ARBUS102/AFM123 Final Exam Review

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Department
Accounting & Financial Management
Course
AFM 123
Professor
David Lin
Semester
Winter

Description
ARBUS 102 Final Exam Review Saturday April 20 12303PAC 16 40 MC 4 short answer questions 1 financial 3 managerialFINANCIAL ACCOUNTINGMeasuring and Evaluating Financial Performance chapter 13 o It is important to understand what a ratio is measuring ie What does an asset turnover ratio of 059 mean o Ratio measures one of the three aspects of a businessProfitabilityevaluates companys ability to generate profitLiquidityevaluate the companys ST ability to pay liabilitiesSolvencyevaluate the companys LT ability to pay liabilitiesReporting and Interpreting Inventories and Cost of Goods Sold chapter 7 o Four inventory costing methodsSpecific IDwhich inventory items were actually soldFIFOassuming First In First OutLIFOassuming Last In First OutWeighted Averagecalculate weighted average of inventory to determine the amount of inventory and COGS o We use costing methods to allow us to determine the amount to report as inventory and COGS on the financial statem
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