match the following items to their related statements
Since your question has multiple parts, we will solve the first question for you. endstream endobj startxref Definition of Cost Flow Assumptions. 97 0 obj <>stream I offer instant credit to my customers and contract with another company to pull credit reports to determine their creditworthiness. 13) Identify the correct formula for the calculation of price elasticity of demand. Copyright 2023 SolutionInn All Rights Reserved. God the true author of the Psalms. _____ Accounts payable LO _____ Goodwill The results can be used to make investment and lending decisions. a. 3.2Which of these statements is false? LO 1. A: Audit refers examination of company financial statements or books and it helps in detecting the, A: Hello. See, e.g., CPL 2-238(D)(1998) ("[i]f the employees receive job instructions in a language other than English, then training and information to be conveyed under the [hazard communication standard] will also need to be conducted in a foreign language"); letter from Russell B. Swanson to Chip MacDonald (1999) ("instruction that employers must provide under 1926.21 must be tailored to the employees' language and education."). The following table identifies important controls that management is testing regarding accounts related to revenue recognition, accounts receivable, and other sales related activities. If a workplace is located in a state that operates an OSHA-approved state plan, that workplace should the follow the regulations of ____________. Consider business XYZ that earned $25,000 from the sale of goods and $3,000 as revenue from training personnel. Match the deposits in the business records with those in the bank . Currently the; Q: Refer to the CVS annual report in the Supplement to Chapter 5; Q: Match each of the following items with the related statement below: a. Q: Viking Beer is a microbrewery that produces one . (b)cash, inventory, accounts receivable, prepaid insurance. The reconciliation of accounts receivable is the process of matching the detailed amounts of unpaid customer billings to the accounts receivable total stated in the general ledger. (d)Decrease in free cash flow. The buffy coat of the hematocrit test represents the. As we noted, the single-step is the simplified version of an income statement. Incompliant tools must be which of the following? (d). a. (b)What two reasons are given by many smaller companies that oppose the switch? LO (a)accounts receivable, cash, prepaid insurance, inventory. The correct order of presentation in a classified balance sheet for the following current assets is: (a)accounts receivable, cash, prepaid insurance, inventory. 3.1Which of the following principles matches expenses with associated revenues in the period in which the revenues were generated? First week only $4.99! Week 5 Individual Internal Control SE 1. The first column describes the control, and the second column describes the test results. _____ Accumulated depreciationequipment In the income statement, expenses are costs incurred by a business to generate revenue. Type B : 1:1 (45 degrees) They are generally called off-balance-sheet items. Ensuring Accurate Records 3.2If equity equals $100,000, which of the following is true? Organizational structure, management philosophy, planning, risk assessment, and control activities. Supplies are purchased. Auditing: A Risk Based-Approach (MindTap Course List). There are two types of income statement: A single-step income statement is synonymous with small business as it offers a simple report of business profit. b. To identify and control job site hazards, OSHA requires that employers conduct worksite analyses and periodic safety inspection programs that involve supervisors. Answer Explanation Related Ques. __CL___ Unearned sales revenue Reconcile accounts. 3.1That a business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally, is known as which of the following? Long term creditors: looks more into a company long term ability to survive: they look more into profitability and solvency. These are legally binding obligations payable to another entity or individual. Explanation: No explanation is available for this question! Match (by letter) the following items with the description or example that, Describe when economic performance occurs for the following expenses: Worker\'s compensation, Rebates, If charges flow very slowly through a metal, why does it not, Bisbee Health Products invests heavily in research and development (R&D), although it, Suppose the marginal benefit of writing a contract is $50, independent of, A company borrowed from a bank an amount of (24,000) dinars and. Step-by-step solution Step 1 of 3 The primary objective of inventory accounting is to apply accrual accounting to determine the cost of inventory sold during the accounting period, and match the cost with the revenue to obtain the profit. Control environment -. 