1B. 3.5Which of the following pairs increase with credit entries? _____ Equipment (b) Debt to Assets Ratio & Free Cash Flow LO measure the ability of a company to survive over a long period. mechanism Hence, it should, A: "Since you have asked multiple question we will solve the first question for you. are licensed under a, Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting, Identify Users of Accounting Information and How They Apply Information, Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities, Explain Why Accounting Is Important to Business Stakeholders, Describe the Varied Career Paths Open to Individuals with an Accounting Education, Describe the Income Statement, Statement of Owners Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate, Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses, Prepare an Income Statement, Statement of Owners Equity, and Balance Sheet, Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements, Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions, Define and Describe the Initial Steps in the Accounting Cycle, Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business Transactions on Financial Statements, Use Journal Entries to Record Transactions and Post to T-Accounts, Explain the Concepts and Guidelines Affecting Adjusting Entries, Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries, Record and Post the Common Types of Adjusting Entries, Use the Ledger Balances to Prepare an Adjusted Trial Balance, Prepare Financial Statements Using the Adjusted Trial Balance, Describe and Prepare Closing Entries for a Business, Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity, Appendix: Complete a Comprehensive Accounting Cycle for a Business, Compare and Contrast Merchandising versus Service Activities and Transactions, Compare and Contrast Perpetual versus Periodic Inventory Systems, Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory System, Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System, Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods, Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies, Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System, Define and Describe the Components of an Accounting Information System, Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders, Analyze and Journalize Transactions Using Special Journals, Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems, Analyze Fraud in the Accounting Workplace, Define and Explain Internal Controls and Their Purpose within an Organization, Describe Internal Controls within an Organization, Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries, Discuss Management Responsibilities for Maintaining Internal Controls within an Organization, Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries, Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements, Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions, Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches, Determine the Efficiency of Receivables Management Using Financial Ratios, Discuss the Role of Accounting for Receivables in Earnings Management, Apply Revenue Recognition Principles to Long-Term Projects, Explain How Notes Receivable and Accounts Receivable Differ, Appendix: Comprehensive Example of Bad Debt Estimation, Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions, Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method, Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method, Explain and Demonstrate the Impact of Inventory Valuation Errors on the Income Statement and Balance Sheet, Examine the Efficiency of Inventory Management Using Financial Ratios, Distinguish between Tangible and Intangible Assets, Analyze and Classify Capitalized Costs versus Expenses, Explain and Apply Depreciation Methods to Allocate Capitalized Costs, Describe Accounting for Intangible Assets and Record Related Transactions, Describe Some Special Issues in Accounting for Long-Term Assets, Identify and Describe Current Liabilities, Analyze, Journalize, and Report Current Liabilities, Define and Apply Accounting Treatment for Contingent Liabilities, Prepare Journal Entries to Record Short-Term Notes Payable, Record Transactions Incurred in Preparing Payroll, Explain the Pricing of Long-Term Liabilities, Compute Amortization of Long-Term Liabilities Using the Effective-Interest Method, Prepare Journal Entries to Reflect the Life Cycle of Bonds, Appendix: Special Topics Related to Long-Term Liabilities, Explain the Process of Securing Equity Financing through the Issuance of Stock, Analyze and Record Transactions for the Issuance and Repurchase of Stock, Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits, Compare and Contrast Owners Equity versus Retained Earnings, Discuss the Applicability of Earnings per Share as a Method to Measure Performance, Describe the Advantages and Disadvantages of Organizing as a Partnership, Describe How a Partnership Is Created, Including the Associated Journal Entries, Compute and Allocate Partners Share of Income and Loss, Prepare Journal Entries to Record the Admission and Withdrawal of a Partner, Discuss and Record Entries for the Dissolution of a Partnership, Explain the Purpose of the Statement of Cash Flows, Differentiate between Operating, Investing, and Financing Activities, Prepare the Statement of Cash Flows Using the Indirect Method, Prepare the Completed Statement of Cash