[ACC 925] - Final Exam Guide - Everything you need to know! (25 pages long)

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rubyleopard335

29 Nov 2016

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Income statement- the statement to show profit or loss. Retained earnings- the state(cid:373)e(cid:374)t to sho(cid:449) (cid:272)ha(cid:374)ges i(cid:374) o(cid:449)(cid:374)e(cid:396)"s e(cid:395)uity. Balance sheet- to show the current financial position of a business. Cash flow- to show the cash flow of a company. Financial statement definition: financial statements are used to show investors and creditors the current financial status of a company. Accounting is the language of business because it is a system that measures and records activities of a business. It turns data into reports, and reports into decisions. Mangers: to decide whether to expand their business. Investors and creditors: i(cid:374)(cid:448)esto(cid:396)s to de(cid:272)ide if they should i(cid:374)(cid:448)esto(cid:396)s a(cid:374)d (cid:272)(cid:396)edito(cid:396)s to de(cid:272)ide if they"ll (cid:271)e paid back. The government: the see whether their being paid properly through taxes. Individuals: to decide how their money should be spend. Non-profit organizations: use accounting information the same way profit organizations do. Financial accounting: provides information for both external and internal uses.

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Max has decided to go ahead with the purchase of the group of assets as it will allow him to diversify his production, but limit the amount he needs to borrow to achieve this.

The journal entry below represents Maxâs purchase of the assets.

1 July	Inventory	12,000
	Testing Unit	5,730
	Electric Car	17,190
	Warehouse and Land	72,580
	Sundry Creditor/Cash		107,500
	(To record the acquisition of this group of assets)

Max has reviewed the other assets he currently owns and has compiled the following information as at 30 June this year (prior to making this acquisition)

Ezi-Lift Hoist	3,600
Acc. Dep'n â Ezi-Lift Hoist		605
Office Equip	660
Acc. Dep'n â Off Equip		231
Tools	2,500
Acc. Dep'n â Tools		919
Van	31,460

Depreciation for these assets is calculated by the straight-line method. The Ezi-Lift Hoist is expected to have a useful life of 10 years with a scrap value of $300. The Tools are expected to be useful for 10 years with a scrap value of $250, and the office equipment is expected to last 5 years and have no residual value. Max is happy to keep using this data for the foreseeable future. The Van will have a residual value of $2,000 and a useful life of 5 years.

Max has asked for your help on how to depreciate the assets he has recently acquired.

Explain to Max why the figures he has calculated are correct and remind him of the purpose of depreciation and the incorrect association he has made with the current market value

__________________________________________________________________________

___________________________________________________________________________

____________________________________________________________________________

Max has re-evaluated the usefulness of the rest of his assets and also provided you with the following information based on the calculations he had performed to the end of the last financial year. Max will continue to use the depreciation rates established in the last case study.

Ezi-Lift Hoist	3,600
Acc. Dep'n â Ezi-Lift Hoist		935	2,665
Office Equip	660
Acc. Dep'n â Off Equip		363	297
Tools	2,500
Acc. Dep'n â Tools		1144	1,356
Van	31,460
Accumulated Depreciation â Van		5,892	25,568
Testing Unit	5,730
Accumulated Depreciation â Testing Unit		2,466	3,264
Electric Car	17,190
Accumulated Depreciation â Electric Car		1,466	15,724
Warehouse	34,032
Accumulated Depreciation â Warehouse		3,403.20	30,628.80

pucetermite138

just a quick study guide for final exam

How do you alculate break-even point from dollars?
How do you calculate operation Leverage?
If given Fixed and variable overheads determine what amount wouldbe escorted on the variable cost sheet?
How do they relate: net present value and present value future cashflows?
How do you determine the equivalent units of production
How do you determine the rate of return on investment
How do you determine the budget cost of goods manufacturered
What's a budget? What's it's purpose?
If given the numbers for production beg inventory desired inventoryand sales volume determine how many you need to manufacture forthat month to meet the desired inventory?
High low method example:
Budgeted sale and conversion cost rate: what's included inthem?
Break even sales example with variable cost decreased by...
what kind of principal is inventory reduction?
Figure out overhead cost per unit when given labor hours machinehours and number of units with the cost of everything
Single plant wide multiple department and activity based costingpurpose?
Absorption cost balances sheet (has fixed amounts)
How do you determine activity rate for 6 differentdepartments
What's in conversion cost

magentalizard912

Accounting Cycle
a) Identify the steps of the accounting cycle and provide adescription of each step.
b) Analyze the role each step plays in the success of abusiness.
c) Analyze how the omission of a step could impact the success of abusiness. What strategies could be used to avoid this?

These are the questions for a paper I need to finish byThursyday June 25. Also I'm working on a

ACC 201 Final Project Peyton Approved Instructions whichI half complete and need help with ASAP do yesterday, but hadanother chance.

bluemosquito470

[ACC 925] - Final Exam Guide - Everything you need to know! (25 pages long)

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