Purchase discounts Study guides, Class notes & Summaries

2023 AQA A-level ACCOUNTING 7127/1 Paper 1 Financial Accounting Question Paper & Mark scheme (Merged) June 2023 [VERIFIED] Please write clearly in block capitals. Centre number Candidate number Surname Forename(s) Candidate signature I declare this is my own work. A-level ACCOUNTING Paper 1 Financial Accounting Friday 26 May 2023 Morning Time allowed: 3 hours Materials For this paper you must have: • a calculator. Instructions • Use black ink or black ball-point pen. •...

When discussing a corporation's capitalization, each of the below would be included except: A: non-voting class B preferred stock B: subordinated debentures rated BB+ by Standard & Poor's C: earned surplus D: plant & equipment correct answer: Plant and equipment Capitalization includes Stockholders' Equity and Long-term Debt. Plant & Equipment are Fixed Assets, which are assets purchased with the Capital raised by the business but are not themselves considered Capital Miami-Dade C...

CHAPTER 3—ANALYSIS OF FINANCIAL STATEMENTS TRUE/FALSE 1. Ratio analysis involves analyzing financial statements in order to appraise a firm's financial position and strength. ANS: T PTS: 1 DIF: Difficulty: Easy OBJ: LO: 3-1 NAT: BUSPROG: Reflective Thinking STA: DISC: Financial statements, analysis, forecasting, and cash flows LOC: TBA TOP: Ratio analysis KEY: Bloom’s: Knowledge 2. The current ratio and inventory turnover ratios both help us measure the firm's liquidity. The current ...

MAC3701 SUMMARY STUDY NOTES 2022 STUDY UNIT 1 PLANNING AND CONTROLLING INVENTORY Cost of holding inventory is expensive – capital is needed to create suitable infrastructure (factory, staff, computers, stationery etc) and cash flow also needed for operational activities of entity. Investment in inventory and inventory infrastructure is committed fixed costs which are managed over medium to longterm. Because of high costs and risks of holding inventory entity should keep inventory level...

MGT 103 BATES MIDTERM questions and answers 100% correct marketing started production based; engineers the activity, set of institutions, and processes for creating, communicating, deliver- ing, and exchanging offerings that have value for customers, clients, partners, and society at large Eras of marketing 1. production 2. sales era 3. marketing concept era 4. customer relationship era need precedes a want; underlying necessity -basic physical and psychological needs ...

What information is contained in a balance sheet? - ANSWER-Report of a company's financial position as of a point in time. What is an owners' equity item? - ANSWER-Capital stock A company ended July with assets of $150,000 and owner's equity of $60,000. What is the amount of liabilities at the end of July? - ANSWER-$90,000 What is reported in a multiple-step income statement that is not reported in a single-step income statement? - ANSWER-Gross profit How is gross profit computed...

Accounting 2401 Final Exam Study Guide ACCOUNTING 2401 FINAL EXAM STUDY GUIDE   Accounting 2401 Final Exam Study Guide Multiple Choice (2.5 points each) 1. During 2014, Parker Enterprises generated revenues of $90,000. The company’s expenses were as follows: cost of goods sold of $45,000, operating expenses of $18,000 and a loss on the sale of equipment of $3,000. Parker’s gross profit is a. $24,000. b. $27,000. c. $45,000. d. $90,000. 2. During 2014, Parker Ente...

QuickBooks Study Guide Latest Update Already Graded A How do you edit a collections letter? Choose COMPANY> PREPARE LETTERS WITH ENVELOPES> CUSTOMIZE LETTER TEMPLATES. What does the term "Double-Entry Accounting" mean? There are always at least two accounts involved in every financial transaction. You suspect that someone has changed a transaction. What report should you run? AUDIT TRAIL REPORT ~!~ ~!~ ~!~ The audit trail shows you transactions that have been added, changed, and delete...

What is a primary goal of the accounting profession? - Consistent treatment of like transactions to allow clarity in presentation and consistency in interpretation of financial statements prepared by various individuals or entities. How did APB (Accounting Principals Board) fail? - Created Opinion #5 (Reporting of Leases in Financial Statements of Lessees) and Opinion #7 (Accounting for Leases in Financial Statements for Lessors) that ha different opinions and left lessors & lessees with co...

Quickbooks Exam Practice Questions What are settings for expenses? - Bills and expenses, purchase orders and messages What are the 4 settings for bills and expenses under expense settings - 1. Show items table on expense and purchase forms (only in PLUS) 2. Track expenses and items by customer (only in PLUS) 3. Make expenses and items billable (only in PLUS) 4. Default bill payment terms Why might you want to undo a reconciliation? - If the reconciliation was forced, meaning it was...