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. Managerial reports are prepared on an as-needed basis. Match (by letter) the following items with the description or example that, Match the following items with their related statements below: a. The information gathered is usually available after an independent audit has been completed. 3.4What is the impact on the accounting equation when a sale occurs? Advantages of Financial Statements Financial Statements are useful for the following reasons: 3. (a)$6.00. Choosing which CIs to record will depend on the level of control an organization wishes to exert. Financial statements are created with this purpose in mind. __CA___ Inventory 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. The results can be used to make investment and lending decisions. As an Amazon Associate we earn from qualifying purchases. (a). They include the income statement, balance sheet, and statement of cash flows. Match the following items with the related statements below: a. (a)pay additional dividends. 3.5What type of account is prepaid insurance? Income statement As the name implies, this is where you can find details about a company's income. Some of these standards require "training" or "instruction," others require "adequate" or "effective" training or instruction, and still others require training "in a manner" or "in language" that is understandable to employees. _____ Unearned sales revenue (Is it a control deficiency, a significant deficiency, or a material weakness?). Subcontractos do not need to worry about inadequate employee provisions since this responsibility belongs solely to the prime contractor. 4. The purposes of this memorandum are to reiterate OSHA's policy that employee training required by OSHA standards must be presented in a manner that employees can understand, and to provide enforcement guidance to the area and regional offices relative to the Agency's training standards. Some of the intangible assets that can be amortized include patents, trademarks, and franchise agreements. As you'll recall from Chapter 9 "Preparing a Speech", speaking to inform is one of the three possible general purposes for public speaking.The goal of informative speaking is to teach an audience something using objective factual information. The company employs good physical controls. Was the decision maker aware that he or she was acting unfairly. 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. The main users of the financial accounting information are the internal users. Dec 12, 2022 OpenStax. a. accuracy and methods of measurement. (b)Increase in the current ratio. Long-term liabilities (LTL) LO The company reports the building on its balance sheet at $235,000. What was the 2017 earnings per share? Employer: Required to have an alarm system with a distinctive signal for each emergnecy purpose The balance in retained earnings is not affected by: Auditing: _____ Accounts receivable The company employs good physical controls. Balance sheet. In order to assist employers in meeting their training obligations, OSHA has created a web-based assistance tool. 1. If you, A: Answer:- LO b. standard specifications. Measures the percentage of total financing provided by creditors. 3.5Which of the following pairs increase with credit entries? 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! An income statement is an important financial report that provides rich information on how a business or company is doing and how its likely to perform in the future. Ensuring Accurate Records The company has an internal audit department. Intangible assets (IA) Drag the appropriate items to their respective bins. a. (d)an intangible asset. These denote costs linked to the goods and services offered by a business, Governmental Industry Classification Systems, Best Practices When Building a Financial Model. ___IA__ Patents (b)The reasons given by smaller companies that oppose the switch are -1. to them are carried out. The reconciliation of accounts receivable is the process of matching the detailed amounts of unpaid customer billings to the accounts receivable total stated in the general ledger. Subcontrator: Assumes responsibility for his or her portion of work Both prime and subcontractor: has responsibility for complying with OSHA regulations statements about some concepts, topics, and principles of course content. (d)Free cash flow. Each employee must be informed of the process of reporting an injury or illness case. The purpose of an income statement is to show the profits and losses a company made over a specified period of time. Control environment, risk assessment, control activities, information and communication, and monitoring. 3.3One operating cycle of a business, which could be a month, quarter, or year, is commonly referred to as which of the following? Solvency refers to a company's ability to pay all of its debts. Company environment 3. b. R. c. theories related to nature. measure the short-term ability of a company to pay its maturing obligations and to meet unexpected needs for cash. A. 3.5Which of the following financial statements should be prepared first? Match the following items with the correct accounting treatment (A through C):1. 3.1Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? Measures of the ability of the company to survive over a long period of time. Q: XYZ Corporation has the following balances in its books of accounts as; Q: Super Fresh Grocery operates a chain of 40 grocery stores. It expects to build a production plant on the land in approximately 5 years. What, Alina Sadofsky, who operates a small grocery store, has established the following, Listing 28.10, ConnectedCircles.java, allows the user to create circles and determine whether. 3.2Which of the following does not accurately represent the accounting equation? When a copy of the OSHA 300 Log has been requested by an appropriate party, when must the requester receive their copy of the the Log? n a classified balance sheet, companies classify assets as current assets; long-term investments; property, plant, and equipment; and intangibles. (a)The articles says that the switch to IFRS tends to be favored by "larger companies, big accounting firms, and rule makers." (b)cash, inventory, accounts receivable, prepaid insurance. [Solved] Match the following items with the relate | SolutionInn __IA___ Goodwill Management regularly considers what losses the company might face. To open a query, open the context menu for the query (right-click with your mouse), and choose View Results. Retained earnings (RE) Answer Explanation Related Ques. Under OSHA, employees are protected from discrimination when reporting a work-related injury, illness, or fatality. Which of the following is not required of management when development and maintaining a safety program? They are mostly made from one-time non-business activities that might not re-occur in the future. The company gathers appropriate information and communicates it to employees. Supplies are purchased. This review involves identifying the following items for a company's financial statements over a series of reporting periods: Trends Overview. These three core statements are intricately linked to each other and this guide will explain how they all fit together. Amortization is similar to depreciation but entails spreading the costs of an intangible asset over its useful life. Answer: A. What reasons are given for favoring the switch? Provides a critical safety advantage because workers do not have to enter the trench to install them : Aluminum hydraulic shoring In addition, interest income earned from capital lying in the bank is also part of a non-operating revenue portfolio. For the control environment principles, identify evidence that management might obtain to assess the operating effectiveness of the control environment. It is used to ascertain the health of a business entity at a particular moment. 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 match the following items to their related statements - Kazuyasu The purpose of an income statement is to show the profits and losses a company made over a specified period of time. Hence, it should, A: "Since you have asked multiple question we will solve the first question for you.