Prime Contractor: Has overall responsbility for compliance with OSHA regulations. 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. Charity of goods is- Group functions can only be used in a SELECT list. In the income statement, expenses are costs incurred by a business to generate revenue. View Answer. I offer instant credit to my customers and contract with another company to pull credit reports to determine their creditworthiness. Match the following items with the related statements below: a. Stampante Multifunzione Wifi, are not subject to the Creative Commons license and may not be reproduced without the prior and express written 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. LO Match the following items with their related statements below: a. ANSWER: theories related to nature. The ability of a company to pay interest as it comes due and to repay the balance of debt due at its maturity. They are generally called off-balance-sheet items. 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. To do this, match your records to your account statements from outside entries, such as the bank. Match (by letter) the following items with the description or example that, Match the following items with their related statements below: a. Select the correct answers to codes (a), (b), (c), or (d) as given below: A Sample Income Statement: Expenses are listed on a company's income statement. LO Management puts separation of duties in place. Decision Checkpoint: Can the company meet its near-term obligations? 2. It incurs, At December 31, 2012, the Accounts receivable balance of GPS Technology is, 1. Financial accounting reports are typically general-purpose reports. 3.1Which of the following principles matches expenses with associated revenues in the period in which the revenues were generated? 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 . For instance, a consulting company may earn some rental revenue from properties owned. B. 3.4What is the impact on the accounting equation when stock is issued, in exchange for assets? This chapter explains the relationship between financial statements . __CA___ Inventory Long-term liabilities are obligations that a company expects to pay AFTER one year. A process that establishes reliability of account records and financial statements in accordance with GAAP, ________ 3. A Cash Flow Statement (also called the Statement of Cash Flows) shows how much cash is generated and used during a given time period. Drag the appropriate items to their respective bins. Evaluates management's assessment of internal control over financial reporting _ D__ 2. Begin with net income from the income statement. 2. Match the following items with their related statements below: a. OSHA Training Standards Policy Statements | Occupational Safety and This review involves identifying the following items for a company's financial statements over a series of reporting periods: Trends Overview. (d)Explain what is meant by "condorsement.". Match the following items with the related statements below: a. c. Risk assessment, control structure, backup facilities, responsibility accounting, and natural laws. (a)property, plant, and equipment. 5. Additionally, OSHA's training provisions contain a variety of specific requirements related to employee comprehension. 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. Their lending activities may make their business attractive targets for identity theft. It is most commonly produced by lower-end accounting software packages. The following is a sample format for a single-step income statement: a. accuracy and methods of measurement. Ans: A. _IA____ Goodwill Monitor operations of the organization to ensure maximum efficiency. d. Monitoring. Machine Learning with Python Coursera Quiz Answers Week 2. Has the objective of matching costs of the period d. Lower-of-cost-or-market against revenues for the period. OSHA standards may be incorporated by reference, Only the recommended provisions of standards incorporated by reference are adopted as standards under OSHA, Employ a person with valid first aid training. _____ Income taxes payable 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. a. accuracy and methods of measurement. Income Statement Items Explained (With Examples). 3.5What type of account is prepaid insurance? Jean Jacques Rousseau (b) The Social Contract. LO 2. Simply put, this is the money a business or company earns by offering services or goods. In addition, interest income earned from capital lying in the bank is also part of a non-operating revenue portfolio. Centrifuge. When a copy of the OSHA 300 Log has been requested by an appropriate party, when must the requester receive their copy of the the Log? (c)pay off debts. LO Examinations are a very common assessment and evaluation tool in universities and there are many types of examination questions. Employer: Implements a safety and health program that must also demonstrate the assignments of responsiblity on a job site, Match the following words to their corresponding definitions. (a). __PPE__ Accumulated depreciation Reliability of financial data. Oily rags do not need to be separated from other non-hazardous waste. 1. The principal users are the organizations managers. LO Classify financial statement items by balance sheet classification. then you must include on every digital page view the following attribution: Use the information below to generate a citation. (c) profitability. Management encourages employees to follows the rules. Obligations that a company expects to pay within the next year or operating cycle, whichever is longer. 3.5Which of the following accounts is increased by a debit? _____ Trademarks Search Textbook questions, tutors and Books, Change your search query and then try again, 1. e. Monitoring 2. a. 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. If you are redistributing all or part of this book in a print format, A copy of the Annual Summary must be posted in every establishment, where notices are usually posted or in a conspicuous place. 