WEEK THREE LEARNING TEAM B ASSIGNMENT PROBLEM 1-30A OSHEA ENTERPRISES INCOME STATEMENT AT DECEMBER 31‚ 2002 REVENUE $48‚000.00 OPERATING EXPENSES 32‚000.00 NET INCOME (change in Net Assets) $16‚000.00 OSHEA ENTERPRISES STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY AT DECEMBER 31‚ 2002
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Generally Accepted Accounting Principles (GAAP) is a standard guidelines and accounting rules that companies used to prepare‚ present‚ and report financial information. By following this framework‚ companies can ensure that any financial information presented is uniformly consistent‚ relevant‚ feasible and objective. Through this standardization‚ corporate financial information can more readily be reviewed and interpreted by investors‚ stockholders‚ banks and other potential creditors and also promotes
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● the motion for debate today is principles based accounting provide/not provide greater opportunity for manager to manage earnings defining the motion: ● Now we as today’s proposition strongly believe that this is true that principle based accounting provide greater opportunity for manager to manage earnings‚ but before we come to our actual argumentation‚ let us first define some important terms in this debate. ● We believe that what is meant by principle based accouting is that Almost
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Grace Luo‚ it should not be recorded in the company’s book. (3 marks) • Accrual Concept (or Matching principles) – which states that expenses once incurred must be recorded in the book disregard if payment been made or not. All expenses incurred last year must be recorded as to match the revenue concurrently earned during the year. (3 marks) • Full disclosure principle which requires that events that make a difference to financial statement users must be disclosed. The hiding
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5. In accrual-basis of accounting‚ revenues are recorded when a service is performed. 6. Current liabilities are expected to be paid off or eliminated in the next 12 months. [pic] 7. Each time a business records revenue the account Cash is increased. 8. Accumulated depreciation of an asset – its depreciation expense = book value. 9. Financial accounting provides information for people inside the company while managerial accounting focuses on information for
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Incorporated‚ a small manufacturing company. Whistle Stop also has a small service department that repairs customers’ model trains for a fee. The company has been in business for five years. At the end of the most recent fiscal year‚ November 30‚ 2011‚ the accounting records reflected total assets of $500‚000 and total liabilities of $200‚000. During the current fiscal year ending November 30‚ 2012‚ the following summarized events occurred: a. Issued additional common shares for $200‚000. b.
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supplier. e. Company X bought $ 5000 inventories by cash. 3. Flora Accounting Services completed these transactions in February: a. Purchased office supplies on account‚ $300. b. Completed work for a client on credit‚ $500. c. Paid cash for the office supplies purchased in (a). d. Completed work for a client and received $800 cash. e. Received $500 cash for the work described in (b). f. Received $1‚000 from a client for accounting services to be performed in March. Prepare journal entries to
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Matric no: ______________ Group: _________ Attendance list no: _____________ Tutorial 1: Chapter 1‚ 2‚ 3 DUE DATE: 3 OCTOBER 2013 1. Accounting is a process involving the following activities‚ EXCEPT: A. recording of economic activities B. communicating to stakeholders C. identifying relevant economic activities D. guaranteeing profitability of business operation 2. A senior accountant working at the Account Department of Universiti Utara Malaysia is also known as: A. a public
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total assets) d. Leverage (e.g.‚ total liabilities divided by total assets) Without Consolidation Pharmco With consolidation Consolidated Return on Equity 167.1/818.7 20.41% 147.5/818.7 18.02% Profit Margin 167.1/302.1 55.31% 147.5/300 49.17% Return on Assets 167.1/850 19.66% 147.5/904.1 16.31% Leverage 31.3/850 3.68% 25.0/904.1 2.76% 3. Examine the consolidated totals carefully by comparing them to Pharmco’s unconsolidated amounts in the first column. Compare the two sets of
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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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