IMPORTANT: Please answer the following questions and submit as WORD documentthrough Moodle. Subumissions other than WÖRD or not via Moodle will not be accepted.Q1. (3 points) Choose the correct answer1. The level of measurement of the variable "milk yield in kg" is:a) Nominalb) ordinalc) intervaldratioAnswer:2. The level of measurement of the variable "country of origin" is:b) ordinalc) interval dratioa) NominalAnswer:3. The level of measurement of the variable "student rank" is:b) ordinala) Nominalc) intervaldratioAnswer:Q2. (3 points) Find the mean, median and mode of the following data:- 7, 17, 10, 20, 30, 60, 60

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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3 variables: • X: number of courses enrolled in • Y: total cost of textbooks and supplies for courses • Z: method of payment used for textbooks and supplies Classify the three variables as nominal, ordinal, discrete, or continuous.
Please correct answer and don't use hend raiting
The concept of materiality: a Treats as material only those items that are greater than 2% or 3% of net income. b Justifies ignoring the matching principle in certain circumstances. c Affects only items reported in the income statement. d Results in financial statements that are less useful to decision makers because many details have been omitted.
Indicate the effect of the transactions listed in the following table on total current assets, current ration, and net income. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0. Payment is made to trade creditors for previous purchases
The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2: Cash Beginning inventory Common stock Retained earnings The following five transactions occurred in Year 2: 1. First purchase (cash) 120 units @ $90 2. Second purchase (cash) 205 units @ $98 3. Sales (all cash) 350 units @ $197 4. Paid $13,950 cash for salaries expense 5. Paid cash for income tax at the rate of 25 percent of income before taxes $16, 800 17,600 (200 units @ $88) 15, 700 18,700 Required a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cost flow. b. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows under FIFO, LIFO, and weighted average. (Hint: Record the events under an accounting equation before preparing the statements.) Complete this question by entering your answers in the tabs below. Req A Req B1 Cost of goods sold Ending inventory Req…
Indicate the effect of the transactions listed in the following table on total current assets, current ration, and net income. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0. b Merchandise is sold for cash.
You have established your performance materiality for accounts payable and revenue; now you must determine the posting materiality for individual items. The materiality judgement is at 4%. What is the posting materiality? Show your work. Your work should look like: APPROPRIATE AMOUNT x MATERIALITY JUDGEMENT = POSTING MATERIALITY
19) An impairment test is carried out at: Select one: a. Each reporting date O b. Interim balance sheet date C. None of the above d. (a) and (b)
How to convert and income statement's information to express the income statement in common-size percents and assess whether the comany's situation is favorable or unfavorable

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