True or False, choose ov 1- Using LIFO, the cost of units sold is the cost of the most recent purchases. 2- Depreciation is charged on all assets 3- On a company's balance sheet, accounts receivable is the money add with sales credit and cash. 4- Ending inventory is goods available for units sold plus COGS. 5- The straight line method is the providing of depreciation where the amount of depreciation is reduced from year to year. 6- The journal entry for recording account receivable is: Accounts Receivable Dz & Sales Cr..

True or False, choose ov 1- Using LIFO, the cost of units sold is the cost of the most recent purchases. 2- Depreciation is charged on all assets 3- On a company's balance sheet, accounts receivable is the money add with sales credit and cash. 4- Ending inventory is goods available for units sold plus COGS. 5- The straight line method is the providing of depreciation where the amount of depreciation is reduced from year to year. 6- The journal entry for recording account receivable is: Accounts Receivable Dz & Sales Cr..

Name: True or False, choose o1- Using LIFO, the cost of units sold is the c
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Description: True or False, choose o1- Using LIFO, the cost of units sold is the cost of the most recent purchases.2- Depreciation is charged on all assets3- On a company's balance sheet, accounts receivable is the money add with sales creditand cash.4- Ending i

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.3.5MBA: Return on assets The financial statements of The Hershey Company (HSY) are shown in Exhibits 6...

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Put the correct word next to the answer that best describes the following : scheduling, cash, coding, accrual, FIFO, accounts payable, LIFO, point of service, book value, perpetual Often called trade credit. It assumes that payment is made when due. Answer 1 It is assumed that the last units acquired are the first ones used. Answer 2 An asset original cost less the amount of accumulated depreciation. Answer 3 This is the beginning of the revenue cycle Answer 4 The type of accounting used by health care facilities Answer 5 When the patient shows up for care. Answer 6 The organization always knows how much inventory it has on hand Answer 7 The translation of services provided into billable charges. Answer 8 It is assumed that the units required earlier are used before units acquires later Answer 9 The major source of financing for an organization Answer 10
What is the term used for the profit on a sale before any operating expenses have been deducted? a. Net Income b. Net Profit c. Gross Profit d. Gain on Sale e. All of the above
Return on assets The financial statements of The Hershey Company (HSY) are shown in Exhibits 6 through 9 of this chapter. Based upon these statements, answer the following questions. The percent that a company adds to its cost of sales to determine the selling price is called a markup. That is Hershey’s markup percent? Round to one decimal place.
Read each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter. Understandability Relevance Faithful representation Comparability Depreciation Consistency Materiality Conservatism Operating cycle Current asset Current liability Liquidity Working capital Current ratio Single-step income statement Multiple-step income statement Gross profit Profit margin Auditors report An income statement in which all expenses are added together and subtracted from all revenues. The magnitude of an accounting information omission or misstatement that will affect the judgment of someone relying on the information. The capacity of information to make a difference in a decision. An income statement that shows classifications of revenues and expenses as well as important subtotals. The practice of using the least optimistic estimate when two estimates of amounts are about equally likely. The quality of accounting information that makes it comprehensible to those willing to spend the necessary time. Current assets divided by current liabilities. The quality of information that makes it complete, neutral, and free from error. An obligation that will be satisfied within the next operating cycle or within one year if the cycle is shorter than one year. Current assets minus current liabilities. Net income divided by sales. For accounting information, the quality that allows a user to analyze two or more companies and look for similarities and differences. An asset that is expected to be realized in cash or sold or consumed during the operating cycle or within one year if the cycle is shorter than one year. The ability of a company to pay its debts as they come due. For accounting information, the quality that allows a user to compare two or more accounting periods for a single company. The process of allocating the cost of a long-term tangible asset over its useful life. The period of time between the purchase of inventory and the collection of any receivable from the sale of the inventory. Sales less cost of goods sold. The opinion rendered by a public accounting firm concerning the fairness of the presentation of the financial statements.
State the accounting assumption, principle, qualitative characteristic, or constraint that is most applicable in the following cases. В. 1. All payments less than RM25 are expensed as incurred. 2. The company employs the same inventory valuation method from period to period. 3. A patent is capitalized and amortized over the periods benefited. 4. Assuming that dollars today will buy as much as ten years ago. 5. Rent paid in advance is recorded as prepaid rent. 6. Financial statements are prepared each year. 7. All significant post-statement of financial position events are reported. 8. Personal transactions of the proprietor are distinguished from business transactions. B.
rd D-Activities carried out following the actual buy and sell transaction. c- Activities carried out to identify the need for an actual buy and sell transaction. d- Activities carried out prior to the actual buy and sell transaction. 5- The ratio of Profit Before Tax Assets is known as? a-Net Profit after Taxes b-Return on assets c-Cost of Goods Sold d-Asset Utilization 6-When breaking down Total Cost of ownership, the four elements of cost are...? a- Quality, Service, Deployment, and Price b- Quality, Service, Delivery, and Production c- Quality, Set-Up, Delivery, and Price d- Quality, Service, Delivery, and Price 7-The Purchasing Organization in a firm can contribute to providing a competitive advantage E a-the profit-leverage effect b-the return on assets effect c-reducing annual spend d-improving process efficiency e-all of the above MacBook Pro
Consider the following financial data from the past year for Midwest Outdoor Equipment Corporation. $24,324,000 2,975,000 12,600,000 10,550,000 2,875,000 3,445,000 Annual sales Net income Cost of goods sold Total assets Inventory Receivables a. Compute the profit margin. Note: Round your answer to 3 decimal places. Profit margin
Please present your solution in good accounting form. Thank you! 1.) What is the inventory value of the units unsold in the hands ofthe consignee?A. 150,000 C. 154,500B. 153,000 D. 157,500 2.) What is the profit of the consignor for the units sold?A. 24,000 C. 27,000B. 26,000 D. 70,000
Indicate the effects of the transactions listed, on current assets, current ratios and net income. Use (increase) to indicate an increase, (decrease) to indicate a decrease and (no effect) to indicate no effect or an indeterminate effect. A fixed asset is sold for more than book value. Net income will ______ Answer 1 A fully depreciated asset is retired. Net income will experience ______ An increase in inventory turnover ratio signifies _____________________ in a firm's efficiency. Merchandise is sold for cash. Total current assets will ________
4. Efficiency Ratios a) Asset Tumover Ratio b) Fixed Asset Turnover Ratio c) Accounts Receivable Turnover Ratio d) Days Receivable e) Inventory Turnover Ratio f) Days Inventory g) Accounts Payable Turnover Ratio h) Days Payable 5. Compute also a) Operating cycle b) Cash cycle
Indicate the section of an income statement in which each of the following is shown.a. Loss on inventory write-down. b. Loss from strike.c. Bad debt expense.d. Loss on disposal of a discontinued business. e. Gain on sale of machinery.f. Interest expense.g. Depreciation expense.h. Interest revenue
Which of the following is true of the income statement? O Net income equals the amount of cash received minus the amount of cash paid out during the year. Gross profit equals the revenue earned minus cost of goods sold and operating expenses. O The income statement reflects the amounts owned and the amounts owed at a point in time. Expenses can include some amounts that have not yet been paid. O At the end of the year, cost of goods sold is the difference between the ending and beginning balance of the inventory account.