Questions from Financial Accounting

Q: What was Apple’s largest current asset, largest current liability, and

What was Apple’s largest current asset, largest current liability, and largest item under “Assets” at September 27, 2014?

Q: Tilton Company’s balance sheet shows Inventory $162,800. What

Tilton Company’s balance sheet shows Inventory $162,800. What additional disclosures should be made?

Q: What is the essential feature of an electronic funds transfer (EFT

What is the essential feature of an electronic funds transfer (EFT) procedure?

Q: Under what circumstances might inventory turnover be too high—that is

Under what circumstances might inventory turnover be too high—that is, what possible negative consequences might occur?

Q: What two ratios measure factors that affect profitability?

What two ratios measure factors that affect profitability?

Q: The following are the major balance sheet classifications: Current assets

The following are the major balance sheet classifications: Current assets (CA) Current liabilities (CL) Long-term investments (LTI) Long-term liabilities (LTL) Property, plant, and equipment (PPE) Co...

Q: The use of a bank contributes significantly to good internal control over

The use of a bank contributes significantly to good internal control over cash.” Is this true? Why?

Q: What is the LIFO reserve? What are the consequences of ignoring

What is the LIFO reserve? What are the consequences of ignoring a large LIFO reserve when analyzing a company?

Q: What factors affect a company’s gross profit rate—that is,

What factors affect a company’s gross profit rate—that is, what can cause the gross profit rate to increase and what can cause it to decrease?

Q: Give an example of an industry that would be characterized by

Give an example of an industry that would be characterized by (a) a high asset turnover and a low profit margin, and (b) a low asset turnover and a high profit margin.