FINAL EXAM STUDY GUIDE The final exam consists of 100 multiple-choice questions from the information presented in Chapter 1 through Chapter 13. Each question is worth 2.5 points. This study guide indicates the items you should review before taking the exam. GOOD LUCK! CHAPTER 1 1. Know the 3 forms of business entities 2. Know the definitions of revenues and expenses 3. Know the difference between internal and external users 4. FASB – responsible for GAAP (accounting principles)
Words: 1038 - Pages: 5
FINANCIAL REPORTING ANALYSIS CHAP - 22 Standard-setting bodies are professional organization of accountants & auditors that establish financial reporting standards. Regulatory authorities are govt. agencies that have legal authority to enforce compliance with financial reporting standards. Difference Between GAAP & IFRS GAAP (FASB) | IFRS (IASB) | Under U.S GAAP firms can choose to report comprehensive income in the statement of shareholder’s equity. | Under IFRS the income
Words: 1974 - Pages: 8
Financial Reporting Problem II Are the assets included under the company’s current assets listed in the proper order? Explain your answer. How are the company’s assets classified? ASSETS Cash and cash equivalents $ 15,659 $ 17,148 Marketable securities (Note 6) 20,284 18,618 Finance receivables, net (Note 7) 71,510 69,976 Other receivables, net 10,828 8,565 Net investment in operating leases (Note 8) 16,451 12,838 Inventories (Note 10) 7,362 5,901 Equity in net assets of affiliated
Words: 604 - Pages: 3
Financial Report Analysis 1. Ford uses a single-step format in its income statement because it is broken into only two divisions, revenues and expenses. The expenses are deducted from the revenue to arrive at net income 2. Net income: 2013 – 7,155,000,000 Earnings per common share: 7,155,000,000 – 1,574,000,000 / 3,913,000,000 = $1.42 3. Gross profit: 2013: 146,917,000,000 – 141,478,000,000 = 5,439,000,000 2012: 133,559,000,000 – 127,678,000,000 = 5,881,000,000 4. Interest expense: 2013:
Words: 698 - Pages: 3
Financial Accounting Chapters 1,2,3 Double Entry Accounting- each business transaction has dual effects. As a result, every transaction affects at least two accounts. One Debit and One Credit ACCOUNT | Debit | Credit | Assets | + | - | Expenses | + | - | Dividends or Withdrawals | + | - | Revenue | - | + | Liabilities | - | + | Capital | - | + | Retained Earnings | - | + | Normal Balance- side the account increases Contra Account- has a normal balance opposite of its companion
Words: 4145 - Pages: 17
operating income statement. In order to remain solvent, the company needed an additional working capital immediately. Hence, a decision had to be reached on these matters quickly. | | | No of Words | 1684 | | | Questions Covered | 1. Is Dobbins using LIFO or FIFO? Which should it use?2. Please provide a uFCFF and Intrinsic Firm Value for Dobbins: a. As if it had not increased production; and b. Given its increases in production.3. In your opinion, what costs should be included in Dobbins's
Words: 272 - Pages: 2
Asset Valuation Introduction The intent of this paper is to describe to the CEO Team B’s recommendation for reporting and valuing assets. Included in this paper is a synopsis of the company’s business plan and the related inventory control and capitalization policy. The authors’ of this paper will also justify why each policy was chosen and evaluate how the policies assists our business to meet its goals. Finally, alternative methods will be discussed with regard to why they were not chosen
Words: 2301 - Pages: 10
Revenue ACCT 212 Week 2 DQ 1 Accrual vs. Cash Accounting ACCT 212 Week 2 DQ 2 ACCT 212 Week 3 DQ 1 Ethical Business Decisions ACCT 212 Week 3 DQ 2 Trade Credit – Accounts Payable ACCT 212 Week 4 DQ 1 Inventory Management ACCT 212 Week 4 DQ 2 LIFO ACCT 212 Week 5 DQ 1 Non-current Assets and Related Liabilities ACCT 212 Week 5 DQ 2 Raising Capital (Cash) ACCT 212 Week 6 DQ 1 Stockholders Equity ACCT 212 Week 6 DQ 2 Net Income vs. Net Operating Cash ACCT 212 Week 7 DQ 1 Financial Statement
Words: 2290 - Pages: 10
Revenue ACCT 212 Week 2 DQ 1 Accrual vs. Cash Accounting ACCT 212 Week 2 DQ 2 ACCT 212 Week 3 DQ 1 Ethical Business Decisions ACCT 212 Week 3 DQ 2 Trade Credit – Accounts Payable ACCT 212 Week 4 DQ 1 Inventory Management ACCT 212 Week 4 DQ 2 LIFO ACCT 212 Week 5 DQ 1 Non-current Assets and Related Liabilities ACCT 212 Week 5 DQ 2 Raising Capital (Cash) ACCT 212 Week 6 DQ 1 Stockholders Equity ACCT 212 Week 6 DQ 2 Net Income vs. Net Operating Cash ACCT 212 Week 7 DQ 1 Financial Statement
Words: 2290 - Pages: 10
Assignment 1: You Are an Entrepreneur! ENTERPRENEUR Introduction My family and I own a small family owned community business called Snacks, Snacks, and More Snacks! We provide freshly prepared mini sandwiches, mini quiche and an assortment of baked goods. Snacks are replenished throughout the day to ensure food is fresh and hot, based upon the customer’s availability. We strive for perfection and are committed to provide a clean and safe work environment for the employees. We pride ourselves
Words: 2115 - Pages: 9
