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ACG 2026 final UCF Questions and Answers Long-Term liability Liability payable after ONE year Normal balance: Credit Financial statement: Balance sheet It's a long term liability Accounts payable Amounts owed for products or services purchased on account NB: credit FS: Balance sheet It's a current liability Short term notes payable Used to borrow cash or purchase asset and due within one year NB:credit FS: Balance sheet It's a current liability Unearned...

Exam 2 managerial accounting ucf Questions and Answers Mixed costs Costs which have a fixed and variable component Relevant range The normal range of units of production where the fixed and variable relationship holds. Cost Structure proportion of fixed and variable expenses in organization. Cost equation Total Costs = [Variable Costs per unit x # of units] + Fixed Costs Regression analysis A statistical method used to estimate fixed and variable components of a...

UCF ACG 2026 - Principles of Accounting Exam 3 Study Guide Definitions Questions and Answers First in, First out method (FIFO) inventory costing method that assumes the first units purchased (the first in) are the first ones sold (the first out) Last in, Last out Method (LIFO) Inventory costing method that assumes the last units purchased (the last in) are the first ones sold (the last out) Multiple-step income statement An income statement that reports multiple levels of incom...

ACG 3131 Exam 2 Questions and Answers transaction Why is the __________ approach to income measurement preferable to other ways of measuring income: It focuses on the activities that have occurred during a given period and instead of presenting only a net change, a description of the components that comprise the change is included advantages The ________ of the single-step income statement are: (1) simplicity and conciseness, (2) probably better understood by the layperson, (3) emph...

ACG 3173 Final Exam Review Questions and Answers Under the Cash basis of accounting... -Revenues are recorded when they are RECEIVED -Expenses are recorded when they are PAID What is a Cash Equivalent? Short term highly liquid debt usually with a maturity with 90 days or less Current assets Expected to be converted into cash or used up within a year or in their operating cycle; which ever is longer. How is inventory value recorded & what does it tell us? -Inventory i...

ACG 3173 ch 5-10 quiz and other Questions and Answers The best indicator for assessing a firm's long-term solvency risk is its ability to generate what over a period of years? -Positive cash flows -Sales -Earnings -Income from continuing operations Earnings Which of the following can companies use as collateral for a loan? -Property, plant, and equipment -Prepaid insurance -Prepaid rent -Retained earnings Property, plant, and equipment Doran Corp. has ...

ACG 3173 Exam 2 Formulas Questions and Answers Vertical Analysis Formula (Specific Item / Total Assets for that year) * 100 Working Capital Formula Current assets - Current liabilities Current Ratio Formula Total current assets / Total current liabilities Days' Sales in Receivables First, you need the Accounts Receivable Turnover Ratio: Net credit sales / Average accounts receivable Then take 365 days and divide it by the AR Turnover Ratio: 365 / Accounts receiva...

ACG3173 IRSC FINAL Questions and Answers What are the operating assets? - Construction in progress - long term investments - intangibles - "other assets" category Operating income calculation net sales- cost of sales- operating expense Net Profit Margin Ratio (Net income before noncontrolling interest, equity income, and nonrecurring items)/net sales Return on Assests Ratio net income/average total assets Total Asset Turnover Ratio net sales/average tot...

Final Exam Study Guide for ACG 3173 Questions and Answers. The primary purpose of the balance sheet is to show the total wealth of a business at a single point in time (has a date on it) When a firm attempting to create unique products or services for particular market niches, in order to achieve relatively high profit margins, this is best known as: A product differentiation strategy Current assets are defined as: cash and other assets that the firm expects to sell or consume ...

ACG 3173 exam 2 Questions and Answers Earnings Per Share (EPS) net income/equity shares outstanding Current Ratio current assets/ current liabilities How will a company's balance sheet financial ratios change depending on it's inventory accounting method? Assume prices are inflating. FIFO- (higher profitability ratio) +Higher ending inventory (current assets) +Higher current ratio as a result. (current asset/current liabilities) +Shareholders equity is higher due to high...

