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ACG 2071- Final Exam Guide - Comprehensive Notes for the exam ( 27 pages long!)

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plumtrout443
28 Mar 2018
School
UCF
Department
Accounting General
Course
ACG 2071
Professor
Barbara Durham

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Document Summary

Objective 1-1: ide(cid:374)tify ma(cid:374)ager"s three mai(cid:374) respo(cid:374)si(cid:271)ilities: planning: Chapter 1 notes: forward-looking view to turn goals into financial statements, directing, telling staff what needs to be done in order to achieve the plan, controlling, tracking performance against financial statements (budget vs actual) Why we should care about managerial accounting: this knowledge is important regardless of your major, studying business practices that all businesspeople must know. Objective 1-3: describe the roles & skills required of management accountants. Objective 1-5: discuss business trends and regulations affecting management. Asset on the balance sheet: move into cost of services when completed. Success: company must consider all the costs incurred in the value chain & how actions taken in one area impact another in order to set competitive & profitable selling prices. What is a cost object: a(cid:374)ythi(cid:374)g you"(cid:396)e t(cid:396)yi(cid:374)g to fi(cid:374)d the cost of, sales costs = profit, less cost = more profit.

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Case 2.1 Intel Case The 2013 Intel Form 10-K can be found at the following Web site: www.pearsonhighered.com/fraser. Using the Form 10-K, answer the following questions: Prepare a common-size balance sheet for Intel for all years presented. Describe the types of assets Intel owns. Which assets are the most significant to the company? Using the notes to the financial statements, discuss the accounting methods used to value assets. What other information can be learned about the asset accounts from the notes? Have there been significant changes to the asset structure from 2012 to 2013? Analyze the accounts receivable and allowance for doubtful accounts. Describe the types of liabilities Intel has incurred. Which liabilities are the most significant to the company? Have there been significant changes to the liability and equity structure from 2012 to 2013? Describe the commitments and contingencies of Intel. Under which classification(s) are deferred taxes listed? What item is the most significant component of deferred taxes? What equity accounts are included on the balance sheet of Intel? Case 2.2 Applied Materials Comprehensive Analysis Case Using the Financial Statement Analysis Template Each chapter in the textbook contains a continuation of this problem. The objective is to learn how to do a comprehensive financial statement analysis in steps as the content of each chapter is learned. Using the 2013 Applied Materials Form 10-K that can be found at www.pearsonhighered.com/fraser, complete the following requirements: Open the financial statement analysis template that you saved from the Chapter 1 Applied Materials problem and input the data from the Applied Materials balance sheet. Be sure to read the notes to the financial statements to determine the correct numbers to input on the template. For example, the company has combined asset and liability accounts and property, plant and equipment has been recorded net of accumulated depreciation. See Note 7 to help you reorganize the data for the template. When you have finished inputting the data, review the balance sheet to make sure there are no red blocks indicating that your numbers do not match the cover sheet information you input from the Chapter 1 problem. Make any necessary corrections before printing out both your input and the common-size balance sheet that the template automatically creates for you. Analyze the balance sheet. Write a summary that includes important points that an analyst would use in assessing the financial condition of Applied Materials.