Match the accounting terms with the corresponding definitions. 1. Specific Identification
2. Materiality Concept
3. Last- In, First-Out (LIFO)
4. Conservatism
5. Consistency Principle
6. Weighted-Average
7. Disclosure Principle
8. First-In, First-Out (FIFO)
a. Treats the oldest inventory purchases as the first units sold.
b. Requires that a company report enough information for outsiders to make knowledgeable decisions.
c. Identifies exactly which inventory item was sold. Usually used for higher cost inventory.
d. Calculates a weighted average cost based on the cost of goods available for sale and the number of units available.
e. Principle whose foundation is to exercise caution in reporting financial statement items.
f. Treats the most recent/ newest purchases as the first units sold.
g. Businesses should use the same accounting methods from period to period.
h. Principle that states significant items must conform to GAAP.

Symantec corp., located in cupertino, california, is one of the world's largest producers of security and systems management software. the company's consolidated balance sheets for the 2009 and 2008 fiscal years included the following ($ in thousands): current assets: receivables, less allowances of $21,766 in 2009 and $24,089 in 2008 $ 838,010 $ 758,700 a disclosure note accompanying the financial statements reported the following ($ in thousands): year ended 2009 2008 (in thousands) trade accounts receivable, net: receivables $ 859,776 $ 782,789 less: allowance for doubtful accounts (8,938) (8,990) less: reserve for product returns (12,828) (15,099) trade accounts receivable, net: $ 838,010 $ 758,700 assume that the company reported bad debt expense in 2009 of $2,000 and had products returned for credit totaling $3,230 (sales price). net sales for 2009 were $6,174,800 (all numbers in thousands).required: what is the amount of accounts receivable due from customers at the end of 2009 and 2008? what amount of accounts receivable did symentec write off during 2009? what is the amount of symentec’s gross sales for the 2009 fiscal year? assuming that all sales are made on a credit basis, what is the amount of cash symentec collected from customers during the 2009 fiscal year?

Social computing forces companies to deal with customers as opposed to

Anew firm is developing its business plan. it will require $615,000 of assets, and it projects $450,000 of sales and $355,000 of operating costs for the first year. management is reasonably sure of these numbers because of contracts with its customers and suppliers. it can borrow at a rate of 7.5%, but the bank requires it to have a tie of at least 4.0, and if the tie falls below this level the bank will call in the loan and the firm will go bankrupt. what is the maximum debt ratio the firm can use? (hint: find the maximum dollars of interest, then the debt that produces that interest, and then the related debt ratio.)a. 41.94%b. 44.15%c. 46.47%d. 48.92%e. 51.49%