Retained profits - Study guides, Class notes & Summaries

Accounting Principles I Final Exam || Questions & Solutions (100% Correct) Accounting Principles I Final Exam || Questions & Solutions (100% Correct) A local retail shop has been operating as a sole proprietorship. The business is growing and now the owner wants to incorporate. Which of the following is not a reason for this owner to incorporate? A)The ease in transferring shares of the corporation's stock B)Desire to limit the owner's personal liability C)Ability to raise capital for...

Order of risk of the right side of the balance sheet - correct answer All debt needs to be paid off before equity holders receive anything (in order of riskiness): -Common Equity -Preferred Equity -Long Term Debt -Short Term Debt Non-operating assets - correct answer Assets that are not and will not be used in the ordinary course of conducting business (Personal airplanes, vacations, cabins, artwork and investment properties) Shareholder's equity consists of: - correct answer -Paid in...

FAC1601-Exam-Pack - Exam pack Financial Accounting and Reporting (University of South Africa) lOMoARcPSD| Financial Accounting 1B Study & Exam Pack for FAC1601 © 2014 This is prepared for UNISA undergraduate students undertaking the module FAC1601. The past exam papers used as a way of practicing the concept emphasized in the study guide for this module Compiled by Levison Kamanga (check his profile on ), for and on behalf of “Inspired to impact with a difference” All the que...

Dividends correct answer: Are appropriations of profit after tax Paying dividends correct answer: Many companies pay dividends in 2 stages during the course of their accounting year -in mid year, after the half-year financial results are known, the company might pay an interim dividend -at the end of the year, the company might declare a further final dividend Interim dividend correct answer: Dividends declared and paid during the year -declared: Debit retained earnings Credit divi...

BUL 3310 Exam 4 FSU Bailey - Questions and Answers (Complete Solutions) Phil has a 1/4 partnership interest in Green & Sons. He has been denied access to the partnership books and records for over a year and he suspects that one of the partners has been engaging in secret business transactions using partnership funds. Phil wants to know the status of the business. Phil's remedy in this situation is to go to a court of equity for an ______________. Charging order Marshalling order Accounting De...

Test Bank for Financial Accounting for MBAs 8th Edition by Easton, Wild, Halsey and McAnally | All Chapters, 100%Original Verified | A+ Grade Module 1 Financial Accounting for MBAs Learning Objectives – Coverage by question True/False Multiple Choice LO1 – Explain and assess the four main business activities. LO2 – Identify and discuss the users and suppliers of financial statement information. 1- 4 1, 2 LO3 – Describe and examine the four financial statements, and define the...

AES Bookkeeping Questions and Answers Graded A+ What is the difference between "fixed assets" and "current assets"? Fixed assets are long-term resources like buildings and machinery, while current assets are short-term resources expected to be converted into cash within a year, such as inventory and accounts receivable. What is the purpose of an "accounting cycle"? The accounting cycle is a series of steps followed to ensure accurate financial reporting, from recording tr...

The method of computation of Contractor's overhead and profits for Change Order prices, where both additions and deletions are involved, is found in the: - CORRECT ANSWER-conditions of the contract General Requirements are part of: - CORRECT ANSWER-Specifications The three essential considerations in the evaluation of a product are - CORRECT ANSWER-Requirements, Criteria, and Tests Whose responsibility is it to furnish the Shop Drawings - CORRECT ANSWER-The Contractor The division of th...

CDT exam Questions with Correct Answers (solved) 1. The method of computation of Contractor's overhead and profits for Change Order prices, where both additions and deletions are involved, is found in the: a) Agreement. b) Conditions of the Contract. c) Division 01. d) Instructions to Bidders. - CORRECT ANSWER-b) Conditions of the Contract. 2. General Requirements are part of: a) Supplementary Conditions. b) Bidding Requirements. c) Specifications. d) Summary of Work. - CORRECT AN...

Describe the 3 financial statements and discuss the connections each has to the others? - Answer- *Balance Sheet* The balance sheet shows a company's *assets, its liabilities and shareholders' equity*. It is a snapshot of a company at one point in time. *Income Statement* The income statement outlines the company's *revenues and expenses*. It shows their *profit/loss over* a *period of time*. *B/S and I/S Connections*: 1) Interest Expense is calculated based on debt held on B/S 2) Re...