Accounting Essay Example for Free

Accounting Essay Merchandise inventory is generally valued at the price for which the goods can be sold. reported under the classification of Property, Plant, and Equipment on the balance sheet. reported as a current asset on the balance sheet. often reported as a miscellaneous expense on the income statement. Items waiting to be used in production are considered to be finished goods. merchandise inventory. raw materials. work in progress. In a manufacturing business, inventory that is ready for sale is called store supplies inventory. finished goods inventory. aw materials inventory. work in process inventory. Inventory items on an assembly line in various stages of production are classified as Finished goods. Work in process. Merchandise inventory. Raw materials. Rudolf Diesel Companys inventory records show the following data: Units Unit Cost Inventory, January 1 5,000 $9. 00 Purchases: June 18 4,500 8. 00 November 8 3,000 7. 00 A physical inventory on December 31 shows 3,000 units on hand. Under the FIFO method, the December 31 inventory is $21,750. $21,000. $27,000. $24,000. Rudolf Diesel Companys inventory records show the following data: Units Unit Cost Inventory, January 1 5,000 $9. 00 Purchases: June 18 4,500 8. 00 November 8 3,000 7. 00 A physical inventory on December 31 shows 3,000 units on hand. Under the FIFO method, the December 31 inventory is $21,750. $21,000. $27,000. $24,000. In a period of rising prices, FIFO will have lower cost of goods sold than LIFO. lower net income than LIFO. lower net purchases than LIFO. lower income tax expense than LIFO. The inventory turnover ratio is computed by dividing cost of goods sold by 365 days. verage inventory. beginning inventory. ending inventory. Quigley Companys records indicate the following information for the year: Merchandise inventory, 1/1 $550,000 Purchases 2,250,000 Net Sales 3,000,000 On December 31, a physical inventory determined that ending inventory of $600,000 was in the warehouse. Quigleys gross profit on sales has remained constant at 30%. Quigley suspects some of the inventory may have been taken by some new employees. At December 31, what is the estimated cost of missing inventory? 700,000 $100,000 $200,000 $300,000 Quigley Companys records indicate the following information for the year: Merchandise inventory, 1/1 $550,000 Purchases 2,250,000 Net Sales 3,000,000 On December 31, a physical inventory determined that ending inventory of $600,000 was in the warehouse. Quigleys gross profit on sales has remained constant at 30%. Quigley suspects some of the inventory may have been taken by some new employees. At December 31, what is the estimated cost of missing inventory? $700,000 $100,000 $200,000 $300,000 Cash from sales of merchandise will be recorded in the sales journal. ash receipts journal. purchases journal. general journal. Posting a sales journal to the accounts in the general ledger requires a debit to Cash and a credit to Sales. debit to Accounts Receivable and a credit to Inventory. debit to Sales and a credit to Inventory. debit to Accounts Receivable and a credit to Sales. The process of totaling the columns of a journal is termed footing. ruling. columnizing. sizing. Cross-footing a cash receipts journal means all necessary postings have been completed. each line of the journal has a horizontal total. the columns of the journal have been cross-referenced. he equality of debits and credits in the journal have been proved. Entries in the purchases journal are made without supporting documentation. from purchase invoices. from sales invoices. from the general journal. Principles of an efficient and effective accounting information system include all of the following except cost effectiveness. flexibility. useful output. All of these options are principles. Which of the following is not an advantage of a subsidiary ledger? Puts greater detail in the general ledger. Makes possible a division of labor. Shows transactions affecting one customer or one creditor in a single account. Helps locate errors in individual accounts. Cash equivalents include each of the following except U. S. Treasury bills. bank certificates of deposit. money market funds. petty cash. An example of poor internal control is one person should be responsible for handling related transactions. the accountant should not have physical custody of the asset nor access to it. a salesperson makes the sale, and a different person ships the goods. the custodian of an asset should not maintain or have access to the accounting records. Having different individuals receive cash, record cash receipts, and hold the cash is an example of documentation procedures. establishment of responsibility. segregation of duties. independent internal verification. Storing cash in a company safe is an application of which internal control principle? Establishment of responsibility Segregation of duties Documentation procedures Physical controls Using prenumbered checks and having an approved invoice for each check is an example of segregation of duties. documentation procedures. independent internal verification. establishment of responsibility. An application of good internal control over cash disbursements is check signers should record the cash disbursements. blank checks should be stored in the treasurers desk. each check should be compared with the approved invoice after the check is issued. following payment, the approved invoice should be stamped PAID. Journal entries are required by the depositor for all of the following except bank service charges. an NSF check. collection of a note receivable. bank errors. Cash equivalents are highly liquid investments that can be converted into a specific amount of cash with maturities of 6 months or less when purchased. year or less when purchased. 1 month or less when purchased. 3 months or less when purchased. The financial statements of Gentry Manufacturing Company report net sales of $400,000 and accounts receivable of $80,000 and $40,000 at the beginning and end of the year, respectively. What is the average collection period for accounts receivable in days? 50 times 40 times 80 times 54. 7 times Writing off an uncollectible account under the allowance method requires a debit to Bad Debts Expense. Uncollectible Accounts Expense. Accounts Receivable. Allowance for Doubtful Accounts. The direct write-off method estimates bad debt losses. is acceptable for financial reporting purposes. shows only actual losses from uncollectible accounts receivable. debits Allowance for Doubtful Accounts to record write-offs of accounts. Putnam Companys account balances at December 31 for Accounts Receivable and Allowance for Doubtful Accounts were $2,100,000 and $105,000 (Cr. ), respectively. An aging of accounts receivable indicated that $192,000 are expected to become uncollectible. The amount of the adjusting entry for bad debts at December 31 is $87,000. 297,000. $105,000. $192,000. The interest rate specified on any note is for a day. week. month. year. On February 1, Platt Company received a $9,000, 10%, four-month note receivable. The cash to be received by Platt Company when the note becomes due is $9,300. $300. $9,000. $9,900. The accounts receivable turnover ratio is computed by dividing total sales by ending net accounts receivable. total sales by average net accounts receivable. net credit sales by average net accounts receivable. net credit sales by ending net accounts receivable.

