Generic Feedback to BMAN 73071 Introduction For the most part the accounting assignment was well done. Marks were well spread across the distinction, merit and pass grades, and just less than 10% of people obtained marks at 80% or above. Unfortunately there were also some fails. The feedback below is intended to help you understand where marks were won and lost. Please ask if you have problems once you have read the feedback below. Admin Issue The feedback sheet is designed for essay based
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AC3225: Week 4 Depreciation Methods and Inventory Valuation Lab 4.1/Inventory Valuation, Depreciation of Assets, and Intangible Assets Solve the problems given below. Click here to download and save the templates that you must use to perform this week’s lab. 1. Remmers Company manufactures desks. Most of the company’s desks are standard models and are sold on the basis of catalog prices. At December 31, 2012, the following finished desks appear in the company’s inventory. Finished Desks 2012
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to the statement of profit and loss after tax for the current period and the current assets would have been higher. (b) Use of estimates The preparation of financial statements requires the management to make judgments, estimates and assumptions. Differences between the actual results and estimates are recognized in the year in which the results are known or materialized. (c) Tangible fixed assets Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses
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10 Operational Assets: Acquisition and Disposition Questions for Review of Key Topics Question 10-1 The term operational asset is used to describe the broad category of long-lived assets that are used in the production of goods and services. The difference between tangible and intangible assets is that intangible assets lack physical substance and they primarily refer to the ownership of rights. Question 10-2 The cost of an operational asset includes the purchase
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Assets are formally controlled and managed within larger organizations via the use of assets tracking tools. These monitor the purchasing, upgrading, servicing, licensing, disposal etc., of both physical and non-physical assets. Current assets Current assets are cash and other assets expected to be converted to cash or consumed either in a year or in the operating cycle (whichever is longer), without disturbing the normal operations of a business. These assets are continually turned over in the
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expenditures relating to plant assets were made by Spaulding Company during the first 2 months of 2011. Instructions (a) Explain the application of the cost principle in determining the acquisition cost of plant assets. The cost principle states that assets must be recorded at the cost at which they were acquired. Although plant assets can fluctuate in fair market value, their book value will remain consistent. Companies must compute the total deprecation of the asset and allocate it over the usual
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Case: General Mills a) General Mills is an American food manufacturer that does business in the US, Europe, Latin America and Asia. Its primary line of business ready-to-eat food products both for retail and wholesale purposes. b) Common financial statements include the balance sheet, income statement, the statement of cash flows, and the statement of shareholders equity. General Mills renames them as consolidated balance sheet, consolidated income statement, consolidated statement
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TEST BANK CHAPTER 1 Intercorporate Investments: An Overview MULTIPLE CHOICE Use the following information on a company’s investments in equity securities to answer questions 1- 4 below. The company’s accounting year ends December 31. | |Date of acquisition|Cost |Fair value |Date sold |Selling price | |Investment | | |12/31/10 | |
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E9-1 The following expenditures relating to plant assets were made by Spaulding Company during the first 2 months of 2011. 1. Paid $5,000 of accrued taxes at time plant site was acquired. 2. Paid $200 insurance to cover possible accident loss on new factory machinery while the machinery was in transit. 3. Paid $850 sales taxes on new delivery truck. 4. Paid $17,500 for parking lots and driveways on new plant site. 5. Paid $250 to have company name and advertising slogan painted on new delivery
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Noncurrent Assets Paper Every business must have assets to generate income for the business. Businesses must account for all assets in their balance sheets regardless if what is being reported are assets or non-assets. Balance sheets are organized in a particular way so that financial statements fundamentals are arranged in subgroups. Some of the basic examples of assets consist of cash, accounts receivables, and prepaid expenses. Examples of non-current assets consist of fixed assets, intangible assets
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