Chapter 1 - 10
1. Generally accepted accounting principles are the basic assumptions, concepts and
guidelines for preparing financial statements. True
2. Reebok's net income of $119 million and average assets of $1,400 million results in a
return on asset
Learning Task Number Four
The Henry Furniture Co. is a new company and has numerous fixed assets that need to be depreciated.
You can help Henry by determining the depreciation rates for the assets and the amount of depreciation
for year one. The assets w
Learning Task Number Three
Johnson Company reports the following for the month of June.
(1) Compute the cost of goo
Time Value of Money
There are really only four types of T-V-M problems. They are the present value of a lump
sum, the future value of a lump sum, the present value of an annuity, and the future value
of an annuity.
There are only a handful of variables in
Financial accounting terms
MEMORIZE THESE TERMS. THEY REPRESENT EXCELLENT TEST QUESTIONS.
Assetsprobable future economic benefits obtained or controlled by a particular
accounting entity as a result of past transactions or events.
Learning Task Number Two
The accounts in the ledger of Dependable Delivery Service contain the following
balances on July 31, 2010.
Gas and Oil Expense
Notes Payable, due
The time period assumption presumes that an organization's activities can be divided into specific
time periods such as a month, a three-month quarter, a six-month interval, or a year.
Most organizations use a year as their primary accounting period. Repo