Media And Baseball :: essays research papers

Media affects everyone and everything; There is no escape. Media is everywhere and surrounds everything. Henry Jenkins and Marshall McLuhan have differing points of view as to what the meaning of media is. They both, however, have their particular ponits which they describe well. Jenkin's talks about the different types of cultures that exist, focusing on popular culture, in his essay, "What Everyone Should Know About Popular Culture." Mcluhan talks about the concepts of Narcicism and the "Global Village." Both Jenkin's and McLuhan's ideas can be focused on a particular thing, such as Baseball. That can be further broken down and analyzed at the team level. The Los Angeles Dodgers have most recently been the center of attention due to the top media coverage of the team. The team does, however, have a great history. They were originally known as the Brooklyn dodgers until they made a move to Los Angeles in 1958. They then became the Los Angeles Dodgers and their owner became Walter O'Malley. He was the owner and president for the next twenty years. After that, he passed the team down to his son Peter. This is a great example of Jenkin's definition of Folk Culture. A very important item was passed down from generation to generation of O'Malleys, eventhough the item was quite massive. Throughout the years, however, the Dodgers were much a part of popular culture. Baseball was known as "America's Favorite Past-time," and still is. The tradition that the O'Malley family had with the Dodgers lasted until 1998, when a big corporation, the FOX group owned by Rupert Murdoch, took over the team. This was a time of chan! ge, but some could argue was for the best. Being owned by the FOX group means there is more media exposure for the team. Now that the team is owned by Rupert Murdoch, McLuhan's ideas about media can be implemented. McLuhan's concept of narcicism can clearly be seen with the transition of the Dodgers from family-owned to corporation-owned. The availability of large funds to acquire key players makes the Dodgers seem narcicistic. People can think that they love themselves so much, that they will do anything to win. Most recently, Kevin Brown, one of the league's top pitchers was signed to a 105 million dollar contract for 7 years. This is the biggest contract in baseball history. This and other aquisitions was supposed to lead the Dodgers to excellence this year. Unfortunately for Dodgers fans, this did not happen. The team is 20 games out of first place with no chance of making post season play. All that can be done is look back and start thinking about next season.

