match the following items to their related statements

LO 1/34 Previous Next Flip Space Created by thesupercool Terms in this set (34) Match the statement on the left with the economic philosophy it represents on the right. Why would such a device be vital to the crew? Note that our enforcement guidance may be affected by changes to OSHA rules. 3.2Which of these accounts is an asset? What was the 2017 earnings per share? In the income statement, expenditures are recorded at the time of purchase. _____ Interest payable 3.1The independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? This book uses the Why It Matters; 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements; 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions; 3.3 Define and Describe the Initial Steps in the Accounting Cycle; 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business . _____ Land (held for future use) Typically firms receive bank loans and pay interest expenses for the amounts they owe. This income statement format uses a single equation to come up with the Net Income. Assets that a company expects to convert to cash or use up within one year or its operating cycle, whichever is longer. All of the following are responsibilities of OSHA except: Before being able to work with flammable liquids, employees must receive training as to safe handling and use. 9. Refer to the CVS annual report in the Supplement to Chapter 5. __LTI___ Land __CL___ Income taxes payable Management puts separation of duties in place. Quiz 9 Managing Safety and Health Flashcards | Quizlet _PPE____ Buildings When a statement of cash flows is prepared, these three types of cash flows are reported under separate sections, which are operating activities section, investing activities section and financing activities section.This categorization helps users of financial statements understand how the cash was . Lets explore the most common type of financial report the income statement and its different elements, so you can start handling financial reports like a pro! 3.1That a business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally, is known as which of the following? Match the items in the left column to the items in the right column. N 40``\ q*y@X$ 8 2. Hemolysis refers to the breakdown of red blood cells (T/F) True. (LCM) rule Show transcribed image text Expert Answer 1) The study of scientific metrology deals with. Are short-term creditors, long-term creditors, and stockholders primarily interested in the same characteristics of a company? It is the Agency's position that, regardless of the precise regulatory language, the terms "train" and "instruct," as well as other synonyms, mean to present information in a manner that employees receiving it are capable of understanding. Occupational Safety and Health Long-term investments (LTI) OSHA Training Standards Policy Statements | Occupational Safety and a. Income statement As the name implies, this is where you can find details about a company's income. Property, plant, and equipment (PPE) A: The answer for the multiple choice question and relevant explanation are presented hereunder : A: For prevention of fraud, theft, and manipulation of records, control over the internal procedure, A: Controls are the rules, procedures, and activities which are implemented within an organization for, A: The management of the company is responsible to check the internal controls and then making, A: Introduction:- 3.1These are used by the FASB, and it is a set of concepts that guide financial reporting. Copyright 2023 SolutionInn All Rights Reserved. B. (Is it a control deficiency, a significant deficiency, or a material weakness?). Supplies are purchased. Company ABC is a much bigger venture; it produces car parts. __PPE__ Buildings For example, CSHOs should look to whether workplace instructions regarding job duties are given in a language other than English and determine whether the employer already is transmitting information with comprehensibility in mind. (d)Condorsement - It is a combination of "convergence" and "endorsement".Companies would stay under GAAP but efforts to move GAAP closer to IFRS would continue.Absorbing new IFRS rules into GAAP, based on whether each rule is in the best interest to investors and financial markets. 4. Quiz 15 Excavations Flashcards | Quizlet Management puts separation of duties in place. how procedures by those who report While the site includes links to Spanish-language resources, it is intended primarily for English-speaking and bilingual users. In order to determine the hematocrit, blood is placed in a. Which of the following are OSHA standards for excavations? (b)cash, inventory, accounts receivable, prepaid insurance. Long-term investments (LTI) Which of the following is required for protective system equipment? Company environment b. LO Evaluates management's assessment of internal control over financial reporting _ D__2. Management puts separation of duties It is a statement prepared by companies that operate globally offering a wide range of products and services and consequently incurring an array of expenses. _____ Land Which of the following are acceptable ways of prohibiting use of incompliant tools or machinery? y=kx2+1y=k x^{2}+1y=kx2+1. A Cash Flow Statement (also called the Statement of Cash Flows) shows how much cash is generated and used during a given time period. Prime Contractor: Has overall responsbility for compliance with OSHA regulations. It is arrived at by subtracting all the income expenses before any taxes are levied. _____ Goodwill This chapter explains the relationship between financial statements . (c) Debt to Asset Ratio & Free Cash Flow. Current