Flows Using the Indirect Method, Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency, Appendix: Prepare a Completed Statement of Cash Flows Using the Direct Method, Creative Commons Attribution-NonCommercial-ShareAlike License, https://openstax.org/books/principles-financial-accounting/pages/1-why-it-matters, https://openstax.org/books/principles-financial-accounting/pages/3-multiple-choice, Creative Commons Attribution 4.0 International License, Financial Accounting Standards Board (FASB), generally accepted accounting principles (GAAP), Assets Liabilities = Stockholders Equity, Assets Stockholders Equity = Liabilities, Assets = Liabilities + Stockholders Equity, Assets + Liabilities = Stockholders Equity. Which of the following is required for protective system equipment? The important thing to remember about an income statement is that it represents a period of time. IAS 7 Statement of Cash Flows requires an entity to present a statement of cash flows as an integral part of its primary financial statements. If a reasonable person would conclude that the employer had not conveyed the training to its employees in a manner they were capable of understanding, then the violation may be cited as serious if it is within the guidelines set out in the FOM. Or, select one of the following options: Edit Query: Opens the Query Editor for the selected query. Charity of goods is- Group functions can only be used in a SELECT list. Risk assessment Question 1: Multiple Linear Regression is appropriate for: Predicting the sales amount based on month. LO Financial Statements 2 Class 11 MCQs Questions with Answers Question 1. (b)Profitability ratios. Refer to the CVS annual report in the Supplement to Chapter 5. Define current assets. Promotes Operational Efficiency, A: Financial Accounting means the process of recording the transaction , posting , summarising ,, A: Internal auditors occupy a distinct role inside the organisation. The cash basis income for 2009-2011 FAILS to match the cost of insurance with the d. all of the above. Washington, D.C. 20210. 3.5Which of these accounts commonly requires both debit and credit entries? If a workplace is located in a state that operates an OSHA-approved state plan, that workplace should the follow the regulations of ____________. 3.1The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? Common stock, the investments of assets into the business by the stockholders. Fungi are a kingdom of species with their own classification scheme based on their characteristics and features.They are eukaryotic, multicellular organisms that function as decomposers in a given ecosystem. I offer instant credit to my customers and contract with another company to pull credit reports to determine their creditworthiness. Obligations that a company expects to pay after one year. endstream endobj 63 0 obj <> endobj 64 0 obj <> endobj 65 0 obj <>stream Establishes a system of internal control and assesses its effectiveness, Search Textbook questions, tutors and Books, Change your search query and then try again. Retained earnings (RE) employees. Of course, employers may also provide instruction in learning the English language to non-English speaking employees. _____ Income taxes payable (b)current assets; long-term investments; property, plant, and equipment; and common stock. No Credit Check Houses For Rent Fort Wayne, A service is performed, but the payment is not collected on the same day. Match the following items to their related statements. Match the following items with their related statements below: a. statements about some concepts, topics, and principles of course content. __CA___ Supplies, Classify each of the following financial statement items taken from Ming Corporation's balance sheet. Current liabilities (CL) Lets calculate its Net Income in a single-step format. Solved ssignments LO 1 SHORT EXERCISES Inventory Concepts - Chegg Fred is considering using the accrual method for his next business venture. To keep apprised of such developments, you can consult OSHA's website at https://www.osha.gov. The time it takes to acquire and sell inventory. Bloom specified different abilities and behaviors that are related to thinking processes in his Taxonomy of Educational Objectives. Sales commission, pension contributions, and payroll account also contribute to OPEX. are well trained and Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg. Which of the following is not required of management when development and maintaining a safety program? The company has an internal audit The company gathers appropriate Personnel are well trained and instructed in their duties. Chapter 6, Problem 1SE is solved. A. 3.4What is the impact on the accounting equation when a current months utility expense is paid? 3.1That companies can present useful information in shorter time periods such as years, quarters, or months is known as which of the following? Control environment -. __CA___ Accounts receivable The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo Records of the OSHA 300 Log, the privacy case list (if it exists), the annual summary, and the OSHA 301 Incident Report, must be kept for how many years following the end of the calendar year that they cover? Short term creditors: are primarily interested in a person liquidity: his ability to pay off his debts as they come due. A copy of the Annual Summary must be posted in every establishment, where notices are usually posted or in a conspicuous place. Type B : 1:1 (45 degrees) These are legally binding obligations payable to another entity or individual. What is meant by the term operating cycle? Match the following definitions to their related statements as described in the Definitions section of this lesson. Figure 1.7 Income Statement Schedules for Custom Furniture Company. 