Accounting

Accounting

What does the Income Statement list? - Answer- 1. Revenue 2. Expenses 3. Taxes What criteria must each item meet in order to be listed on the Income Statement? - Answer- 1. It must correspond to the period only shown on the income statement. A 20 year asset would NOT appear on the 1 year income statement 2. It must affect the company's taxes ex: interest paid on debt is tax deductible, so it would appear on the income statement What are the 4 main sections on the income statement? -...

C211 OA Questions and Answers 2023 view that claims phenomenon of globalization was initially driven by the desire of Western economies to exploit their power through MNE's Ans- new view that claims globalization is a long-run historical evolution since the dawn of humanity. Says it is nothing new and that it will always exist Ans- evolutionary view that claims globalization is swinging from one extreme to another from time to time Anspendulum investment in, controlling, and managing v...

What is the primary difference between managerial accounting and financial accounting? CORRECT ANSWER Managerial is internal to an organization and Financial is externally facing Define bookkeeping CORRECT ANSWER The preservation of a systematic, quantitative record of an activity What is a tool for evaluating the health and performance of an organization that predates writing? CORRECT ANSWER Bookkeeping What are the three primary functions of an accounting system? CORRECT ANSWER 1. Ana...

Gringo Trails,Watch the movie Gringo Trails, This movie looks at destination development over decades to see how destinations change. Then answer the following questions: 1. How were the destinations discovered and who traveled there first? 2. How did that change over time? 3. What were the impacts on the destination with an increase in tourism? (Salt Lake in Bolivia, Koh Pangan, Thailand) 4. How did Bhutan handle tourism development differently ? 5. Look at the girl traveling to Timbukt...

QUESTION 1: STATEMENTS: COMPREHENSIVE INCOME AND FINANCIAL POSITION (60 marks; 45 minutes) The information relates to John-Vos Ltd for the financial year ended 28 February 2022. REQUIRED: Complete the following: (NOTE: Some information is printed in the ANSWER BOOK.) 1.1 Statement of Comprehensive Income for the year ended 28 February 2022. (40) 1.2 Retained income note on 28 February 2022. (7) 1.3 EQUITY and LIABILITIES section of the Statement of Financial Position on 28 February 202...

Standard Costs Correct Answer: Standard costs are predetermined, attainable unit costs. Standard cost systems isolate deviations (variances) of actual from expected costs. One advantage of standard costs is that they facilitate flexible budgeting. Accordingly, standard and budgeted costs should not differ when standards are currently attainable. However, in practice, budgeted (estimated actual) costs may differ from standard costs when operating conditions are not expected to reflect those anti...

TC=(VCs xQs) + FCs Correct Answer: Master Budget uses standard quantity TC=(VCs x Qa) + FCs Correct Answer: Flexible Budget uses actual quantity ROA Correct Answer: ROA =Profit Margin x Asset Turnover Income/Assets = Income/Sales x Sales/Total Assets ROA numerator issues Correct Answer: There are two major issues for measurement of income in the numerator: (a) income taxes, and (b) GAAP. ROA Denominator issues Correct Answer: Denominator Issues It is in this figure that ther...

Initial entry for installment method Correct Answer: Cash (down pmt) Installment Receivable (yr 1 pmt) Cost of Installment sales (cost) *********Inventory (cost) *********Installment Sales (total) Installment Year End for receivables Correct Answer: Installment Sales (total) ******Cost of Installment sales (cost) ****** Deferred GP (Total-cost) deferred GP year 1 (GP%*amount paid) ******Realized GP ***GP %= (total-cost)/total Cost recovery method Year One for receivables...

ACCOUNTING 3 QUIZ 1: FINANCIAL ASSETS EQUITY SECURITIES 9Completed with Accurate Answers2022/2023: TestBank