8 Home Office Expenses (S16-480) 15 09.8.1 Home as “place of business” 15 09.8.2 Home as a work-place of “convenience” 16 Topic 10 Specific Deductions 16 Topic 11 Decline in value and capital allowance 16 11.1 Decline in value (Depreciation) (S17-010) 16 11.2 Main points in this topics 16 11.3 Two methods for calculating
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information include: a. b. c. 4. d. observing e. classifying The financial statement or statements that pertain to a stated period of time is (are) the: a. b. c. d. e. 3. interpreting reporting purchasing accumulated depreciation depreciation expense sales revenue d. e. marketing expense interest expense A brand new company has a building costing $10‚000‚ machinery costing $5‚000‚ cash of $700‚ and a bank loan of $7‚850. What is the owner’s equity? a. b. c.
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MT1 (questions)‚ v. 1. June 2013 F6 (RUS) Monitoring Test 1 (50 marks‚ 1 ½ hour) The following tax rates and allowance are to be used in answering the questions unless the question directly states otherwise: Personal and children allowances Children allowance 1‚400 RR or 3‚000 RR for the 3-d and subsequent child (up to 280‚000) General limitation on “housing” allowance Investments in residential property (apartments) for tax purposes Statutory exclusions from taxable income Prizes and awards
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COMPREHENSIVE EXAMINATION A PART 1 (Chapters 1-6) Problem A-I — Multiple Choice. Choose the best answer for each of the following questions and enter the identifying letter in the space provided. 1. How does failure to record accrued revenue distort the financial reports? a. It understates revenue‚ net income‚ and current assets. b. It understates net income‚ stockholders’ equity‚ and current liabilities. c. It overstates revenue‚ stockholders’ equity‚ and current liabilities.
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Describe clearly the accounting changes Harnischfeger made in 1984 as stated in Note 2 of its financial statements. The accelerated depreciation method was changed from to straight-line on all company assets that caused to increase after-tax net income for 1984 by $11.005 million. The cumulative effect of change in 1984 there will be no reduction in the depreciation expense due to change. in 1984 decreased by $7.0 million over the previous year. Most of this reduction was a result of the company’s
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Basic Objectives To allow better allocations of Capital market Ressources(Useful to those making invest and credit decisions ( Provide info: economic resour‚ claims and changes Fundamental Concepts Relevant - Past‚ Present‚ Future Events ( Reliable - Dependable‚ Reasonably Free Of Error ( Verifiable ( Comparable to other entities ( Consistent over time Recognition And Measurement Concepts Economic entity ( Going concern ( Monetary unit ( Periodically Basic Principles Historical
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BYP 7-1 FINANCIAL REPORTING PROBLEM — A MINI PRACTICE SET (a) Sales Journal S1 Date Account Debited Invoice No. Ref. Accounts Receivable Dr. Sales Cr. Cost of Sales Dr. Inventory Cr. Purchases Journal P1 Date Account Credited Terms Ref. Inventory Dr. Accounts Payable Cr. Cash Receipts Journal CR1
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Sunbeam Case 1. Analyze the changes that Al Dunlap had initiated at Sunbeam after being hired from a strategic perspective. Did the changes started by Dunlap allow him opportunities to manage earnings? 2. Focus on the allegations made by Barron’s about Sunbeam’s accounting. Do you find any red flags that may support these allegations by looking at the "as reported" financials of Sunbeam? 3. Compare the "as reported" and "restated" financials of Sunbeam. Do you see any evidence supporting the
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Multiple Choice: 1. In general terms‚ financial assets appear in the balance sheet at: a. Face value b. Current value c. Cost d. Estimated future sales value 2. Which of the following practices contributes to efficient cash management? a. Never borrow money – maintain a cash balance sufficient to make all necessary payments. b. Record all cash receipts and cash payments at the end of the month when reconciling the bank statements
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Name ___________________________________________ Accounting 201 Unit Test II Instructor: Tracy Gillis VERSION ONE Fall 2011 * You can take the exam apart if you wish‚ but return ALL pages‚ even if unused. * There are six multiple choice questions and four problems for a total of 35 marks. * Watch your time‚ 1.8 minutes per mark * Show all of your work on the blank pages provided. Do not crowd your work. 1. ___ | 2. ___ | 3. ___ | 4. ___ | 5
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