Kate Spade & Company is a strong, global competitive force in the high-end industry, originating in 1993
(The History, 2015). The company, centrally located in New York, is geared toward fashion markets while
specializing in a wide range
ACC 224 Chapter 2
Qualitative Characteristics of Accounting
Understandability: the quality of accounting information that
makes it comprehensible to those willing to spend the necessary
time to understand it
Relevance: the capacity of inform
Apple Inc (NMS: AAPL)
Exchange rate used is that of the Year End reported date
As Reported Annual Balance Sheet
Cash & cash equivalents
Short-term marketable securities
Accounts receivable, gross
Overview of Transaction Processing and Enterprise Resource Planning Systems
Data Processing Cycle:
Data Input: Due to a business event
a. Capture transaction data triggered by a business activity (event)
b. Make sure captured data are accurate and complet
Data Vs. Information
(AIS= Accounting information system)
Data are facts stored in the system
A fact could be a number, date, etc.
When putting facts into the context of a sales invoice, for example, it is
meaningful and considered information
Use the following information for questions 71 and 72.
Presented below is information related to Hale Corporation:
Common Stock, $1 par
Paid-in Capital in Excess of ParCommon Stock
Preferred 8 1/
ACCOUNTING FOR LEASES
52. On December 1, 2015, Goetz Corporation leased office space for 10 years at a
monthly rental of $90,000. On that date Goetz paid the landlord the following amounts:
21. The revenue recognition principle provides that revenue is recognized when
c. it is realized or realizable and it is earned.
22. When goods or services are exchanged for cash or claims to cash (
DILUTIVE SECURITIES AND EARNINGS PER SHARE
MULTIPLE CHOICEDilutive Securities, Conceptual
21. Convertible bonds
d. may be exchanged for equity securities.
22. The conversion of bonds is most commonly recorded by the
d. book value method.
STATEMENT OF CASH FLOWS
Use the following information for questions 51 through 55.
Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA.
One statement that the enterprise is an
ACCOUNTING CHANGES AND ERROR ANALYSIS
On January 1, 2012, Neal Corporation acquired equipment at a cost of $720,000.
Neal adopted the sum-of-the-years-digits method of depreciation for this equipment and
70. On August 1, 2014, Dambro Company acquired 800, $1,000, 9% bonds at 97 plus
accrued interest. The bonds were dated May 1, 2014, and mature on April 30, 2020, with
interest paid each October 31 and Ap
Profibility ratios-measures the income or operating success of a company for a given period of time. Liquidity- measure short-term ability of the
company to pay its maturing obligations and to meet unexpected needs for cash. Solvency-measure the ability o
INTERMEDIATE ACCOUNTING I
6:00 7:50 p.m.
Dongkuk Lim, Ph.D.
I DEE;- ELI-1h QREL‘;
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