Revenue recognition principle
What is the revenue recognition principle? What is the expense recognition principle? Why are they important to financial reporting?
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Explain the main purpose of a financial statement worksheet and its benefits? How has automation aided preparation, accuracy, and use of financial statement worksheet?
Please give one instance for each of the functions of managment: Planning, organizing, leading, and controlling. Describe how these functions complement each other in successfull business operations.
Explain accrual accounting? Why do generally accepted accounting principles require accrual accounting? What is the difference between accrual and cash accounting?
The number of passengers increased from 700 to 800 per day (these number are hypothetical, but reasonable). Compute price elasticity of demand between these two points. Illustrate computation.
Explain the revenue recognition principle? What is the expense recognition principle? Why are they significant to financial reporting?
Review the assigned company's financial statements from the past three years.Calculate the financial ratios for the assigned company's financial statements, and then interpret those results against company historical data as well as industry bench
What are adjusting entries and why are they necessary? What accounts are subject to adjusting journal entries and why? What are the types of adjusting entries (provide examples)?
When is the trial balance prepared? What does the trial balance tell you? What does the trial balance not tell you. How would you explain the purpose of the adjusted trial balance?
The hypothesis should be a possible cause and effect relationship regarding a process, underlying assumption, or plan that is important to the business. It should not be too broad.
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