Accounting 333 exam 1 - Study guides, Class notes & Summaries

Accounting 333 Exam 1 Complete Review Solution Characteristics of Useful Information - ANS-Relevant, Reliable, Complete, timely ,understandable, verifiable, accessible Transaction - ANS-An agreement between 2 entities to exchange goods or services Revenue cycle - ANS-Where goods and services are sold for cash Expenditure cycle - ANS-Where companies purchase inventory for resale Production/ conversion cycle - ANS-Where raw. Materials are transformed into finished goods Financing cycle - A...

AIS EXAM 1- 333 Questions and Answers What is an Accounting Information System? (Chapter 1/2) - ANSWER ️️ -A structural, repeatable approach, to collecting and storing relevant data about financial transactions, and processing and aggregating the data to create information for users and decision makers (manual or automated) -Transaction processes must be effective and efficient Data (Chapter 1/2) - ANSWER ️️ -Facts about processes (events), resources or people (agents) -Collecte...

ACCOUNTING 333 FINAL EXAM (QUESTIONS FROM DISCUSSION BOARDS AND ANSWERS) 2023/2024 For which clients must a CPA be independent? - CORRECT ANSWER-Independence is required for only those who perform attest services. CPAs in the private sector cannot e independent. Why is independence so important for a CPA? - CORRECT ANSWER-If a CPA is not independent there is a higher likelihood for bias in the audit whether intentional or not. Also, if a CPA appears not to be independent, the public ...

ACCOUNTING 333 FINAL CONCEPTUAL COMPREHENSIVE AND NEW MATERIAL UPGRADED EXAM 2023/2024 contribution margin - CORRECT ANSWER-Revenue - Variable Costs contribution margin ratio - CORRECT ANSWER-Contribution Margin / Revenue breakeven point (units) - CORRECT ANSWER-total fixed costs / CM per unit breakeven point (revenue) - CORRECT ANSWER-total fixed costs / CM ratio target profit (units) - CORRECT ANSWER-(Target Profit + Total Fixed Costs) / CM per unit target profit (revenue) - CORRECT A...

Oct/Nov 2021 TAX2601 Principles of Taxation 100 Marks Duration 2 Hours (plus 60 minutes for upload) This paper consists of nine (9) pages plus the annexure (p i). IMPORTANT INSTRUCTIONS: 1. All amounts exclude VAT unless stated otherwise. 2. All persons mentioned are residents of the Republic of South Africa unless stated otherwise. 3. SARS = South African Revenue Service The answering of this paper: 1. This paper consists of four (4) questions. 2. Answer all the questi...

MGT 333 Exam 1 Study 100% Verified 60 percent (sales increase of 60 percent would be required to achieve the same percentage increase in profit). - ANS-For an organization with annual sales of $500 million, purchases of $300 million and profit of $50 million, a 10 percent reduction in the cost of purchases would result in a profit-leverage effect of: a reduction in purchase spend increases profit more than an equivalent increase in sales. - ANS-The profit-leverage effect of supply saving...

ACCOUNTING 333 FINAL EXAM (QUESTIONS FROM DISCUSSION BOARDS AND ANSWERS) 2023/2024 For which clients must a CPA be independent? - CORRECT ANSWER-Independence is required for only those who perform attest services. CPAs in the private sector cannot e independent. Why is independence so important for a CPA? - CORRECT ANSWER-If a CPA is not independent there is a higher likelihood for bias in the audit whether intentional or not. Also, if a CPA appears not to be independent, the public ...

FAC2601 EXAM PACK 2022 FAC2601 - Financial Accounting And Reporting The following information regarding share capital in the accounting records of Mbaso Ltd was obtained on 28 February 2021: R Ordinary share capital at date of incorporation................................................................... 5 000 000 Proceeds on 800 000 ordinary shares issued – 31 August 2020 ....................................... 1 200 000 20 000 10% Cumulative preference shares ..........................

ACCOUNTING 333 CHAPTER 3 (COST BEHAVIOR) EXAM WITH CORRECT ANSWERS 2023/2024 Cost behavior - CORRECT ANSWER-how costs change when the level of output/activity level changes. this is important for the management to effectively plan and control organizations costs and make good decisions for company. costs are fixed or variable only for: - CORRECT ANSWER-1) a specific activity 2) at a given time period (relevant range) -this is because different things/activities have different costs....