 Task A - Short Answer Questions Ai: Three different sources of information would be found on the internet‚ through the management and the policy and procedure folder. Aii: a) Three aspects of employment covered by law are Health and Safety‚ Training and most important a contract‚ the employee must have a contact of employment. b) Three main features of the current employment legislation are holiday’s entitlement‚ pay and sick. Aiii: Employment laws exist to protect the best interests
Premium Employment Long term care insurance Occupational safety and health
An aging of a company’s accounts receivable indicates that $4‚500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1‚200 credit balance‚ the adjustment to record bad debts for the period will require a debit to Allowance for Doubtful Accounts for $3‚300. debit to Bad Debt Expense for $4‚500. credit to Allowance for Doubtful Accounts for $4‚500. debit to Bad Debt Expense for $3‚300. The financial statements of the Melton Manufacturing Company reports net sales
Premium Depreciation Balance sheet Generally Accepted Accounting Principles
explanations‚ and statistical section. Answer: True 2. The three major sections of a CAFR are the Introductory‚ Financial‚ and statistical sections. Answer: True 3. The introductory and statistical sections of a CAFR are not audited. Answer: True 4. State and local governments are required to prepare a CAFR. Answer: False 5. Combining statements are required whenever a non-major column is used in one of the fund financial statements. Answer: True 6. A complete CAFR includes
Premium Balance sheet Generally Accepted Accounting Principles Financial statements
[pic]Accounting 408 Test 2 Review 1. An auditor obtains knowledge about a new client ’s business and its industry to a. Make constructive suggestions concerning improvements in the client ’s internal control structure. b. Develop an attitude of professional skepticism concerning management ’s financial statement assertions. c. Evaluate whether the aggregation of known misstatements causes the financial statements taken as a whole to be materially misstated
Premium Auditing Internal control Audit
Financial Accounting Project 17th May 2012 American University Of Kuwait Omar S. Al yousif 13109 Contents Page. Executive Summary…………………………………………………………………………………………………………….Pg.3 Purpose and Research Method…………………………………………………………………………………………..Pg.4 All Year Ratios of three companies……………………………………………………………………………………..Pg.5 Coca Cola Ratios………………………………………………………………………………………………………………...Pg.8 Dr.Pepper Snapple Ratios…………………………………………………………………………………………………..Pg.8 Pepsi Ratios……………………………………………………………………………………………………………………
Premium Generally Accepted Accounting Principles Balance sheet Revenue
Chapter 1 Financial Accounting A system through which managers report financial information about an economic entity to a variety of individuals who use this information for various decision making purposes. The process of identifying‚ recording‚ summarizing‚ and reporting economic information to decision makers. Managers of Companies Must Understand 2 Things: 1) Economic Consequence Perspective: Considering and understanding how such events affect the financial statements. 2) User Orientation:
Premium Balance sheet Generally Accepted Accounting Principles
CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS IFRS questions are available at the end of this chapter. TRUE-FALSE—Conceptual Answer F T T T F T T F F T T F T F T T F F F F No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Description Definition of financial accounting. Purpose of financial statements. Definition of financial accounting. Capital allocation process. Objective of financial reporting. Decision-Usefulness
Premium Financial Accounting Standards Board International Financial Reporting Standards Financial statements
Salem State University ACC202 – Managerial Accounting – Practice Test Chapters 14‚ 1‚ 2 Professor Paul F McGee‚ CPA Name___________________________________________ Please indicate the best/correct answer by circling the appropriate letter. 1. Managerial accounting helps managers perform three vital activities. These activities include all of the following except: a. Planning b. Controlling c. Decision making d. Hiring Controllers 2. The act that was intended to protect the interests
Premium Cash flow statement Generally Accepted Accounting Principles Balance sheet