Civilization and Complex Institutions

Sydra Gianassi Period 5 9/12/12 Civilization Interpretive Essay â€Å"Civilization is the limitless multiplication of unnecessary necessities. † – Mark Twain. Civilization is the most highly developed phase of human social development and organization. Over thousands of years historians have come to the conclusion of minimums of being a civilization instead of only being a society. The five criteria of a civilization are advanced cities, specialized workers, complex institutions, record keeping, and advanced technology.The standard high-school criteria are used for analyzing every society to conclude if it is a civilization or not. There is controversy whether connection to a world system should be an addition to the criteria or whether civilization is even a valid concept. The perception of civilization has dated back thousands of years concluding that civilization is a valid concept because it helps categorize alike nations. The high-school criteria are suitable princ iples of civilization and should not be changed.Connection to a world system shouldn’t be added to the criteria because of the redundant contribution to society. The five standards a civilization needs to endure are advanced cities, specialized workers, complex institutions, record keeping, and advanced technology. These 5 criteria are the exact definition of civilization, each principle balances the other. Without these 5 things a civilization would crumble immediately. Cities are the birthplaces or the uprising of the first civilizations.A city is a large group of different people with different cultures. Cities are a center for trade, allowing the city to grow and advance in a structured location. Another standard of civilization are specialized workers. Specialized labor came from the Agricultural revolution, when humans settled in one place and grew their own food. This caused a surplus of food allowing others to do other jobs which cultivated their culture and society. Without specialized workers societies would survive by hunting and gathering.Complex institutions were started in ancient Egypt. Examples of complex institutions are government, economy, tax systems and law. These types of institutions are used to stabilize the civilization so it won’t fall. Another standard is record keeping. As civilizations became intricate they needed to keep track of everything. Without record keeping we wouldn’t know anything about our past and would make the same faults as our ancestors. Finally the last criteria are advanced technology. Advanced technologies are tools to help improve the civilization.Without tools our ancestors wouldn’t be able to create the simple tools of survival ending humanity all together. With these 5 criteria of being civilization humanity has been able to develop to the different cultures there are today. Civilization is a compelling perception although it has many definitions. Submitting to human society in its entirety is a civilization. The Greek Empire separated them from anyone else who don’t speak Greek. They called the outsiders barbarians or the uncivilized. Another empire that labeled other communities was the Roman Empire.They labeled themselves as a society with its own set of distinctive qualities from other civilizations. The word civilization is an expression utilized to portray societies that have advanced farther than other communities such as Paleolithic life of hunting and gathering. Connection to a world system is not needed to make a successful civilization. Connecting with the outside world doesn’t compose the civilization; it only shapes the society within. It merely advances the civilization further to a modern age such as trade and religion.Trade improves advanced technology and culture. For example the Silk Road was a major trade route. The religious and artistic changes our culture has accustomed today came from the Silk Road. It also changed social acceptance and amplifies social interaction with other cultures. These different cultures whose beliefs and cultures help open new and different cultures from one's own culture, and unlocked wealth and opportunities. The Silk Road was essential to day by day life in route-side settlements. Trade is a key part of civilization but is not needed to survive.An example of a civilization that lived without connection to a world system was Feudal Japan. Feudal Japan was a very private civilization with very little trade decreasing the advancement in technology and weapons. But even without the modern technology from the outside world, Feudal Japan was a successful civilization. So a civilization does not require connection to a world system to survive. In conclusion, civilization is a valid concept because it helps organize areas based on similar culture and technology in an area.Since the five criteria are suitable principles it should not be changed or added to. Connection to the world s ystem should not be a supplementary standard of the criteria of a civilization because of its less important contribution to society. Civilization is the state of advanced culture including advanced cities, specialized workers, complex institutions, record keeping, and advanced technology. â€Å"Individual commitment to a group effort – that is what makes a team work, a company work, a society work, a civilization work. † – Vince Lombardi

