London Business Programme
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Questions and Answers

What is the duration of the full-time study in the programme?

  • 2 years
  • 6 months
  • 11 months (correct)
  • 1 year

    • Where is London Business School located?

  • Oxford Street, London NW1 4SA
  • Bond Street, London NW1 4SA
  • Regent’s Park, London NW2 4SA
  • Regent’s Park, London NW1 4SA (correct)

    • What is the contact email for London Business School?

    When do applications open for London Business School?

    <p>Applications are now open</p> Signup and view all the answers

    What is the phone number to contact London Business School?

    <p>+44 (0)20 7000 7573</p> Signup and view all the answers

    What is the website to visit for more information about London Business School?

    <p><a href="http://www.london.edu/mim">www.london.edu/mim</a></p> Signup and view all the answers

    Who is the copyright holder of the content?

    <p>UBS</p> Signup and view all the answers

    What is the focus of the programme?

    <p>To provide key skills to top employers</p> Signup and view all the answers

    What is the purpose of the worksheet in accounting?

    <p>To prepare financial statements</p> Signup and view all the answers

    What is the first step in the accounting cycle?

    <p>Record transactions</p> Signup and view all the answers

    What is the purpose of the income statement?

    <p>To report the company's revenues and expenses</p> Signup and view all the answers

    What is the purpose of the statement of retained earnings?

    <p>To report the changes in retained earnings</p> Signup and view all the answers

    What is the purpose of the balance sheet?

    <p>To report the company's financial position</p> Signup and view all the answers

    What is the total assets equal to in the balance sheet?

    <p>Liabilities + Equity</p> Signup and view all the answers

    What is the net income on the income statement?

    <p>Revenues - Expenses</p> Signup and view all the answers

    What is the beginning retained earnings on the statement of retained earnings?

    <p>Ending retained earnings - Net income</p> Signup and view all the answers

    What is the purpose of the worksheet in preparing financial statements?

    <p>To ensure the debit and credit columns are equal</p> Signup and view all the answers

    What is the last step in the accounting cycle?

    <p>Close the temporary accounts</p> Signup and view all the answers

    What is the amount of total revenue reported on Bologna Company's income statement?

    <p>$225,000</p> Signup and view all the answers

    What is the total amount of expenses reported on Bologna Company's income statement?

    <p>$150,000</p> Signup and view all the answers

    What is the amount of net income reported on Bologna Company's income statement?

    <p>$75,000</p> Signup and view all the answers

    What is the amount of total assets reported on Bologna Company's balance sheet?

    <p>$422,500</p> Signup and view all the answers

    What is the amount of total liabilities reported on Bologna Company's balance sheet?

    <p>$60,000</p> Signup and view all the answers

    What is the amount of total stockholders’ equity reported on Bologna Company's balance sheet?

    <p>$270,000</p> Signup and view all the answers

    What is the amount of ending retained earnings reported on Bologna Company's statement of retained earnings?

    <p>$40,000</p> Signup and view all the answers

    What is the amount of dividends reported on Bologna Company's statement of retained earnings?

    <p>$12,500</p> Signup and view all the answers

    What was Top Corporation's net income in 20X2?

    <p>$12,500</p> Signup and view all the answers

    What was the amount of dividends paid in 20X4?

    <p>$15,000</p> Signup and view all the answers

    What was the balance of Accounts Receivable as of December 31, 20X3?

    <p>$25,000</p> Signup and view all the answers

    What was the amount of Top Corporation's total liabilities at the end of 20X2?

    <p>$31,000</p> Signup and view all the answers

    What was Top Corporation's total stockholders' equity at the end of 20X4?

    <p>$144,000</p> Signup and view all the answers

    What was the amount of Top Corporation's total assets at the end of 20X3?

    <p>$144,500</p> Signup and view all the answers

    How much did Top Corporation's retained earnings increase from 20X2 to 20X3?

    <p>$10,000</p> Signup and view all the answers

    What was the amount of wages expense for 20X3?

