not-for-profit organizations can operate at an accounting profit but still be considered a not-for-profit organization? Over the year’‚ not-for-profit organizations have had many changes in rules and regulations set forth for not-for-profit organizations to abide by. There are three major financial statements involved with not-for-profit organizations and one voluntary financial statement‚ plus four key governmental and federal agencies involved with not-for-profit accounting. There are some key differences between
Premium Balance sheet Generally Accepted Accounting Principles Non-profit organization
| a. How many different kinds of inventory items does S&S sell? | 1 | 2 | b. How many sales were made during October? | 1 | 2 | c. What were total sales in October? | 1 | 2 | d. What was the average amount of a sales transaction? * Table Query = 1 * Table Results = 1.5 * Query = 1 * Query Results = 1.5 | 2 | 3 | e. Which salesperson made the largest sale? * Table Query = 1 * Table Results = 1.5 * Query = 1 * Query Results = 1.5 | 2 | 3 |
Premium SQL Microsoft Microsoft Office
Intermediate Accounting Project Issue 1(FASB ASC 230-10-50) Some transactions are part cash and noncash; only the cash portion shall be reported in the statement of cash flows. Non-cash activities are reported in the footnotes of the cash flow statement or reported parenthetically MEMO: After researching the proper treatment of this transaction in relation to cash flows‚ I found the following information: • The cash flow statement includes only inflows and outflows of cash and cash equivalents;
Premium Subsidiary Parent company Holding company
A COMPARISON BETWEEN CASH ACCOUNTING AND ACCRUAL ACCOUNTING 1. Introduction Accounting principle and theory are generally referred to two main accounting methods which include cash accounting and accrual accounting. Cash basis accounting on income and cost is determined by the amount of actual payment for reference and accounting recording mode is simple‚ easy to master. The use of the accrual basis of accounting is more complicated than it with a main difference of recording timing. This essay
Premium Generally Accepted Accounting Principles Balance sheet
Review of Accounting Fundamentals The Accounting Equation Assets = Liabilities + Equity Equity = Contributed Capital + Retained Earnings Retained Earnings = Beginning Retained Earnings + Net Income for the Period – Dividends Net Income = Revenues – Expenses + Gains – Losses Assets ( Probable future economic benefits obtained or controlled by a particular accounting entity as a result of past transactions or events Liabilities ( Probably future sacrifices of economic benefits
Premium Balance sheet Generally Accepted Accounting Principles Revenue
Question W 1-8 Shareholder of the oil company would be the ones most interested in the financial reports. The financial statements that would be disclosed‚ would eventually affect the price of the share. Their investment would be on stake. Higher price would mean a higher share price and more returns and dividends. Furthermore prospective share holders can decide whether they want to invest in the oil company or not and whether it is safe to invest in the company or not. The creditors of the company
Premium Generally Accepted Accounting Principles Depreciation Balance sheet
Activity Based Costing Introduction This term paper of advanced management accounting discusses the basic concepts of activity based costing. The major focus of this work is to examine activity based costing in small hospitality businesses in UK. For this purpose‚ information is extracted from various articles‚ journals and web to gain in depth insight of the cost accounting concept. In addition to this‚ it discusses the benefits and drawbacks of the activity based cost method. Discussion
Premium Management accounting Cost accounting Activity-based costing
The Financial Accounting Standards Board (FASB) has been working for ten years to bridge the gap between the United States’ Generally Accepted Accounting Principles (GAAP) and the International Accounting Standards Board (IASB). As part of this movement‚ Russell Golden‚ the chairman of the FASB‚ indicated that he would like to focus on making corporate disclosures more consistent. By doing so‚ it would be easier for investors to compare companies from different sectors. The FASB is “working on a
Premium International Financial Reporting Standards Financial Accounting Standards Board Financial statements
time of a business calendar year. Apple has the correct order for listing their assets on their balance sheet. They have their cash and equivalents‚ short term investments‚ cash and short term investments‚ accounts and noted receivables‚ inventories and
Premium Balance sheet Asset Generally Accepted Accounting Principles
examples of accounting scandal. There’re some reason that cause those ethical issues arise which is due to the greedy mindset of accountant‚ tempted by money and take chance to fraud‚ Pressured by company’s executive and so on. When all these ethical problems arise‚ mean that accountants has lost their mind and make mistake or error in judgment that will produce harmful outcome to the public‚ company or investors. As all these ethical issues arise more and more frequently in the accounting field‚ there’re
Premium Ethics Accountancy Enron