Questions from General Accounting

Q: What is a petty cash receipt? Who should sign it?

What is a petty cash receipt? Who should sign it?

Q: When do we know that a company has goodwill? When can

When do we know that a company has goodwill? When can goodwill appear in a company’s balance sheet?

Q: Why should cash receipts be deposited on the day of receipt?

Why should cash receipts be deposited on the day of receipt?

Q: Explain the accounting constraint of materiality.

Explain the accounting constraint of materiality.

Q: What characteristics of a plant asset make it different from other assets

What characteristics of a plant asset make it different from other assets?

Q: What is the process of allocating the cost of natural resources to

What is the process of allocating the cost of natural resources to expense as they are used?

Q: Is the declining-balance method an acceptable way to compute depletion

Is the declining-balance method an acceptable way to compute depletion of natural resources? Explain.

Q: What are the characteristics of an intangible asset?

What are the characteristics of an intangible asset?

Q: How is total asset turnover computed? Why would a financial statement

How is total asset turnover computed? Why would a financial statement user be interested in total asset turnover?

Q: On its recent balance sheet in Appendix A, Apple lists its

On its recent balance sheet in Appendix A, Apple lists its plant assets as “Property, plant and equipment, net.” What does “net”...