Complete Week Four Assignment in WileyPLUS:
• Exercise Do It! 11-1
• Exercise E11-15
• Exercise E11-16
• Problem P11-6A
• Problem P11-8A
Week 4 assignment
Question 1
Correct.
Indicate whether each of the following statements is true or false.
1. The corporation is an entity separate and distinct from its owners. (True)
2. The liability of stockholders is normally limited to their investment in the corporation. (True)
3. The relative lack of government regulation is an advantage of the corporate form of business. (False)
4. There is no journal entry to record the authorization of capital stock. (True)
5. No-par value stock is quite rare today. (False)
Complete Week Four Assignment in WileyPLUS:
• Exercise Do It! 11-1
• Exercise E11-15
• Exercise E11-16
• Problem P11-6A
• Problem P11-8A
Week 4 assignment
Question 1
Correct.
Indicate whether each of the following statements is true or false.
1. The corporation is an entity separate and distinct from its owners. (True)
2. The liability of stockholders is normally limited to their investment in the corporation. (True)
3. The relative lack of government regulation is an advantage of the corporate form of business. (False)
4. There is no journal entry to record the authorization of capital stock. (True)
5. No-par value stock is quite rare today. (False)
For more course tutorials visit
www.tutorialrank.com
Question 1
The best definition of assets is the
collections of resources belonging to the company and the claims on these resources.
cash owned by the company.
owners’ investment in the business.
resources belonging to a company that have future benefit to the company
FOR MORE CLASSES VISIT
www.acc290genius.com
Financial Reporting Problem Part I Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: What are the company’s total assets at the end of its most recent annual reporting period? Why is this important?
Financial Statement Analysis and Forecast for Hill's Pet Nutrition ItaliaIlyaKozhelskiy
Financial Statement Analysis and Forecast for Hill's Pet Nutrition Italia - a project work for the Corporate Finance course at Ca' Foscari University of Venice
By Sofia Balducci, Ilya Kozhelskiy, Rebecca Tan and Matilda Mignon
Accounting 970601 paper 1 multiple choice october november 2008 Alpro
Accounting 970601 paper 1 multiple choice october november 2008
Advanced Level
A Level
Zimsec
Cambridge
Alpro Learning Portal
Accounting
Accounts
Zimbabwe
Principle of accounts
This presentation was delivered at the April 23, 2009 Smart-ups event in Eugene, OR by Dan Vishny (CFO for two start-ups companies). Dan is also known for having one of the top 10 best scores on the CPA exam - for the entire U.S.A.!
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ACC205 Discussion QuestionsAccounting Equation As you hav.docxannetnash8266
ACC205 Discussion Questions:
Accounting Equation
As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.
Accounts
What does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.
Accounting Cycle
Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why or why not?
Bank Reconciliation
What is the purpose of a bank reconciliation? What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements?
LIFO vs. FIFO
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
Depreciation
A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
Ratios
Ratios provide the users of financial statements with a great deal of information about the entity. Do ratios tell the whole story? How could liquidity ratios be used by investors to determine whether or not to invest in a company?
Profit Margin
Year Ending December 2012
Year Ending December 2011
Year Ending December 2010
Revenues
40,000
35,000
33,000
Operating Expenses
Salaries
15,000
10,000
9,000
Maintenance and Repairs
6,000
9,000
10,000
Rental Expense
2,500
2,500
2,500
Depreciation
2,000
2,000
2,000
Fuel
4,000
3,500
2,500
Total Operating Expenses
29,500
27,000
26,000
Operating Income
10,500
8,000
7,000
Sales and Administrative Expenses
6,000
4,000
3,000
Interest Expense
2,500
2,000
1,000
Net Income
2,000
2,000
3,000
Above is a comparative income statement for Cecil, Inc. for the years 2010, 2011, and 2012. Calculate the profit margin for each of these years. Comment on the profit margin trend.
BWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edi.
University of Maryland University College Final Examination Acct.docxgidmanmary
University of Maryland University College
Final Examination
Acct220: Principles of Accounting I
For this exam, omit all general journal entry explanations. Ensure to include correct dollar signs, commas, underlines & double underlines where required.
