Midterm Exam Accounting 206 2

I decided to do my research on Sony due to the advancement in technology and the competition between companies such as Microsoft, Apple, and Sony. I have been around long enough to know about Sony’s products but the real reason that attracted me to them for this essay is because I actually believe that they are having a negative trend. I am starting to see less Sony items in stores and I haven’t really heard much about them. Whereas companies such as Apple are constantly being talked about and you often see people walking around with some type of apple product in their hands. Today we are going to research Sony through a horizontal analysis and through different ratio analyses. Let’s see what we find!

An accounting cycle is a process, or a series of activities, that consists of collecting an organization’s transactions at the end of a reporting period to prepare essential financial statements of a business (Fleury, 2015). The accounting cycle is a strict, methodical set of rules used to ensure the accuracy and conformity of financial statements (Investopedia, 2017). The steps involved with an accounting cycle, the roles each of the step facilitate, the impact of omission, and what financial statements are assembled from the accounting cycle data.

1a. One potential goal of earnings management is income smoothing. Briefly discuss why income smoothing might be a goal of management, including a discussion of incentives to smooth income. What techniques might be used to accomplish income smoothing beyond the selection of depreciation and inventory costing alternatives?

Accounting is commonly described as the language of business. It is very important for all business owners to have very good understanding of their finances. Having the knowledge of your business finance, you will know where the money is going. Every business owner should have a good understanding of finance. To have a good understanding business owners needs to understand basic accounting steeps, how does accounting play a role in their business, how to define a financial statement and how the omission of any of these steps would affect the success of a business. Once you have an understanding of accounting/finance and the how it plays

5. Determine the necessary sales in unit and dollars to break-even or attain desired profit using the break-even formula.

The standard costs and variances for direct materials, direct labor, and factory overhead for the month of May are as follows:

E1-5 Cougar’s Accounting Services provides low – cost tax advice and preparation to those with financial need. At the end of the current period, the company reports the following amounts: Asset – 19000; Liabilities – 15000; Revenues – 28000; Expenses = 33000

2. Lee Company manufactures chemical additives for industrial applications. As the new cost accountant for Lee, you have been assigned the task of completing the production cost report for January. Lee uses Weighted-Average Method of process costing. The following info pertains to January:

price is $25 per share. The most recent dividend was $1 and the growth rate is 5%.

a service department’s costs have been allocated, costs are not reallocated back to it under

You have a choice of five appetizers, ten entrees, three beverages, and six desserts. How many possible complete dinners are possible? Place your answer, as a whole number—no decimal places—in the blank. For example 176 would be a legitimate entry 900

uses budgeted fleet hours to allocate variable manufacturing overhead. The following information pertains to the company 's manufacturing overhead data:

The case seeks to assist Zauner’s comptroller, Yu Chia-yi, in determining the best costing method for their overhead costs, in addition to

By: Charn Gek Cheng, Chiang Soo Ling, Kummar Sokali Muthu Mogan, Lee Siew Fen Samantha

Marvin Braun had just been appointed vice president of the Great Basin Region of the Financial Services Corporation (FSC). The company provides check processing services for small banks. The banks send checks presented for deposit or payment to FSC, which then records the data on each check in a computerized database. FSC sends the data electronically to the nearest Federal Reserve Bank check-clearing center where the appropriate transfers of funds are made between banks. The Great Basin Region consists of three check processing centers in Eastern Idaho—Pocatello, Idaho Falls, and Ashton. Prior to his promotion to vice president, Mr. Braun had been manager of a check processing