Financial Statements 1 Financial Statements ACC 280 Emily Roddy Financial Statements 2 Introduction The purpose of this paper is to define accounting‚ and identify the four basic financial statements. The paper also explains how the different financial statements are interrelated to each other and why they are useful to managers‚ investors‚ creditors‚ and employees. Accounting Accounting is a business discipline that allows companies to record‚ analyze‚ and retrieve critical
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Teeya Clarke MBA 621-Financial and Managerial Accounting July 11‚ 2015 Problem 2-3 Indicate the net effect on assets‚ liabilities and owners’ equity resulting from each of the following transactions: Assets=Liabilities+owners’ Equity 1. Capital stock was issued for $100‚000 cash This will increase assets by $100‚000 and increase equity by $100‚000 2. Bonds payable of $25‚000 were refunded with capital stock. The liabilities will be decreased by 25‚000 and increase equity by 25‚000 3. Depreciation
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Problem sET A Problem 4-1A (40 minutes) Aug. 1 Merchandise Inventory 6‚000 Accounts Payable—Abilene 6‚000 Purchased goods on credit. 4 Accounts Payable—Abilene 100 Cash 100 Paid freight for Abilene. 5 Accounts Receivable—Lux 4‚200 Sales 4‚200 Sold goods on credit. 5 Cost of Goods Sold 3‚000 Merchandise Inventory 3‚000 To record the cost of August 5 sale. 8 Merchandise Inventory 5‚540
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(section 1) Module 1 E 1-1 1 a 2 c 3 d 4 c 5 b 6 c 7 d 8 a 9 b 10 c P 1-1 a. Wages Interest Add Equip 6‚000‚000 500‚000 900‚000 7‚400‚000 b. Wages Interest 6‚000‚000 500‚000 6‚500‚000 c. Bonds Wages Interest 6‚000‚000 500‚000 10‚000‚000 16‚500‚000 E 1-2 b b d b b c c b a b d. The cash basis of accounting requires the company to expense the entire $10 million of equipment in year ten. The taxpayers of the tenth year incur the entire expense rather than depreciating $1 million per year. P 1-2 1. The
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This document of ACC 460 Week 1 DQs consists of: DQ1: Log into charitynavigator.org/. Choose a good charity and a bad charity and explain why you feel they should labeled good or bad. DQ2: What is fund accounting? How does it compare to proprietary accounting? Why is fund accounting necessary? What are the major fund types? DQ3: What are some examples of government and not-for-profit organizations? How do proprietary businesses measure achievement? How do government organizations
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Securities and Exchange Commission (SEC). His or her job was to streamline accounting practices and create rules to assist organizations in the proper preparation on financial statements. The SEC’s chairman created a nine-point action plan to assist in the detection of fraud. This action plan is outlined as follows: 1. Improved disclosure regarding the impact of changes in accounting assumptions. 2. Clarified accounting rules regarding purchased in-process restructuring charges‚ large acquisition
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Accounting Cycle ACC/421 Accounting Cycle A typical accounting cycle is made up of eight steps which include the following; (1) identifying and measuring transactions; (2) journalizing; (3) posting; (4) preparing an unadjusted trail balance; (5) making adjusting entries; (6) preparing an adjusted trial balance; (7) preparing financial statements; (8) closing. Identifying and Measuring Transactions Invoices that are received are reviewed and proper coding is implemented. Proper
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The International Accounting Standards Committee was formed in 1973. This committee was the first international standard-setting body. In early 2001‚ this Committee was reorganized and became the the International Accounting Standards Board (IASB) to independently develop and establish a single set of accounting procedures for international business. Since the reorganization of the IASB‚ the use of these international financial reporting standards (IFRSs) have been required or permitted in over 100
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Technological Integration for Progress ACC/542 Technological Integration for Progress Kudler Fine Foods (“The Company ’) has experienced impressive growth over the past few years and it has become apparent that a custom software package that integrates real time inventory with real time financial data. Associates‚ CPAs ‚ at The Company ’s request‚ have evaluated several aspects of the The Company‚ including but not limited to financial statements‚ inventory management systems and interdepartmental
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Comparing and contrasting current and noncurrent Troy Martinez ACC/400 September 25‚ 2010 Debra Latimore University of Phoenix Comparing and contrasting current and noncurrent What are current assets? Current assets are also known as liquid assets. The most common of current assets can be found in the Accounts Receivables department. They can be found in the form of invoices. Current assets are any assets that can be turned into cash in less than a year. Other
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