match the following items to their related statements

Match the items with the related statements that follow. _IA____ Goodwill LO Fungi are a kingdom of species with their own classification scheme based on their characteristics and features.They are eukaryotic, multicellular organisms that function as decomposers in a given ecosystem. Employee: Must be designated by employer to assist in the safe and orderly emergency evacuation of employees. The following table identifies important controls that management is testing regarding accounts related to revenue recognition, accounts receivable, and other sales related activities. Current liabilities (CL) This format is most commonly used by businesses that have relatively simple operations, with few line items reported. c. Control activities Such expenses include obsolete inventory charges or even the settlement of a lawsuit. _____ Accumulated depreciationequipment Income Statement Items Explained (With Examples) LO In what ways does this example model biogeochemical cycles on Earth? Management regularly considers what losses the company might face. LO The business also gained $1,500 from the sale of an old van and incurred a $2,000 loss from a pending lawsuit. Washington, D.C. 20210. LO Obligations that a company expects to pay after one year. _____ Inventory LO LO %%EOF Financial statements contain the historical information as well as current periods financial Do you need an answer to a question different from the above? In the income statement, expenses are costs incurred by a business to generate revenue. What basis is used for ordering individual items within the current assets section? For a company offering subscription or consulting services, operating revenue will be the fees earned for services rendered. The rules and principles are very flexible. 0 (b)by importance. (b)$6.50. In addition, CSHOs must check and verify that the training was provided in a format that the workers being trained could understand. The company has an internal audit department. (f). 3.5What type of account is prepaid insurance? Company environment 3. b. R. _____ Prepaid rent are not subject to the Creative Commons license and may not be reproduced without the prior and express written MD&A (Management Discussion and Analysis) is a report made by company management, A: SOLUTION- 3.1Which of the following principles matches expenses with associated revenues in the period in which the revenues were generated? How do current liabilities differ from long-term liabilities? __CL___ Income taxes payable If the compliance officer determines that a deficiency exists in the employer's training program, he/she must document evidence of any barriers or impediments to understanding, as well as any other facts that would demonstrate that employees were unable to understand the training and apply it to their specific workplace conditions. (c)$99.50. Define current assets. The average time required to purchase inventory, sell it on account, and then collect cash from customersthat is, go from cash to cash. 3.2Which of these accounts is a liability? Gains are similar to Revenue, but with one crucial difference. In the fall of 2008, astronauts aboard the International Space Station had to repair a new urine recycling device that extracts and purifies water from human urine. (a)Earnings per share. Which of the following shall be permitted to operate equipment or machinery? OSHA compliance officers are responsible for checking and verifying that employers have provided training to employees. If you want, A: Definition: Match the following items with their related statements below: a. Property, plant, and equipment (PPE) Occupational Safety & Health Administration, Occupational Safety and Health Administration, Outreach Training Program (10- and 30-hour Cards), OSHA Training Institute Education Centers, Severe Storm and Flood Recovery Assistance, OSHA Training Standards Policy Statements. (c)With regard to regulated companies, IFRS lacks the specific rules GAAP has to deal like utilities. LO The company reports the building on its balance sheet at $235,000. LO The tool is intended to help employers with a Spanish-speaking workforce identify the Spanish-language outreach resources on OSHA's website. Please resubmit the, A: MD&A Report A company has been losing market share to their competitors due, The top management team at your company is considering outsourcing the supply, Develop a brief answer to each of the following questions: 1. Which of the following are acceptable ways of prohibiting use of incompliant tools or machinery? _____ Accounts payable Financial statements are a collection of summary-level reports about an organization's financial results, financial position, and cash flows. Management puts separation of duties in place. _____ Supplies 2. This matching process is important, because it proves that the general ledger figure for receivables is justified. A set of financial statements includes the income statement, statement of owner's equity, balance sheet, and statement of cash flows. LO 8. Current liabilities (CL) Management encourages employees to follow the rules. Note that our enforcement guidance may be affected by changes to OSHA rules. We will be holding an advance ticket raffle for TXT GLOBAL OFFICIAL FANCLUB MOA MEMBERSHIP (GLOBAL/USA) holders for the Additional Show of TOMORROW X TOGETHER WORLD TOUR <ACT : LOVE SICK> IN JAPAN < Concert Information > ScheduleConcert Venue [Osaka] KYOCERA DOME OSAKA Saturday, July 1, 2022 Concert venue opens at 16:00 / Concert begins at 18:00 Sunday, July 22, 2022 Concert . LO A.to change how objects look and feel. __CA___ Cash 3.4What is the impact on the accounting equation when stock is issued, in exchange for assets? Was the decision maker aware that he or she was acting unfairly. Assets that companies expect to convert to cash or use up within one year or the operating cycle, whichever is longer. Fred is considering using the accrual method for his next business venture. A. 3.1The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? constants, functions, and predicates mentioned in the chapter. For instance, if a business were to acquire a printer for $5,000 and pay for it in two weeks time, it would be recorded as an expenditure on the income statement today (not when the cash payment is made.). / Steven Bragg. 