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1) As part of a Careers in Accounting program sponsored by accounting organizations
and supported by your company, you will be taking a group of high school students
through the accounting department in your company. You will also provide them with
various materials to explain the work of an accountant. One of the materials you will
provide is the Stockholders Equity section of a recent balance sheet.
Required:
Prepare a sentence or two explaining each major section: Common Stock, Additional
Paid-in Capital, and Retained Earnings. You should try to be brief but clear.
2) Your former college roommate is opening a new retail store and asks you Which
inventory costing method should I use?
What is your response? Include a comparison of the tax effect, balance sheet effect, and
income statement effect for FIFO versus LIFO.
3) Apple Manufacturing Company has the following production data for January.
Instructions
Compute the physical units for January.
4) The ______________ of an asset should not have access to the accounting records of
that asset.
5) The three major services rendered by a certified public accountant are
______________, ________________, and management ________________.
6) The ____________________ is the starting point in preparing the master budget.
7) The _____________________ of an annuity is the value now of a series of future
receipts or payments.
