9_20_pop_quiz

9_20_pop_quiz - collected as yet. - when goods are shipped...

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Solutions to 9/20 “Pop” Quiz ( total of 5 points) 1.(2 points) Balance sheet: reports the company's financial position at a specific point in time. - shows what the company owns and what it owes at the report date. - like a “snap shot.” pp5 Income statement: reports on how a company performed during the period(s) presented. shows whether company's operations have resulted in a profit or loss. Like a “motion picture.” pp6 2. (½ + ½ point) Assets = Liabilities + Shareholder's Equity. pp12 3. (1 point) Accounts receivable: amounts due from customers that haven't been
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Unformatted text preview: collected as yet. - when goods are shipped to customers before payment or collection, an account recievable is recorded. pp14 4. (1 point) Under accrual accouting, a transaction is recognized on the income statement when the earnings process is completed, that is, when the goods and/or services have been delivered or performed or an expense has been incurred. pp 43 2.96 - Management in Engineering, Fall 2004 Massachusetts Institute of Technology Department of Mechanical Engineering Instructors: Professor Jung-Hoon Chun and Professor Alexander d'Arbeloff ext...
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