| Current assets are assets that are expected to be converted to cash or used up by the business within one year or the normal operating cycle, whichever is shorter. | | | | | True | | | False | | | | Score: 0 of 1 | | 2. | The current ratio is a liquidity ratio that is computed as current assets divided by current liabilities. | | | True | | x | False | | | | Score: 1 of 1 | | 3. | Conservatism in accounting means that small monetary items can be ignored
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000,000 | 97,240,000,000 | Net Property, Plant & Equipment | 72,530,000,000 | 71,160,000,000 | 75,470,000,000 | Property, Plant & Equipment - Gross | 138,490,000,000 | 139,810,000,000 | 14,810,000,000 | Buildings | 62,810,000,000 | 6,130,000,000 | 64,310,000,000 | Land & Improvements | 13,980,000,000 | 13,840,000,000 | 13,840,000,000 | Computer Software and Equipment | - | 6,520,000,000 | 6,860,000,000 | Other Property, Plant & Equipment | 9,150,000,000 | 960,000,000 |
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CHAPTER 5 Balance Sheet and Statement of Cash Flows ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. Disclosure principles, uses of the balance sheet, financial flexibility. Classification of items in the balance sheet and other financial statements. Questions 1, 2, 3, 4, 5, 6, 7, 10, 18, 22, 23, 25 11, 12, 13, 14, 15, 16, 18, 19 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11 1, 2, 3, 8, 9, 10 Brief Exercises Exercises Problems Concepts for Analysis 4, 5 2. 1, 2, 3 3. Preparation of balance
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Chapter 9 Plant Assets, Natural Resources, and Intangible Assets STUDY OBJECTIVES After studying this chapter, you should be able to: 1 Describe how the cost principle applies to plant assets. 2 Explain the concept of depreciation. 3 Compute periodic depreciation using different methods. 4 Describe the procedure for revising periodic depreciation. 5 Distinguish between revenue and capital expenditures, and explain the entries for each. 6 Explain how to account for the disposal of a plant asset.
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Due to the amount invested in fixed assets in many companies, there may be a specific person assigned within the accounting, finance, or controllers department to keep track of property, plant, and equipment. This person may be called a fixed asset accountant, property accountant, or may have some other similar title. This accountant's primary responsibility is to maintain the official fixed assets records for the business or organisation. This may be a full-time position in a company that has a
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for inventories. Moreover, the elephants meet the criteria for “property, plant and equipment”. According to IAS-16, Property, plant and equipment are tangible items that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period. According to IAS-16, The cost of an item of property, plant and equipment shall be recognised as an asset if, and only if: (a) it is probable
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11 Property, Plant, and Equipment and Intangible Assets: Utilization and Impairment Questions for Review of Key Topics Question 11-1 The terms depreciation, depletion, and amortization all refer to the process of allocating the cost of property, plant, and equipment and finite-life intangible assets to periods of use. The only difference between the terms is that they refer to different types of these long-lived assets; depreciation for plant and equipment, depletion
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Sirius Case Part 1 1. Sirius Satellite Radio, Incorporated provides satellite radio in the United States. They offer 133 channels-69 channels of 100% commercial-free music and 64 channels of sports, news, talk, entertainment, traffic, weather, and data content to their subscribers. When comparing Sirius Satellite Radio to that of traditional AM/FM broadcast radio stations, they have many competitive advantages. Some of these competitive advantages include broadcast reception paid for by subscription
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The Statement of Cash Flows Purpose of a statement of cash flows: To provide information about the cash inflows and outflows of an entity during a period. To summarize the operating, investing, and financing activities of the business. The cash flow statement helps users to assess a company’s liquidity, financial flexibility, operating capabilities, and risk. The statement of cash flows is useful because it provides answers to the following important questions:
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Information 3 Registered Office 3 Auditors 3 Board of Directors 4 Consolidated Report 4 Cost of Sales for the Year 4 Profit before Tax 4 Income Tax Expense Amount 4 Net Accounts Receivable 5 Method used for bad debts 5 Property, Plant and Equipment (PPE) 6 Depreciation Method 6 Book Value 6 Depreciation Expense 7 Long-Term Liabilities 7 Contingent Liabilities 8 Issued Capital Amount 8 Liquidity of the Company 8 Current Ratio 9 Quick Ratio 9 Accounts Receivable
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