Government Surveillance From Perspective Of Utilitarianism - Free Essay Example

Sample details Pages: 4 Words: 1119 Downloads: 4 Date added: 2019/08/08 Category Ethics Essay Level High school Tags: Utilitarianism Essay Did you like this example? Utilitarianism is a moral philosophy where the moral justification of a course of action is established based on its ability to accord tangible benefits to a more significant number of beneficiaries than those who lose out. Therefore, utilitarianism justifies its decisions based on establishing the amount of benefits against that of losses. If the former exceeds the latter, then the course of action was warranted. Don’t waste time! Our writers will create an original "Government Surveillance From Perspective Of Utilitarianism" essay for you Create order Such decision-making processes that pit morality and the balance between benefits and harm have long been a source of great scholastic and social contention. This short essay uses the practical method of making moral decisions to analyse the justification in government surveillance over its citizens. The utilitarian method of making moral decisions is a unique process that involves establishing the possible benefits and harms of each course of action associated with the same decision. This process includes first identifying all possible courses of action that are directly applicable to the issue in need of attention (Bia?‚ek and De Neys 634). In this scenario, all possible courses of action are listed down and established as feasible solutions based on both merit and outcome. Afterwards, each of these possible solutions is analyzed individually and its benefits and harms identified. Lastly, the course of action that offers the highest number of advantages as opposed to harming its subjects is chosen. Many governments have adopted the much-criticised approach of surveillance on their citizens to identify terrorists, public enemies, and significant criminal activity before they become a reality. However, there is a moral dilemma in doing so because although these governments are intent on keeping their citizens safe, these methods also constitute a breach of privacy and espionage on the citizenry. Every citizen that is not under investigation for criminal activity is entitled to their rights to privacy. Therefore, the argument on whether this method of establishing public safety and curbing major crime or terrorism is justified seems to be a perfect scenario for the utilitarian approach of moral decision making (Ferrin 71). The value applicable in this scenario is the right to privacy and be free from espionage, which is also highly desirable in the currently connected world. Breach of the peoples rights to confidentiality usually causes enormous scandals and mass unhappiness. Another value that becomes evident in the course of analyzing the case scenario is trust in government systems. Although governments are tasked with the safety and welfare of their citizens, spying and collecting information from them breach the same trust these beneficiaries have for their leadership (Day 34). While the government could be interested in maintaining peace and avoiding significant attacks and crime, their processes could also end up eroding the trust that their beneficiaries have in them. The moral dilemma pitting an overzealous government keen to protect its citizens and the citizenry concerned about their privacy could benefit from three possible solutions. First, the government could cease surveillance on its people altogether and seek for alternatives of identifying potential threats to the people and government. Another possible solution would be to establish specific criteria for continued surveillance to prevent even obviously innocent citizens from suffering the breach of rights (Dunn Cavelty 704). One such approach would involve people with known connections to terror groups, gangs, or threats to the government. If such suspects and their immediate families are identified, court warrants could be sought to begin surveillance on them and their networks. The third possible solution to this moral dilemma is continued surveillance on the people as a discrete process. Although this solution offers benefits for both citizens and their government, it would aggravate the already dire situation. The second solution is perhaps the most beneficial regarding all parties involved. Creating an exclusive criterion for continued government surveillance based on past criminal behaviour, links to terror and criminal groups, or extreme views against the government seems to be a fair justification. This solution would protect innocent citizens from scrutiny into their lives and the attached breach of their rights to privacy. Consequently, the citizens would be happy that their right to privacy is protected and the welfare of society is still very much a priority to the government based on its targeted surveillance (Ferrin 80). Such circumstances would create the most happiness in modern society given its attachment to privacy rights and the growing concern over safety and security. Another solution whose impact on global happiness elicits interest is the last one where the government continues surveillance albeit in a more discrete manner. It is not a secret that governments such as the United States, China and Russia continuously monitor their peoples lives online and offline without telling anyone about it. This government surveillance elicits a lot negative sentiment from people, especially those in more liberal countries such as the United States (Day 37). However, the same activity also assists in identifying possible threats to security such as terrorist groups meaning there are distinct benefits too. Therefore, this solution has the most negative impact on global happiness based on its effect on peoples rights to privacy. The last resolution, which was a complete closure of all government surveillance on its people, would also have its own outcome regarding global happiness. When the United States was exposed through turned intelligence operatives such as Edward Snowden, it ceased its blanket policy of surveillance after the uproar these revelations caused. However, the government had to seek alternative forms of intelligence gathering and surveillance processes leaving it exposed to extremists and domestic terrorist attacks (Dunn Cavelty 708). This solution may have a two-fold effect on global happiness. The first reaction is happiness because the government has been exposed and ceased all surveillance activities thus upholding citizens rights. However, once a major criminal or terror attack occurs due to the governments shortcomings in intelligence gathering and surveillance, that happiness turns to anger and disappointment. Based on these considerations, the most beneficial way of solving the moral dilemma of a government involved in surveillance targeting its people is the second solution. When a government creates a unique set of requirements that justify its continued monitoring on the subjects, it is principally involved in a utilitarian method of decision making. This solution would involve identifying possible suspects based on past criminal records, links to known gangs and extremist groups, and extreme views on government and society (Ferrin 83). Additionally, the suspects friends, family members, and all known associates would also be placed under surveillance. The rest of society would be free of all forms of supervision or investigation. This solution benefits the government by providing it with a reliable source of intelligence, reducing intelligence-gathering costs, and speeding up crime prevention. It also helps people by protecting their rights to privacy while keeping them safe through e ffective crime prevention processes.