- Study guides, Class notes & Summaries

Sales taxes are not usually charged to government agencies - ANS True Electrical supply companies, auto parts distributors, and food supply companies are examples of wholesalers - ANS True A sales discount increases the revenue account Sales - ANS False Sales Discounts is a contra revenue account - ANS True When a cash sale occurs, the details of the sale are printed on two tapes in the cash register at the same time - ANS True Bank card sales ar...

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2 pages

Written in 2023/2024

Grade A+

DocLaura

The terms accounting and bookkeeping are interchangeable. - ANS False A company's assets include its liabilities. - ANS False In double-entry bookkeeping, assets and liabilities are on different sides of accounting - ANS True In accounting, a ledger is a time-ordered list of account transactions. - ANS False- Journal An income statement is the same thing as a profit and loss statement. - ANS True Net income is the amount on which a firm will pay...

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5 pages

Written in 2023/2024

Grade A+

DocLaura

what is the main objective for accounting? - ANS to provide useful information to decision makers who are the internal users of accounting information? - ANS finance, marketing, human resources, production, company officers who are external users of information? - ANS investors, creditors, labour unions, customers, regulators what does GAAP stand for? - ANS generally accepted accounting principles what are the 5 levels in conceptual framework? - ANS ...

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6 pages

Written in 2023/2024

Grade A+

DocLaura

What is the difference between accounting and book-keeping? - ANS Accounting: an information system used to measure, organize, report and communicate information to decision makers Bookkeeping: physical recording of business transactions within the accounting system. Financial statements - ANS documents that report on an individual's or an organization's business in monetary amounts Individuals use accounting information to... - ANS manage bank accounts, make invest...

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3 pages

Written in 2023/2024

Grade A+

DocLaura

Last year, Hampton Electronics earned $3.30 per share. If a share of its stock is selling for $56, what is the firm's P-E ratio? - ANS $56/$3.30 = 16.97 Saoirse McDevitt paid $65 a share for stock in GBX Corporation. The stock has a current market value of $60 a share and pays $4.70 a year in dividends per share. What is the dividend yield rounded to the nearest tenth of a percent? - ANS $4.70 / $60 = 0.0783 = 7.83% Assume that you purchased 140 shares of a stock for $48 a s...

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2 pages

Written in 2023/2024

Grade A+

DocLaura

FMGT 1100- Chapter 14 Quiz Questions & Answers!!

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2 pages

Written in 2023/2024

Grade A+

EvaTee