Accounting estimate - Study guides, Class notes & Summaries

bookkeeping -Correct Answer day to day keeping of transcations steps of decision making -Correct Answer identify issue gather information identify alternatives select option that most likely results in desired objective accounting -Correct Answer analysis of events record and report financial effects of business activities where does capital come from (3) -Correct Answer investors creditors(lenders) business itself (from earnings retained) 2 main types of accounting -Correct An...

What is loss development? - answer>>The increase or decrease of incurred losses over time. How are loss reserves handled on financial statements? - answer>>They are liabilities on the balance sheet. What is the purpose of loss reserves? - answer>>To estimate the liability for losses that have occurred but have not yet been settled. What best describes the reserves a reinsurer must have? - answer>>Amounts obligated in the future to pay primary insurers. When account...

CON 170 Fundamentals of Cost and Price Analysis MIDTERM EXAM_2023. 1. Which of the following statements most closely summarizes government pricing objectives? b. Acquire goods and services from responsible sources at fair and reasonable prices. 2. As a contract specialist, you should be aware that: a) Different sellers in the same market may have different pricing objectives and approaches. b) Sellers in different markets often have different approaches to contract pricing. c) A single fir...

Chapter 03 - Evaluation of a Business Opportunity Multiple Choice Questions 1. The entrepreneurial process outlined in the text includes: A. management of the business. B. finding partners. C. developing a relationship with major competitors. D. developing quality of life goals. Difficulty: Medium Learning Objective: 03-01 List the four stages of the entrepreneurial process. Topic: 03-01 Entrepreneurial Process 2. All businesses start with: A. a large sum of funds. B. an idea. C. stron...

SAP S/4HANA Full List (TS410 Exam) Updated 2022. What are the scope of a planning run? -Regenerative Planning -Net Change for Total Horizon What is the purpose of Material Ledger? -the elimination of locking and increase throughput for standard pricing for material valuation -improved and flexible valuation methods in multiple currencies and parallel accounting What is the output of an MRP run? -Planned Order -Purchase Req for Dependent Requirements -Reservation for Dependent Items ...

Intermediate Accounting Exam #1 || With Questions & Solutions (Rated A+) Intermediate Accounting Exam #1 || With Questions & Solutions (Rated A+) According to Statement of Financial Accounting Concepts No. 2, predictive value is an ingredient of the fundamental quality of: Relevance: Faithful Representation: a. yes no b. yes yes c. no no d. no yes - ANSWER - a: yes; no Financial information exhibits the characteristic of consistency when: a. expenses are reposted as charges a...

ETS MFT BUSINESS EXAM The principal difference between variable costing and absorption costing centers on: a) whether variable manufacturing costs should be included as product costs b) whether fixed manufacturing costs should be included as product costs c) whether fixed manufacturing costs and fixed selling and administrative costs should be included as product costs d) none of these. General Bikes is debating which marketing research options to employ. The traditional p...

The ability a company has to pay its debts in the short run is its Liquidity Which of the following is a measure of the liquid position of a corporation? Debt ratio Which of the following ratios is used to measure a firm's leverage? Debt Ratio Which of the following ratios is used to measure the profit earned on each dollar invested in a firm? Return on Equity The emphasis in financial accounting is on which of the following external user groups? Investors and creditors The prima...

bookkeeping correct answers day to day keeping of transcations steps of decision making correct answers identify issue gather information identify alternatives select option that most likely results in desired objective accounting correct answers analysis of events record and report financial effects of business activities where does capital come from (3) correct answers investors creditors(lenders) business itself (from earnings retained) 2 main types of accounting correct ans...

Current Trends changing Accounting: Globalization - Answer-As more and more business do business globally, capital flows more freely across national boundaries. This means investors can choose to invest in firms all over the planet. To help them make investment decisions, the global accounting and regulatory communities are working to bring accounting standards around the world into agreement the IASB was one step in that direction, but nations still control the accounting standards used wi...