Financial Accounting Final Study Guide Liabilities – Probable debts or obligations that result from past transactions Current Liabilities – Are due within one year of the balance sheet date Liquidity – The ability to pay current obligations Working capital – Current assets minus current liabilities Accrued Liabilities – Expenses that have been incurred but have not been paid at the end of the accounting period Deferred Revenues – Revenues that have been collected but not yet earned‚ they are
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Financial Accounting 2 Quiz 15-03008FA Name: ____________________________________________ Course & Section: __________________ General Direction: Write your answer on a separate yellow paper. Pass the test paper and answer sheet after completing the exam. Part 1 – Theories – Multiple Choice. 1. Transaction whereby a debtor and creditor may negotiate the terms of a financial liability with the result that the liability is fully or partially extinguished by the debtor issuing equity instruments
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Solutions to Exercises and Problems Tutorial 1 IFM Case 2-2 Case 2-2 SKD Limited 1. Goodwill a. There is no goodwill amortization expense in Country A‚ so the goodwill amortization expense recognized by SKD must be added back to determine income under Country A GAAP. SKD amortizes goodwill over a longer period (20 years) than is allowed in Country B (5 years)‚ so an additional amount of goodwill amortization expense must be recognized to determine income under Country B GAAP‚ which reduces
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800 Cash 800 ______ 12. Accounts Receivable 600 Service Fees Earned 600 PROBLEM 3-2C Gary Company follows the practice of recording prepaid expenses and unearned revenues in balance sheet accounts. Gary’s annual
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APPENDIX A (INTERVIEW) This interview was conducted on the 18th of December 2013 at Rainforest AdVenture Experience Park in Pasig City. The interviewee was Mr. Julius Meroy‚ Head of RAVE. U: Good Day Sir! We would like to know if RAVE Park could be the topic of our study/thesis. R: Yes we allow it‚ in fact it is not the first time that there are students who ask us the same question most of those students are from schools here in manila. U: R: The former name was Rainforest then change it on Rainforest
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Introduction PepsiCo‚ Inc. was founded in 1965 through the merger of Pepsi-Cola and Frito-Lay. Tropicana was acquired in 1998. In 2001‚ PepsiCo merged with the Quaker Oats Company‚ creating the world’s fifth-largest food and Beverage Company. Today PepsiCo is a world leader in convenient snacks‚ foods and beverages with revenues of more than $60 billion and over 285‚000 employees. With headquarters in Purchase‚ New York‚ the company consists of Frito-Lay North America‚ PepsiCo Beverages North America
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of International Accounting Standards Committee (IASC) in standard setting. The IASC was issuing International Accounting Standards (IAS). So far there were forty one IAS which had been issue before IASB replaced IASC in 2001. As one of the major weaknesses of IASC was that the standards it was issuing contained many objectives thereby defeating the purpose of consistency in recognition‚ measurement and presentation of transactions. IASB intends to limit such choice of accounting treatments 1.)
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A detailed statement of Turnip Tom’s Inc. shows the company’s first-year accounting profit. An accounting profit is a total revenue subtracted from the explicit cost (Thomas & Maurice‚ 2010). In order to calculate the accounting profit one has to add operating costs and expenses. The goal is to understand the gross profit‚ these details on the income statement improve the practice of managers improve upon their product (Shah‚ 2011). Cost of products sold at twelve-five-hundred added to selling
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$65‚000 $29‚500 $33‚000 $3‚500 ($3‚500) 3) Salaries Expense‚ Beg. Increase Decrease Increase Increase Salaries Expense‚ Ending $0 $450 $175 $600 $350 $1‚225 4) Purchases Credit Cash Debit Cash Credit Accounts Payable $375 $375 375 375 5) Allied‚ Inc. Insurance Policy $3‚600 Debit Insurance Expense Credit Prepaid Insurance 1‚800 1‚800 6) Supplies‚ Beginning Supplies Purchased Amount Paid Supplies‚ End of the Year $0 $200 $150 $40 Supplies‚ Ending $160 Debit 7) Invoice $4‚500 Credit Cash
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of the Under Armour is UA. The name of Auditing firm is “PWC”‚ Price Water House. The goal of the firm is to assist the Board of Directors of Price Water house is to monitor along with the integration in the process of financial reporting‚ internal control system and the financial statements and reports of the firm. The firm has to maintain the legal and the regulatory requirements and the performance of the firm for the global international audit function. The qualification‚ performance and independence
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