Posted: February 21st, 2022

Accounting Fundamentals

Full the next four questions from the textual content, every Question Assignment price 25 factors. Submit as an attachment, utilizing the hooked up Reply Sheet.

Question Assignment 1

Chapter 1; Question Assignment 1 (web page 26 of your textual content)

     Rubric:  Every line “a” via “j” is price 1/2 some extent.

Match the Department of Accounting that might be greatest used to reply the next questions:

      Question Assignment     Department of Accounting
a.     How ought to I report transactions related to money, payroll, and short-term debt?     
b.     How a lot does it price to pay for upkeep for my swimming pool this yr?     
c.     What occupancy tax is owed by the resort this month?     
d.     How ought to I report transactions related to income, bills, and revenue?     
e.     How a lot gross sales tax ought to now we have collected this month?     
f.     Are all meals purchases made this month documented with reliable invoices?     
g.     If I needed to realize a revenue of $10,000 within the month of April, what number of pizzas will I have to promote?     
h.     Are all bonuses paid to managers supported by documented income efficiency measures?     
i.     What had been the overall prices of salaries and wages incurred by the restaurant this month?     
j.     Would it not be extra worthwhile if I made my potato salad by scratch or bought it pre-prepared?     

A.  Auditing
B.  Tax Accounting
C.  Value Accounting
D.  Managerial Accounting
E.  Monetary Accounting

Question Assignment 2

Chapter 1; Question Assignment 2 (web page 27 of your textual content)
     Rubric:  Desk price 2 factors, every Question Assignment “a” via “c” price 1 level every.

Learn the Question Assignment in your textual content, then full the next desk: and reply the following questions:

Week     Income     Bills     Revenue / Loss
1      $   956.34      $1,258.75     
2      $2,286.45      $1,687.54     
three      $2,678.91      $2,563.87     
four      $1,875.23      $1,378.95     
Month                 

 
a.    Through which week did Richard have probably the most revenue?
b.    Did Richard present a revenue for all 4 weeks? If not, which week(s) did he expertise a loss?
c.    Because the proprietor, Richard needed a revenue of $1,000 for the month. Did he attain his purpose?

Question Assignment three

Chapter 2; Question Assignment 1 (web page 57 of your textual content):
     Rubric:
     Desk stuffed out appropriately = 5 factors
     Desk stuffed out, however quantities stuffed into the improper bins = three factors
     Desk stuffed out incorrectly, and incorrect quantities within the bins = zero factors

Learn the state of affairs in Question Assignment 1, pg 57 of your textual content, then full the next Accounting Formulation.

a. The restaurant began with a $1,200,000 verify from its proprietor.
Belongings =     Liabilities +     Homeowners’ Fairness     Income –     Bills
                        

b. The restaurant generated revenues of $5,000 on accounts receivable.
Belongings =     Liabilities +     Homeowners’ Fairness     Income –     Bills
                        

c. The restaurant bought a $400,000 constructing with $40,000 money and a $360,000 mortgage.

Belongings =     Liabilities +     Homeowners’ Fairness     Income –     Bills
                        

d. The restaurant paid $550 money for the utilities invoice.

Belongings =     Liabilities +     Homeowners’ Fairness     Income –     Bills
                        

Question Assignment four

Chapter 2; Question Assignment four (web page 59 of your textual content):
     Rubric:  Desk price 2 factors, every Question Assignment “a” via “f” price 1/2 level every.

Learn Question Assignment four on web page 59, then full the next desk and reply the following questions:

      Lisa’s Accrual Accounting     Laura’s Money Accounting
Income                         
            
Bills:           
Value of Meals Bought           
Salaries and Wages           
Utilities           
Upkeep           
Advertising and marketing           
Hire           
            
Web Revenue or (Loss)           

 

a. Which accounting technique, Lisa’s accrual accounting or Laura’s money accounting, exhibits a better web revenue?

 

b. Which accounting technique exhibits probably the most correct amount of cash readily available to pay payments?

 

c. Which accounting technique most precisely exhibits the revenues generated no matter once they had been obtained?

 

d. Which accounting technique most precisely exhibits the bills incurred no matter once they had been paid?

 

e. Which accounting technique most precisely exhibits precise money inflows and outflows?

 

f. Which accounting technique exhibits probably the most correct reflection of their restaurant’s true profitability?

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