ACCT 1010 Fall 2016
Where are we going (see board)
Users of financial information about an organization (E=external; I=internal)
Investors (actual and potential)(E/I)
Creditors (actual and potential) (E)
Tax authorities (Federal (IRS),
WILFORD TOWING SERVICE
Month Ended June 30, 2016
The income statement reports
ACCT 1010 Fall 2016
Study Sheet for Test Three on Ch 5-6 (adjusted)
3 questions added below (shown in red). They were already on the test but not on the list.
Payment in disc pd
Payment outside disc
Sale on account
a. Considering the $1,000 paid by the freshman class, the revenue was earned on April 2. The
revenue (April 2) did not occur on the same date as cash was received (March 3).
b. Considering the $4,100 paid by the sophomore class, the revenu
Internal Control Project
For this project I will be assuming the position of manager at a local flower shop. The store is
located downtown near multiple apartment buildings, which attracts residents, but it is also
located in the Miller Pl
Prepares purchase requisition
Approved by sales department supervisor
Sent to purchasing department
Receives purchase requisitions from various departments
Verifies OK of requisitions
Why do we use a purchasing depar
Accounting Internal Controls
I am a manager of a sporting goods franchise. We are open from 9:00 a.m. through 9
p.m. We specialize in selling sporting and outdoor goods.
Require employees to take vacations, get annual physicals and go thr
Ending merchandise inventory on November 15 is $20.70 using FIFO.
$ 2.00 = $ 22.00
I am a store manager of a drugstore that is open 24 hours excluding the pharmacy. We also
sell beer with an alcohol content of 6.2% or less on Monday-Saturday from 8:00 a.m. to 3:00
a.m. the following day, Sunday we sell alcohol from 10:00 a.m. to 3:00 a.
Purposes of financial statements
Application of assumptions
Going concern, accounting period, monetary unit, economic entity
Differences in form of business
Definition of terms
Assets, liabilities, owners equity, revenue, expenses, div
Requirements 1, 2, and 3
Accounts and Explanation
Sep. 23 Merchandise Inventory
28 Accounts Payable
Oct. 1 Accounts Payable ($929.60 $152.
I am a manager of a drugstore. That is 24 hours open excluding the Pharmacy.
The cash from the customers gets to the companys bank account and none is lost
in the process. Out of dates checklist is performed daily to mai
Grades . . .
Where can I find feedback on grades?
To find the answers for the Exercises,
you will need to visit My Grades.
In My Grades, you have a few options for the display.
You can explore these on your own.
To see what is already graded,
This is a smokestack that I saw
driving back from school on
Amnicola Highway that is producing
lots of pollution! It is part of the
BASF chemical manufacturing
corporation. It was really rainy and
foggy when I took this but you can
kind of s
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MGT 2120 - FALL 2016
TOTAL EXTRA POINTS = 12 POINTS
Problems for Chapters 10 Hypothesis Testing Two Sample Tests (EXTRA CREDIT)
10.21 - How do ratings in TV and phone services compare? The data below contains the rating of 13 different providers.