Final ACG 3173 Questions and Answers 100- correct Accrual Basis of Presentation in accrual accounting, if a business transaction makes money in a period then all of its associated costs and business expenses should also be reported in that particular period. All businesses w inventory must use the accrual basis. the alternative for business that don't carry inventory is "cash basis" accounting in which transactions are recorded as they are physically received or paid out substa...

ACG 3173 Module 2 Questions and Answers The petty cash fund had an initial balance of $210. It currently has $16 in cash, $5 in miscellaneous petty cash tickets, and an additional $181 in specific petty cash tickets. The debit to Cash Short & Over would be ________. $8 Cash Short & amp; Over = $210 - $16 - $5 - $181 = $8 short The following information is from the records of Banana Corporation: Accounts receivable, December 31, Year 5$81,000 (debit) Net credit sales for Year5 162,000...

ACG3173 Questions and Answers Chapter 5 Quiz Basics of Analysis A retailing firm has which type of inventory? Merchandise Which of the following can offer a type of comparison in financial statement analysis? Past ratios and figures, statistics of competitors, and industry averages. A manufacturing firm will most likely have the heaviest investment in which type of assets? Property, plant, and equipment Suppose you are comparing two firms in the steel industry. O...

ACG 3173 Exam 1 Questions and Answers verified Book Value the difference between the cost of a depreciable asset and its related accumulated depreciation book value formula cost - accumulated depreciation short-term (current) liabilities debts the company expects to pay within one year balance sheet A summary of a business's assets, liabilities, and owner's equity. Ending Bad Debt Allowance formula Beginning Bad Debt Allowance + Bad Debt Expense - Write-of...

ACG 3173 Chapter 1 & 2 Questions and Answers What does it mean to state that the accounting process should support decisions and informed judgments? It means that accounting is a service activity that helps many different users of accounting information who use the information in many ways. Financial Accounting preparation and reporting of financial statements for an entity cash flow cash receipts or disbursements of an entity financial statements reflect what has happen...

ACG 3173 Module 4 Questions and Answers Horizontal Analysis 1.) Dollar Change = Year of Analysis Amount - Base Year. 2.) Percentage Amount = (Dollar Change/Base Year Amount) * 100. Costs of Goods Sold Percentage (COGS / total revenue) * 100. Vertical Analysis (Balance Sheet Item / Total Assets) * 100 Vertical Analysis for Current Assets Total current assets = Cash and Receivables + Merchandise Inventory (Total current assets / Total assets) * 100 Working Capi...

ACG 3173 Exam 4 Questions and Answers Your company has the following information: Earnings before Taxes (from the financial statements: $1,000,000 Tax Liability (from the tax return): $80,000 Increase in deferred tax liabilities for the year: $25,000 Statutory tax rate (not the effective rate): 21% Which is the correct tax expense on the financial statements? 80,000 + 25,000= 105,000 Your company has the following information: "adjusted" taxable income: $5,000,000 Interes...

UCF ACG 3173 Exam 2 Review Questions and Answers Depreciation expense... The process of spreading the cost of a tangible asset over its useful life. Depletion expense... The process of spreading the cost of a natural resource over its useful life. The Modified Accelerated Cost Recovery System (MACRS) A process for spreading the cost of a tangible asset over its useful life for income tax purposes. Capitalized expenditure examples... Added a new wing onto the office buil...

UCF ACG 3173 Exam 4 Review Questions and Answers What is the Dodd-Frank Act? Contains the "say on pay" mandate requiring periodic shareholder advisory votes on executive compensation and golden parachute provisions. What is the Total Cost formula? FC + VC What is Variable Cost expanded into? Variable rate per unit X Number of Units What is the High Low Method formula? Variable Rate = High - Low Cost / High - Low Activity What is the Maximum Price to Charge ...

Final ACG 3173 Questions and Answers The following are 12 basic but important accounting principles: Accounting Entity - is the business unit for which the financial statements are being prepared. The gaap accounting principlesaccounting entity recognizes that there is a business entity that is separate from its owner(s). In addition, the economic unit engages in identifiable economic activities and controls economic resources. Going Concern - Accounts assume that the life of the business ent...