financial accounting exam 2 answers

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financial accounting exam 2 answers

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Trivia Questions Quiz, Finance And Accounts Questions! does the over-time pattern in this ratio tell us about the quality of Nike’s financial reporting? Answers; Chapters 3 and 4. The Crazy Train Company has projected the following quarterly sales… Quiz, Recording Financial Transactions: Trivia Quiz. the market “the bad drive out the good”. - In future years, the above makes it easier for Nike to meet earnings expectations as it can 1 answer below », EXPECTED RETURNS Suppose you won the lottery and had two options: (1) receiving $0.5 million or (2)… STUDY. 1 answer below », During 2014, Bruske Company”s assets decreased $50,000 and its liabilities decreased $90,000. Bad debt expense is recorded after all of the current year's credit sales are collected. The effect on net account receivables depends on the relationship between the allowance account balance and the amount of the write off. for Uncollectible Accounts, Conservatism, and Earnings Management” in your answer. - Management forecast errors. Financial Accounting Exam 2. Shipping terms are FOB destination; Schnell pays shipping cost of $5000. This is a rare opportunity you should take advantage of, please share this post to friends who might be in need of this study material. It is calculated as the outcome of a transaction which was executed in the past. MGT101 : This is a trivia questions quiz designed to test your financial accounting knowledge! 3.1 Does Nike’s 2010 accounting satisfy clean surplus? 1 answer below », Last month, BlueSky Airline announced that it would stretch out its bill payments to 45 days from 30… Financial Accounting means to analyze, summarize, and record financial transactions as well as to show an accurate picture of the financial affairs of the company. 367.5 to 214.8. 1.2 Briefly describe three sources of potential noise in accounting information. 1 answer below », H3, #068 The codification was first published as of July 1, 2009. Ratio that measures the liquidity of inventory by measuring the number of times average inventory sold during the period; compouted by dividing the cost of goods sold by the average inventory during the period. 4.4 Explain what Akerlof (1974) refers to with a “lemon” in his article “The Market for Lemons: available to financial statement user, only different location in the report. Persons using accounting information who are directly involved in managing the organization. Net purchases are: At the end of the year, Marline Corporation determines that its ending inventory ahs a cost of $2000 and a market value of $1900. 1 answer below », Miller Enterprises deposits the cash received during each day at the end of the day. 1 answer below », Identify each of the following groups as a population or a sample. ANS: D, 24) Which of the following is not a real account? The payment of a liability in cash will decrease stockholders' equity. (a) realization (b) entity (c) going concern (d) duality ANS: D, 6) The art of collecting, recording, presenting and interpreting accounting data is ___. (a) What is the amount of gross profit? expense. also indicate whether each of the accounts used is a balance sheet (BS) or an income statement (IS) 1. Created by. 1) A financial analyst needs accounts information to (a) maintain the production section of the business (b) know why transactions cause increases and decreases in asset (c) advice on how to manage the business (d) know how to record transaction in T account ANS: C, 2) Creditors use accounting information for the purpose of (A) planning sales to a company (B) controlling a company’s affairs (C) investing in a company (D) assessing a company’ liquidity ANS: D, 3) In preparing accounting records, the owners of a business and the business are treated as (A) the same person (B) having business relationship (C) separate legal entities (D) Partners ANS: C, 4) One of the major features of bookkeeping is that it (a) provides permanent records for all financial transactions (b) is futuristic in nature (c) accepts responsibility for all wrong posting (d) does not give room for double entry procedure ANS: A, 5) The accounting principle which states that for every debit entry, there is a corresponding credit entry is recognized as ___ concept. Answers; Chapters 3 and 4. 2. If not, explain your answer and identify the Flashcards. evidence could argue in favor of capitalization – rather than the immediate expensing – of The note receivable and interest are receivable on March 31, 2013. Key Concepts: Terms in this set (64) On January 1, 2011, the Accounts Receivable balance was $20,500 and the credit balance in the Allowance for Doubtful Accounts was $1,450. - Management-induced bias. Within how many hours of the deal itself must other transactions flow in order to display as selectable discoveries? - EARN = CFO + ACCR Answers; Chapters 8, 9 and part of 10. Cr. The note receivable and interest are receivable on March 31, 2013. what managers believe). - Lemon: a bad product (company) that, because of information asymmetry, is (adsbygoogle = window.adsbygoogle || []).push({}); Enter your email address to subscribe to this blog and receive notifications of new posts by email. Wind has a Contribution Margin per unit of $6.00… Consider the following financial statement information for the Glory… conservative (i.e., too large), that firms report lower bad debts expense when pre-bad debts * This is what Nortel actually did in 2003 to inflate its reported profits, QUESTION 3: Financial and fundamental analysis (36 marks). (a) John: N40 Dr, Cash: 40 Cr. Are you an accountant who is trying to see how well they understand the Financial Accounting Standards Board Codifications? The balance of Service Revenue will increase. Integrated Management For Childhood Illness (IMCI) Quiz, Marketing Commucations Exam Questions! Finance and accounts are interconnected with each other and there is no way one can study in one field without learning some of the basic concepts surrounding the other. - Related-party or entity transactions. Kindly share with your friends because it would be of immense help to them. 1 answer below », Blue Skies Equipment Company uses the aging approach to estimate bad debt expense at the end of… Trivia Questions: Basic Financial Accounting Quiz! Trivia Quiz, Financial Accounting Exam II, Quiz Questions, MGT101 : Test Your Financial Accounting Knowledge!

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