Question 1: 40% points:
Flip Company's December 31, 2014 trial balance is as follows:
Flip Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
54,500
Allowance for Doubtful Accounts
500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Flip is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Acct220 Page 1 of 9 Additional Information:
Notes Receivable is a 3-months, 6% note accepted on December 1, 2014.
Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
Building is depreciated at 3% per year. There is no salvage value.
Equipment is depreciated at 15% year. There is no salvage value.
Flip discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
The year-end physical count for Merchandise Inventory reflected a value of $52,500. Any difference in value will not be considered theft or loss.
Salaries for the last half of December, payable in January, amount to $6,500.
Flip estimates that of the Accounts Receivable 5% will not be collectable.
Required:
Prepare in journal form, any required correcting entries
Prepare in journal form, all end-of-the period adjusting entries
Prepare a December adjusted trial balance
Prepare a classified balance sheet for the year ended December 31, 2014
Prepare in journal form, the closing entries for the year ended December 31, 2014
NOTE: Students are encouraged to prepare their own T-accounts, on a separate scratch sheet of paper, and track from the beginning balance thru all journal transactions to ending balances for all accounts used in this problem. Do not turn in your separate scratch sheet of paper - those are student personal working papers and not part of any solution required for this exam.
Question 2: 8% points: Inventory
Flip uses the period method and had t.
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For more course tutorials visit
www.tutorialrank.com
Question 1
The best definition of assets is the
collections of resources belonging to the company and the claims on these resources.
cash owned by the company.
owners’ investment in the business.
resources belonging to a company that have future benefit to the company
FOR MORE CLASSES VISIT
www.acc290genius.com
Financial Reporting Problem Part I Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: What are the company’s total assets at the end of its most recent annual reporting period? Why is this important?
Financial Statement Analysis and Forecast for Hill's Pet Nutrition ItaliaIlyaKozhelskiy
Financial Statement Analysis and Forecast for Hill's Pet Nutrition Italia - a project work for the Corporate Finance course at Ca' Foscari University of Venice
By Sofia Balducci, Ilya Kozhelskiy, Rebecca Tan and Matilda Mignon
Accounting 970601 paper 1 multiple choice october november 2008 Alpro
Accounting 970601 paper 1 multiple choice october november 2008
Advanced Level
A Level
Zimsec
Cambridge
Alpro Learning Portal
Accounting
Accounts
Zimbabwe
Principle of accounts
This presentation was delivered at the April 23, 2009 Smart-ups event in Eugene, OR by Dan Vishny (CFO for two start-ups companies). Dan is also known for having one of the top 10 best scores on the CPA exam - for the entire U.S.A.!
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ACC205 Discussion QuestionsAccounting Equation As you hav.docxannetnash8266
ACC205 Discussion Questions:
Accounting Equation
As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.
Accounts
What does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.
Accounting Cycle
Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why or why not?
Bank Reconciliation
What is the purpose of a bank reconciliation? What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements?
LIFO vs. FIFO
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
Depreciation
A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
Ratios
Ratios provide the users of financial statements with a great deal of information about the entity. Do ratios tell the whole story? How could liquidity ratios be used by investors to determine whether or not to invest in a company?
Profit Margin
Year Ending December 2012
Year Ending December 2011
Year Ending December 2010
Revenues
40,000
35,000
33,000
Operating Expenses
Salaries
15,000
10,000
9,000
Maintenance and Repairs
6,000
9,000
10,000
Rental Expense
2,500
2,500
2,500
Depreciation
2,000
2,000
2,000
Fuel
4,000
3,500
2,500
Total Operating Expenses
29,500
27,000
26,000
Operating Income
10,500
8,000
7,000
Sales and Administrative Expenses
6,000
4,000
3,000
Interest Expense
2,500
2,000
1,000
Net Income
2,000
2,000
3,000
Above is a comparative income statement for Cecil, Inc. for the years 2010, 2011, and 2012. Calculate the profit margin for each of these years. Comment on the profit margin trend.
BWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edi.
