23 May DESCRIBE THE INCOME STATEMENT AND EXPLAIN WHY IT IS IMPORTANT.
What is the accounting equation? Suppose your company sold $25,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation?
2. What is the accounting equation? Suppose your company paid $6,000 in cash for its rent. How does this transaction impact the accounting Equation
3. What is the accounting equation? Suppose your company sold $12,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation?
4. What are the four basic financial statements? Describe the balance sheet, and explain why it is important.
5. What are the four basic financial statements? Describe the income statement and explain why it is important.
6. What are the four basic financial statements? Describe the statement of cash flows, and explain why it is important.
7. What is the Sarbanes-Oxley Act? Why is it important to the accounting profession?
8. What is the Sarbanes-Oxley Act? Do you think this act has more important for the accounting profession or for investors? Why?
9. What is the Sarbanes-Oxley Act? Why is it important to accounting investors?
10. What is horizontal analysis of financial statements? Which analysis do you think is better horizontal or vertical?
11. What is horizontal analysis of financial statements? Hoe does horizontal analysis differs from vertical analysis?
12. How does vertical analysis of financial statements differ from horizontal analysis? Which method do you think is a better analysis tool?
13. Why is capital budgeting important? What is the net present value method? How do you know whether to accept a project using this method?
14. Why is capital budgeting important? What is the IPR method? How is it calculated?
15. Why is capital budgeting important? What is the cash payback period? How is it calculated?
16. What are five different types of decisions that could be use incremental analysis? What are the factors to be considered in retaining or replacing equipment?
17. What are five different types of decisions that could use incremental analysis? What are the relevant costs in a make-or buy decision?
18. What are five different types of decisions that could use incremental analysis? What are the relevant costs in accepting an order at a special price?
19. How is a transfer price determined? What are the two methods to determine transfer price? Which do you think is better?
20. How is a transfer price determined? Describe the cost-based method. Do you think it is better than the market-based method?
21. How is a transfer price determined? Describe the market-based. Do you think it is better than the cost-based method?
22. What are direct materials? Give an example of a direct material. How do direct materials differ from indirect materials? Give an example of an indirect material.
23. What is direct labor? Give an example of direct labor. How does direct labor differ from indirect labor? Give an example of an indirect labor.
24. What is manufacturing overhead? Give an example of an manufacturing overhead. What is a product costs?
25. What is CVP analysis? Why is this an important analysis for a company to perform?
26. What is the formula for break-even point? What does this formula tell a company? Why is this important to know?
27. What is the formula for margin of safety? What does this formula tell a company? Why is this important to know?
28. What is budget? How does this differ from a long-term plan? Which do you think is more important to do if you can only prepare one of them?
29. What is an operating budget? What does it result in? What is the first step in completing an operating budget?
30. What is the financial budget? Describe the two things that need to be prepared for the financial budget.
31. What is responsibility accounting? What is a cost center? How does a cost center differ from a profit center?
32. What is a profit center? What is the controllable margin used for? How does a profit center differ from a cost center?
33. What are investment centers responsible for? How does an investment center differ from a profit center? How does it differ from a cost center?
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