Match each of the following accounts to its proper balance sheet classification. 3.3One operating cycle of a business, which could be a month, quarter, or year, is commonly referred to as which of the following? 6. If a reasonable person would conclude that the employer had not conveyed the training to its employees in a manner they were capable of understanding, then the violation may be cited as serious if it is within the guidelines set out in the FOM. Assets that a company expects to convert to cash or use up within one year or its operating cycle, whichever is longer. Explanation: No explanation is available for this question! 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. _____ Patent This will be non-operating revenue, not tied to the core consulting business. The important thing to remember about an income statement is that it represents a period of time. The sale or disposal of a significant component of a company's operations.g. a. Which of the following statements about service asset and configuration management is/are CORRECT? dynamic 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. The following typically represent the major asset categories: . Control environment -. The land should be reported as: Definition of Cost Flow Assumptions. _IA____ Goodwill 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. 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 rules and principles are very flexible. 6. Companies can use free cash flow to: A query that includes a group function in the SELECT list must include a GROUP BY clause. All of the following are responsibilities of OSHA except: Before being able to work with flammable liquids, employees must receive training as to safe handling and use. According to the Bottled Water Trends for 2014 report (bit.ly/1gx5ub8), the U. Long term creditors: looks more into a company long term ability to survive: they look more into profitability and solvency. unearned service revenue and accounts payable, company receives cash from a customer before performing the service, company pays cash before receiving a service from a supplier, company pays cash after receiving a service from a supplier, company receives cash from a customer after performing a service, received cash from services performed this month, refunded a customer for a defective product. 2. Match the following items given in column A with those in column B. control environment ABC's controller must prepare a bank reconciliation based on the following issues: The bank statement contains an ending bank balance of $320,000. Their lending activities may make their business attractive targets for identity theft. . They also include the costs of materials used to develop the products and the labor needed to get the goods to market. (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. Supplies are purchased. If the compared cells are exactly equal, the function returns TRUE, FALSE otherwise. Group functions except COUNT (*), ignore null values. __LTI___ Land (held for future use) Or the statement. 3.1These are used by the FASB, and it is a set of concepts that guide financial reporting. (d)Free cash flow. It is most commonly produced by lower-end accounting software packages. riboflavin (B2) folate pyridoxine pyridoxal 5'-phosphate tetrahydrofolate (THF) FAD. Find 69 ways to say MATCH, along with antonyms, related words, and example sentences at Thesaurus.com, the world's most trusted free thesaurus. Internal control. Subcontractos do not need to worry about inadequate employee provisions since this responsibility belongs solely to the prime contractor. These are legally binding obligations payable to another entity or individual. A stockholders' equity section shows common stock and retained earnings. Income statement. Obligations that a company expects to pay within the next year or operating cycle, whichever is longer. __IA___ Trademarks LO Patrick is a happily married man. It is used to ascertain the health of a business entity at a particular moment. (a) Current Ratio The average time required to purchase inventory, sell it on account, and then collect cash from customersthat is, go from cash to cash. D. to set program related options like Program Name, Program Location, etc. 4. 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. Match the following items with the correct accounting treatment (A through C):1. __CA___ Accounts receivable The statement itemizes the cash and other deposits made into the checking account of the business. 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. This is the most stable soil type : Type A then you must include on every digital page view the following attribution: Use the information below to generate a citation. (a)accounts receivable, cash, prepaid insurance, inventory. ANSWER: theories related to nature. _CL____ Salaries and wages payable Creative Commons Attribution-NonCommercial-ShareAlike License Entities should consult the statements and their external auditors to determine the impact. Personnel are well trained and instructed in their duties. then you must include on every physical page the following attribution: If you are redistributing all or part of this book in a digital format, Which of the following should be completed to help him identify and control hazards? If a workplace is located in a state that operates an OSHA-approved state plan, that workplace should the follow the regulations of ____________. 2. 3.3 ________ takes all transactions from the journal during a period and moves the information to a general ledger (ledger). Refers to the association of costs with their b. statements about some concepts, topics, and principles of course content. (a)Earnings per share. The article discusses why some U.S. companies favored adoption of International Financial Reporting Standards (IFRS) while other companies opposed it. Similarly, if the employee's vocabulary is limited, the training must account for that limitation. A: The answer for the multiple choice question and relevant explanation are presented hereunder : A: For prevention of fraud, theft, and manipulation of records, control over the internal procedure, A: Controls are the rules, procedures, and activities which are implemented within an organization for, A: The management of the company is responsible to check the internal controls and then making, A: Introduction:- Charity of goods is- Group functions can only be used in a SELECT list. measure the ability of a company to survive over a long period. Begin with net income from the income statement. Which one of the following components of internal control over financial reporting sets the tone for the organization? Long-term liabilities are obligations that a company expects to pay AFTER one year. 3.5Which of the following accounting records is the main source of information used to prepare the financial statements? when the commodities are received). Internal control c. Management's responsibility b. A.to change how objects look and feel. 2023365 Financial Analyst. Figure 1.7 Income Statement Schedules for Custom Furniture Company. 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. (b) Earnings per share citation tool such as, Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, Book title: Principles of Accounting, Volume 1: Financial Accounting. Records management provides a formal structure for implementing Federal requirements for recorded information, regardless of media. They classify liabilities as either current or long-term. n a classified balance sheet, companies classify assets as current assets; long-term investments; property, plant, and equipment; and intangibles. A. Prime Contractor: Has overall responsbility for compliance with OSHA regulations. are not subject to the Creative Commons license and may not be reproduced without the prior and express written (a)Current ratio. LO Match the following items with the related statements below: a. (Guide to Implementation of GASB Statement 34 and Related Pronouncements Q&A, Q152). Although FASB Concepts Statements do not represent authoritative guidance for governments, the discussion is useful in classifying expense transactions within proprietary funds. __IA___ Goodwill 3.4What is the impact on the accounting equation when an accounts receivable is collected? information and communicates it to 3.5Which of the following accounts does not increase with a debit entry? If you are redistributing all or part of this book in a print format, The difference between the amounts of current assets and current liabilities. Control environment. _____ Unearned sales revenue Management puts separation of duties _CA____ Cash employees. LO _____ Land (held for future use) Describe managements process for evaluating internal control over financial reporting. The main users of the financial accounting information are the internal users. Control environment, risk assessment, control activities, information and communication, and monitoring. Long-term investments (LTI) hbbd``b`$o "@AYj\- j b$@9CL 7|0 < 3.5Which of these accounts commonly requires both debit and credit entries? It is most commonly produced by lower-end accounting software packages. Auditing: 9. 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- Indicate whether each statement describes financial accounting or managerial accounting. (c)by longevity. Evaluates managements assessment of internal control over financial reporting, ________ 2. %PDF-1.5 % The change will cost companies as much as 1% of revenues.2. _____ Cash Simply put, this is the money a business or company earns by offering services or goods. In addition, CSHOs must check and verify that the training was provided in a format that the workers being trained could understand. LO _____ Retained earnings consent of Rice University. 1. circulatory system the part of the body that is made up of the muscles 2. internal system the parts of the body that are related to the movement of blood 3. muscular system the bones found in the body 4. skeletal system The purpose of the income statement is to show managers and investors whether the company made or lost money during the period being reported. Occupational Safety and Health LO Which is an indicator of profitability? 5. For instance, a consulting company may earn some rental revenue from properties owned. Predicting tomorrow's rainfall amount based on the wind speed and temperature. and you must attribute OpenStax. (a)current assets; long-term assets; property, plant, and equipment; and intangible assets. B. (c)pay off debts. Classify financial statement items by balance sheet classification. (b)land expense. _SE____ Retained earnings _____ Land (in use) See, e.g., Modern Continental Construction Company, Inc. v. OSHRC, 305 F.3d 43, 52 (1st Cir. Any supervisor may certify the OSHA 300 Log. While the site includes links to Spanish-language resources, it is intended primarily for English-speaking and bilingual users. They are not paid for; the company will be billed. (d)dividends. The purpose of an income statement is to show the profits and losses a company made over a specified period of time. 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? Together with the Balance Sheet and Cash Flow Statement, it is included in every companys Annual Report the publicly available, comprehensive overview of a business health and financial standing. Assets with relatively long useful lives that are currently used in operating the business. b. This chapter explains the relationship between financial statements . Current liabilities (CL) The contractor will be held responsible for all employer obligations even if he/she subcontracts all portions of work involved. 62 0 obj <> endobj As the name suggests it is a type of engagement that includes. _____ Inventory Match (by letter) the following items with the description or example that, Match the following items with their related statements below: a. __CA___ Inventory Get the exposure you need to succeed in the field! Risk assessment a. accuracy and methods of measurement. Section 1926.21, Safety Training and Education, states that OSHA must create programs that apply to both employees and employers, Between Feb. 1 and April 30 of the next year. Property, plant, and equipment (PPE) Since your question has multiple parts, we will solve the first question for you. 7. A Cash Flow Statement (also called the Statement of Cash Flows) shows how much cash is generated and used during a given time period. Was the decision maker aware that he or she was acting unfairly. Step-by-step solution Step 1 of 5 The primary objective of inventory accounting is to apply accrual accounting to determine the cost of inventory sold during the accounting period, and match the cost with the revenue to obtain the profit. The prime contractor and subcontractor may make an express agreement on who will provide all required first-aid or toliet facilities for a specific job site. The information is directed at external users who are making decisions pertaining to investing, extending credit, and other decisions. (c)a long-term investment. CONCEPT Match the items that follow with their related statements. follow the rules. Which of the following are OSHA standards for excavations? 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. Measures of the operating success of a company for a given period of time. (a)property, plant, and equipment. endstream endobj startxref The principal users are the organizations managers. 5. 1. The key focus is on the entity as a whole. 97 Prepare the Statement of Cash Flows Using the Indirect Method . 2. LO LO There are two types of income statement: A single-step income statement is synonymous with small business as it offers a simple report of business profit. current liabilities are obligations that the company is to pay WITHIN the next year or operating cycle, whichever is longer. Long-term liabilities (LTL) View Answer. Long-term liabilities (LTL), __CL___ Accounts payable measure the short-term ability of a company to pay its maturing obligations and to meet unexpected needs for cash. 7. _CA____ Prepaid rent, _____ Prepaid advertising LO The bank statement contains a $200 check printing charge for new checks that the company ordered. (a)The articles says that the switch to IFRS tends to be favored by "larger companies, big accounting firms, and rule makers." For example, if an employee does not speak or comprehend English, instruction must be provided in a language the employee can understand. _____ Inventory b. Define current assets. It refers to the costs incurred to run a business. LO Income statement As the name implies, this is where you can find details about a company's income. Going through and understanding the four major financial statements is crucial when gauging the profitability and growth prospects of an investment but it can also be a hassle. The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo Examinations are a very common assessment and evaluation tool in universities and there are many types of examination questions. Decision Checkpoint: Can the company meet its long-term obligations? Copyright 2023 SolutionInn All Rights Reserved. To open a query, open the context menu for the query (right-click with your mouse), and choose View Results. Match the following items with their related statements below: a. Match the following items with their related statements below: a. Has the objective of matching costs of the period d. Lower-of-cost-or-market against revenues for the period. Subcontrator: Assumes responsibility for his or her portion of work Both prime and subcontractor: has responsibility for complying with OSHA regulations Financial statement analysis involves gaining an understanding of an organization's financial situation by reviewing its financial reports. A hematocrit of _______ would be about normal. Answer: price > cost > perceived value. The balance in retained earnings is not affected by: (b) solvency, and A company's ability to pay its long-term liabilities. __LTI___ Land Likewise, payments of cash for interest on loans with a bank or on bonds issued are also included in operating activities because these items also relate to net income. Current liabilities (CL) Find the family of orthogonal trajectories of the given family of curves. c. theories related to nature. Question: Match the following coenzymes with their vitamins. It is one of the main financial statements analysts use in building a three statement model. What Are the Four Major Financial Statements. MD&A (Management Discussion and Analysis) is a report made by company management, A: SOLUTION- In contrast expenses denote the amount of money spent on an ongoing basis to ensure generation of revenues. If you want any, A: One of the main functions to be performed by board of directors in Corporate governance is to review, A: The Four Most Important Objectives are : It is arrived at by subtracting all the income expenses before any taxes are levied. Oily rags do not need to be separated from other non-hazardous waste. CSHOs should also look beyond any basic paper documentation; i.e, an employer may have training records but employees may not have been able to understand the elements included in the training. 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. Information and communication - Monitoring 1. A: Given below control activities are matched with the definition: A: Management accounting is used by managers within an organization to make strategic decisions based, A: Component _____ Accumulated depreciationequipment a. 1999-2023, Rice University. Lets calculate its Net Income in a single-step format. _____ Supplies, _CL____ Accounts payable (b)current assets; long-term investments; property, plant, and equipment; and common stock. By taking our courseFundamentals of Financial Reporting youll be ready to tackle these and most other accounting scenarios youre likely to encounter in your practice. Identify the following as True or False: Managerial accounting reports must comply with the rules set in place by the FASB. These statements are discussed in detail in Introduction to Financial Statements. We recommend using a A: Answer: Publish accurate financial statements on a regular basis. (d)Decrease in free cash flow. Type B : 1:1 (45 degrees) Choose the correct answer from the options given below : [1] Column A Column B (a) Two Treatises of Government 1. 6. COMPARE THE DEPOSITS. 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 The cash basis Balance Sheet NEVER reports an insurance asset because it is IMMEDIATELY expensed. LO 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 . Machine Learning with Python Coursera Quiz Answers Week 2. _PPE____ Buildings Trying to invest in a company or business but dont have an idea how it performed or is likely to perform in the future? A natural solid mineral matter that can be excavated with vertical sides and remain intact while exposed : Stable rock, Match the following definitions to the appropriate soil types, A 10-foot column of dirt could weigh up to 1,200 pounds. b. Drag the appropriate items to their respective bins. Usually it contains no more than four elements: This is the money a company makes from selling its goods or services. Match the following items with the related statements below: a. (d)inventory, cash, accounts receivable, prepaid insurance. Washington, D.C. 20210. 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. 3.4What is the impact on the accounting equation when a current months utility expense is paid? __CL___ Income taxes payable Current liabilities (CL) Train and instruct employees in recognizing and avoiding unsafe conditions. Under OSHA, employees are protected from discrimination when reporting a work-related injury, illness, or fatality. (d)$100.00. (c)With regard to regulated companies, IFRS lacks the specific rules GAAP has to deal like utilities. LO Match the following items with their related statements below: ________ 1. (c)Solvency ratios. Net cash provided by operating activities after adjusting for capital expenditures and cash dividends paid. _____ Accounts receivable The first column describes the control, and the second column describes the test results. Because the federal agricultural commodity program involves . c. Information and communication. The correct order of presentation in a classified balance sheet for the following current assets is: (a)accounts receivable, cash, prepaid insurance, inventory. Managers are observant and review how procedures by those who report to them are carried out. Management encourages employees to follows the rules. Financial statements are the standardized formats to present the financial information related to a business or an organization for its users.