University of Maryland University College Final Examination Acct.docxgidmanmary
University of Maryland University College
Final Examination
Acct220: Principles of Accounting I
For this exam, omit all general journal entry explanations. Ensure to include correct dollar signs, commas, underlines & double underlines where required.
Question 1: 40% points:
Flip Company's December 31, 2014 trial balance is as follows:
Flip Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
54,500
Allowance for Doubtful Accounts
500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Flip is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Acct220 Page 1 of 9 Additional Information:
Notes Receivable is a 3-months, 6% note accepted on December 1, 2014.
Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
Building is depreciated at 3% per year. There is no salvage value.
Equipment is depreciated at 15% year. There is no salvage value.
Flip discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
The year-end physical count for Merchandise Inventory reflected a value of $52,500. Any difference in value will not be considered theft or loss.
Salaries for the last half of December, payable in January, amount to $6,500.
Flip estimates that of the Accounts Receivable 5% will not be collectable.
Required:
Prepare in journal form, any required correcting entries
Prepare in journal form, all end-of-the period adjusting entries
Prepare a December adjusted trial balance
Prepare a classified balance sheet for the year ended December 31, 2014
Prepare in journal form, the closing entries for the year ended December 31, 2014
NOTE: Students are encouraged to prepare their own T-accounts, on a separate scratch sheet of paper, and track from the beginning balance thru all journal transactions to ending balances for all accounts used in this problem. Do not turn in your separate scratch sheet of paper - those are student personal working papers and not part of any solution required for this exam.
Question 2: 8% points: Inventory
Flip uses the period method and had t.
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Get help for University of Phoenix ACC 291 for all week assignments and discussions. We provide assignment, homework, discussions and case studies help for all subject University of Phoenix for Session 2015-2016.
Exercises1. Horizontal analysis. Mary Lynn Corporation has been .docxSANSKAR20
Exercises
1. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders' Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
2. Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
3. Vertical analysis. Study the data pertaining to Mary Lynn Corporation that appear in Exercise 1. Prepare a vertical analysis for 20X1 and 20X2 and briefly evaluate the results of your work.
4. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-Term Investments
3,000
2,500
2,000
Accounts Receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid Expenses
800
800
800
Accounts Payable
200
200
200
Notes Payable: Short-Term
3,100
3,100
3,100
Accrued Payables
300
300
300
Long-Term Liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
b. Suppose Thornton is using FIFO for inventory valuation and Edison is using LIFO. Comment on the comparability of information between these two companies.
c. If all short-term notes payable are due on July 11 at 8 a.m., comment on each company's ability to settle its obligation in a timely manner.
5. Computation and evaluation of activity ratios. The following data relate to Alaska Products Inc.:
20X5
20X4
Net Credit Sales
$832,000
$760,000
Cost of Goods Sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Accounts Receivable, Dec. 31
180,000
140,000
Inventory, Dec. 31
70,000
50,000
Accounts Payable, Dec. 31
115,000
108,000
6. The company is planning to borrow $300,000 via a 90-day bank loan to cover short-term operating needs.
a. Compute the accounts-receivable and inventory-turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
b. Study the ratios from part (a) and comment on the company's ability to repay a bank loan in 90 days.
c. Suppose that Alaska's major line of business involves the processing and distribution of fresh and frozen fish throughout the United States. Do you have any concerns about the company's inventory-turnover ratio? Briefly discuss.
7. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest Expense
120,000
Income Tax Expense
80,000
Preferred Dividends
25,000
Net Income
130,000
Average Assets
1,100,000
Average Common Stockholders' Equity
400,000
a. Compute the net-profit-margin ratio and the rates of re ...
Question 1 The accounting process involves all of the followin.docxIRESH3
Question 1
The accounting process involves all of the following except
identifying economic transactions that are relevant to the business.
analyzing and interpreting financial reports.
communicating financial information to users by preparing financial reports.
recording non-quantifiable economic events.
Question 2
Which of the following would not be considered an internal user of accounting data?
Controller of the company
Production manager
President of the company
Internal Revenue Service
Question 3
Generally Accepted Accounting Principles are
theories that are based on physical laws of the universe.
principles that have been proven correct by academic researchers.
income tax regulations of the Internal Revenue Service.
standards that indicate how to report economic events.
