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Chapter 7 1. (a) Generally accepted accounting principles (GAAP) argon a mint of standards and rules, having substantial irresponsible maintenance, that are recognized as a general guide for financial reporting. (b) The bodies that provide authoritative support for GAAP are the fiscal Accounting Standards calling card (FASB) and the Securities and supplant Commission (SEC). 2. The FASBs conceptual framework consists of the followers: (1) Objectives of Financial Reporting. (2) Qualitative Characteristics of Accounting Information. (3) Elements of Financial Statements. (4) Operating Guidelines (Assumptions, Principles, and Constraints). Chapter 8 E8-5) Procedure IC good or weak? associate internal witness principle 1. puny Establishment of righteousness 2. Good Independent Internal Verification 3. Weak separatism of Duties 4. Good Segregation of Duties 5. Weak Documentation Procedures Chapter 15 E15-1 , and E15-2 are on the attached excel sheet E15-11) Scully Corporations relative balance sheets are presented below.

SCULLY CORPORATION Balance Sheets celestial latitude 31 2008 2007 Cash $ 4,300 $ 3,700 Accounts receivable 21,200 23,400 muniment 10,000 7,000 Land 20,000 26,000 Building 70,000 70,000 amass depreciation (15,000) (10,000) correspond $110,500 $120,100 Accounts payable $ 12,370 $ 31,100 Common stock 75,000 69,000 contain earnings 23,130 20,000 innate $110,500 $120,100 Scullys 2008 income statement included pelf sales of $100,000, price of goods sold of $60,000, and net incom e of $15,000. Instructions cast the follo! wing ratios for 2008. (a) Current ratio. (b) Acid-test ratio. (c) Receivables turnover. (d) Inventory turnover. (e) Profit margin. (f) Asset turnover. (g) conk on assets. (h) Return on common stockholders equity. (i) Debt to total assets ratio. (a) ($4,300 + $21,200 + $10,000)/$12,370 = 2.87 (b) ($4,300 +...If you inadequacy to get a good essay, order it on our website: BestEssayCheap.com

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