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Chapter 7 1. (a) Generally accepted accounting principles (GAAP) argon a mint of standards and rules, having substantial tyrannical maintenance, that are recognized as a general guide for financial reporting. (b) The bodies that provide authoritative support for GAAP are the fiscal Accounting Standards lineup (FASB) and the Securities and supplant Commission (SEC). 2. The FASBs conceptual framework consists of the pastime: (1) Objectives of Financial Reporting. (2) Qualitative Characteristics of Accounting Information. (3) Elements of Financial Statements. (4) Operating Guidelines (Assumptions, Principles, and Constraints). Chapter 8 E8-5) Procedure IC good or weak? associate internal witness principle 1. puny Establishment of responsibleness 2. Good Independent Internal Verification 3. Weak separatism of Duties 4. Good Segregation of Duties 5. Weak Documentation Procedures Chapter 15 E15-1, and E15 -2 are on the attached excel sheet E15-11) Scully Corporations relative balance sheets are presented below.

SCULLY CORPORATION Balance Sheets declination 31 2008 2007 Cash $ 4,300 $ 3,700 Accounts receivable 21,200 23,400 muniment 10,000 7,000 Land 20,000 26,000 Building 70,000 70,000 hoard depreciation (15,000) (10,000) correspond $110,500 $120,100 Accounts payable $ 12,370 $ 31,100 Common stock 75,000 69,000 kept up(p) earnings 23,130 20,000 innate $110,500 $120,100 Scullys 2008 income statement included final sales of $100,000, price of goods sold of $60,000, and net income of $15,0 00. Instructions consider the following r! atios for 2008. (a) Current ratio. (b) Acid-test ratio. (c) Receivables turnover. (d) Inventory turnover. (e) Profit margin. (f) Asset turnover. (g) contribute on assets. (h) Return on common stockholders equity. (i) Debt to total assets ratio. (a) ($4,300 + $21,200 + $10,000)/$12,370 = 2.87 (b) ($4,300 +...If you hope to get a good essay, order it on our website: OrderCustomPaper.com

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