assets are listed: LO 1. Risk assessment c. Control activities d. Information and communication e. Monitoring 1. Type B : 1:1 (45 degrees) Retained earnings the income retained for use in the business. See, e.g., CPL 2-238(D)(1998) ("[i]f the employees receive job instructions in a language other than English, then training and information to be conveyed under the [hazard communication standard] will also need to be conducted in a foreign language"); letter from Russell B. Swanson to Chip MacDonald (1999) ("instruction that employers must provide under 1926.21 must be tailored to the employees' language and education."). _CL____ Interest payable A multi-step income statement differs from a single-step income statement in that it uses multiple equations to ascertain the underlying Net Income. Intangible assets (IA) This letter constitutes OSHA's interpretation of the requirements discussed. Organizational structure, management philosophy, planning, risk assessment, and control activities. As the name suggests it is a type of engagement that includes. (h)., A: Internal controls are the systems utilized by a company to manage risk and diminish the prevalence. Inter Miami U19 Roster, The average time required to purchase inventory, sell it on account, and then collect cash from customersthat is, go from cash to cash. Some of the intangible assets that can be amortized include patents, trademarks, and franchise agreements. Personnel are well trained and instructed in their duties. It is one of the main financial statements analysts use in building a three statement model. According to OSHA a person who is capable of identifying exisiting and predictable hazards in the surroundings areas ot working conditions which are unsanitary, hazardous, or dangerous to employees, and who has authorization to take prompt corrective measures to eliminate them: If a prime contractor subcontracts some of the work on a construction project to an another firm, unless specified in the contract, which firm is responsible for "employer obligations" in 1926 Subpart B? A: Answers have been given in the next sheet. Evaluates management's assessment of internal control over financial reporting _ D__ 2. Dec 12, 2022 OpenStax. Measures the percentage of total financing provided by creditors. Reliability of financial data. A set of financial statements includes the income statement, statement of owner's equity, balance sheet, and statement of cash flows. (d)Explain what is meant by "condorsement.". dynamic d. Monitoring. c. Control activities Match (by letter) the following items with the description or example that, Describe when economic performance occurs for the following expenses: Worker\'s compensation, Rebates, If charges flow very slowly through a metal, why does it not, Bisbee Health Products invests heavily in research and development (R&D), although it, Suppose the marginal benefit of writing a contract is $50, independent of, A company borrowed from a bank an amount of (24,000) dinars and. Current liabilities (CL) The purpose of an income statement is to show the profits and losses a company made over a specified period of time. (a)$6.00. 2. Answer Explanation Related Ques. Two employer responsiblities listed in this section are instructing employees in recognizing and avoiding unsafe conditions and training employees in the regulations that apply to his or her work environment. Want to cite, share, or modify this book? -satisfy the educational requirements of the licensing state Auditors provide credibility to information for outsiders such as: (3) -creditors -stockholders -government regulators Which attest engagement is designed to provide only a moderate degree of assurance? Employee: Must be designated by employer to assist in the safe and orderly emergency evacuation of employees. The company employs good physical controls. are well trained and Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg. Because of how complex the operations involved in a multi-step income statement are, operating revenues and operating expenses are separated from non-operating expenses and revenues. The information is directed at external users who are making decisions pertaining to investing, extending credit, and other decisions. __CL___ Income taxes payable Intangible assets (IA) (f). _____ Accounts payable _____ Supplies 62 0 obj <> endobj The company has an internal audit department. then you must include on every digital page view the following attribution: Use the information below to generate a citation. 8. 8. _____ Accumulated depreciationequipment __IA___ Goodwill Fungi are a kingdom of species with their own classification scheme based on their characteristics and features.They are eukaryotic, multicellular organisms that function as decomposers in a given ecosystem. Answer: A. Financial accounting reports often must be audited at least annually by an independent auditor. A process that establishes reliability of account records and financial statements in accordance with GAAP, ________ 3. 3. LO 8. 3. should contain provisions related to the creation, preservation, and disposition of records. _____ Accumulated depreciation What basis is used for ordering individual items within the current assets section? 7. 