23. What are the two components of an income statement which help to show a service businesses reported revenue for the month?
24. To be considered acceptable, total expenses component percentage for a service business should be not more than ____________.
Wednesday, April 28, 2010
bellringer - 4.26.10
21. What is meant by the term adequate disclosure?
22. What are the four sections of the income statement for a service business?
22. What are the four sections of the income statement for a service business?
Friday, April 23, 2010
bellringer - 4.23.10
19. Whose face appears on these bills: $1, $5, $10, $50, and $100.
20. Why do you think it is necessary to create new designs for bills periodically? What do you image these bills to be like 100 years from now?
20. Why do you think it is necessary to create new designs for bills periodically? What do you image these bills to be like 100 years from now?
Wednesday, April 21, 2010
bellringer - 4.21.10
17. What do the following mean: IRS, SEC, GAAP?
18. In business, what is a derivative? Do you think these are a more conservative or risky approach to investing?
18. In business, what is a derivative? Do you think these are a more conservative or risky approach to investing?
Monday, April 19, 2010
bellringer - 4.19.10
15. What is the first step when preparing a work sheet? Please list each of the 8 steps that follow the first step.
16. Make a bulleted list of the procedures in step 8 - Calculate and Record the Net Income (or net loss).
16. Make a bulleted list of the procedures in step 8 - Calculate and Record the Net Income (or net loss).
Wednesday, April 14, 2010
bellringer - 4.15.10
13. Write the formula you will use on your Numbers spreadsheet to calculate SALES in the income statement column.
14. How might an automated spreadsheet or similar computer program benefit an accountant during the course of a month? How would this same program benefit a CFO or some other top executive of a company?
14. How might an automated spreadsheet or similar computer program benefit an accountant during the course of a month? How would this same program benefit a CFO or some other top executive of a company?
Monday, April 12, 2010
bellringer - 4.13.10
11. What is the formula for calculating net income? Net loss?
12. What is your opinion of this quote from the 1775 book, Etiquette of the Banker? "The first rule of business is to protect your investment."
12. What is your opinion of this quote from the 1775 book, Etiquette of the Banker? "The first rule of business is to protect your investment."
Thursday, April 1, 2010
bellringer - 4.2.10
9. What are the four guidelines established by the courts to determine whether accountants are liable for the financial losses of third parties?
10. If your company has revenues (sales) of $2,500 and expenses of $3,000 for the month ended, March 31 2010, what is the net income or net loss of the company for the month? If this exact pattern persisted for the next 10 months, how many years would it take the company to turn a profit if, after this initial 10 month period, the company began making a steady net income of $100 per month? A two point bonus will be given for getting the answer correct. :)
10. If your company has revenues (sales) of $2,500 and expenses of $3,000 for the month ended, March 31 2010, what is the net income or net loss of the company for the month? If this exact pattern persisted for the next 10 months, how many years would it take the company to turn a profit if, after this initial 10 month period, the company began making a steady net income of $100 per month? A two point bonus will be given for getting the answer correct. :)
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