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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ACC 290 Final Exam 1) Which financial statement is used to determine cash generated from operations? A. Income statement B. Statement of operations C. Statement of cash flows D. Retained earnings statement 2) In terms of sequence, in what order must the four basic financial statements be prepared? A. Balance sheet, income statement, statement of cash flows, and capital statement B. Income statement, capital statement, statement of cash flows, and balance sheet C. Balance sheet, capital statement
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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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See answers below the final exam. 1) Which financial statement is used to determine cash generated from operations? A. Income statement B. Statement of operations C. Statement of cash flows D. Retained earnings statement 2) In terms of sequence, in what order must the four basic financial statements be prepared? A. Balance sheet, income statement, statement of cash flows, and capital statement B. Income statement, capital statement, statement of cash flows
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account for inventories, IFRS’ identification of items sold and unsold is a huge contrast from BWC’s current practice. BWC uses the Last-in, First out (LIFO) method to match the cost of goods sold; IFRS doesn’t permit LIFO so BWC must implement the First in-First (FIFO) to match costs of its inventory. This means that BWC will have to pull the LIFO reserve back into their taxable income. Of course, this could potentially lead to increased taxes. The European rate of 30% will be far less than the 50%
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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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in which similar goods are purchased at different times and at different prices.” The ASC 330-10-30-9 said that “Cost for inventory purposes may be determined under any one of several assumptions as to the flow of cost factors, FIFO, average, and last-in first-out LIFO.” Under this code said the company should choose one of the methods to record their inventory cost, lower of cost or market is an adjustments for their inventories. The ASC 330-10-35-1/2 said that company should adjust their inventory
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Question 1 Net income is gross profit less • financing expenses. • operating expenses. • other expenses and losses. • other expenses. Question 2 On November 2, 2014, Kasdan Company has cash sales of $6,000 from merchandise having a cost of $3,600. The entries to record the day's cash sales will include: • a $3,600 credit to Cost of Goods Sold. • a $6,000 credit to Cash. • a $3,600 credit to Inventory. • d a $6,000 debit to Accounts Receivable. Question 3 Glenn Company purchased
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P6-6B Revised Solution Note: This problem has a couple of remaining issues…First, on November 3, Yoshi only paid freight for 70 of the 80 units that were delivered on November 2. A possible explanation is that Yoshi called the supplier on November 2 and said that ten of the units received were damaged and the supplier agreed to pay the freight for the ten units and pick them up on the 9th. Second, we don't know if Yoshi took the discount on the units purchased on the 21st, but evidently not.
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