6. Match the items with the related statements that follow. to them are carried out. _____ Accounts payable COMPARE THE DEPOSITS. a. A service is performed, but the payment is not collected on the same day. As we noted, the single-step is the simplified version of an income statement. 3.4What is the impact on the accounting equation when a payment of account payable is made? In what ways does this example model biogeochemical cycles on Earth? You can also include the certificate youll earn at the end to showcase your new skills on your resume. Net cash provided by operating activities after adjusting for capital expenditures and cash dividends paid. Smaller companies also are less likely to have operations outside the U.S., or to have aspirations to expand or raise money globally. 5. Assets that do not have physical substance. The company gathers appropriate The company gathers appropriate information and communicates it to employees? Current liabilities (CL) Management regularly considers what (b)acquire more property, plant, and equipment. 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. _____ Accounts receivable Which of the following are employer requirements for safety training and education? The companies categorize their cash flows into operating , investing and financing cash flows. LO To keep apprised of such developments, you can consult OSHA's website at https://www.osha.gov. Financial accounting reports pertain to the entity as a whole, whereas managerial accounting focuses more on subunits of the organization. Identify the following as True or False: Managerial accounting reports must comply with the rules set in place by the FASB. (a)Increase in earnings per share. _____ Inventory The bank statement contains a $200 check printing charge for new checks that the company ordered. The change will cost companies as much as 1% of revenues.2. Figure 1.7 Income Statement Schedules for Custom Furniture Company. Our interpretation letters explain these requirements and how they apply to particular circumstances, but they cannot create additional employer obligations. 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 the income statement, expenditures are recorded at the time of purchase. OSHA requirements are set by statute, standards and regulations. 1. Copyright 2023 SolutionInn All Rights Reserved. Obligations that a company expects to pay after one year. A hematocrit of _______ would be about normal. Accounting Question Practice Chapter 2 Flashcards | Quizlet The balance in retained earnings is not affected by: Management regularly considers what losses the company might face. _____ Supplies, _CL____ Accounts payable A measure of the net income earned on each share of common stock. This is the most stable soil type : Type A _____ Bonds payable (LCM) rule Show transcribed image text Expert Answer The purpose of an income statement is to show the profits and losses a company made over a specified period of time. _____ Goodwill with c2=1c^2=1c2=1 for adiabatic boundary condition and initial temperature, A technique that employs a specific angle of incline on the sides of the excavation : Sloping. The article discusses why some U.S. companies favored adoption of International Financial Reporting Standards (IFRS) while other companies opposed it. The following result is displayed by SQL. 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. Here's what you need to know about them. Lets calculate its Net Income in a single-step format. Evaluates management's assessment of internal control over financial reporting _ D__2. Find 69 ways to say MATCH, along with antonyms, related words, and example sentences at Thesaurus.com, the world's most trusted free thesaurus. The purpose of an income statement is to show the profits and losses a company made over a specified period of time. Property, plant, and equipment are assets with relatively long useful lives that ARE currently used in operating the business. _____ Stock investments (to be sold in 7 months) Competent person A.to change how objects look and feel. A need of internal control d. Independent accountant's audit __A_1. (g). This format is most commonly used by businesses that have relatively simple operations, with few line items reported. 1) The study of scientific metrology deals with. The company has a good accounting system. E1B. 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. MD&A (Management Discussion and Analysis) is a report made by company management, A: SOLUTION- Classify financial statement items by balance sheet classification. (a)net income. View this answer Choose the correct answer from the options given below : [1] Column A Column B (a) Two Treatises of Government 1. Group functions can be used in a WHERE clause. how procedures by those who report (c)current assets; long-term investments; tangible assets; and intangible assets. Financial statements are created with this purpose in mind. Answered: 1B. Match the items with the related | bartleby (c)What criticism of IFRS is raised with regard to regulated companies? (a)by order of expected conversion to cash. 3.1The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? They include the decline in the value of equipment used in producing goods and services. According to the Bottled Water Trends for 2014 report (bit.ly/1gx5ub8), the U. _____ Salaries and wages payable _____ Accumulated depreciationequipment Management encourages employees to follow the rules. (a)The articles says that the switch to IFRS tends to be favored by "larger companies, big accounting firms, and rule makers." a. Which one of the following components of internal control over financial reporting sets the tone for the organization? The most stable form of the common sugar glucose contains a six-membered, Southwest Division offers its product to outside markets for $30. The correct order of presentation in a classified balance sheet for the following current assets is: When should the OSHA Annual Summary be posted? Current assets (CA) 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. Week 5 Individual Internal Control SE 1. 