    <p>$58,500</p> Signup and view all the answers

    What was the amount of interest expense for 20X2?

    <p>$2,500</p> Signup and view all the answers

    What was the beginning balance of retained earnings for 20X3?

    <p>$5,000</p> Signup and view all the answers

    What is the name of the company?

    <p>Rajagopal Corporation</p> Signup and view all the answers

    What is the document type?

    <p>Worksheet</p> Signup and view all the answers

    What is the period covered by the income statement?

    <p>Month</p> Signup and view all the answers

    What is the name of the expense not listed on the income statement?

    <p>Rent</p> Signup and view all the answers

    What is the amount of cash on the balance sheet as of the completion of transaction #10?

    <p>$0</p> Signup and view all the answers

    What is the total amount of liabilities on the balance sheet as of the completion of transaction #10?

    <p>$0</p> Signup and view all the answers

    What is the name of the company that is advertising in the document?

    <p>SimCorp</p> Signup and view all the answers

    What is the purpose of the advertisement?

    <p>To recruit new employees</p> Signup and view all the answers

    What is the website address to download free ebooks?

    <p>bookboon.com</p> Signup and view all the answers

    What is the purpose of the document?

    <p>To provide a worksheet for students to complete</p> Signup and view all the answers

    Study Notes

    London Business School

    • The Master's in Management (MIM) programme is developed in consultation with top recruiters to provide students with key skills in high demand.
    • The programme is 11 months full-time study, providing business knowledge and capabilities to increase career choices and stand out in the job market.
    • Applications are open for entry in September 2011.
    • Contact information:

    Accounting Cycle Exercises I

    • Problem 6:
      • Worksheet and solution provided
    • Problem 7:
      • Worksheet and solution provided
    • Problem 8:
      • Worksheet and solution provided
    • Problem 2:
      • TOP CORPORATION's income statement, statement of retained earnings, and balance sheet for the years ending December 31, 20X2, 20X3, and 20X4
      • Revenues, expenses, net income, and retained earnings are reported
    • Problem 3:
      • Prepare Bologna's income statement, statement of retained earnings, and balance sheet for the year ending December 31, 20X5
      • Given information: capital stock, wage expense, revenue, cash, utilities expense, beginning retained earnings, rent expense, accounts payable, equipment, dividends, and accounts receivable
    • Problem 5:
      • RAJAGOPUL CORPORATION's income statement, statement of retained earnings, and balance sheet for the month (through transactions #1, #2, and #3)
      • Given information: revenues, expenses, net income, and retained earnings### Financial Statements of Rajagopul Corporation
    • Rajagopul Corporation's financial statements include a Balance Sheet, Income Statement, and Statement of Retained Earnings.
    • The Balance Sheet provides a snapshot of the company's assets, liabilities, and stockholders' equity at a specific point in time.
    • The Income Statement shows the company's revenues, expenses, and net income over a specific period of time (in this case, a month).

    Balance Sheet Analysis

    • The Balance Sheet has three main sections: Assets, Liabilities, and Stockholders' Equity.
    • Assets include Cash, Accounts Receivable, and Building.
    • Liabilities include Wages Payable and Notes Payable.
    • Stockholders' Equity includes Capital Stock and Retained Earnings.

    Income Statement Analysis

    • The Income Statement has two main sections: Revenues and Expenses.
    • Revenues include Services to Customers.
    • Expenses include Wages and Utilities.
    • Net Income is the difference between Revenues and Expenses.

    Statement of Retained Earnings Analysis

    • The Statement of Retained Earnings shows the changes in Retained Earnings over a specific period of time.
    • Beginning Retained Earnings is the starting point, and then Net Income is added and Dividends are subtracted to get the Ending Retained Earnings.

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    Accounting Cycle Exercises I PDF

    Description

    This 11-month full-time programme provides key skills demanded by top employers, enhancing business knowledge and capabilities to stand out in the job market.

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