Current liabilities (CL) _____ Prepaid rent According to Subpart C, how often should combustible scrap and debris be removed from a site? Inter Miami U19 Roster, Balance sheet. c. Risk assessment, control structure, backup facilities, responsibility accounting, and natural laws. (a)$6.00. d. Legal environment of the firm, management philosophy, organizational structure, control activities, and control assessment. A means to express each item in a financial statement as a percentage of a base amount.h. (d)inventory, cash, accounts receivable, prepaid insurance. 3. Financial accounting reports are typically general-purpose reports. Internal controls are the mechanisms, rules, and procedures implemented by a company to, A: Financial reporting means circulation and sending of financial information and financial statements, A: Since you have asked multiple sub parts, we will solve the first three sub parts for you. The statement of cash flows is prepared by following these steps:. Type A : 3/4:1 (53 degrees) LO White blood cell and platelet percentage. As an Amazon Associate we earn from qualifying purchases. Build a successful career with our Financial Analyst Career Track where youll learn how to interpret data and identify patterns with lots of practical examples and simple explanations. 3.5Which of the following accounts does not increase with a debit entry? Explanation: No explanation is available for this question! January 19, 2022. These are special types of expenses that are spread over a long period. groups The right match items are in the explanation section, below: Explanation: Jonh Calvin said that the Psalms teach Christians the anatomy of their own souls. _____ Trademarks This taxonomy can be helpful in outlining your course True 15.The two classes of elements are related in such a way that (a) assets, liabilities, and equity are changed by elements of the other class and at any time are their cumulative result and (b) an increase (decrease) in an asset cannot occur without a correspond-ing decrease (increase) in another asset or a corresponding . 4. _____ Income taxes payable 3.1Also known as the historical cost principle, ________ states that everything the company owns or controls (assets) must be recorded at their value at the date of acquisition. In order to assist employers in meeting their training obligations, OSHA has created a web-based assistance tool. The rules and principles are very flexible. Income Statement - revenues minus expenses for a given time period ending at a specified date. The following result is displayed by SQL. a. 6. (b)Increase in the current ratio. Long term creditors: looks more into a company long term ability to survive: they look more into profitability and solvency. LO The balance in retained earnings is not affected by: LO _SE____ Retained earnings Gains are similar to Revenue, but with one crucial difference. a. accuracy and methods of measurement. Internal control system which are prevailed in the organization make ensure, A: Auditing is the process that is followed by a business to check and supervise the business, A: Since we are entitled to answer up to 3 sub-parts, well answer the first 3. Obligations that a company expects to pay within the next year or operating cycle, whichever is longer. Measures of the ability of the company to survive over a long period of time. 3.5Which set of accounts has the same type of normal balance? Find when opening programs stored on a hard drive. D. Ensure assets are properly used. _____ Accumulated depreciationequipment For example, if an employee does not speak or comprehend English, instruction must be provided in a language the employee can understand. [Solved] Match the following items with the relate | SolutionInn (d)Decrease in free cash flow. When a statement of cash flows is prepared, these three types of cash flows are reported under separate sections, which are operating activities section, investing activities section and financing activities section.This categorization helps users of financial statements understand how the cash was . Employer: Required to have an alarm system with a distinctive signal for each emergnecy purpose Identify the two parts of stockholders' equity in a corporation and indicate the purpose of each. (a)by order of expected conversion to cash. LO To keep apprised of such developments, you can consult OSHA's website at https://www.osha.gov. CSHOs should determine whether the training provided by the employer meets the requirements and intent of the specific standard, considering the language of the standard and all of the facts and circumstances of the particular workplace. LO Instructions . A: Internal controls are implemented with an objective to ensure the reliability of financial, A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of, A: SOLUTION- (f). A traditional income statement outlines revenue, expenses, and net income in either a simple or multi-step format. Company environment 3. b. R. (c)With regard to regulated companies, IFRS lacks the specific rules GAAP has to deal like utilities. Bloom specified different abilities and behaviors that are related to thinking processes in his Taxonomy of Educational Objectives. Quiz 15 Excavations Flashcards | Quizlet Walkways over excavations must conform to OSHA standards with guardrails over 12 feet. (a)property, plant, and equipment. The company gathers appropriate information and communicates it to employees. A set of financial statements includes the income statement, statement of owner's equity, balance sheet, and statement of cash flows. 3.3One operating cycle of a business, which could be a month, quarter, or year, is commonly referred to as which of the following? Auditing: Courts and the Commission have agreed with OSHA that an employer may not take advantage of "an adequately communicated work rule" when it did not communicate that rules to a non-English speaking employee in a language that employee could understand. The following ratios are available for Reilly Inc. and O'Hare Inc. Assistant Secretary for __CL___ Unearned sales revenue Risk assessment - Control activities . During your monthly close, cross-check your records to make sure you paid all bills and invoices. are licensed under a, Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting, Identify Users of Accounting Information and How They Apply Information, Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities, Explain Why Accounting Is Important to Business Stakeholders, Describe the Varied Career Paths Open to Individuals with an Accounting Education, Describe the Income Statement, Statement of Owners Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate, Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses, Prepare