9. (b)Increase in the current ratio. Answer: price > cost > perceived value. 3.1Which of the following is the principle that a company must recognize revenue in the period in which it is earned; it is not considered earned until a product or service has been provided? and you must attribute OpenStax. According to the Bottled Water Trends for 2014 report (bit.ly/1gx5ub8), the U. For the control environment principles, identify evidence that management might obtain to assess the operating effectiveness of the control environment. The following is a sample format for a single-step income statement: Interestingly, informative speaking is a newcomer in the world of public speaking theorizing and instruction, which . Measures the percentage of total financing provided by creditors. Property, plant, and equipment (PPE) (c)Both (a) and (b). Charity of goods is- Group functions can only be used in a SELECT list. Do you want to advance your financial analysis and reporting skills? 2. It is arrived at by subtracting all the income expenses before any taxes are levied. a. accuracy and methods of measurement. Compared to O'Hare Inc., Reilly Inc. has: Occupational Safety and Health A means to express each item in a financial statement as a percentage of a base amount.h. As you'll recall from Chapter 9 "Preparing a Speech", speaking to inform is one of the three possible general purposes for public speaking.The goal of informative speaking is to teach an audience something using objective factual information. Evaluates managements assessment of internal control over financial reporting, ________ 2. _PPE____ Land (in use) The main users of the financial accounting information are the internal users. Employers need to examine the standards applicable to their workplaces to be familiar with these specific requirements. Solvency refers to a company's ability to pay all of its debts. This review involves identifying the following items for a company's financial statements over a series of reporting periods: Trends Overview. Explain. The buffy coat of the hematocrit test represents the. They are not paid for; the company will be billed. Current assets (CA) (d)None of the above. C. to allow the developer to graphically design program components. From the Team Explorer home page, choose Work Items. Interest expenses are the costs that a company bears for receiving financing. The multi-step income statement separates business operations from other. controls. Stampante Multifunzione Wifi, __CA___ Accounts receivable During your monthly close, cross-check your records to make sure you paid all bills and invoices. Auditing means examining the books of accounts , various processes. Control environment, risk assessment, control activities, information and communication, and monitoring. (b)What two reasons are given by many smaller companies that oppose the switch? The cash basis income for 2009-2011 FAILS to match the cost of insurance with the d. all of the above. The key focus is on the entity as a whole. __CA___ Inventory, he July 6, 2011, edition of the Wall Street Journal Online includes an article by Michael Rapoport entitled "U.S. Firms Clash Over Accounting Rules." Indicate whether each statement describes financial accounting or managerial accounting. Records management provides a formal structure for implementing Federal requirements for recorded information, regardless of media. threat _SE____ Common stock (a)Current ratio. 3.1That companies can present useful information in shorter time periods such as years, quarters, or months is known as which of the following? Ch. 3 Multiple Choice - Principles of Accounting, Volume 1 - OpenStax Financial statement analysis involves gaining an understanding of an organization's financial situation by reviewing its financial reports. What concept or principle has been violated? Generally, (1) investments in stocks and bonds of other corporations that companies hold for more than one year; (2) long-term assets, such as land and buildings, not currently being used in the company's operations; and (3) long-term notes receivable. Decision Checkpoint: How does the company's earnings performance compare with that of previous years? Risk assessment c. Control activities d. Information and communication e. Monitoring 1. In contrast expenses denote the amount of money spent on an ongoing basis to ensure generation of revenues. Description 3.1Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? ___IA__ Patents While both of these metrics denote profits made, Gains refer to profits that dont relate to the core business of the company. For example, if an employee does not speak or comprehend English, instruction must be provided in a language the employee can understand. In practical terms, this means that an employer must instruct its employees using both a language and vocabulary that the employees can understand. hbbd``b`$o "@AYj\- j b$@9CL 7|0 < _CA____ Supplies Also, from time to time we update our guidance in response to new information. These statements are discussed in detail in Introduction to Financial Statements. Which of the following are employer requirements for safety training and education? 120 lbs per cubic foot : Moist soil 3.5Which of the following accounts does not increase with a debit entry? LO Auditing: (b)net loss. 6. 3.5Which of the following financial statements should be prepared first? Electricity has been used but has not been paid for. (b)cash, inventory, accounts receivable, prepaid insurance. Management encourages employees to follows the rules. A copy machine is ordered. LO The change will cost companies as much as 1% of revenues.2. The difference between long term investments and property, plant, and equipment are long-term assets such as land or building that a company is NOT currently using in its operating activities. Two employer responsiblities listed in this section are instructing employees in recognizing and avoiding unsafe conditions and training employees in the regulations that apply to his or her work environment. (c). Advantages of Financial Statements Financial Statements are useful for the following reasons: 3. 