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What do you mean by the term cost sheet? State its major components. Make a cost sheet with imaginary figures.
Discuss different ratios that are used to assess the financial soundness and efficiency of any company.
Trial Balance is not a conclusive proof of the accuracy of the books of accounts. Describe this statement and explain the errors which are not disclosed in spite of the agreement of trial balance.
As per which concept are the business enterprise and its owner treated as two separate entities?
‘Accounting Equation is true beneath all circumstances’. Justify this statement with the help of five examples.
Describe the significant methods of valuing goodwill. What would be the treatment of goodwill at the time of retirement or death of a partner, when: a) Goodwill doesn’t appear in books. b) Goodw
If you are F-M’s CEO - write the short report as to what will you present to your only shareholder (FGH) regarding whether F-M is on track to attain FGH’s business plan. In particular,
Bickering Ltd Income Statement for the year ended 30 June 2012 Sales (credit), 636,100 LESS Cost of sales (411,500. Prepare a reconciliation of profit to net cash flow from operating activities.
Make two contribution income statements, one showing what profits would be under Jon Michael’s proposal and one showing what profits would be under Mary Wilkinson’s proposal.
Describe the conceptual errors, if any, made in preparing the income statement.
For a manual accounting system, prepare a document flowchart of the expenditure cycle from the originating department (Stores in this example) through the accounts payable department.
Based on the information given, and ignoring GST and taxation, prepare the following from Jan to June 2013 for Peter’s company:
Discuss the professional and ethical issues faced by John and give an analysis that can help him deal with the matter with Chandler.
Sleep Corporation was organized on January 1, 2011. During its first year, the corporation issued 40,000 shares of $5 par value preferred stock and 400,000 shares of $1 par value common stock.Demons
Elkins Company sold $2,500,000, 8%, 10-year bonds on July 1, 2011. Bonds were dated July 1, 2011, and pay interest July 1 and January 1. Elkins Company uses straight-line method to amortize bond pre
Prepare the adjusting entry at December 31, 2012, to report investment securities at fair value. All securities are considered to be trading securities. Show balance sheet presentation of investment
The company estimate holding costs at 10% of the purchase price per year and ordering costs at $40 per order. The firm's annual demand is 460 units to optimize costs:
Complete an amortization schedule for the above bond (for all periods) in a similar format as below. (Round all the answers to nearest dollar). Use the effective-interest method.
The ledger of AISExperts Inc. showed the given balances after adjustment, although before closing, on December 31, 2012, the end of the current year:
Critically evaluate the risk-based approach to external audit with particular reference to the audit of Home Retail Group plc. Give examples of how you might collect evidence and assess the degree of
President Obama is reaching out to you, the future of America, to help him address tax issues in the United States which are resulting in a perception of “class warfare”, and the creatio
Prepare the j entries for traditional and backflush costing. For backflush costing, suppose there are two trigger points
Make a statement of cash flows using indirect method. (Name multiple entries with positive cash flow first and then negative cash flow. Name amounts from largest to smallest like, 10, 5, 3, 2. If am
Calculate the following ratios for 2012. (Weighted-average common shares in 2012 were 57,000, and all the sales were on account.) Earnings per share, Current, Debt to total assets.
In the NPV analysis, sunk cost is not relevant whereas opportunity cost is for project evaluation.