Two perspectives: Economic Consequence (understand decision impact) & User-Orientation (how to read/analyze stmts) Corporate Governance: encourages mgmt. to report in good faith and act in best interests of shareholders. GAAP: needed for comparability and minimize bias; established by SEC, enforced by stock exchange, bank regulations, AICPA. IASE: International accounting Standards Committee. IFRS: International Financial Reporting Standards. Operating Activities: prod & sale of goods/service; Investing: acquisitions and dispositions of producing assets; Financing: raising capital thru debt/equity issuances. Balance Sheet: Assess liquidity and financial flexibility. A-L=Book value. Current Assets: Cash (FV), STI(FMV/held to market), A/R(Net value), Inventory (LCM), PP Exp (Net book value)Principles of financial accounting: Objectivity: financial acct is verifiable & reliable; Matching: efforts (Exp) should be matched with acc. (Rev) ex. Direct association exists, exp cost when rev. is recognized. If assoc. diff. to identify, allocate costs systematically; no association, expense immediately. Revenue Recognition: rev. recogn when earnings process is virtually comp & transaction occurred, 4 criteria to meet 1) complete sign portion of prod. & sales 2)rev is objectively measurable 3)major portion of cost incurred remaining cost reasonably estimated 4)collection of cash is reasonably assured. Consistency: use same method period to period. Exceptions: Materiality: latitude allowed when $ value is so small that it has no effect on decision making. Conservatism: if in doubt, understate assets, overstate liabilities, accelerate rec. of losses, delay recognition of gains. Operating transactions: Persistent: attributed to transactions that are fundamental to operations; Transitory: marginally related to operations. Complete Income Statement Format: Operating Rev & Exp: asset/liab related to acquisition and delivery (usual & frequent) Other Rev & Exp: related to secondary activities unusual/infrequent (int. income/exp) Disposal of Bus. Segment: sale of separate line of business Extraordinary Items: unusual and infrequent out of the normal transactions Mandatory Changes in accounting principles. Intrinsic Value: Book Value + PV of future cash flows. Book value doesn’t reflect Market b/c of business environment (historical stmts), unrecorded events, Management bias. NRV of A/R: Face Value- adjustments for Bad Debt, returns, discounts. Inventory: too much, waste resources, too little and risk sales. Methods: Perpetual: purchases & sales are recorded in the inventory account as they occur. Cr Inv & D COGS. Periodic: Purchases recorded in Purc acct & closed @ end of yr, COGS = Purch + Beg Inv-End Inv. Items to include: Consigned Goods: inventory owned by cosignor, goes on their balance sheet. Goods in Transit: FOB Shipping point: Buyer is resp when shipped FOB Dest.: Buyer resp. when goods are received. Cash (sales) Discounts Gross Method: sales & rec recorded @ gross amt. Discounts taken are recorded as sales discounts, reduction to gross sales revenue Net Method: sales & rec recorded @ net amount. Discounts are not recorded as interest revenue. Balance sheet: assess future cash flows & LT solvency (liquidity & financial flexibility). Income Stmt formats: Single Step: expenses & losses are subtracted from Revenues & expenses. Multi-step: separate journal entries & t-accounts by activity and function. Financial Assumptions: Economic Entity: profit-seeeking entities, separate & distinct from owners can be measured & identified. Fiscal Period: life of entity can be divided into fiscal periods and performance can be measured during each period. Going Concern: life of economic entity will extend beyond the current fiscal period. Stable Dollar: performance and fin. position can be measured in terms of a monetary unit that maintains constant purchasing power across all fiscal periods. Economic Events: Must be both relevant and objectively
HSM340 Midterm Study Guide
YOU MAY WANT TO PRINT THIS GUIDE.
1. The Midterm is "open book, open notes." The maximum time you can spend in the exam is three hours. If you have not clicked the Submit for Grade button by then, you will be automatically exited from the exam. In the Midterm environment, the Windows clipboard is disabled, and so you still will not be able to copy exam questions or answers to or from other applications.
2. You should click the Save Answers button in the exam frequently…
Midterm Exam Study Guide
The midterm will be open notes, but NOT open computer. Anything you have handwritten you may bring to class. You may bring any documents to class as long as they are marked with your notes.
Format: 2 out of 3 short answer; 1 out of 2 essays
Short Answers will be derived from the following terms, people and events. Answers should identify the term and, most importantly, identify its significance (use your analytical skills to draw out why its important). Answers do…
Midterm Examination Review
The midterm examination will consist of ten multiple choice questions worth four points each, three short answer questions worth ten points each, and one approximately page-long essay question worth thirty points. I will give you four short answer questions on the exam from which you will choose three to respond to. I provide here a set of three essay questions. Two of these will…
1. Site: The physical character of a place.
EX: hilltops and riversides
2. Situation: The location of a place relative to its surroundings/ other places.
EX: “oh, it’s across the street from Dunkin Donuts!”
3. Intervening obstacles: An environmental or cultural feature of the landscape that hinders migration.
EX: mountains, large bodies of water
4. Ravenstein's Laws of Migration:
a) Most migrants move only a short distance.
b) There is a process…
prostitution. Also dictated where they could rent or buy property, which spoke to how extensively these laws sought to regulate both the private and public lives of blacks.
6. What 4 assumptions does the book Class, Race, Gender and Crime bring to the study of class, race, and gender?
1. These categories of social difference all share similarities in that they convey privilege on some groups and marginalize others, so they relate to power resources in society. Ideology works to naturalize privilege,…
2013 Study Guide for Test 2
This test will be given in class on Thursday November 14, 2013 at 11:25-12:55.
This test will cover lectures (5A-9B except not Lecture 9A by Sarah Gutowsky on November 5th), website visits (5-9), and Assignments 2 and 3 (Loop Analysis and Ecological Footprint). For our Community Ecology Textbook by Mittelbach: know Chapters 10-13. Pay special attention to the lecture slides on the book chapters because these indicate the terms, concepts and case studies that are…
not about scolding, moralizing, or telling people to be nice
1. is inescapable inside factories, office buildings, and other places where work gets done
Descriptive ethics - depicts how people actually are acting
Requires: Arranging values to guide decisions, Understanding the facts, Constructing arguments.
Kohlberg’s Stages of Ethical Development:
he responses were then classified into various stages of reasoning in his theory of moral development:
Level 1: Stage 1 - Obedience and Punishment…
N3: Human Physiology for the Health Professions
Midterm 1 Study Guide
General Notes to studying:
At the end of each lecture are summary slides. These slides indicate what is important in the lecture.
Note: study guide posted on Monday, August 11th and represents material covered through Tuesday’s
lecture #5. Exam will cover material through Thursday, August 14th lecture #6. Summary slides at end
of Thursday’s lecture will provide study guide for that lecture.
How do th…
1. The story utilizes the individualistic ideologies used by Ralph Waldo Emerson in
The story makes fun of Americans for not living up to their ideals of diversity and for not being
the ultimate civilization that we so egotistically believe we are. This idea stemmed from the
city on top a hill sermon or a model Christian charity. The story clearly has a strong
individualist message to it, most likely influenced by selfreliance. The story utilizes franklin…
Mid Term Exam
What do Clear and Cole suggest about the complexities and constraints of bureaucracies. Do they serve as a check on the abuse of state power? Or not?
Lipsky talks about the bureaucratic model of organization. What does he believe bureaucracies can do? Do they guarantee that services are delivered only up to a point and that goals are not typically achieved?
When we are thinking about society and how it is defined, are the actions it does or does not…