1) The study of scientific metrology deals with. 14) When the absolute value of price elasticity of demand is ________, the category is price elastic. This tips sheet contains a brief description of seven types of examination questions, as well as tips for using each of them: 1) multiple choice, 2) true/false, 3) matching, 4) short answer, 5) essay, 6) oral, and 7) computational. 9. Over time this may lessen the to provide OSH Act training in other languages. e. Monitoring OpenStax is part of Rice University, which is a 501(c)(3) nonprofit. b. standard specifications. week 5 - Week 5 Individual Internal Control SE 1. Match the following For example, 1910.147(c)(7)(i) (Lockout/Tagout) requires the employer to verify that the employees have "aquired" the knowledge and skills which they have been trained; 1910.134(k)(5)(ii) (Respiratory Protection) requires retraining when "inadequacies in the employee's knowledge or use of the respirator indicate that the employee has not retained the requisite understanding or skill;" 1910.1030(g)(2)(vii)(N) (Bloodborne Pathogens) requires "[a]n opportunity for interactive questions and answers with the person conducting the training session;" and many other standards have analogous requirements. The statement of cash flows is prepared by following these steps:. (c)$99.50. White blood cell and platelet percentage. A process that establishes reliability of account records and financial statements in accordance with GAAP, ________ 3. c. Control activities (c)Solvency ratios. 120 lbs per cubic foot : Moist soil Q: XYZ Corporation has the following balances in its books of accounts as; Q: Super Fresh Grocery operates a chain of 40 grocery stores. Drag each of the following terms to the appropriate responsibility. Current liabilities (CL) Cohesive soil with unconfined compressive strength of 0.5 tsf (48 kPa) or less : Type C View Answer. 1. Intangible assets (IA) _____ Inventory Decision Checkpoint: How much cash did the company generate to expand operations, pay off debts, or distribute dividends? A stockholders' equity section shows common stock and retained earnings. Solved: Match the items that follow with their related statements Match the following items with their related statements below: a. In return, the business spent money on various activities, including wages, rent, transportation, etc., leading to $14,200 in expenses. (a) Current Ratio As we saw, while a single-step income statement is straightforward and easy to understand, a multi-step could pose significant challenges, especially if youre just starting out in accounting. LO Typically firms receive bank loans and pay interest expenses for the amounts they owe. CSHOs should also look beyond any basic paper documentation; i.e, an employer may have training records but employees may not have been able to understand the elements included in the training. To open a query, open the context menu for the query (right-click with your mouse), and choose View Results. 3.1The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? 3.5Which of these accounts commonly requires both debit and credit entries? LO Question 62 2 only C. Both of the above D. Neither of . LO 3.5Which of the following accounts will normally have a debit balance? Roget de L'Isle. 2002); Star Brite Construction Co., 19 (BNA) OSHC 1687, 1695 n.12 (N. 95-0343, 2001). Balance sheet. Here's what you need to know about them. Search Textbook questions, tutors and Books, Change your search query and then try again, 1. e. Monitoring 2. a. _____ Inventory 8. when the commodities are received). Assets that do not have physical substance. Monitor operations of the organization to ensure maximum efficiency. Financial accounting reports often must be audited at least annually by an independent auditor. The sum of Operating and Non-Operating Revenue gives us the Total Revenue of a company. a. Match the items with the related statements that follow. __PPE__ Accumulated depreciation Ensure that assets are kept secure. Management puts separation of duties in place. A balance sheet that groups together similar assets and similar liabilities, using a number of standard classifications and sections. Describe managements process for evaluating internal control over financial reporting. Trying to invest in a company or business but dont have an idea how it performed or is likely to perform in the future? (d)All of the above. _____ Income taxes payable was false before Patrick got married, it is true now (while I'm typing this), and it may become false in the future. LO Expenditure vs. A. These three core statements are intricately linked to each other and this guide will explain how they all fit together. 