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1. What is vertical analysis? When would you use vertical analysis instead of horizontal? Do companies use one or the other? Please explain. What about industry averages? How do people use industry averages for comparative analysis?
2. What are the formulas of the following liquidity ratios and their formulas and what does each ratio tell us?
- Working capital- Current ratio- Current cash debt coverage ratio- Inventor turnover ratio- Days in inventory- Receivables turnover ratio- Receivables turnover ratio- Average collection period
3. A great example of an extraordinary item in accounting is the BP oil explosion and subsequent oil spill. How would this be treated on BP's books? What about the organizations that were affected by the spill, do you think they would also have an extraordinary item to report? For example, what about resorts in the area? What about fishing companies in the area?
4. Changes in accounting principles are mostly reported retroactively by companies, which includes both the current and previous periods. How far back do you have to go? Do you have any reporting requirements for future periods?
Of all the business processes in the Accounting Information Systems (AIS), which do you think is the hardest to control and why? Be specific in your discussion of internal controls.
Prepare journal entries associated with changes due to errors. How do they relate to the practice of accounting and its uses in business?
Sampson Apparel Incorporated incurred actual variable overhead expenses of $62,000 in the current year for the production of 10,000 units.
Why may net cash flow from operating activities on the cash flow statement be different from the amount of net income reported on the income statement?
Your recommendation for any company who processes the ordering technology relates to Accounting Information System. Specifically discuss internal controls.
Use T accounts to record transactions involving assets, liabilites and owners equity for the following:
From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
I understand that non-recurring items such as adjustments for changes in accounting methods, extraordinary gains/losses, income from discontinued operations, etc. must not be included. However, what items should I address?
Determine the accounting principles (GAAP) the foreign and domestic companies use to prepare financial statements.
Retained earnings at 1/1/06 was $150,000 and at 12/31/06 it was $200,000. During 2006, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings.
Short Term Financial Policy
What is Justin’s adjusted tax basis for his partnership interest immediately after partnership is formed? What is the partnership’s adjusted basis for property contributed by Justin?
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