in accounting practices. The first error was an overstatement of $7.6 million in inventory over one quarter which accounted for a pre-tax income higher than actual. (Vending Market Watch, 2011) This accounting principle violated was either LIFO, FIFO or average cost as the inventory as the error was a result of an overstatement of consolidated inventory and an understatement of the cost of inventory. As a result, income is overstated, which then means that the stockholder's equity is overstated
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Subject-based Practical Skills 5. Prepare trial balance. 6. Prepare adjusting entries and closing entries. 7. Prepare entry for special journals and subsidiary ledgers. 8. Prepare cash book and petty cash systems. 9. Value the stock using FIFO, LIFO and Weighted Average. 10. Prepare basic financial statements. 11. Prepare bank reconciliation. | 11. | Reading List: | Main Text:Andrew Thomas & Anne Marie Ward; Introduction to Financial Accounting (seventh edition, McGrawHill)
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accounts receivable analysis indicates that the balance in the Allowance account should be $17,500. A3: Analysis of the replacement cost for inventory indicates a decline of $17,000 which you consider to be material. The company uses the FIFO method of accounting for inventory. A4: You analyze the securities held in the Marketable Securities account at year end by looking up the closing price on Yahoo Finance for each security and multiplying by the number of shares held. The
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EXECUTIVE SUMMARRY Name Institutional Affiliation Executive Summary Inventory turnover is the measure of the speed in turning over its inventory with a given annual trading period. That entails calculating the cost of goods sold then dividing the same with average inventory. Inventory to revenue ratio determines the ability of a company to manage their inventory levels. The auto parts industry is associated with finding innovative techniques necessary in keeping new firms from entering the
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1. Calculate the following ratios for each year during the period 1980-1983. Comment on the trend indicated by each ratio with respect to the financial performance and condition of the Charter Company. A. Profitability: Return on average total assets (assume a 46% income tax rate) = EBIT/Total Assets 1983 = 133896 / 1813199 = .073845 1982 = 108180 / 1628046 = .066448 1981 = 155673 / 1541326 = .100999 1980 = 145485 / 1746260 = .083312 1979 = 446649 / 1728694 = .258373 B. Turnover:
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Financial Analysis Bossini International Holdings Ltd. Siddharth Joshi Katherine Lee Cho Yan Wang Marc Jutras Wing Him Yeung March 30, 2011 TABLE OF CONTENTS EXECUTIVE SUMMARY ............................................................................................................ 1 INTRODUCTION .......................................................................................................................... 2 Company Overview ..............................................
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Executive Summary Recommendation: BUY Statoil ASA is a Norwegian energy company that specializes in the extraction and production of oil and natural gas in Norway and internationally. The globally integrated company focuses its business on the exploration, production, transportation, refining, and marketing of petroleum-based products. As the largest supplier of natural gas from the Norwegian Continental Shelf and across Western Europe, boasting a prominent position
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Computers of today multitask where you can run more than one program simultaneously. All computers need system memory to operate and require a method of management to insure the proper handling of the data stored within it. Memory management involves relocation, protection, sharing, logical organization, and physical organization of the data. Without proper memory management page faults would climb out of control and data could become corrupted or lost. As a process waits for its turn with the
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ACC 492 Week 4 Individual Multiple Choice Quiz To Buy This material Click below link http://www.uoptutors.com/ACC-492/ACC-492-Week-4-Individual-Multiple-Choice-Quiz ACC 492 Week 4 Individual Multiple Choice Quiz 1. A CPA found that the company has not capitalized a material amount of leases in the financial statements. When considering the materiality of this departure from GAAP, the CPA would choose between which reporting options? a. Unqualified opinion or disclaimer of opinion. b. Unqualified
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Phil Storrs PC Hardware book The PC and Interrupts We are all confronted with interruptions from time to time. Some are pleasant, some are unpleasant and some are neutral. You can ignore some interruptions, for example a telephone or doorbell ringing, some must not be ignored, such as getting a flat tire on the freeway - you must deal with them as soon as possible. The alternative to a system with Interrupts is to use Polling, a system where we must look at each device periodically to see if our
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