1-1: Explain why stewardship is an important concept.<\/p>\n
1-2: What three traditional functions does accounting fulfill?<\/p>\n
1-3: What types of groups regulate financial accounting statements?<\/p>\n
1-4: What is managerial accounting and how is it different from financial accounting?<\/p>\n
2-1: Explain value based management and shareholder value.<\/p>\n
2-2: What are some of the rights of shareholders in companies today?<\/p>\n
2-3: What is a financial audit?<\/p>\n
3-1: What elements or categories are on each of the financial statements? The OAES has two questions for this item, part a and part b.<\/p>\n
3-2: Which general ledger accounts would be affected by the purchase of goods on credit for later resale?<\/p>\n
3-3: Which general ledger accounts would be affected by the purchase of a computer for business on credit?<\/p>\n
Use the following information to answer Questions 3-4 to 3-8 (6 points each)<\/strong><\/p>\n Kochyo purchases an inventory of spare parts on credit from its suppliers for $15,000. During the month Kochyo pays its suppliers $10,000 and sells spare parts (which cost the business $8,000) to its customers on credit for $20,000. Customers pay Kochyo $12,000 during the month.<\/p>\n 3-4: How much does inventory change?<\/p>\n 3-5: How much does payables change?<\/p>\n 3-6: What is the change in receivables?<\/p>\n 3-7: What is the change in net profit?<\/p>\n 3-8: How much does the bank account change?<\/p>\n