3.4What is the impact on the accounting equation when a sale occurs? Inventory accounting 1. hb```f``rb`a`#8920+$`r`; T/H@*nh.D+*qi8:::: eC/ nDE,d Measures of the short-term ability of the company to pay its maturing obligations and to meet unexpected needs for cash. 3.5Unearned service revenue occurs when which of the following occurs? (b) Debt to Assets Ratio & Free Cash Flow General OSHA standards always take precendence over particular standards that apply specifically to a given condition, practice, mean, method, operation, or process, Only qualified employees who received proper training. To keep apprised of such developments, you can consult OSHA's website at https://www.osha.gov. Auditing: A Risk Based-Approach (MindTap Course List). _____ Land (in use) __CA___ Supplies, Classify each of the following financial statement items taken from Ming Corporation's balance sheet. Smaller companies also are less likely to have operations outside the U.S., or to have aspirations to expand or raise money globally. It will be delivered in two weeks. It presents revenue, expenses and ultimately, profit or loss in a straightforward way that involves a single calculation. D. Ensure assets are properly used. Long-term liabilities (LTL) These are special types of expenses that are spread over a long period. It is the Agency's position that, regardless of the precise regulatory language, the terms "train" and "instruct," as well as other synonyms, mean to present information in a manner that employees receiving it are capable of understanding. 7. A copy of the Annual Summary must be posted in every establishment, where notices are usually posted or in a conspicuous place. Internal control c. Management's responsibility b. INTERNAL CONTROLIS A PROCESS WHICH ENSURES CONTINUOUS RELIABILITY OF ACCOMPLISHMENT OF A, A: Internal Control System 3.2Which of these statements is false? The statement itemizes the cash and other deposits made into the checking account of the business. A technique that employs a specific angle of incline on the sides of the excavation : Sloping A structure that supports that sides of an excavation and protects against cave-ins : Shoring Match the following definitions to their related statements as described in the Definitions section of this lesson. are well trained and A process that establishes reliability of accounting records and financial . This tips sheet contains a brief description of seven types of examination questions, as well as tips for using each of them: 1) multiple choice, 2) true/false, 3) matching, 4) short answer, 5) essay, 6) oral, and 7) computational. The company has an internal audit department. LO (a) liquidity, Predicting tomorrow's rainfall amount based on the wind speed and temperature. The statement that is not true of fungi is c) Each of the filaments on the body is a mycelium. d. Information and communication _____ Goodwill (b)Earnings per share. The purpose of an income statement is to show the profits and losses a company made over a specified period of time. 5. Week 5 Individual Internal Control SE 1. Classify financial statement items by balance sheet classification. What, Alina Sadofsky, who operates a small grocery store, has established the following, Listing 28.10, ConnectedCircles.java, allows the user to create circles and determine whether. These denote costs linked to the goods and services offered by a business, Governmental Industry Classification Systems, Best Practices When Building a Financial Model. Which one of the following components of internal control over financial reporting sets the tone for the organization? entertainment, news presenter | 4.8K views, 31 likes, 13 loves, 80 comments, 2 shares, Facebook Watch Videos from GBN Grenada Broadcasting Network: GBN. White blood cell and platelet percentage. The most stable form of the common sugar glucose contains a six-membered, Southwest Division offers its product to outside markets for $30. __PPE__ Buildings The purposes of this memorandum are to reiterate OSHA's policy that employee training required by OSHA standards must be presented in a manner that employees can understand, and to provide enforcement guidance to the area and regional offices relative to the Agency's training standards. Current assets (CA) 3.1That a business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally, is known as which of the following? LO 81 0 obj <>/Filter/FlateDecode/ID[<3542FE0BCCF184338CC86C5C5B65C6BA><273786AD8E0FF8458AD97DF0739EF2F8>]/Index[62 36]/Info 61 0 R/Length 93/Prev 262440/Root 63 0 R/Size 98/Type/XRef/W[1 2 1]>>stream Figure 1.7 Income Statement Schedules for Custom Furniture Company. hVn8ylPdySq@&%CVwe;u)\H3+ o@@i. 8. It is used to ascertain the health of a business entity at a particular moment. (g). _CA____ Accounts receivable (b)cash, inventory, accounts receivable, prepaid insurance. A query that includes a group function in the SELECT list must include a GROUP BY clause. Choosing which CIs to record will depend on the level of control an organization wishes to exert. Personnel are well trained and instructed in their duties. The important thing to remember about an income statement is that it represents a period of time. Managers are observant and review Analyzing the items in its accounting books, lets compute the Net Income in a multi-step format. A measure of liquidity computed as current assets divided by current liabilities. 4. Match the following items to their related statements. LO The company has an internal audit department. Just as management personnel benefits from its insights to make timely decisions and ascertain if an entity is on the right track financially, experienced investors use the information it provides to expand their portfolio of investments. OSHA requirements are set by statute, standards and regulations. A need of internal control d. Independent accountant's audit __A_ 1. 3.5Which of the following accounts is increased by a debit? (Is it a control deficiency, a significant deficiency, or a material weakness?). Property, plant, and equipment are assets with relatively long useful lives that ARE currently used in operating the business. A Cash Flow Statement (also called the Statement of Cash Flows) shows how much cash is generated and used during a given time period. Records of the OSHA 300 Log, the privacy case list (if it exists), the annual summary, and the OSHA 301 Incident Report, must be kept for how many years following the end of the calendar year that they cover?
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