Note: In the questions below, the correct answer is identified with an asterisk
The area of accounting called Financial accounting deals with:
a. producing financial statements for the organization
b. costs, budgets, production rates, labor rates, prices, and so on
c. providing third party reviews of other firms’ financial statements
d. maximizing the wealth of the firm’s owners
GAAP stands for:
a. Guaranteed Accounting Accuracy Program
b. Global Access to Accounting Processing
c. Government Accountability And Payment
d. Generally Accepted Accounting Principles
Assume Macy’s sells $20,000 worth of men’s suits in December 2013. The customers all put the purchases on their Macy’s charge accounts and pay for the suits in January, 2014. If Macy’s uses Accrual Accounting how much in Sales will they record in December 2013?
On a company’s balance sheet, Total Liabilities plus Total Equity always equals Total Assets
Family Market bought 1000 cases of beans in 2012 that it still has in a warehouse. The amount spent for the beans would be recorded on Family’s 2012 income statement as inventory expense.
The Retained Earnings account on the balance sheet lists wages that have been earned by employees that have not yet been paid to them.
In 2012 the Simon the Pieman corporation had $10 million in sales, $5.2 million in operating costs, and $200,000 in interest expense. It also paid 40% of it’s pre tax income to the U.S. government as income tax expense. Simon’s Net After tax Income for 2012 was:
How much did McDonalds have in Total Assets at the end of 2012? (in millions)
What was McDonalds’ Total Revenue in 2012? (in millions)
How much cash was provided by McDonalds’ operating activities in 2012? (in millions)
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