Questions from General Accounting

Q: What notations are entered into the Posting Reference column of a ledger

What notations are entered into the Posting Reference column of a ledger account?

Q: Explain the following statement: “Inventory errors correct themselves.”

Explain the following statement: “Inventory errors correct themselves.”

Q: What is the meaning of market as it is used in determining

What is the meaning of market as it is used in determining the lower of cost or market for inventory?

Q: What guidance does the accounting constraint of conservatism offer?

What guidance does the accounting constraint of conservatism offer?

Q: Refer to Google’s income statement in Appendix A. What title does

Refer to Google’s income statement in Appendix A. What title does it use for cost of goods sold? Google’s Income Statement from Appendix A:

Q: Refer to the income statement for Samsung in Appendix A. What

Refer to the income statement for Samsung in Appendix A. What does Samsung title its cost of goods sold account? Income Statement of Samsung from Appendix A:

Q: Refer to the income statement of Samsung in Appendix A. Does

Refer to the income statement of Samsung in Appendix A. Does its income statement report a gross profit figure? If yes, what is the amount? Income Statement of Samsung from Appendix A:

Q: Buyers negotiate purchase contracts with suppliers. What type of shipping terms

Buyers negotiate purchase contracts with suppliers. What type of shipping terms should a buyer attempt to negotiate to minimize freight-in costs?

Q: What factors contribute to (or cause) inventory shrinkage?

What factors contribute to (or cause) inventory shrinkage?

Q: Samsung’s balance sheet in Appendix A reports the change in cash and

Samsung’s balance sheet in Appendix A reports the change in cash and equivalents for the year ended December 31, 2013. Identify the cash generated (or used) by operating activities,...