Question 4
The three types of business entities are
proprietorships, partnerships, and corporations.
proprietorships, partnerships, and large businesses.
financial, manufacturing, and service companies.
proprietorships, small businesses, and partnerships.
Question 5
Owner’s equity is equal to
assets minus liabilities.
assets plus liabilities.
assets minus revenues.
revenues minus expenses.
Question 6
The left side of an account
is always the credit side.
is always the debit side.
is always the balance side.
may represent the debit side or the credit side.
Question 7
Credits
decrease both assets and liabilities.
increase both assets and liabilities.
decrease both assets and equity.
increase liabilities and decrease assets.
Question 8
The second step in the recording process is
preparing a trial balance.
posting to the general ledger.
analyzing a transaction.
journalizing a transaction.
Question 9
The chart of accounts is a
device used to prove the mathematical accuracy of the ledger.
listing of the accounts and the account numbers that identify their location in the ledger.
required step in the recording process.
list of accounts and their balances at a given time.
Question 10
A list of accounts and their balances at a given point in time is called a
chart of accounts.
trial balance.
general journal.
general ledger.
Question 11
The expense recognition principle matches
assets with owner’s equity.
assets with liabilities
assets with expenses.
expenses with revenues.
Question 12
If a resource has been consumed but a bill has not been received at the end of the accounting period,
it is optional whether to record the expense before the bill is received.
an adjusting entry should be made recognizing the expense.
an expense should be recorded in the next accounting period when the bill is received.
an expense should be recorded when the cash is paid out.
Question 13
An adjusting entry for accrued expenses increases an expense and also increases a liability account.
True
False
Question 14
The adjusted trial balance is prepared
after th ...
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This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Thesis Statement for students diagnonsed withADHD.ppt
Acc 290 final exam new
1. ACC 290 Final Exam NEW
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Question 1
Jackson Company recorded the following cash transactions for
the year:
Paid $135,000 for salaries.
Paid $60,000 to purchase office equipment.
Paid $15,000 for utilities.
Paid $6,000 in dividends.
Collected $245,000 from customers.
What was Jackson’s net cash provided by operating activities?
$89,000
$95,000
$110,000
$35,000
2. Question 2
Which of the following describes the classification and normal
balance of the Unearned Rent Revenue account?
Asset, debit
Expense, debit
Liability, credit
Revenues, credit
Question 3
Posting
involves transferring all debits and credits on a journal page to
the trial balance.
is accomplished by examining ledger accounts and seeing
which ones need updating.
should be performed in account number order.
accumulates the effects of journalized transactions in the
individual accounts.
Question 4
The following is selected information from L Corporation for
the fiscal year ending October 31, 2014.
Cash received from customers $300,000
Revenue earned 390,000
3. Cash paid for expenses 170,000
Cash paid for computers on November 1, 2013 that will be used
for 3 years 48,000
Expenses incurred including any depreciation 216,000
Proceeds from a bank loan, part of which was used to pay for
the computers 100,000
Based on the accrual basis of accounting, what is L
Corporation’s net income for the year ending October 31, 2014?
$204,000
$220,000
$174,000
$158,000
Question 5
La More Company had the following transactions during 2013.
• Sales of $4,500 on account
• Collected $2,000 for services to be performed in 2014
• Paid $1,325 cash in salaries
• Purchased airline tickets for $250 in December for a trip to
take place in 2014
4. What is La More’s 2013 net income using cash basis
accounting?
$4,925
$675
$425
$5,175
Question 6
Which one of the following is not a justification for adjusting
entries?
Adjusting entries are necessary to bring the general ledger
accounts in line with the budget.
Adjusting entries are necessary to enable financial statements
to be in conformity with GAAP.
Adjusting entries are necessary to ensure that the revenue
recognition principle is followed.
Adjusting entries are necessary to ensure that the expense
recognition principle is followed.
