Chapter 2: Recording Business Transactions 1. Which of the following accounts is NOT an example of an asset? A) Accounts receivable B) Cash C) Building D) Notes payable Which of the following accounts is NOT an example of a liability? A) Wages payable B) Notes payable C) Accounts payable D) Accounts receivable Which of the following accounts is NOT an example of an owner’s equity account? A) Drawing B) Capital C) Additional investments D) Cash Accountants first record transactions in the: A)
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Executive Summary “Bukayo” Sweets is a dessert located in the rural area like Barangay Bogña. We can loosely be described as a pride desert where customers will enjoy its yummy taste. We will interact with our customers to have a better relationship with the customer. “Bukayo” Sweets will hold true to its vision of being present in every meal that everyone loves to eat. Unlike other places each of them has a product that they have been proud of, like the “Durian in Davao” the “Mango in Batangas”
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AUDIT AND THE FULL SCOPE AUDIT! 2 MAJOR FUNDS CONCEPT • MAJOR FUNDS MUST BE REPORTED SEPARATELY • NONMAJOR FUNDS REPORTED IN THE AGGREGATE IN A SINGLE COLUMN • A BALANCE SHEET TEST OR AN OPERATING STATEMENT TEST 3 IDENTIFYING MAJOR FUNDS •THE GENERAL FUND •THIS FUND IS ALWAYS MAJOR •OTHER FUNDS (BALANCE SHEET OTHER TEST OR OPERATING STATEMENT TEST): 4 IDENTIFYING MAJOR FUNDS – CON’T. • A FUND NEED ONLY EXCEED 10% OF ASSETS OR LIABILITIES OR 10% REVENUES OR EXPENDITURE/EXPENSES
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College: Rims International School of Business & Technology (Mumbai), India. Course: BBA - HNC – 1st Semester. Subject: Managing Financial Resources & Development Roll No: 7 Student name: Zain Sajjad Merchant | | UNIT | Unit 2- Managing Financial Resources & Decisions | Course | HNC | LECTURER | Mr.Parvez Ahmad | VERIFIER | Ms Reena Cliffton | HAND OUT DATE | 15.10.’10 | SUBMISSION DATE | 27.11.’10 | STUDENT | Zain Sajjad Merchant | TERM | Dec 2010 | ASSIGNMENT
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Question #1: It is believed that Danle’s decision to omit disclosure relating to the class-action litigation was not appropriate for the fiscal year ended December 31, 2009. This conclusion was reached because both litigations were determined to not be “probable” and thus need not be accrued for (as required by ASC 450-20-25-2), yet Danle’s legal counsel concluded that the litigation could “potentially but not probably” cause a future loss. The use of the word “potentially” can be reasonable assumed
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$375,000 $230,000 ($145,000) Chemalite, Inc. Assets Current Assets Cash Accounts Receivable Inventory Total current assets Fixed Assets Equipment Patent Total fixed assets Intangible assets Total assets $230,000 $0 $75,000 $305,000 Balance Sheet for June 30, 2003 Liabilities Liabilities Current Liabilities Accounts payable Taxes payable Total Current Liabilities $0 $0 $0 Long-term liabilities $62,500 Long-term loans $0 $125,000 $187,500 Total liabilities $0 $0 $492,500 Total (Liabilities
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The financial outcome for OfficeMax in 2010 was 7.2 million dollars for the year. The 10K report provides information regarding all the financial aspect for the company. OfficeMax reached there goal for the year. Their budget was set and they maintained to keep within their financial means. Below is information obtained form OfficeMax’s 2010 10K report. INDEXED RETURNS Years Ending | |
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3rd quarters of 2011, and RIM has been averaging $722M in profit over the last five quarters. RIM however has had a decline in total revenue, from $5.4B for the period November 27, 2010 to $4.2B for the period August 27, 2011. Balance Sheet - MMI's balance sheet reveals the company has almost nine and a half billion dollars in total assets, with almost four and a half billion in cash and short term investments. The fact that MMI has access to that much cash is a good sign of its financial health
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Nestor Santamaria MGT 324 Leopoldo Lopez October 22nd, 2012 TIRE CITY Assignment Present Condition of the Firm: Do a profile of Tire City's financial health by calculating the following ratios from 1993 through 1995 * Short Term Solvency or Liquidity: current ratio, quick ratio Short term solvency of liquidity ratios | | | | 1993 | 1994 | 1995 | current asset | 4683 | 5542 | 6548 | current liabilities | 2312 | 2882 | 3218 | Current ratio | 2.02551903 | 1.92297016 | 2.03480423
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Strategy and Implementation Summary • Competitive Edge • Marketing Strategy • Sales Strategy • Support for the Sales Strategy Management Structure • Personnel Plan Financial Information • Sales Forecast • Projected Profit & Loss • Projected Balance Sheet • Projected Cash Flow Page 3 Page 3 Page 5 Page 6 Page 8 Page 9 Page 10 Page 11 Appendices Appendix I - Notes & Assumptions Page 17 Page 2 Executive Summary I am a qualified chef with 11 years of experience working in
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