3.5Which set of accounts has the same type of normal balance? Has the objective of matching costs of the period d. Lower-of-cost-or-market against revenues for the period. Management encourages employees to follow the rules. 3.1That a business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally, is known as which of the following? 9. review Using the indirect method, operating net cash flow is calculated as follows:. Match the items that follow with their related statements. Holding all other factors constant, indicate whether each of the following signals generally good or bad news about a company. 3.1Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? Net cash provided by operating activities after adjusting for capital expenditures and cash dividends paid. During your monthly close, cross-check your records to make sure you paid all bills and invoices. Match (by letter) the following items with the description or example that, Describe when economic performance occurs for the following expenses: Worker\'s compensation, Rebates, If charges flow very slowly through a metal, why does it not, Bisbee Health Products invests heavily in research and development (R&D), although it, Suppose the marginal benefit of writing a contract is $50, independent of, A company borrowed from a bank an amount of (24,000) dinars and. CSHOs should also look beyond any basic paper documentation; i.e, an employer may have training records but employees may not have been able to understand the elements included in the training. C. Cash flow statement. Centrifuge. Compliance auditing decide whether a process or transaction has or has not followed, A: Internal control is implemented in organizations by management, A: Item I is incorrect because a management letter is issued for the use of auditors. Management puts separation of duties in place. (b)land expense. Or the statement. _SE____ Common stock A measure of the net income earned on each share of common stock. Generally, (1) investments in stocks and bonds of other corporations that companies hold for more than one year; (2) long-term assets, such as land and buildings, not currently being used in the company's operations; and (3) long-term notes receivable. Companies can use free cash flow to: C. to allow the developer to graphically design program components. (a)The articles says that the switch to IFRS tends to be favored by "larger companies, big accounting firms, and rule makers." 3.4What is the impact on the accounting equation when stock is issued, in exchange for assets? __CA___ Inventory 3.4Which of these events will not be recognized? Match the items with the related statements that follow. Question: Match the following coenzymes with their vitamins. In the income statement, expenses are costs incurred by a business to generate revenue. They are mostly made from one-time non-business activities that might not re-occur in the future. LO OSHA has a long and consistent history of interpreting its standards and other requirements to require employers to present information in a manner that their employees can understand. Assets that a company expects to convert to cash or use up within one year or its operating cycle, whichever is longer. Instructions (d)$100.00. From the Team Explorer home page, choose Work Items. Together with the Balance Sheet and Cash Flow Statement, it is included in every companys Annual Report the publicly available, comprehensive overview of a business health and financial standing. Format of a Single-Step Income Statement. Accounting Question Practice Chapter 2 Flashcards | Quizlet (b)net loss. The purposes of this memorandum are to reiterate OSHA's policy that employee training required by OSHA standards must be presented in a manner that employees can understand, and to provide enforcement guidance to the area and regional offices relative to the Agency's training standards. The main users of the financial accounting information are the internal users. The following result is displayed by SQL. Answer Explanation Related Ques. A set of financial statements includes the income statement, statement of owner's equity, balance sheet, and statement of cash flows. 7. 1/34 Previous Next Flip Space Created by thesupercool Terms in this set (34) Match the statement on the left with the economic philosophy it represents on the right. Quiz 15 Excavations Flashcards | Quizlet Type C : 1 1/2:1 (34 degrees), Match the following soil types to their maximum allowable slopes, Sloping or benching for excavations greater than 20 feet deep must be designed by a registered professional engineer, The steepest incline of an excavation face that is acceptable for the most favorable site conditions as protection against cave-ins and is express as the ratio of horizontal distance to vertical rise is called, The basic types of shoring : Timber and aluminum shoring Going through and understanding the four major financial statements is crucial when gauging the profitability and growth prospects of an investment but it can also be a hassle. __PPE__ Buildings Inventory accounting 1. Week 5 Individual Internal Control SE 1. Ability of management to make informed business decisions. If you, A: Answer:- Measures of the ability of the company to survive over a long period of time. (a)Current ratio. _____ Income taxes payable The company has an internal audit department. c. Ability of the organization to remain n business. Examinations are a very common assessment and evaluation tool in universities and there are many types of examination questions. 