2012 Students: These sample questions were pulled from last year’s exam. Note that not all the material covered to this point matches up with what I did last year. Hence some material below may be unfamiliar to you. However, these are reasonably representative of the type of questions you are likely to see. 1.Financial accounting a) provides useful information primarily for external decision makers. b) is required for corporations but probably would not be done by other business entities. c) provides
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1. Which of the four basic financial statements has three main sections: one dealing with operating expenses, another dealing with financial activities, and another dealing with investment activities? a. 0 Income statement b. 0 Retained earnings statement c. 0 Balance sheet d. 0 Statement of cash flows 2. Which of the following lists the main sections of the statement of cash flows? a. 0 Operations, investment, and credit activities b. 0 Investments, credit, and cash operations c. 0 Operations
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deferred tax asset should be reclassified as non- current asset. 2. Costing method for inventory Referring to Colgate’s footnote on summary on significant accounting policies, the company accounts for inventories using both the first-in, first-out (FIFO) method (80% of inventories) and the last-in, first-out (LIFO) method (20% of inventories) (page 55 of 10k). There’s a significant difference for inventory costing method
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[pic]current period cost plus the cost of beginning inventory [pic]current period cost less the cost of beginning inventory [pic]current period cost plus the cost of ending inventory 6. The difference between EUP calculated using FIFO and EUP calculated using weighted average is the equivalent units _______. (Points: 1) [pic]started and completed during the period [pic]residing in beginning Work in Process Inventory [pic]residing in ending Work in Process
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Asset Valuation Introduction As consultants for a new retail company, B.A.S.S. Customized Jewelers, our recommendations for reporting and valuing various assets of the business, as well as inventory policy, capitalization policy, and how these policies will help the company succeed are presented here. In this line of business, demonstrations of depreciation method recommendations are critical to show the inventory allocation and asset costs over the life of the inventory. Lastly, an examination
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ACC2211 MANAGERIAL FINANCE AND ACCOUNTING ACADEMIC YEAR 2013-2014 ------------------------------------------------- SEMINAR 3 – SUGGESTED SOLUTIONS TO SEMINAR QUESTIONS LECTURE 3: PREPARATION OF FINANCIAL STATEMENTS 1. (a) MMM Ltd Income Statement for the Year Ended 30 September 2013 £ £ Sales revenue 330,000 Less: Cost of sales Opening inventories 50,000 Purchases 200,000 Closing inventories (80,000) (170,000)
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PEMERIKSAAN PERSEDIAAN Sifat dan contoh Persediaan 2. Tujuan Pemeriksaan (Audit Objective) Persediaan 3. Prosedur Pemeriksaan Persediaan 1. 1 Sifat dan contoh Persediaan Menurut SAK: persediaan adalah aktiva: a. yang tersedia untuk dijual b. dalam proses produksi dan atau dlm perjalanan c. dalam bentuk perlengkapan [supplies] untuk digunakan dlm proses produksi atau pemberian jasa Sifat Persediaan: - biasanya mrpkan aktiva lancar [perputaran < 1 thn] - mrpkn jml yg besar - mempunyai pengaruh
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Inventory Systems Michael Asibu, Woodrow Lemon, Laura Moll, Jenessa Nagozruk, Brian Norton QRB/501 May 21, 2012 Ohidul Siddiqui Inventory Systems With the increasing demand to cut costs and increase revenues, developing the right inventory systems have become essential to compete in business. According to the Counselors to America’s Small Business, “Control of inventory, which typically represents 45% to 90% of all expenses for business, is needed to ensure that business has the right
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Very Vegetarian It is advisable to evaluate the Very Vegetarian’s financial statement because it possesses valuable information pertaining to the company’s financial condition. Key information that will be useful would be things like the company’s profitability, if Very Vegetarian is able to pay their bills or if there is any debt that they owe. (Understanding Business, p.466) This type of information would be very vital to anyone looking to associate themselves financially with a business
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Controls for Inflows Christina Hall, Prez Palmer, Pamela Poyser, Halle Rodriguez Internal Control Systems-ACC 544 June 27, 2011 Professor Michael Meyer Controls for Inflows Internal controls are important in the business process. There are risks in the business process that can be a detriment to the company and internal controls help to minimize those risks. The most common risk is fraud. With the establishment of internal controls, the users of the financial statements are confident
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