ANSWER SHEET STUDENT’S SURNAME........................................... OTHER NAMES.......………......................................... STUDENT NUMBER....……….................................. TUTORIAL DAY & TIME........………................... TUTOR’S FULL NAME......................................... Test 1 – Version 2 Session 2‚ 2012 Course Code: ACCG 224 Course Name: INTERMEDIATE FINANCIAL ACCOUNTING Time allowed: 55 minutes plus 5 minutes reading time Total No. of questions:
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The Series of Discussion Papers “Conceptual Framework of Financial Accounting” Working Group on Fundamental Concepts September 2004 （Tentative translation: 28 Feb. 2005） Contents Issuance of the Series of Discussion Papers “Conceptual Framework of Financial Accounting”・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 1 Discussion Paper “Objectives of Financial Reporting” ・・・・・・・・・・・・・・・4 Discussion Paper “Qualitative Characteristics of Accounting Information” ・・・・・12 Discussion Paper “Elements
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bank reconciliation‚ Apex Company provided the ff. information Balance per bank statement 1‚805‚000 Deposit in transit 325‚000 Return of customer’s check for 60‚000 Insufficient fund Outstanding checks 275‚000 Bank service change for August 10‚000 On Aug 31‚ 2011‚ what is the adjusted cash in bank? a. 1‚ 855‚ 000 b. 1‚ 795‚ 000 c. 1‚ 785‚ 000 d. 1‚ 755‚ 000 3. Credit balances in Accounts Receivable shall be classified as a. Current Liabilities
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December 31‚ 2012 15‚700 Total cost of goods in process 1‚955‚030 Less goods in process inventory‚ December 31‚ 2013 19‚380 Cost of goods manufactured $1‚935‚650 Problem 1-7A (Continued) Part 2 DE LEON COMPANY Income Statement For Year Ended December 31‚ 2013 Sales $4‚525‚000 Less sales discounts 62‚500 Net sales 4‚462‚500 Cost of goods sold Finished goods inventory‚ December 31‚ 2012 $ 167‚350 Cost of goods manufactured
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Course Home Use the financial statements from the most recent year to fill in the table below. You may find some formulae calling for an average‚ e.g.‚ average inventory‚ average receivables. Because we only have the Balance sheet for one year‚ you can only use the one year number not an average. Assume interest expense is $0.00 Be sure to cite your references Green boxes to be filled in by instructor Ratio Formula (express the ratio in words)
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and Wilson‚ B. Corporate Financial Analysis ‚ Business Publications‚ Inc. 1986. Hawawini‚ G. and Viallet‚ C. Finance for Executives‚ South-Western College Publishing‚ 1999. Isberg‚ S. C. Financial analysis with the Du Pont ratio: A useful compass ‚ Credit & Financial Management Review‚ Second Quarter‚ 1998‚ pp Kelly‚ S.. Company health check‚ Accountancy Ireland‚ Vo. 37‚ No. 4‚ August‚ 2005‚ pp. 52-53. Lauzen‚ L. Small business failures are controllable ‚ Corporate Accounting‚ Summer‚ 1985‚ pp. Small
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Chapter 3 The Balance Sheet and Financial Disclosures Questions for Review of Key Topics Question 3-1 The purpose of the balance sheet‚ also known as the statement of financial position‚ is to present the financial position of the company on a particular date. Unlike the income statement‚ which is a change statement that reports events occurring during a period of time‚ the balance sheet is a statement that presents an organized array of assets‚ liabilities
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CHANGES IN BALANCE SHEET ACCOUNTS The total assets of a firm and the claims on assets change over time because of investing and financing activities. For example‚ a firm may issue common stock for cash; acquire a building by mortgaging a portion of the purchase price‚ or issue common stock in exchange for convertible bonds. These investing and financing activities affect the amount and structure of a firm’s assets‚ liabilities‚ and shareholders’ equity. The total assets of a firm and the claims
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shareholder’s wealth 3. High Country Seasonings is both an investment opportunity and a financing opportunity. Should Pacific acquire High Country Seasonings? Suggested approach – investment opportunity: (a) Forecast High Country’s Income Statement and Balance Sheet for 2012-2015. (b) Determine High Country’s free cash flow to investors. (c) Is High Country’s valuation greater than what Pacific must pay to acquire the firm? (d) From an investment standpoint‚ should Pacific acquire High
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ACCT1A Sample Exam 3 Name: __________________________ Date: _____________ 1. The maturity date of a note receivable: A) Is the day of the credit sale. B) Is the day the note was signed. C) Is the day the note is due to be paid. D) Is the date of the first payment. E) Is the last day of the month. 2. The amount of bad debt expense can be estimated by: A) The percent of sales method. B) The percent of accounts receivable method. C) The aging of accounts receivable method. D) Only b and c. E)
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