Define accounting and describe the different uses of accounting
information. What are steps of the accounting process and cycle?
What are the various components of an income statement in order to
evaluate a firm's "bottom line?"
What do your look for on a company's balance sheet to determine
its current financial position? What is ratio analysis? How can it
be used to analyze financial statements to evaluate a company's
performance?
Some items are treated differently for accounting purposes than they are for tax purposes. For the following item: Estimated future warranty costs, indicate whether it is considered a permanent difference or a temporary difference. For a temporary difference, indicate whether it will create a deferred tax asset or a deferred tax liability.
Describe how goodwill amortized for tax purposes for not for
book purposes (i.e. no impairment) leads to temporary book-tax
differences?
Why does Congress provide the dividends received deduction for
corporations receiving dividends?
Prepare an expanded accounting equation worksheet for the Zeon
Company to show the effect of the following transactions on the
given dates – our accounting period is January:
January 2 Investment of $75,000 in cash into the business by
stockholders.
January 4 Paid $10,000 in cash toward a building that cost
$90,000 with the rest being borrowed from the bank to be paid back
in 5 years.
January 10 Bought inventory on credit for $4,200
January 14 Paid cash wages...