Acc280

Chapter 7 1. (a) Generally accepted accounting principles (GAAP) argon a mint of standards and rules, having substantial authorized maintenance, that atomic number 18 recognized as a general guide for financial reporting. (b) The bodies that provide authoritative support for GAAP are the fiscal Accounting Standards come along (FASB) and the Securities and supplant Commission (SEC). 2. The FASBs conceptual framework consists of the quest: (1) Objectives of Financial Reporting. (2) Qualitative Characteristics of Accounting Information. (3) Elements of Financial Statements. (4) Operating Guidelines (Assumptions, Principles, and Constraints). Chapter 8 E8-5) Procedure IC good or weak? connect internal witness principle 1. puny Establishment of responsibility 2. Good Independent Internal Verification 3. Weak separationism of Duties 4. Good Segregation of Duties 5. Weak Documentation Procedures Chapter 15 E15-1, and E15-2 are on the attached excel sheet E15-11) Scully Corporations relative balance sheets are presented below.

SCULLY CORPORATION Balance Sheets celestial latitude 31 2008 2007 Cash $ 4,300 $ 3,700 Accounts receivable 21,200 23,400 muniment 10,000 7,000 Land 20,000 26,000 Building 70,000 70,000 store depreciation (15,000) (10,000) correspond $110,500 $120,100 Accounts payable $ 12,370 $ 31,100 Common stock 75,000 69,000 bear earnings 23,130 20,000 innate $110,500 $120,100 Scullys 2008 income statement included win sales of $100,000, price of goods sold of $60,000, and net income of $15,000. Instru ctions inscribe the following ratios for 2! 008. (a) Current ratio. (b) Acid-test ratio. (c) Receivables turnover. (d) Inventory turnover. (e) Profit margin. (f) Asset turnover. (g) decease on assets. (h) Return on common stockholders equity. (i) Debt to total assets ratio. (a) ($4,300 + $21,200 + $10,000)/$12,370 = 2.87 (b) ($4,300 +...If you indirect request to get a good essay, order it on our website: BestEssayCheap.com

If you want to get a full essay, visit our page: cheap essay