• From the e-Activity, analyze Apple’s most recent financial statements. Based on your analysis, predict whether Apple’s financial health will likely improve or deteriorate over the next five (5) years. Provide a rationale for your response. • From the e-Activity, examine Apple’s statement of cash flows. Recommend at least two (2) actions that Apple could take in order to maximize the use of its cash flows. Provide a rationale for your response. • From the e-Activity, examine the greatest threats to a computerized accounting system. Suggest two (2) preventive measures or remedies to protect the system and / or mitigate negative impact to the system. Provide a rationale for your response. • Pretend that you are a criminal and want to commit fraud by altering your company’s accruals. ] paragraph) plan for committing the fraud. Predict the major potential resulting damage to the company’s financial statements from the fraud. Cash and supplies are both classified as current assets.
Earnings per share measures the net income earned on each share of common stock. Net cash provided by operating activities takes into account that a company must invest in capital expenditures just to maintain its current level of operations. In order for information to be relevant, it must be reported on a monthly basis. For accounting purposes, business transactions should be kept separate from the personal transactions of the stockholders of the business. Selected Answer: current assets; long-term investments; property, plant, and equipment; and intangible assets. Use the following data to determine the total dollar amount of assets to be classified as current assets. 475,000. What are the creditors’ claims on their assets? Based on the following data, what is the amount of current assets? Using the following balance sheet and income statement data, what is the debt to assets ratio? Which of the following is not considered a measure of liquidity?
131 million free cash flow, which of the following statements is most likely true? Garrison Company prepares quarterly reports, which it distributes to all stockholders and other entities that rely on its accounting information. Which of the following is the best term for the key assumption in financial reporting that Garrison is following? Each of the following statements is justified by a fundamental quality or an enhancing of quality accounting. Write the letter in the blank next to each statement corresponding to the quality involved. A company uses the same accounting principles from year to year. Information that is free from error. Information presented in a clear and concise fashion. Information that makes a difference in a decision. Information accurately depicts what really happened. Economic events that require recording in the financial statements are called accounting transactions. An account is often referred to as a T-account because of the way it is constructed.
Revenues are a subdivision of stockholders’ equity. Salaries and wages payable is a type of expense. Operating activities are the types of activities the company performs to generate profits. Are advanced receipts from customers treated as revenue at the time of receipt? Why or why not? Which statement about an account is true? Which one of the following represents the expanded basic accounting equation? Which of the following is not an example of a source document that provides evidence of a transaction? Which of the following statements is not true? 24,000. What is the cash balance at the end of June? Which statement is incorrect? Match the items below by entering the appropriate code letter in the space provided. An accounting record of increases and decreases in specific assets, liabilities, and stockholders’ equity items. The side which increases an account. Left side of an account. The entire group of accounts maintained by a company. Shows the debit and credit effects of specific transactions. Transferring journal entries to ledger accounts. An accounting record of increases and decreases in specific assets, liabilities, and stockholders’ equity items.