3. According to the Bottled Water Trends for 2014 report (bit.ly/1gx5ub8), the U. Figure 1.7 Income Statement Schedules for Custom Furniture Company. [Solved] Match the following items with their rela | SolutionInn Also, from time to time we update our guidance in response to new information. For example, 1910.147(c)(7)(i) (Lockout/Tagout) requires the employer to verify that the employees have "aquired" the knowledge and skills which they have been trained; 1910.134(k)(5)(ii) (Respiratory Protection) requires retraining when "inadequacies in the employee's knowledge or use of the respirator indicate that the employee has not retained the requisite understanding or skill;" 1910.1030(g)(2)(vii)(N) (Bloodborne Pathogens) requires "[a]n opportunity for interactive questions and answers with the person conducting the training session;" and many other standards have analogous requirements. Of course, employers may also provide instruction in learning the English language to non-English speaking employees. _____ Cash __CA___ Inventory For a company offering subscription or consulting services, operating revenue will be the fees earned for services rendered. Income Statement Items Explained (With Examples) This tips sheet contains a brief description of seven types of examination questions, as well as tips for using each of them: 1) multiple choice, 2) true/false, 3) matching, 4) short answer, 5) essay, 6) oral, and 7) computational. All rights reserved. Get the exposure you need to succeed in the field! If a reasonable person would conclude that the employer had not conveyed the training to its employees in a manner they were capable of understanding, then the violation may be cited as serious if it is within the guidelines set out in the FOM. The following ratios are available for Reilly Inc. and O'Hare Inc. LO Simply put, this is the money a business or company earns by offering services or goods. A stockholders' equity section shows common stock and retained earnings. 3.3One operating cycle of a business, which could be a month, quarter, or year, is commonly referred to as which of the following? OpenStax is part of Rice University, which is a 501(c)(3) nonprofit. Blood Analysis APR Module 9 Flashcards | Quizlet The time it takes to acquire and sell inventory. CSHOs should determine whether the training provided by the employer meets the requirements and intent of the specific standard, considering the language of the standard and all of the facts and circumstances of the particular workplace. Intangible assets (IA) Match the following terms to the corresponding statements. The rules and principles are very flexible. Choose the correct answer from the options given below : [1] Column A Column B (a) Two Treatises of Government 1. (b)Increase in the current ratio. (a) Current Ratio Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Match the following items with their related statements below: ________ 1. Our interpretation letters explain these requirements and how they apply to particular circumstances, but they cannot create additional employer obligations. 3.4A company purchased a building twenty years ago for $150,000. (d)current assets; long-term investments; property, plant, and equipment; and intangible assets. LO 9. review Using the indirect method, operating net cash flow is calculated as follows:. (b) solvency, and (c)cash, accounts receivable, inventory, prepaid insurance. (c)Both (a) and (b). indicates a company's ability to generate net cash provided by operating activities that is sufficient to pay debts, acquire assets, and distribute dividends. Answer: E = percent change in demand/percent change in price. (d)alphabetically. In addition, interest income earned from capital lying in the bank is also part of a non-operating revenue portfolio. A measure of the net income earned on each share of common stock. The land should be reported as: Financial accounting reports are typically general-purpose reports. (b)cash, inventory, accounts receivable, prepaid insurance. 1B. These denote costs linked to the goods and services offered by a business, such as rent, office, supplies etc.. Expenditure vs. Do you need an answer to a question different from the above? (a)accounts receivable, cash, prepaid insurance, inventory. _CA____ Cash Inspections must be made by a competent person after rainstorms and any other hazard-increasing occurrence. God the true author of the Psalms. Common stock (CS) 4. During your monthly close, cross-check your records to make sure you paid all bills and invoices. In order to assist employers in meeting their training obligations, OSHA has created a web-based assistance tool. and you must attribute OpenStax. Risk assessment. The difference between the amounts of current assets and current liabilities. (g). 81 0 obj <>/Filter/FlateDecode/ID[<3542FE0BCCF184338CC86C5C5B65C6BA><273786AD8E0FF8458AD97DF0739EF2F8>]/Index[62 36]/Info 61 0 R/Length 93/Prev 262440/Root 63 0 R/Size 98/Type/XRef/W[1 2 1]>>stream 3.1That companies can present useful information in shorter time periods such as years, quarters, or months is known as which of the following? a. Entities should consult the statements and their external auditors to determine the impact. (c)With regard to regulated companies, IFRS lacks the specific rules GAAP has to deal like utilities. OSHA compliance officers are responsible for checking and verifying that employers have provided training to employees. A. Identify the following as True or False: Managerial accounting reports must comply with the rules set in place by the FASB. Except where otherwise noted, textbooks on this site 3.5Which of these accounts commonly requires both debit and credit entries? The building currently has an appraised market value of $235,000. Which one of the following components of internal control over financial reporting sets the tone for the organization? when the commodities are received). a. This statement is true of Tim, and it's false of Patrick. Personnel are well trained and instructed in, A: Answer : _____ Cash (c)Increase in the debt to assets ratio. Which of the following statements about service asset and configuration management is/are CORRECT? _____ Prepaid rent Together with the Balance Sheet and Cash Flow Statement, it is included in every companys Annual Report the publicly available, comprehensive overview of a business health and financial standing. To identify and control job site hazards, OSHA requires that employers conduct worksite analyses and periodic safety inspection programs that involve supervisors. Jean Jacques Rousseau (b) The Social Contract. 3.2If equity equals $100,000, which of the following is true? (d)Decrease in free cash flow. OSHA standards may be incorporated by reference, Only the recommended provisions of standards incorporated by reference are adopted as standards under OSHA, Employ a person with valid first aid training. It is most commonly produced by lower-end accounting software packages. Net cash provided by operating activities after adjusting for capital expenditures and cash dividends paid. They include the income statement, balance sheet, and statement of cash flows. (b)$6.50. (d)dividends. As we noted, the single-step is the simplified version of an income statement. Control environment. __PPE___ Equipment The bank statement contains a $200 check printing charge for new checks that the company ordered. 3.1Which of the following terms is used when assuming a business will continue to operate in the foreseeable future? _____ Stock investments (to be sold in 7 months) For the control environment principles, identify evidence that management might obtain to assess the operating effectiveness of the control environment. If you, A: Answer:- Property, plant, and equipment (PPE) Drag each of the following terms to the appropriate responsibility. Skydiving Bucket List Quotes, 6. The company has an internal audit department. _CL____ Bonds payable In practical terms, this means that an employer must instruct its employees using both a language and vocabulary that the employees can understand. information and communicates it to Statement 1. hVn8ylPdySq@&%CVwe;u)\H3+ o@@i. %%EOF A company has purchased a tract of land. Type C : 1 1/2:1 (34 degrees), Match the following soil types to their maximum allowable slopes, Sloping or benching for excavations greater than 20 feet deep must be designed by a registered professional engineer, The steepest incline of an excavation face that is acceptable for the most favorable site conditions as protection against cave-ins and is express as the ratio of horizontal distance to vertical rise is called, The basic types of shoring : Timber and aluminum shoring What Are the Four Major Financial Statements. The buffy coat of the hematocrit test represents the. (e). Find when opening programs stored on a hard drive. By making information about employee exposure and medical records available, improvements in which of the following may be made? __CA___ Supplies, Classify each of the following financial statement items taken from Ming Corporation's balance sheet. As an Amazon Associate we earn from qualifying purchases. a. accuracy and methods of measurement. B. Match the items with the related statements that follow. (c) Earnings per share. The most stable form of the common sugar glucose contains a six-membered, Southwest Division offers its product to outside markets for $30. 3.5Which of the following accounts is increased by a debit? a. accuracy and methods of measurement. There were preferred dividends of $2,000. Hydraulic shoring must be checked weekly for defective parts, If it is determined to be unsuitable, all equipment must be removed from service until _______ approves it for use, OSHA requires that all excavations in which employees could potentially be exposed to cave-ins be protected by, Stable Rock : Vertical (90 degrees) Managers are observant and review As a general matter, employers are expected to realize that if they customarily need to communicate work instructions or otherworkplace information to employees at a certain vocabulary level or in language other than English, they will also need to provide safety and health training to employees in the same manner. The business also gained $1,500 from the sale of an old van and incurred a $2,000 loss from a pending lawsuit. 3.1Which of the following principles matches expenses with associated revenues in the period in which the revenues were generated? . Choosing which CIs to record will depend on the level of control an organization wishes to exert. LO (b) Debt to Assets Ratio & Free Cash Flow ___IA__ Patents Given the nature of their operations, such entities have a complex list of activities and costs to account for. (c)Debt to assets ratio. mechanism MD&A (Management Discussion and Analysis) is a report made by company management, A: SOLUTION- Explanation: No explanation is available for this question! 14) When the absolute value of price elasticity of demand is ________, the category is price elastic. 3.2Which of these accounts is a liability? WHERE City IN ('Miami', 'Atlanta') The result of both statements is the same. Do you want to advance your financial analysis and reporting skills? Match the following items with their related statements below: a. __LTI___ Land (held for future use) Obligations that a company expects to pay within the next year or operating cycle, whichever is longer. A natural solid mineral matter that can be excavated with vertical sides and remain intact while exposed : Stable rock, Match the following definitions to the appropriate soil types, A 10-foot column of dirt could weigh up to 1,200 pounds. 3.5What type of account is prepaid insurance? Solved Match the following coenzymes with their vitamins - Chegg

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