The underlying issues of the article/case.
Business Excellence (BE) is about developing and strengthening the
management systems and processes of an organization to improve
performance and create value for stakeholders. BE is much more than having
THE BALANCE SHEET EQUATION
Accounting transaction business activity or event that affects any element in the balance sheet
equation (Assets = Liabilities + Owners equity)
- Every transaction recorded in the accounting records must alter
ANALYZING AND RECORDING TRANSACTIONS
The accounting cycle certain basic steps in the accounting procedures of businesses that are
accomplished in a given order.
Accounting cycle in computerized systems:
1) Analyze and record transacti
MODULE 6: CASH
All items that are acceptable for deposit in a bank is cash:
Money already on deposit with a bank
Cash in bank accounts businesses frequently have more than one bank account
MODULE 8 TIME VALUE OF MONEY
Interest payment for the use of money.
Businesses prefer to receive dollar sooner to invest or lend it to someone to earn interest and to
reduce the business risk.
A dollar today is worth more than a dollar tomorr
1) The statement which best embodies the concept of "Matching" would be:
Choose one answer.
a. Getting the costs associated with generating a revenue stream in the
same income statement as that revenue stream.
b. Ensuring there is a liabi
MODULE 9 ACCOUNTING FOR INVENTORIES
Merchandise inventory goods held for sale by a retail or wholesale business.
Finished goods inventory goods held for sale by a manufacturing concern.
Raw materials inventory materials being stored that will
History of accounting
Barter is the precursor of accounting.
Cuneiform accounting IIII
Coinage accountings basic unit
Luca Pacioli invented double entry bookkeeping and the concept of the Balance Sheet
Accounting (formal definition)
MODULE 13 CASH FLOW STATEMENT
Cash flow statement financial statement that reports sources (inflows) and uses (outflows) of
cash during the period of time.
- Shows how solvent we are (whether we are in danger of running out of cash).
MODULE 5: MERCHANDISING OPERATIONS
Three types of enterprises:
3) Merchandising operations of buying and selling finished products (both wholesalers and
- Merchandising operations sell products. Their fina
1) Oscar Corp. received an order from a customer on August1. The toys were shipped on
August 15. The customer sent a check for full payment on September 5. Oscar received
the check on September 10 and deposited it in the bank account. Osc
1) On October 1, 2006, Jayhawk Company paid $7,200 for a two-year insurance policy on
the building. The accounting period ends December 31. At the end of 2006, the financial
statements should report
On the Balance Sheet
In 2004, Yippee! Inc. reported net income of $841.6 million and total assets of $9,277.2 million.
In 2003, they had a net income of $238.4 million and total assets of $5,618.9 million. Calculate
Yippee!'s 2004 return on assets (ROA).
Choose one answer.
1) The periodicity assumption is the basis for which of the following?
Choose one answer.
a. dividing the activities of a business into a series of time periods for accounting and
b. the cutoff of revenue recognition o
ADMS 2500 INTRODUCTION TO FINANCIAL ACCOUNTING
MODULE 15 FINANCIAL STATEMENT ANALYSIS
Quantitative factors considerations of investors and creditors that can be expressed
Profitability ability to generate earnings.
Liquidity ability to stay
MODULE 4: ADJUSTING ENTRIES AND FINANCIAL STATEMENT PREPARATION
Accrue to recognize expense or revenue before cash is exchanged.
Defer to put off recognizing expense or revenue until a future period when cash has already
Your Name: _
Erin Brockovich and Civil Law
There are several references to the legal process throughout this movie. Many you
have learned about in class, while others, you have to deduce meaning using
context clues. Remember, in the movies, the directors
Excerpt from The Relative Motion of the Earth, Moon, and Sun Lesson Plan
o Write on the board: Relative Motion and Motion of the Earth, Moon, and
o Begin by telling the class that you are going to blow a hole in wh
Econ 101, section 4, S07
Exam #4, Red
Choose the single best answer for each question.
1. The amount of money that a firm receives from the sale of its output is called
a. total cost.
*. total revenue.
2. Which of the
Class#6 October 16, 2015
Discuss homework from last week:
Homework assignment - please submit in complete
sentences in Word format by end of day Thursday Oct. 15
to [email protected] : Q 21 (p.197); 22 (p.200)
Lesson Contracts part
The major problems/issues that Tokyo Jane had to face when the founder himself even
get confused with their position, where are their current position in the market compared
to their competitor. Their product life cycle getting shorter. when they're faced
MODULE 7 RECEIVABLES
Accounts receivable from customers when a customer is shipped goods on the agreement
that the customer will pay later.
Accounts receivable from credit card companies the credit card company agrees to pay the
MODULE 10 CAPITAL ASSETS
Capital assets long-lived assets used by a company.
3 balance sheet capital assets categories:
1) Property, plant, and equipment held for use capital assets with physical substance that are
intended to be used (land, n
MODULE 14: THEORY OF ACCOUNTING
Control begins with the mindset of management.
Internal control the plan of the organization and of all of the coordinate methods, measures and
systems adopted within the organization to:
1) Safeguard its assets (
MODULE 11 LIABILITIES
Liability the obligation of the firm to non-owners who lend economic resources.
Requirements for liability:
The probable future sacrifice of resources.
Little to no discretion to avoid the transfer.
1) The reason why financial statements may contain errors is:
Choose one answer.
a. Deliberate misstatement
( management fraud)
b. The statements are unaudited
which means they have not been
reviewed by an outside accounting
MODULE 12 SHAREHOLDERS EQUITY
Corporation legal entity separate from its owners.
Corporation shareholders equity
Canada: shareholder, share, share capital = capital stock
USA: stockholder, stock
Major advantages of incorporation:
1) Pittsburg Company's bank statement showed an ending balance of $7,500. Items
appearing in the bank reconciliation included: outstanding checks, $500; deposits in
transit, $1,000; bank service charges, $20; and Driver Company's check er
Equity Company collected $525,000 from customers and paid employees and suppliers $300,000
during 2006. In addition, the company borrowed $50,000 from the bank and purchased
equipment for $90,000. The company's 2006 statement of cash flows would