Home depots performance can be rated as above average

Info icon This preview shows pages 9–14. Sign up to view the full content.

View Full Document Right Arrow Icon
Home Depot’s performance can be rated as above average. 1-9 $2,260 $42,744 Net income Average total assets
Image of page 9

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Chapter 01 - Accounting in Business Quick Study 1-12 [Code: Income statement (I), Balance sheet (B), Statement of owner’s equity (OE), or Statement of cash flows (CF).] a. B d. B g. B b. I e. OE (and CF*) h. CF c. B f. I i. CF *The more advanced student might know that this item would also appear in CF. Quick Study 1-13 (10 minutes) a. International Financial Reporting Standards (IFRS) b. Convergence desires to achieve a single set of accounting standards for global use. c. The SEC roadmap proposes that large U.S. companies adopt IFRS by 2014. EXERCISES Exercise 1-1 (10 minutes) I 1. Determining employee tasks behind a service I 2. Establishing revenues generated from a product R 3. Maintaining a log of service costs R 4. Measuring the costs of a product C 5. Preparing financial statements C 6. Analyzing and interpreting reports C 7. Presenting financial information 1-10
Image of page 10
Chapter 01 - Accounting in Business Exercise 1-2 (20 minutes) Part A. 1. E 5. I 2. E 6. I 3. E 7. I 4. I 8. I Part B. 1. I 5. I 2. E 6. E 3. I 7. I 4. E Exercise 1-3 (10 minutes) 1. B 5. A 2. C 6. A 3. C 7. B 4. B 8. A 1-11
Image of page 11

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Chapter 01 - Accounting in Business Exercise 1-4 (20 minutes) a. Situations involving ethical decision making in coursework include performing independent work on examinations and individually completing assignments/projects. It can also extend to promptly returning reference materials so others can enjoy them, and to properly preparing for class to efficiently use the time and question period to not detract from others’ instructional benefits. b. Auditing professionals with competing audit clients are likely to learn valuable information about each client that the other clients would benefit from knowing. In this situation the auditor must take care to maintain the confidential nature of information about each client. c. Accounting professionals who prepare tax returns can face situations where clients wish to claim deductions they cannot substantiate. Also, clients sometimes exert pressure to use methods not allowed or questionable under the law. Issues of confidentiality also arise when these professionals have access to clients’ personal records. d. Managers face several situations demanding ethical decision making in their dealings with employees. Examples include fairness in performance evaluations, salary adjustments, and promotion recommendations. They can also include avoiding any perceived or real harassment of employees by the manager or any other employees. It can also include issues of confidentiality regarding personal information known to managers. Exercise 1-5 (10 minutes) 1. G 4. F 2. A 5. D 3. C 1-12
Image of page 12
Chapter 01 - Accounting in Business Exercise 1-6 (10 minutes) Code Description Principle or Assumption G 1. Revenue is recorded only when the earnings process is complete.
Image of page 13

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 14
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern