match the following items to their related statements

Control environment, risk assessment, control activities, information and communication, and monitoring. A balance sheet that groups together similar assets and similar liabilities, using a number of standard classifications and sections. 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. The business also gained $1,500 from the sale of an old van and incurred a $2,000 loss from a pending lawsuit. LO Ensure that assets are kept secure. A need of internal control d. Independent accountant's audit __A_ 1. Copyright 2023 SolutionInn All Rights Reserved. Amortization is similar to depreciation but entails spreading the costs of an intangible asset over its useful life. The cash basis income for 2009-2011 FAILS to match the cost of insurance with the d. all of the above. We recommend using a 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. (b)$6.50. Long term creditors: looks more into a company long term ability to survive: they look more into profitability and solvency. 7. 3.4What is the impact on the accounting equation when an accounts receivable is collected? Which of the following is not required of management when development and maintaining a safety program? Get the exposure you need to succeed in the field! What was the 2017 earnings per share? For a company offering subscription or consulting services, operating revenue will be the fees earned for services rendered. 3.2Which of these statements is false? For example, 1910.147(c)(7)(i) (Lockout/Tagout) requires the employer to verify that the employees have "aquired" the knowledge and skills which they have been trained; 1910.134(k)(5)(ii) (Respiratory Protection) requires retraining when "inadequacies in the employee's knowledge or use of the respirator indicate that the employee has not retained the requisite understanding or skill;" 1910.1030(g)(2)(vii)(N) (Bloodborne Pathogens) requires "[a]n opportunity for interactive questions and answers with the person conducting the training session;" and many other standards have analogous requirements. Some of the intangible assets that can be amortized include patents, trademarks, and franchise agreements. Explanation: No explanation is available for this question! 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. Which of the following statements about service asset and configuration management is/are CORRECT? 3.4What is the impact on the accounting equation when a sale occurs? _____ Accounts payable Explanation: No explanation is available for this question! The balance in retained earnings is not affected by: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg. Machine Learning with Python Coursera Quiz Answers Week 2. c. Risk assessment, control structure, backup facilities, responsibility accounting, and natural laws. _____ Salaries and wages payable 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. Hence, it should, A: "Since you have asked multiple question we will solve the first question for you. _____ Income taxes payable (c)cash, accounts receivable, inventory, prepaid insurance. 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. _PPE____ Land (in use) 1. Our mission is to improve educational access and learning for everyone. Fred is considering using the accrual method for his next business venture. employees. It is used to ascertain the health of a business entity at a particular moment. Because of how complex the operations involved in a multi-step income statement are, operating revenues and operating expenses are separated from non-operating expenses and revenues. The statement itemizes the cash and other deposits made into the checking account of the business. Match the following items with the correct accounting treatment (A through C):1. 4. What are the components of internal control per COSOs Internal ControlIntegrated Framework? Personnel are well trained and instructed in, A: Answer : control environment In contrast expenses denote the amount of money spent on an ongoing basis to ensure generation of revenues. __CL___ Income taxes payable Search Textbook questions, tutors and Books, Change your search query and then try again, 1. e. Monitoring 2. a. Using the set axioms as examples, write axioms for the list domain, including all the Lets calculate its Net Income in a single-step format. LO A structure that supports the sides of an excavation and which is designed to prevent cave-ins : Shoring, Match the following terms to their related statements, Shields may be used in combination with benching and shoring, Any modifications to shields must be approved by the, Hydraulic shoring must be checked at least ______ for leaking hoses and/or cylinders, broken connections, cracked nipples, bent bases, or any other damaged or defective parts, Where oxygen deficiency (atmospheres containing less than 19.5% oxygen) exists or could reasonable be expected to exist, the atmospheres in the excavation must be tested before employees enter excavations great than ______ in depth, Cave-ins pose the greatest risk and are much more likely than other excavation-related accidents to result in worker fatalities, Most accidents occur in trenches _____ feet deep, A condition that contributes to a serious hazard during excavation operations includes, FIre is not considered a hazard associated with excavations, A competent person is capable of identify existing and predictable hazards in surrounding or working conditions that are unsanitary, hazardous, or dangerous to employees, and has authorization to take prompt corrective measures, ______ are the deadliest excavation hazards, It is permissible to enter an excavation to get a soil sample, The primary types of protective systems are sloping, benching, shoring, and shielding, All excavations over ______ feet in depth must be designed by a registered professional engineer, Protective systems are selected and constructed by the employer, who is free to choose any design, regardless of required performance critieria, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Introduction to Engineering Experimentation. Expenditure vs. Assume that management is gathering evidence as part of its process for assessing the effectiveness of internal control over financial reporting. 2023365 Financial Analyst. Current assets are listed: Solved: Match the items that follow with their related statements _____ Supplies, _CL____ Accounts payable The rules and principles are very flexible. entertainment, news presenter | 4.8K views, 31 likes, 13 loves, 80 comments, 2 shares, Facebook Watch Videos from GBN Grenada Broadcasting Network: GBN. 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. _____ Income taxes payable Aside from EBT, theres also EBITDA, EBIT and a slew of other abbreviations you might want to familiarize yourself with to be even more confident when reading an income statement. Many OSHA standards require that employees receive training so that work will be performed in a safe and healthful manner. d. Information and communication In order to determine the hematocrit, blood is placed in a. 8. It expects to build a production plant on the land in approximately 5 years. ANSWER: theories related to nature. LO (c) Debt to Asset Ratio & Free Cash Flow. Long-term investments (LTI) Risk assessment. Washington, D.C. 20210. Management puts separation of duties in place. These three core statements are intricately linked to each other and this guide will explain how they all fit together. This statement is true of Tim, and it's false of Patrick. Inter Miami U19 Roster, LO 3. Typically firms receive bank loans and pay interest expenses for the amounts they owe. This income statement format uses a single equation to come up with the Net Income. OSHA requirements are set by statute, standards and regulations. Internal control. Match the following items with their related statements below: a. The company is a manufacturer of high-dollar specialized Control Tested machines used in the medical profession. _____ Goodwill While the site includes links to Spanish-language resources, it is intended primarily for English-speaking and bilingual users. The following ratios are available for Reilly Inc. and O'Hare Inc. The Balance Sheet is a financial snapshot of the business on any particular date. The company gathers appropriate information and communicates it to employees? Management regularly considers what losses the company might face. Reliability of financial data. ___IA__ Patents Match (by letter) the following items with the description or example that, Match the following items with their related statements below: a. The bank statement contains a $200 check printing charge for new checks that the company ordered. The main users of the financial accounting information are the internal users. See, e.g., Modern Continental Construction Company, Inc. v. OSHRC, 305 F.3d 43, 52 (1st Cir. constants, functions, and predicates mentioned in the chapter. 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. LO What reasons are given for favoring the switch? (c)issuance of common stock. Match each of the following accounts to its proper balance sheet classification. For instance, these could be assets accrued from the sale of land or an old vehicle. The company gathers appropriate 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. Drag each of the following terms to the appropriate responsibility. Intangible assets (IA) Patrick is a happily married man. [Solved] Match the following items with their rela | SolutionInn Managers are observant and review how procedures by those who report to them are carried out. Why It Matters; 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements; 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions; 3.3 Define and Describe the Initial Steps in the Accounting Cycle; 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business . Consider business XYZ that earned $25,000 from the sale of goods and $3,000 as revenue from training personnel. Dec 12, 2022 OpenStax. 3.3 ________ takes all transactions from the journal during a period and moves the information to a general ledger (ledger). 3.1The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? Assets that a company expects to convert to cash or use up within one year or its operating cycle, whichever is longer. (d). (a)higher liquidity, higher solvency, and higher profitability. EBT is a financial metric in a multi-step income statement that indicates a companys performance. __LTI___ Land (held for future use) (a)by order of expected conversion to cash. According to the Bottled Water Trends for 2014 report (bit.ly/1gx5ub8), the U. Reconcile accounts. It incurs, At December 31, 2012, the Accounts receivable balance of GPS Technology is, 1. _____ Common stock Start your trial now! Solved Match the following coenzymes with their vitamins - Chegg A hematocrit of _______ would be about normal. Here's what you need to know about them. LO _CA____ Accounts receivable 3.5Which of the following accounting records is the main source of information used to prepare the financial statements? Risk assessment c. Information and communication d. Control activities e. Monitoring 1. _____ Cash OSHA compliance officers are responsible for checking and verifying that employers have provided training to employees. The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo The company reports the building on its balance sheet at $235,000. Or the statement. Group functions can be used in a WHERE clause. Financial accounting reports often must be audited at least annually by an independent auditor. Or, select one of the following options: Edit Query: Opens the Query Editor for the selected query. 1B. Current assets (CA) 3.1The system of using a monetary unit, such as the US dollar, to value the transaction is known as which of the following? LO Centrifuge. (a)Current ratio. Decision Checkpoint: Can the company meet its long-term obligations? hb```f``rb`a`#8920+$`r`; T/H@*nh.D+*qi8:::: eC/ nDE,d 3. should contain provisions related to the creation, preservation, and disposition of records. During your monthly close, cross-check your records to make sure you paid all bills and invoices. Copyright 2023 SolutionInn All Rights Reserved. E1B. LO They classify liabilities as either current or long-term. He or she is hired by management, A: Answer: Answer: price > cost > perceived value. _____ Unearned sales revenue B. In the income statement, expenses are costs incurred by a business to generate revenue. The difference between the amounts of current assets and current liabilities. A copy machine is ordered. 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, Question 62 2 only C. Both of the above D. Neither of . __PPE___ Accumulated depreciationequipment hbbd``b`$o "@AYj\- j b$@9CL 7|0 < Holding all other factors constant, indicate whether each of the following signals generally good or bad news about a company. First week only $4.99! Match (by letter) the following items with the description or example that, Describe when economic performance occurs for the following expenses: Worker\'s compensation, Rebates, If charges flow very slowly through a metal, why does it not, Bisbee Health Products invests heavily in research and development (R&D), although it, Suppose the marginal benefit of writing a contract is $50, independent of, A company borrowed from a bank an amount of (24,000) dinars and. (b)net loss. (a)net income. Which of the following is required for protective system equipment? While both of these metrics denote profits made, Gains refer to profits that dont relate to the core business of the company. 120 lbs per cubic foot : Moist soil The following table identifies important controls that management is testing regarding accounts related to revenue recognition, accounts receivable, and other sales related activities. Match the following items with their related statements below: ________ 1. 1/34 Previous Next Flip Space Created by thesupercool Terms in this set (34) Match the statement on the left with the economic philosophy it represents on the right. January 19, 2022. 3.2Which of these accounts is an asset? dynamic The company gathers appropriate information and communicates it to employees. and you must attribute OpenStax. LO Ch. 3 Multiple Choice - Principles of Accounting, Volume 1 - OpenStax During the 5 years before construction, the land will be idle. (c)Debt to assets ratio. 3, Par. Control environment. LO b. standard specifications. By following the steps below, you'll be able to connect the three statements on your own. indicates a company's ability to generate net cash provided by operating activities that is sufficient to pay debts, acquire assets, and distribute dividends. Depreciation expenses depend on the type of equipment in the business. LO _____ Accounts receivable __CL___ Income taxes payable What basis is used for ordering individual items within the current assets section? A query that includes a group function in the SELECT list must include a GROUP BY clause. Property, plant, and equipment (PPE) As the name suggests it is a type of engagement that includes. According to OSHA a person who is capable of identifying exisiting and predictable hazards in the surroundings areas ot working conditions which are unsanitary, hazardous, or dangerous to employees, and who has authorization to take prompt corrective measures to eliminate them: If a prime contractor subcontracts some of the work on a construction project to an another firm, unless specified in the contract, which firm is responsible for "employer obligations" in 1926 Subpart B? Assets with relatively long useful lives that are currently used in operating the business. e. Only a and c. Refer to Exhibit 3.10 and Exhibit 3.11. They include the income statement, balance sheet, and statement of cash flows. Common stock, the investments of assets into the business by the stockholders. 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. The following result is displayed by SQL. Chapter 6, Problem 1SE is solved. If you are redistributing all or part of this book in a print format, 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. _____ Interest payable _____ Accumulated depreciationequipment 3.4What is the impact on the accounting equation when a payment of account payable is made? This is because each of the filaments of the body of the fungus is a hyphae, and the mass of . Decision Checkpoint: Can the company meet its near-term obligations? (c)Increase in the debt to assets ratio. 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 . current liabilities are obligations that the company is to pay WITHIN the next year or operating cycle, whichever is longer. Entities should consult the statements and their external auditors to determine the impact. Managers are observant and review how procedures by those who report to them are carried out. -satisfy the educational requirements of the licensing state Auditors provide credibility to information for outsiders such as: (3) -creditors -stockholders -government regulators Which attest engagement is designed to provide only a moderate degree of assurance? Hemolysis refers to the breakdown of red blood cells (T/F) True. Has the objective of matching costs of the period d. Lower-of-cost-or-market against revenues for the period. Subcontractos do not need to worry about inadequate employee provisions since this responsibility belongs solely to the prime contractor. LO (g). Was the decision maker aware that he or she was acting unfairly. This follows from both the purpose of the standards -- providing employees with information that will allow work to be performed in a safe and healthful manner that complies with OSHA requirements -- and the basic definition that implies the information is presented in a manner the recipient is capable of understanding. Match each of the following items with the related statement below: a. 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? (e). (d) The Marseillaise 4. %%EOF arnings per share (EPS), measure aspects of the operating success of a company for a given period of time. mechanism For example, CSHOs should look to whether workplace instructions regarding job duties are given in a language other than English and determine whether the employer already is transmitting information with comprehensibility in mind. A. View Answer. (a)Increase in earnings per share. 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.

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