81 0 obj <>/Filter/FlateDecode/ID[<3542FE0BCCF184338CC86C5C5B65C6BA><273786AD8E0FF8458AD97DF0739EF2F8>]/Index[62 36]/Info 61 0 R/Length 93/Prev 262440/Root 63 0 R/Size 98/Type/XRef/W[1 2 1]>>stream riboflavin (B2) folate pyridoxine pyridoxal 5'-phosphate tetrahydrofolate (THF) FAD. __PPE___ Accumulated depreciationequipment Stampante Multifunzione Wifi, The bank statement contains a $150 service charge for operating the bank account. Question 1: Multiple Linear Regression is appropriate for: Predicting the sales amount based on month. __LTL___ Investment in long-term bonds (c) Debt to Asset Ratio & Free Cash Flow. A(n) _______ is capable of identifying existing and predictable hazards in surroundings or working conditions that are unsanitary, hazardous, or dangerous to employees, and has authorization to take prompt corrective measures, A narrow underground excavation that is deeper than it is wide and no wider than 15 feet (4.5 meters) is called a, All of the following are OSHA's most cited violations in excavations, except, Structural ramps and runways must be designed by a qualified person, When creating a hazard to employees, these must be removed or supported as necessary to safeguard employees working in the area : Surface encumbrances, Matching the following items to their related statements, Before excavation work can begin, it is necessary to determine the location of the utilities underground, Structural ramps and runways must be designed by a competent person, Professional engineer : This person approves the determination that the excavation poses no threat to adjacent structures or employees, Math the following responsibilities to the related persons. Under OSHA, employees are protected from discrimination when reporting a work-related injury, illness, or fatality. The land should be reported as: _PPE____ Equipment The company employs good physical controls. Non-operating expenses, on the other hand, refer to costs incurred but not linked directly to the core functions of a business. Financial statements are created with this purpose in mind. Here's the generic case-sensitive formula to match data: MATCH (TRUE, EXACT ( lookup array, lookup value ), 0) The formula works with the following logic: The EXACT function compares the lookup value with each element of the lookup array. These statements are discussed in detail in Introduction to Financial Statements. Because of how complex the operations involved in a multi-step income statement are, operating revenues and operating expenses are separated from non-operating expenses and revenues. A set of financial statements includes the income statement, statement of owner's equity, balance sheet, and statement of cash flows. In practical terms, this means that an employer must instruct its employees using both a language and vocabulary that the employees can understand. _____ Equipment 3.2Which of these accounts is a liability? Type A : 3/4:1 (53 degrees) Smaller companies also are less likely to have operations outside the U.S., or to have aspirations to expand or raise money globally. measure the ability of a company to survive over a long period. Which of the following statements about service asset and configuration management is/are CORRECT? Answer: A. A.to change how objects look and feel. Management encourages employees to Records management provides a formal structure for implementing Federal requirements for recorded information, regardless of media. This matching process is important, because it proves that the general ledger figure for receivables is justified. Also, from time to time we update our guidance in response to new information. While both of these metrics denote profits made, Gains refer to profits that dont relate to the core business of the company. Ch. 3 Multiple Choice - Principles of Accounting, Volume 1 - OpenStax A Cash Flow Statement (also called the Statement of Cash Flows) shows how much cash is generated and used during a given time period. This format is most commonly used by businesses that have relatively simple operations, with few line items reported. Companies can use free cash flow to: The information is directed at external users who are making decisions pertaining to investing, extending credit, and other decisions. An expression of the mathematical relationship between one quantity and another. WHERE City IN ('Miami', 'Atlanta') The result of both statements is the same. __IA___ Trademarks By taking our courseFundamentals of Financial Reporting youll be ready to tackle these and most other accounting scenarios youre likely to encounter in your practice. 3.5Which of the following pairs of accounts are impacted the same with debits and credits? Interest expenses are the costs that a company bears for receiving financing. LO LO (c)by longevity. A multi-step income statement differs from a single-step income statement in that it uses multiple equations to ascertain the underlying Net Income. The following typically represent the major asset categories: . View this answer Risk assessment c. Information and communication d. Control activities e. Monitoring 1. (c)cash, accounts receivable, inventory, prepaid insurance. __LTI___ Land (held for future use) In order to assist employers in meeting their training obligations, OSHA has created a web-based assistance tool. The article discusses why some U.S. companies favored adoption of International Financial Reporting Standards (IFRS) while other companies opposed it. Net cash provided by operating activities after adjusting for capital expenditures and cash dividends paid.Maya Hambro Agent, Waste Management Holiday Schedule Orange County, Walgreens Payroll Department, Albertville, Al Radio Stations, Articles M