The descriptive sections of the annual report that provides insight into what the company does and the types of risks it lates is feltSelect one:OA management discussion and analysis.B. the industry overview.OC. the audit opinion.D. notes to the financial statements.To best interpret the accounts receivable turnover ratio, the days in accounts receivable should be compared to the company'sSelect one:A sales revenue.B. credit terms.OC. inventory turnover.D. accounts receivable balance.Two companies have an identical amount of current assets and current liabilities Donald Inc. has 40% of its current assets invested inwhereas Mickey Corp. has 30% of its current assets invested in inventory Which of the following statements is true?Select one:OA. Donald will have the higher quick ratio.OB. Donald will have the higher current ratio.OC. The companies are equally liquid because their current ratios are the sameOD. Donald is less liquid than Mick

The first question is asking about the section of the annual report that provides insight into the…

Answered: The descriptive sections of the annual…

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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Accountants at UltraTech obtain their values for inventory and total assets, calculate the balance sheet percentage by dividing inventory by total assets for each year and summarize the observations for the relative size of inventory to total assets for each year and percentage change from year-to-year. This would allow them to effectively assess: a. Inventory control compared to competitorsb. If there is an effective return on assetsc. If inventory is being properly managedd. How they are managing liabilities
When a company decides to extend credit to consumers, it is making an investment decision in: a. Trade Credit b. Accounts Receivables c. Inventories d. Marketable Securities
- List and explain the substantive tests of Inventory and give example.
Which of the following is/are primary sources of data? i. Data collected by a bank through telephone calls from the credit card customers to gain an insight on their satisfaction level. ii. Previous records of Commission received to be used to prepare forecasts for next year. iii. Data collected from Global Business review about recent market trends
3) Which of the following audit procedures is a test of control? a. Management providing written instruction to all employees and supervising the monthly inventory stocktake. b. Observing employee compliance with stocktake procedures. c. Picking a sample of goods received notes and ensuring the correct date is recorded in the purchase’s ledger. d. Estimating total sales for a specific product line for the year and comparing actual sales.
c Describe the system of accounting standards and principles and utilize these in the preparation and communication of relevant financial information. Apply the accrual method of accounting and the accounting cycle in preparation of financial statements. Prepare a balance sheet and income statement for merchandising and service organizations. Apply generally accepted principles when accounting for cash dividends and preparation of journal entries to record the issuance of stock.
In analysis earnings quality. Earnings quality refers to the reliability of the financial statements presented and whether it reflects the current business environment.Required:In 300 words, discuss the determinants of earnings quality
audit please quickly i will give you a thumb
Could anyone explain this question? indicate the financial statement on which the account’s balance should be found. Also, if the account is shown on a company’s balance sheet, indicate if it should appear in the asset section, liability section, retained earnings section, income section, or stockholders’ equity section. Accounts Receivable Note Receivable Discount on Note Receivable Bank Service Charge Expense Bad Debts Expense Sales Return Liability Interest Revenue Allowance for Doubtful Accounts Cash Over/ Short Interest Receivable Sales Returns and Allowances
Audit and Assurance - Effects of post-balance sheet events 5. Define the concept of going concern. 6. Explain why the auditor should consider whether a company is a going concern.
How do retail companies correctly match expenses with revenue for the period to get an accurate net income? a. With a modern POS system. b. With the consistency principle. c. With a goods-on-hand estimate from the Controller. d. With a physical inventory. According to the Home Depot’s financial statement example provided by the author, which is the predominant method of inventory valuation used by the company? a. FIFO b. LIFO c. NRV d. LCM please provide me a coerrect answer explains tep by step

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