Agricultural produce A. Sheep Yarn B. Trees in plantation forest Logs C. Dairy cattle Butter D. Pigs Carcass 2. Apportionment of the purchase price in a lump sum acquisition of different assets is based on all of these‚ except A. Book values of the assets to the seller B. Relative market values C. Tax assessment values D. Appraisal values 3. When bonds are issued between interest payment dates‚ any accrued interest received is usually credited to A. Interest expense
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think about how many staff you need in the business to carry out the job properly. If there are less staff then the business may not be able to do its job properly and offer the best customer service to their customers as they cant solve everyone’s problem quick enough. Moreover this will mean that the facilities for the customers will be less so then the customer will not like the business and may turn their back towards them. Again these kinds of businesses can be rented or leased or owned by someone
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FINANCIAL STATEMENTS The income statement reflects conditions over a period of time (say Q1 2013)‚ while the Balance sheet reflects the state of the business at a specific point in time (say‚ at end of Q1 2013) Equity is what the owners/stakeholders of the company really have‚ of value. Equity = Assets - Liabilities Asset: Anything that will give me value in the future Liability: Anything that I have to give value to Equity at point 2 - Equity at point 1 = Net income in period 1-2
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profit margin by 6.7% is high percentage. 2) Net Profit Margin = Operating profit / Sales x 100% Year 2011: Operating profit = £4‚340 Sales = £25‚300 Net profit margin = 4‚340 / 25‚300 x100 = 0.171 x 100 = 17.1% Year 2010: Operating profit = £6‚700 Sales = £22‚000 Net profit margin = 6‚700 / 22‚000 x100 = 0.304 x100 = 30.4% Decreasing in the net profit margin by the percentage of 13.3%. 3) Return On Capital Employed = (Operating
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Kayla Johnson Intermediate Financial Accounting I AC321 A Chapter 1: CE 1-1: Describe the main elements of the link labeled “Help‚ FAQ‚ Learning Guide‚ and About the Codification.” The “Help‚ FAQ‚ Learning Guide‚ and About the Codification” link describes how to navigate the website and answers questions about changing or updating your profile. CE 1-2: Describe the procedures for providing feedback. In the bottom right hand of the home page‚ you can select a link that will lead you to a
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Financial Accounting Summary Financial Accounting – Summary Notes Financial Accounting – Summary Notes 1 Financial Statement Basics 3 Understanding of the 3 financial statements – (balance sheet‚ income statement and statement of cash flows). What does each financial statement represent? 3 What is the structure of each statement? 3 What is the link between the three statements? 4 Understanding of the basic mechanics of financial accounting – (debits‚ credits‚ transaction journal entries‚ adjusting
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Managerial Accounting Vs Financial Accounting Management Accounting is used primarily by those WITHIN a company or organization. Reports can be generated for any period of time such as daily‚ weekly or monthly. Reports are considered to be "future looking" and have forecasting value to those within the company. Financial accounting is used primarily by those OUTSIDE of a company or organization. Financial reports are usually created for a set period of time‚ such as a fiscal year or period. Financial
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Semester 1 MB0041 – Financial And Management Accounting - 4 Credits (Book ID: B1624) Assignment Set - 1 (60 Marks) Note: Each question carries 10 Marks. Answer all the questions. 1. Explain the process involved in accounting. 2. The salaries paid in 2004 is Rs. 5‚00‚000; Salaries outstanding is Rs. 20‚000; Salaries paid in advance for 2004 is Rs. 30‚000. What is the actual salary expenditure for 2004? Which accounting principle is involved in this and explain that principle. 3. Find the value
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Multiple Choice: 1. In general terms‚ financial assets appear in the balance sheet at: a. Face value b. Current value c. Cost d. Estimated future sales value 2. Which of the following practices contributes to efficient cash management? a. Never borrow money – maintain a cash balance sufficient to make all necessary payments. b. Record all cash receipts and cash payments at the end of the month when reconciling the bank statements
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• Accounting is the system that measures business activities and process information into reports. • Accountant maintain‚ audit and prepare financial records for a person or a company. • Main careers in accounting - bookkeeper‚ auditor‚ financial advisor‚ taxation‚ carbon accountant and accountant etc… • Bookkeeping is recording financial recorders and summaries of financial transaction. Accounting is measuring business activities and process information into reports. • Main professional accounting
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