“internal consistency” of accounting standards is Any entity intends to create its own standard must in accordance with the existing system of standard 2. In order to achieve “internal consistency”‚ the necessary factors are as follow: a) Any entity intends to create its own standard must in accordance with the existing system of standard b) Developing standards are correspondence with the same conceptual framework. It is necessary to establish an accounting law or principle to regulate
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FIN3113—Chapter 3 Working with Financial Statements 1. BC Corporation has 1‚800‚000 shares outstanding & earned $2‚700‚000 last year on assets of $20 million & equity of $15 million. What is the PE ratio for BC if the stock is currently selling at $18 per share? • 12 • EPS=$2‚700‚000/1‚800‚000=1.5 & PE is price per earnings (18/1.5)=12 2. Which of the following are traditional financial ratio categories? • Profitability ratios‚ financial leverage ratios‚ turnover ratios
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establish. E. It has double taxation. 2. External users want answers to all of the following questions except: A. Is the company earning satisfactory income? B. Will the company be able to pay its debts as they come due? C. Will the company be able to afford employee pay raises this year? D. How does the company compare in profitability with competitors? 3. The best definition of assets is the: A. Cash owned by the company. B. Collections
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determinant of excellence in public schooling is the leadership of an individual - the school principal. Research on effective schools strongly supports the concept that the school principal is the key figure in a school’s success or failure.
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2A4-LS10 SFAS 52 permits two different methods for converting the financial statements of foreign subsidiaries into U.S. dollars. Transaction gains and losses as a result of foreign currency translation are reported as: Income from discontinued operations. An extra-ordinary item. Income from continuing operations. An adjustment to retained earnings. Foreign currency exchange-rate adjustments to a company’s financial statements are recorded as "exchange gains" in current period activity. Question
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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:
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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 Doubtful
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classified as: 1) Financial assets at FV thru PL - ownership of less than 20% with 2) Financial assets at FV thru OCI no significant influence; at FV 3) Investment in associate - ownership of 20% to 50% with significant influence; use equity method 4) Investment in subsidiaries – ownership of more than 50% with control over the investee; consolidated FS (to be discussed in FINACC 3) Financial Assets at Fair Value: 1) Financial assets at FV thru
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Week 4 Checkpoint March 17‚ 2013 XACC/290 Resource: Ch. 4 of Financial Accounting Complete Exercise BE4-1. Complete Problems 4-2A & 4-3A. BE4-1: |Cash |Net Income | |-$100 |$0 | |-$20 |$0 | |+$1‚300 |$1‚300 | |+$800 |$800 | |-$2‚500 |$0 | |-$600 |$0 | | |
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headquarters for them are based in Japan. They offer many different electronics‚ games‚ movies‚ music‚ network services‚ and financial services businesses. Sony corporation also has a joint venture in mobile phones with Sony Ericsson. Sony Corporation has plants‚ warehouses and stores in many different countries including the U.S. This review of Sony Corporation’s financial statements will show how well this company has done in repairing and building their company back up since the devastating tsunami
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