ACIS 2004 Final Exam

ACIS 2004 Final Exam - ACIS 2004 Final Exam Friday Dec 7th...

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ACIS 2004 Final Exam Friday, Dec. 7 th 1-3pm PAM 2030 Chapters 9, 10, 11, 12 50 Multiple Choice Questions – No Problems! Formula Sheet will be attached $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ Chapter 9 Accountants must consider 1) Users 2) Types of Decisions 3) Methods of Analysis Vertical analysis Horizontal analysis (trend analysis) studying behavior of individual financial statement items over many periods - absolute amounts - percentage analysis Ratio analysis involves studying various relationships between different items reported in a set of financial statements Current v Non-Current Assets Liabilities/Equity Cash current current AP debt Market Securities current current Current Notes Payable debt A.R. current Mortgage Payable debt Inventory current Bonds Payable debt Property/Equipment CS equity Accumulated Depreciation PIC Excess equity RE equity 1) Liquidity – how fast current assets can be changed to cash (focus on current assets & current liabilities!) – ability to pay short-term debts. 2) Profitability – after expenses, how much $ is made (measures company’s ability to generate earnings) 3) Solvency – ability to pay debts (used to analyze a company’s long-term debt-paying ability and its financing structure) 4) Investing – (stock market ratios) – analyze the earnings and dividends i.e. p/e ratio Limitations of Financial Statement Analysis 1) Different Industries 2) Changing Economic Environment 3) Accounting Principles 1
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$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ Chapter 10 Managerial v Financial Accounting (See Exhibit 10.2) Product Cost v Period Cost (General, Selling, Administrative) Product Costs 1) Direct Materials 2) Direct Labor 3) Manufacturing Overhead Indirect Costs 1) Supervisor Salary 2) Utilities 3) Depreciation Product Cost Asset COGS Period Cost Expense *Average Cost per Unit See Exhibit 10.13 for: 1) Competence 2) Confidentiality 3) Integrity 4) Objectivity Common Features of Criminal & Ethical Misconduct 1) Secret Problem 2) Opportunity
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