Reference no: EM131221111
What theimportance of FASB and what it does for the accounting profession? What are the major classifications of accounting activity?, and what is the difference between financial accounting, internal auditing, public auditing, and managerial accounting? What is the time frame that is reported on a balance sheet, income statement, cash flow statement, statement of changes in retained earnings (or owners’ equity)?and purpose of each statement.? what is a fiscal year is and how it is determined.?What is the balance sheet equation ?how to determine values associated with the statement of changes in retained earnings (or owners’ equity) and the result of journal entries and adjustments.? how to calculate ROI, ROE, a current ratio, a quick ratio, and how to determine working capital.? What is the best way to make evaluate an organization quantitative sense.? why an asset may be current or non-current;? likewisewhy a liability may be current or non-current.?What is the accounting concepts and principals of matching revenue and expense, materiality, consistency, conservatism, and accrual accounting.?
how to post journal entries and the effect of journal entries posted, e.g. the effect of a debit or credit entry on a particular account.?What the normal balance (debit or credit) for accounts.?where specific accounts belong on the financial statements.?How to calculate depreciation using the straight-line and double declining balance methods,? how to calculate a gain or loss on the sale of a fixed asset?. Remember what net book value and net realizable value means. Remember what a contra account is and why it is used. Understand what happens to the financial statements when an account receivable is actually written off.?What is the effect on the financial statements using the weighted average, FIFO, or LIFO cost flow methods.?–
what are the definitions of the following terms Acid Test Ratio Prepaid Expenses Current Assets Debit Current Ratio Periodic inventory system Straight Line Depreciation Current Liabilities Retained Earnings Historical Cost Accrual Working Capital Perpetual inventory system Valuation Account Ledger Managerial accounting Credit Accelerated Depreciation Contra Account liquidity Financial accounting?
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Ob-order costing-the unadjusted cost of goods sold
: Vanproosdy Inc., which uses job-order costing, has provided the following data for February: Direct materials. $78,000 Direct labor cost $94,000 Manufacturing overhead cost incurred $54,000 Manufacturing overhead cost applied. $50,000 Inventories: Th..
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Application of manufacturing overhead to production
: Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the year, the company estimated its total overhead cost to be $286,000 and machine hours to be 14,300. Record the actual manufacturing o..
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Prepare journal entries for transactions
: Floyd’s Auto Repair Shop uses a job order cost system to track the cost of each repair. Floyd’s applies its garage or shop overhead at a rate of $24.60 per direct labor hour spent on each repair. Floyd’s uses the following accounts to track the cost ..
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Identify category of accounts on the financial statements
: How to Identify category of accounts on the Financial Statements ? Example How to Post transactions using journal entries and determine values of various accounts ? Examples Analysis of transactions, noting the total effect on assets, liabilities, ow..
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Difference between financial accounting-internal auditing
: What theimportance of FASB and what it does for the accounting profession? What are the major classifications of accounting activity?, and what is the difference between financial accounting, internal auditing, public auditing, and managerial account..
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Calculate adjusted tax basis in asset
: ABC Company purchased business property several years ago, paying $25,000 cash and borrowing $80,000 to fund the acquisition. ABC also incurred $2,000 of freight costs for shipping the property to its business location. ABC has also deducted $56,000 ..
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Uses plantwide predetermined overhead rate based
: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March—Job P and Job Q. Job P was completed and sold by the end of the March and Job Q was incomplete at the end of the Mar..
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Semiannual period-end unamortized discount carrying value
: Paulson Company issues 7%, four-year bonds, on December 31, 2015, with a par value of $104,000 and semiannual interest payments. Semiannual Period-End Unamortized Discount Carrying Value
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Compute the amount of each of the four equal total payments
: On January 1, 2015, Eagle borrows $25,000 cash by signing a four-year, 7% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year from 2015 through 2018. Compute the amount of each o..
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