Question 7
The Vintage Laundry Company purchased $6,500 worth of
laundry supplies on June 2 and recorded the purchase as an
asset. On June 30, an inventory of the laundry supplies indi-
cated only $1,000 on hand. The adjusting entry that should be
made by the company on June 30 is:
5. debit Laundry Expense, $5,500; credit Laundry Supplies,
$5,500.
debit Laundry, $1,000; credit Laundry Supplies Expense,
$1,000.
debit Laundry Expense, $1,000; credit Laundry Supplies,
$1,000.
debit Laundry, $5,500; credit Laundry Supplies Expense,
$5,500.
Question 8
Similarities between International Financial Reporting
Standards (IFRS) and U.S. GAAP in-clude all of the following
except
Cash-basis accounting is not in accordance with either IFRS or
U.S. GAAP.
Both IFRS and U.S. GAAP divide the economic life of companies
into artificial time periods.
The form and content of financial statements are very similar
under IFRS and U.S. GAAP.
Both IFRS and U.S. GAAP allow revaluation of items such as land
and buildings to fair value.
Question 9
Conway Company purchased merchandise inventory with an
invoice price of $9,000 and credit terms of 2/10, n/30. What is
6. the net cost of the goods if Conway Company pays within the
discount period?
$8,280
$9,000
$8,820
$8,100
Question 10
Stan’s Market recorded the following events involving a recent
purchase of inventory:
Received goods for $90,000, terms 2/10, n/30.
Returned $1,800 of the shipment for credit.
Paid $450 freight on the shipment.
Paid the invoice within the discount period.
As a result of these events, the company’s inventory
increased by $88,650.
increased by $86,886.
increased by $86,877.
increased by $86,436.
Question 11
7. Financial information is presented below:
Operating expenses $36,000
Sales revenue 150,000
Cost of goods sold 105,000
Gross profit would be
$45,000.
$24,000.
$114,000.
$36,000.
Question 12
At December 31, 2014 Mohling Company’s inventory records
indicated a balance of $602,000. Upon further investigation it
was determined that this amount included the following:
▪ $112,000 in inventory purchases made by Mohling shipped
from the seller 12/27/14 terms FOB destination, but not due to
be received until January 2nd
▪ $74,000 in goods sold by Mohling with terms FOB destination
on December 27th. The goods are not expected to reach their
destination until January 6th
▪ $6,000 of goods received on consignment from Dollywood
Company
What is Mohling’s correct ending inventory balance at
December 31, 2014?
8. $410,000
$490,000
$484,000
$596,000
Question 13
Olympus Climbers Company has the following inventory data:
July 1 Beginning inventory 20 units at
$19 $380
7 Purchases 70 units at $20
1,400
22 Purchases 10 units at $22
220
$2,000
A physical count of merchandise inventory on July 30 reveals
that there are 32 units on hand. Using the FIFO inventory
method, the amount allocated to cost of goods sold for July is
$1,380.
$620.
$660.
$1,340.
Question 14
9. Jenks Company developed the following information about its
inventories in applying the lower of cost or market (LCM) basis
in valuing inventories:
Product Cost Market
A $57,000 $60,000
B 40,000 38,000
C 80,000 81,000
If Jenks applies the LCM basis, the value of the inventory
reported on the balance sheet would be
$179,000.
$175,000.
$177,000.
$181,000.
Question 15
Nilson Company gathered the following reconciling information
in preparing its August bank reconciliation:
Cash balance per books, 8/31 $21,000
Deposits in transit 900
10. Notes receivable and interest collected by bank
5,100
Bank charge for check printing 120
Outstanding checks 12,000
NSF check 1,020
The adjusted cash balance per books on August 31 is
$24,960.
$24,060.
$14,760.
$13,800.
Question 16
Which of the following is not a basic principle of cash
management?
Increase collection of receivables.
Keep inventory levels low.
Pay all liabilities early.
Invest idle cash.
Question 17
Use the following data to determine the total dollar amount of
assets to be classified as property, plant, and equipment.