1. 2002); Star Brite Construction Co., 19 (BNA) OSHC 1687, 1695 n.12 (N. 95-0343, 2001). (c)Both (a) and (b). (c). (d)$100.00. __CA___ Supplies, Classify each of the following financial statement items taken from Ming Corporation's balance sheet. The land should be reported as: 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, LO Parchment, Inc., is created with . Non-operating expenses, on the other hand, refer to costs incurred but not linked directly to the core functions of a business. (d)alphabetically. (a)accounts receivable, cash, prepaid insurance, inventory. hVn8ylPdySq@&%CVwe;u)\H3+ o@@i. The company employs good physical controls. God the true author of the Psalms. Daughter cel ls are thus identical to the mother cell. 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? Answer Explanation Related Ques. (a)Liquidity ratios. 4. D. to set program related options like Program Name, Program Location, etc. 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. Match the deposits in the business records with those in the bank . This letter constitutes OSHA's interpretation of the requirements discussed. Personnel are well trained and instructed in their duties. (a)$6.00. Ensure that assets are kept secure. 3. _____ Income taxes payable Which of the following shall be permitted to operate equipment or machinery? match the following items to their related statements - Kazuyasu __PPE___ Accumulated depreciationequipment Advantages of Financial Statements Financial Statements are useful for the following reasons: 3. The bank statement contains a $200 check printing charge for new checks that the company ordered. Psalm 92 read on every Jewish Sabbath. LO e. Only a and c. Refer to Exhibit 3.10 and Exhibit 3.11. Measures of the short-term ability of the company to pay its maturing obligations and to meet unexpected needs for cash. (d)Free cash flow. Of course, employers may also provide instruction in learning the English language to non-English speaking employees. A copy machine is ordered. Ch. 3 Multiple Choice - Principles of Accounting, Volume 1 - OpenStax _____ Inventory 3.2Which of these accounts is an asset? _____ Interest payable A multi-step income statement differs from a single-step income statement in that it uses multiple equations to ascertain the underlying Net Income. Match (by letter) the following items with the description or example that best fits. A. Format of a Single-Step Income Statement. Type B : 1:1 (45 degrees) As an Amazon Associate we earn from qualifying purchases. Company environment b. Copyright 2023 SolutionInn All Rights Reserved. OSHA has a long and consistent history of interpreting its standards and other requirements to require employers to present information in a manner that their employees can understand. This position applies to all of the agency's agriculture, construction, general industry, and maritime training requirements. Liabilities. The time it takes to acquire and sell inventory. Long term creditors: looks more into a company long term ability to survive: they look more into profitability and solvency. _____ Income taxes payable (b)Earnings per share. (a) liquidity, The company employs good physical controls. (b)current assets; long-term investments; property, plant, and equipment; and common stock. _LTI____ Stock investments (to be sold in 7 months) Management Accounting meaning:- Managers of the company use the information related to, A: Risk management in finance is an important element for any corporation to become successful., A: The procedures that are being implemented on the entity to maintain the unbiased financial reporting. Publicly listed companies are recommended to have a qualified Chief Audit, A: Introduction: This is the more expensive and difficult method of shoring : Timber shoring __LTL___ Mortgage payable Distinguish between long-term investments and property, plant, and equipment. IAS 7 Statement of Cash Flows requires an entity to present a statement of cash flows as an integral part of its primary financial statements. 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. Ensuring Accurate Records The site is located on OSHA's public website at the following address:http://www.osha.gov/dcsp/compliance_assistance/index_hispanic.html. See, e.g., Modern Continental Construction Company, Inc. v. OSHRC, 305 F.3d 43, 52 (1st Cir. Promotes Operational Efficiency, A: Financial Accounting means the process of recording the transaction , posting , summarising ,, A: Internal auditors occupy a distinct role inside the organisation. Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg. _CA____ Cash LO _CA____ Prepaid rent, _____ Prepaid advertising 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. Describe managements process for evaluating internal control over financial reporting. This matching process is important, because it proves that the general ledger figure for receivables is justified. Decision Checkpoint: How does the company's earnings performance compare with that of previous years? What is meant by the term operating cycle? See, e.g., CPL 2-238(D)(1998) ("[i]f the employees receive job instructions in a language other than English, then training and information to be conveyed under the [hazard communication standard] will also need to be conducted in a foreign language"); letter from Russell B. Swanson to Chip MacDonald (1999) ("instruction that employers must provide under 1926.21 must be tailored to the employees' language and education."). Intangible assets (IA) __CL___ Unearned sales revenue The rules and principles are very flexible. Some of these standards require "training" or "instruction," others require "adequate" or "effective" training or instruction, and still others require training "in a manner" or "in language" that is understandable to employees. 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.

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