an Income Statement, Statement of Owners Equity, and Balance Sheet, Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements, Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions, Define and Describe the Initial Steps in the Accounting Cycle, Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business Transactions on Financial Statements, Use Journal Entries to Record Transactions and Post to T-Accounts, Explain the Concepts and Guidelines Affecting Adjusting Entries, Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries, Record and Post the Common Types of Adjusting Entries, Use the Ledger Balances to Prepare an Adjusted Trial Balance, Prepare Financial Statements Using the Adjusted Trial Balance, Describe and Prepare Closing Entries for a Business, Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity, Appendix: Complete a Comprehensive Accounting Cycle for a Business, Compare and Contrast Merchandising versus Service Activities and Transactions, Compare and Contrast Perpetual versus Periodic Inventory Systems, Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory System, Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System, Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods, Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies, Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System, Define and Describe the Components of an Accounting Information System, Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders, Analyze and Journalize Transactions Using Special Journals, Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems, Analyze Fraud in the Accounting Workplace, Define and Explain Internal Controls and Their Purpose within an Organization, Describe Internal Controls within an Organization, Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries, Discuss Management Responsibilities for Maintaining Internal Controls within an Organization, Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries, Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements, Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions, Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches, Determine the Efficiency of Receivables Management Using Financial Ratios, Discuss the Role of Accounting for Receivables in Earnings Management, Apply Revenue Recognition Principles to Long-Term Projects, Explain How Notes Receivable and Accounts Receivable Differ, Appendix: Comprehensive Example of Bad Debt Estimation, Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions, Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method, Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method, Explain and Demonstrate the Impact of Inventory Valuation Errors on the Income Statement and Balance Sheet, Examine the Efficiency of Inventory Management Using Financial Ratios, Distinguish between Tangible and Intangible Assets, Analyze and Classify Capitalized Costs versus Expenses, Explain and Apply Depreciation Methods to Allocate Capitalized Costs, Describe Accounting for Intangible Assets and Record Related Transactions, Describe Some Special Issues in Accounting for Long-Term Assets, Identify and Describe Current Liabilities, Analyze, Journalize, and Report Current Liabilities, Define and Apply Accounting Treatment for Contingent Liabilities, Prepare Journal Entries to Record Short-Term Notes Payable, Record Transactions Incurred in Preparing Payroll, Explain the Pricing of Long-Term Liabilities, Compute Amortization of Long-Term Liabilities Using the Effective-Interest Method, Prepare Journal Entries to Reflect the Life Cycle of Bonds, Appendix: Special Topics Related to Long-Term Liabilities, Explain the Process of Securing Equity Financing through the Issuance of Stock, Analyze and Record Transactions for the Issuance and Repurchase of Stock, Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits, Compare and Contrast Owners Equity versus Retained Earnings, Discuss the Applicability of Earnings per Share as a Method to Measure Performance, Describe the Advantages and Disadvantages of Organizing as a Partnership, Describe How a Partnership Is Created, Including the Associated Journal Entries, Compute and Allocate Partners Share of Income and Loss, Prepare Journal Entries to Record the Admission and Withdrawal of a Partner, Discuss and Record Entries for the Dissolution of a Partnership, Explain the Purpose of the Statement of Cash Flows, Differentiate between Operating, Investing, and Financing Activities, Prepare the Statement of Cash Flows Using the Indirect Method, Prepare the Completed Statement of Cash Flows Using the Indirect Method, Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency, Appendix: Prepare a Completed Statement of Cash Flows Using the Direct Method, Creative Commons Attribution-NonCommercial-ShareAlike License, https://openstax.org/books/principles-financial-accounting/pages/1-why-it-matters, https://openstax.org/books/principles-financial-accounting/pages/3-multiple-choice, Creative Commons Attribution 4.0 International License, Financial Accounting Standards Board (FASB), generally accepted accounting principles (GAAP), Assets Liabilities = Stockholders Equity, Assets Stockholders Equity = Liabilities, Assets = Liabilities + Stockholders Equity, Assets + Liabilities = Stockholders Equity. (a) Larger companies, big accounting firms and top rule makers favor the switch.The reasons are -Global unity that will save companies money by consolidating their bookkeeping.It makes easier to raise capital around the world.Investors will have less trouble comparing companies based in different countries.Global securities-law enforcement will improve. (a)net income. Many assets such as cash and inventories are at risk of loss, ________ 4. From the Team Explorer home page, choose Work Items. Inspections must be made by a competent person after rainstorms and any other hazard-increasing occurrence. _LTI____ Stock investments (to be sold in 7 months) (a) Measures Current Ratio The cash basis income for 2009-2011 FAILS to match the cost of insurance with the d. all of the above. View Answer. These are legally binding obligations payable to another entity or individual. 2. (a)higher liquidity, higher solvency, and higher profitability. (c)a long-term investment. As a general matter, employers are expected to realize that if they customarily need to communicate work instructions or otherworkplace information to employees at a certain vocabulary level or in language other than English, they will also need to provide safety and health training to employees in the same manner. Solved ssignments LO 1 SHORT EXERCISES Inventory Concepts - Chegg 14) When the absolute value of price elasticity of demand is ________, the category is price elastic.