Public Company Accounting Oversight Board - Answer-Auditing standards for
independent auditors (CPAS) of public companies
CEO's & CFO's are responsible for: - Answer-the information in the financial statements
& disclosures
Long Income Statement Formula - Answer-Sales
- COGS
= Gross Profit
- Operating Expenses
= Operating Income
+/- Non-operating items (interest exp., interest rev., dep. rev., gains/losses)
=Pretax Income
-Tax
= Net Income
Gross Profit % - Answer-Net Sales - Cost of Sales
Revenue Recognition Principle - Answer-Revenues are recorded when earned
Destination FOB (Free on Board) - Answer-Goods changes hands on delivery
Shipping Point FOB (Free on Board) - Answer-Title of goods changes hands at shipping
date
Sale Discount Formula - Answer-2/10, n/30
2= discount %
Average Days to Sell Inventory Equation - Answer-365/Inventory Turnover
Net Book Value Equation - Answer-Cost - Accumulated Depreciated
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