Classes of Assertions: Classes of Transactions and Events for the Period Occurrence: transactions that have been recorded have occurred Completeness: All transactions and events that should have been recorded have been recorded Authorization: All transactions and events have been properly authorized Accuracy: Amounts have been recorded properly Cutoff: Transactions and events have been recorded in the correct accounting period Classification: transactions and events have
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E3-18 (Page 152) Determine the following 2011 balance sheet items: 1. Current assets 2. Shareholders’ equity 3. Non-current assets 4. Long-term liabilities Solution 3-18 1. Acid-test ratio = Quick assets ÷ Current liabilities =1.20 Quick assets = Current assets - Inventories Quick assets = Current assets - $840‚000 Current assets ÷ Current liabilities =2.25 Current assets - $840‚000 ÷ Current liabilities =1.20 $840‚000 ÷ Current liabilities = 1.05 Current liabilities = $800
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Name: Class: Cost Accounting Date: 02.12.2012 Quiz 5 1) Absorption costing: A) expenses marketing costs as cost of goods sold B) treats direct manufacturing costs as a period cost C) includes fixed manufacturing overhead as an inventoriable cost D) is required for internal reports to managers 2) Variable costing: A) expenses administrative costs as cost of goods sold B) treats direct manufacturing costs as a product cost C) includes fixed manufacturing overhead as an inventoriable
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Managerial Accounting: Week 1 Assignment 1 Corriene Power ACC202: Principles of Financial Accounting Mr. Babawale Alao January 27‚ 2011 10 – 1 Identifying Financial versus managerial accounting characteristics a. Managerial Accounting b. Financial accounting c. Managerial Accounting d. Financial accounting e. Managerial Accounting f. Financial Accounting g. Financial accounting h. Managerial accounting i. Financial Accounting j. Managerial accounting
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CHAPTER 1: EXERCISE 1-5 Asset Cash Equipment Supplies Accounts receivable Liability Accounts payable Notes payable Salaries and wages payable Stockholders’ Equity Common stock EXERCISE 1-6 1. 2. 3. 4. 5. 6. 7. 8. 9. Increase in assets and increase in stockholders’ equity. Decrease in assets and decrease in stockholders’ equity. Increase in assets and increase in liabilities. Increase in assets and increase in stockholders’ equity. Decrease in assets and decrease in stockholders’
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MEMO To: Manager of Newman Title Inc. From: Date: 12 September 2011 Re: SEC investigation and Resignation of CFO The purpose of this memo is to provide Newman Title Inc. manager‚ about the investigation from U.S. Securities and Exchange Commission (SEC) regarding Newman Title’s accounting practice of revenue recognition‚ and the impact of CFO’s resignation for the company its share market. Legally we are required to comply with the request of the SEC and give the SEC the invoices and
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Solutions Guide: Please do not present as your own. This is only meant as a solutions guide for you to answer the problem on your own. I recommend doing this with any content you buy online whether from me or from someone else. BYP13-4 The Coca-Cola Company and PepsiCo‚ Inc. provide refreshments to every corner of the world. Selected data from the 2004 consolidated financial statements for The Coca-Cola Company and for PepsiCo‚ Inc.‚ are presented here (in millions).Coca-Cola PepsiCoTotal
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Before Chrysler merged to become DaimierChrysler AG‚ they were presented with a takeover bid of $55 per share by MGM billionaire Kirk Kerkorian and former Chrysler chairman Lee Iacocca. Kirk Kerkorian was a stockholder in Chrysler and an experienced takeover financier who apparently found Chrysler to be a good buy. Chrysler rejected the offer‚ however‚ stating that the firm was not for sale. Further‚ many Wall Street experts felt that Kerkorian could not come up with the $20 billion necessary to
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Ateneo de Zamboanga University SCHOOL OF MANAGEMENT AND ACCOUNTANCY Accounting 206: Cost Accounting and Cost Management‚ Part II Midterm Examination Kelvin J. Culajara‚ BSA‚ CPA Name: _____________________________________ Date: _______________ Score: __________ Test 1: Comprehensive Problem/Reporting Assume that you are the newly-hired chief cost accountant of Wapayutana Company. As the chief officer‚ you are tasked to monitor the flow of costs throughout the process‚ and hence‚ you are
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|ACC/422 Version 6 | | |Intermediate Financial Accounting II | | | | Copyright © 2012‚ 2010‚ 2007‚ 2006‚ 2004 by University of Phoenix. All rights reserved
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