3.2Which of these accounts is a liability? Financial accounting reports often must be audited at least annually by an independent auditor. Management encourages employees to follows the rules. Section 1926.21, Safety Training and Education, states that OSHA must create programs that apply to both employees and employers, Between Feb. 1 and April 30 of the next year. Property, plant, and equipment (PPE) Which of the following are affected by the quality of an organizations internal controls? LO Creative Commons Attribution-NonCommercial-ShareAlike License LO Search Textbook questions, tutors and Books, Change your search query and then try again, 1. e. Monitoring 2. a. a. accuracy and methods of measurement. Group functions can be used in a WHERE clause. hVn8ylPdySq@&%CVwe;u)\H3+ o@@i. Classify financial statement items by balance sheet classification. Explain. The company has an internal audit department. Long-term investments (LTI) 9. The Log of Work-Related Injuries and Illnesses is also referred to as form number. Measures the percentage of total financing provided by creditors. Current assets are listed: It will be delivered in two weeks. The company gathers appropriate information and communicates it to employees. Reconcile accounts. Assets that do not have physical substance. (b)by importance. A means to express each item in a financial statement as a percentage of a base amount.h. The companies categorize their cash flows into operating , investing and financing cash flows. BRCA Answer Question 2. LO in place. Our interpretation letters explain these requirements and how they apply to particular circumstances, but they cannot create additional employer obligations. 3.1Also known as the historical cost principle, ________ states that everything the company owns or controls (assets) must be recorded at their value at the date of acquisition. _____ Retained earnings Select the correct answers to codes (a), (b), (c), or (d) as given below: A Sample Income Statement: Expenses are listed on a company's income statement. Jean Jacques Rousseau (b) The Social Contract. (c)higher liquidity, lower solvency, and higher profitability. For 2017, Spanos Corporation reported net income $26,000, net sales $400,000, and weighted-average shares outstanding 4,000. Occupational Safety and Health Two employer responsiblities listed in this section are instructing employees in recognizing and avoiding unsafe conditions and training employees in the regulations that apply to his or her work environment. LO Which of the following statements about service asset and configuration management is/are CORRECT? Creating an Informative Speech. They classify liabilities as either current or long-term. _____ Accounts payable e. Monitoring LO This review involves identifying the following items for a company's financial statements over a series of reporting periods: Trends Overview. LO (b)Current ratio. then you must include on every digital page view the following attribution: Use the information below to generate a citation. Company environment 3. b. R. Because the federal agricultural commodity program involves . Inter Miami U19 Roster, b. 3.3The step-by-step process to record business activities and events to keep financial records up to date is ________. Compared to O'Hare Inc., Reilly Inc. has: Hydraulic shoring must be checked weekly for defective parts, If it is determined to be unsuitable, all equipment must be removed from service until _______ approves it for use, OSHA requires that all excavations in which employees could potentially be exposed to cave-ins be protected by, Stable Rock : Vertical (90 degrees) Spicemas Launch 28th April, 2023 - Facebook This is the more expensive and difficult method of shoring : Timber shoring The purposes of this memorandum are to reiterate OSHA's policy that employee training required by OSHA standards must be presented in a manner that employees can understand, and to provide enforcement guidance to the area and regional offices relative to the Agency's training standards. 2. Answer: E = percent change in demand/percent change in price. LO Current liabilities (CL) (c)What criticism of IFRS is raised with regard to regulated companies? __CL___ Income taxes payable LO department. 3.2Which of the following does not accurately represent the accounting equation? __CL___ Income taxes payable Type A : 3/4:1 (53 degrees) It is most commonly produced by lower-end accounting software packages. Current assets (CA) When a copy of the OSHA 300 Log has been requested by an appropriate party, when must the requester receive their copy of the the Log? Management regularly considers what losses the company might face. Match the following items with the related statements below: a. Personnel The information gathered is usually available after an independent audit has been completed.