Financial Accounting - 1609 Words

Financial Accounting Assignment 2 1 of 25 The credit term 2/10 n/30 means: that after 10 days 2% interest is charged. that there is a 10% discount if payment is received within 30 days. that there is a 2% discount if payment is received within 10 days. there is a 10% discount if paid immediately and 2% if paid within 30 days. 2 of 25 Family Food Stores purchased canned goods at an invoice price of $3,000 and terms of 2/10, n/30. Half of the goods had been mislabeled and were returned immediately to the supplier. If Family Food pays the remaining amount of the invoice within the discount period, the amount paid should be: $1,440. $1,470. $2,940. $3,000. 3 of 25 The balance shown on a bank statement is always equal to the†¦show more content†¦What is the amount of uncollectible accounts expense recognized in VIPs income statement for January? $6,400 $8,000 $8,700 $7,200 13 of 25 The Cash account in the ledger of Triangle Floors shows a balance of $15,267 at September 30. The bank statement, however, shows a balance of $19,700 at the same date. The only reconciling items consist of a bank service charge of $7, a large number of outstanding checks totaling $8,170, and a deposit in transit. Refer to the above data. What is the amount of the deposit in transit? $4,440 $7,104 $3,730 $4,333 14 of 25 Herbert Corp uses its periodic inventory system and the following information is available: Sales...................................... | $31,000 | Inventory-Beginning................. | 8,000 | Inventory-Ending..................... | 7,000 | Purchases................................ | 23,000 | | | Calculate the cost of goods sold: $7,000. $24,000 $23,000. $31,000 15 of 25 On November 1, 2005, Phillip Corporation sold land priced at $600,000 in exchange for a 7%, six-month note receivable. Refer to the above data. The journal entry made by Phillip to record this transaction on November 1, 2005, includes: a debit to Notes Receivable of $621,000. a debit to Interest Receivable of $21,000. a credit to Interest Revenue of $21,000. a debit to Notes Receivable of $600,000. 16 of 25Show MoreRelatedFinancial Accounting And Managerial Accounting1613 Words   |  7 PagesIntroduction: Both financial accounting and managerial accounting provide important information about the business process. On the one hand, financial accounting provides only financial information to its internal users and external users. On the other hand, managerial accounting basically communicates about financial and non-financial information with internal users such as managers, employees and owners of the company. In other words, managerial accounting provides information to managers who directRead MoreThe Financial Accounting Standards Board1346 Words   |  6 PagesEarnings per share is introduced by the Financial Accounting Standards Board as the functionality used to calculate an institutions’ earnings for the year-end financial statements. The institutions can be made of up a simple or complex capital structure. It must be calculated on a constant basis in order for re ports to remain consistent. FASB provides a formula of â€Å"dividing income available to common stockholders by the weighted average number of common shares outstanding during the period† (FASBRead MoreAccounting Analysis On Financial Accounting1185 Words   |  5 PagesAccounting has many branches that it can be divided into. It can be divided into several areas of activities. Accountings main branches are financial accounting, Management accounting, Cost accounting, Auditing, Tax accounting, Accounting systems, Fiduciary accounting and Forensic accounting. Financial accounting: This branch of accounting measure’s and records the transactions of a business. Financial accounting focuses on the preparation of the five basic financial statements namely statementsRead MoreFinancial and Managerial Accounting628 Words   |  3 PagesBoth financial and managerial accounting analyze economic data, however the major differences between the two strands include; user groups, information type, regulatory control and reporting frequency (Atrill and McLaney, 2012) User Groups: Financial accounting mostly provides information for external stakeholders such as shareholders, lending institutions, prospective investors and creditors, whereas managerial accounting mostly make available information for internal users such as managers andRead MoreFinancial Accounting Standards903 Words   |  4 PagesFASB IFRS Financial Accounting Standards The Financial Accounting Standards Board (FASB) has been around since 1973 and their organization’s duty and task is to set and provide effective and reliable financial accounting standards in the United States. The Financial Accounting Standards Board is also a private sector and is a not for profit organization, also recognized as U.S. Generally Accepted Accounting Principles (GAAP). The Securities and Exchange Commission (SEC) and The American InstituteRead MoreFinancial Accounting1203 Words   |  5 PagesBUSINESS AND LAW ACFI2002 – FINANCIAL ACCOUNTING SEMESTER 2, 2012 ASSIGNMENT 01 Student Name: Tran Thi Ngoc Hanh Student Number: C3173300 Part I: Accounting Standard AASB138 Intangible Assets provides guidelines for accounting treatment of research and development costs for financial reporting purposes. Answer the following questions based on AASB138 and ‘Framework for the Preparation and Presentation of Financial Statements’. (85 marks) Part I: Accounting Standard AASB138 Intangible AssetsRead MoreFinancial Accounting1510 Words   |  7 PagesUNIVERSITY Jennifer Lapus MODULE 2/ Case Assignment 2 ACC201 Financial Accounting/Case 2 29 August 2012 Case Assignment: There are three main parts to this case that requires you to prepare and submit a three to five page paper. Please make sure this paper is well organized and covers all of the items below. Part I.      * Why is revenue recognition a significant issue? How do we determine when revenues are recorded for accounting purposes? * Explain the difference between a product andRead MoreFinancial Accounting8263 Words   |  34 Pagesï » ¿1.  Accounting is an information and measurement system that:   A.  Identifies business activities. B.  Records business activities. C.  Communicates business activities. D.  Helps people make better decisions. E.  All of these.    2.  Technology   A.  Has replaced accounting. B.  Has not changed the work that accountants do. C.  Has closely linked accounting with consulting, planning, and other financial services. D.  In accounting has replaced the need for decision makers. E.  In accounting is onlyRead MoreInternational Accounting Standards Board And Financial Accounting1307 Words   |  6 PagesIt all began on October 2002 where the International Accounting Standards Board and Financial Accounting Board signed a memorandum of understanding that has come to be known as the â€Å"Norwalk Agreement†. Here the two boards met and decided to make their standards fully compatible and put it into practice and once they conquer their goal, they have to make sure it is maintained. But before I divulge into details regarding the future and presently achieved goals of the convergence, I would like to throwRead Morefinancial accounting2403 Words   |  10 Pagesï » ¿ 21. Generally accepted accounting principles c. derive their credibility and authority from general recognition and acceptance by the accounting profession. 22. A soundly developed conceptual framework of concepts and objectives should d. all of these. 23. Which of the following (a-c) are not true concerning a conceptual framework in account-ing? c. It should be based on fundamental truths that are derived from the laws of nature. S24. Which of the following is not a benefit associated