Eddy Auto Supplies
11. Balance Sheet
December 31, 2014
Cash $84,000 Accounts payable
$110,000
Accounts receivable 80,000 Salaries and
wages payable 20,000
Inventory 140,000 Mortgage payable
180,000
Prepaid insurance 60,000 Total
liabilities $310,000
Stock Investments 170,000
Land 190,000
Buildings $226,000 Common stock
$240,000
Less: Accumulated depreciation (40,000)
186,000 Retained earnings 500,000
Trademarks 140,000 Total stockholders'
equity $740,000
Total assets $1,050,000 Total
liabilities and stockholders' equity $1,050,000
$516,000
12. $556,000
$376,000
$686,000
Question 18
Accounting information is relevant to business decisions
because it
confirms prior expectations.
has been verified by external audit.
is prepared on an annual basis.
is neutral in its representations.
Question 19
Howard Company had a transaction that caused a $5,000
increase in both assets and total liabilities. This transaction
could have been a(n)
investment of $5,000 cash in the business by the stockholders.
purchase of office equipment for $12,000, paying $7,000 cash
and issuing a note payable for the balance.
purchase of office equipment for $5,000 cash.
repayment of a $5,000 bank loan.
13. Question 20
Can financial statements be prepared directly from the
adjusted trial balance?
Yes, adjusting entries have been recorded in the general
journal and posted to the ledger accounts.
No, the adjusted trial balance merely proves the equality of the
total debit and total credit balances in the ledger after
adjustments are posted. It has no other purpose.
They can because that is the only reason that an adjusted trial
balance is prepared.
They cannot. The general ledger must be used.
Question 21
Which trial balance will consist of the greatest number of
accounts?
All of these answer choices will contain the same number of
accounts.
Post-closing trial balance
Trial balance
Adjusted trial balance
Question 22
All of the following are required steps in the accounting cycle
except:
14. preparing a post-closing trial balance.
preparing an adjusted trial balance.
preparing a work sheet.
journalizing and posting closing entries.
Question 23
A sales discount does not
increase a contra revenue account.
increase an operating expense account.
reduce the amount of cash received from a credit sale.
provide the purchaser with a cash saving.
Question 24
American Importers reports net income of $50,000 and cost of
goods sold of $450,000. If the company’s gross profit rate was
40%, net sales were
$1,125,000.
$1,175,000.
$825,000.
$750,000.
15. Question 25
The manager of Weiser is given a bonus based on net income
before taxes. The net income after taxes is $35,700 for FIFO and
$29,400 for LIFO. The tax rate is 30%. The bonus rate is 20%.
How much higher is the manager's bonus if FIFO is adopted
instead of LIFO?
$6,300
$9,000
$1,800
$12,600
Question 26
Classic Floors has the following inventory data:
July 1 Beginning inventory 15 units at
$6.00
5 Purchases 60 units at $6.60
14 Sale 40 units
21 Purchases 30 units at $7.20
30 Sale 28 units
Assuming that a perpetual inventory system is used, what is the
cost of goods sold on a LIFO basis for July?
$348.00
16. $702.00
$236.40
$465.60
Question 27
Classic Floors has the following inventory data:
July 1 Beginning inventory 15 units at
$6.00
5 Purchases 60 units at $6.60
14 Sale 40 units
21 Purchases 30 units at $7.20
30 Sale 28 units
Assuming that a perpetual inventory system is used, what is the
value of ending inventory on a LIFO basis for July?
$236.40
$465.60
$702.00
$354.00
17. Question 28
Which of the following is not one of the main factors that
contribute to fraudulent activity?
Opportunity.
Rationalization.
Incompatible duties.
Financial pressure.
Question 29
What is the rationale for the internal control principle,
segregation of duties?
The work of one employee should, without duplication of effort,
provide a reliable basis for evaluating the work of another
employee.
History has shown that employees are generally dishonest and
thus cannot be entrusted with performing related duties.
Control is most effective when only one person is responsible
for a give task.
Segregation of duties causes companies to hire more employees
and thus it supports the economy.
Question 30
18. Under IFRS
comparative prior-period information is not required, but
financial statements must be provided annually.
comparative prior-period information must be presented, but
financial statements need not be provided annually.
comparative prior-period information must be presented, and
financial statements must be provided annually.
comparative prior-period information is not required, but
financial statements need not be provided annually.