1. The following transactions have been journalized and posted to the proper accounts. 1. Mark Call invested $7‚000 cash in his new design services business. 2. The business paid the first month’s rent with $700 cash. 3. The business purchased equipment by paying $2‚000 down and executing a note payable for $4‚500. 4. The business purchased supplies for $850 cash. 5. The business billed its clients a total of $4‚000 for design services rendered. 6. The business collected $3‚000 on account from one
Premium Generally Accepted Accounting Principles Balance sheet Liability
inventory‚ salaries‚ and material‚ and revenue is generated through sales. When revenue are higher than the expenses‚ the company has an operating profit‚ and the company has an operating loss when the expenses exceed the operating revenue. 2) The accounting equation (A=L+SE) is a fundamental business concept. Explain what this equation reveals about a company’s sources and uses of funds and the claims on company resources. The equation reveals how heavily dependent a company is on debt versus owner
Premium Generally Accepted Accounting Principles Balance sheet Cash flow statement
Accounting Standards Boards Leslie Brian ACC/541 November 14‚ 2011 Delphine Agnor Wolsker Accounting Standards Boards The field of accounting is constantly evolving. This is true not only for the theory of accounting itself but also the entities that govern its theory and practice. Presently‚ the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are faced with some of the biggest challenges to date. To understand the significance
Premium Financial Accounting Standards Board International Financial Reporting Standards Financial statements
Lindsey Moran Financial Accounting Final Project Amazons mission and goal is “ to be earth ’s most customer centric company; to build a place where people can come to find and discover anything they might want to buy online.” (http://phx.corporate-ir.net/phoenix.zhtml?c=97664&p=irol-faq#14296). Their business summary states “Amazon.com‚ Inc. operates as an online retailer in North America and internationally. It operates retail Websites‚ such as amazon.com and amazon.ca. The company serves
Premium Balance sheet Generally Accepted Accounting Principles
terms of advancing up the corporate ladder‚ your primary ethical principle can be seen in many ways. The utilitarianism approach would be my primary approach because it suits the overall goal of not only the company you work for‚ but any company in general. Having everyone on board for the main focus and understanding should picture the ethical standards that the company demands for their employees‚ and themselves. Abiding by these ethical standards‚ not only helps the company move forward‚ but you as
Premium Ethics Business ethics Corporation
Verifiable ( Comparable to other entities ( Consistent over time Recognition And Measurement Concepts Economic entity ( Going concern ( Monetary unit ( Periodically Basic Principles Historical cost ( Accrual basis (recognize when goods are sold or service rendered) Revenue recognise when realised ( Matching principle ( Full disclosure Constraints Cost/Benefit ( Materiality ( Industry practice ( Conservatism Abbreviations |B.P. Bond |APIC Additional | |Payable |PIC
Premium Generally Accepted Accounting Principles Balance sheet Depreciation
Perspectives on Accounting Education Volume 6‚ 2009‚ 83-96 A FINANCIAL STATEMENT ANALYSIS PROJECT FOR INTRODUCTORY FINANCIAL ACCOUNTING Marilyn B. Misch Business Administration Division Pepperdine University Malibu‚ California USA Carolyn A. Galantine Business Administration Division Pepperdine University Malibu‚ California USA ABSTRACT This paper describes a financial statement analysis project useful in both preparerbased and user-based introductory courses in financial accounting. The project
Premium Financial statements Income statement Balance sheet
CODEX STAN 247 Page 1 of 19 CODEX GENERAL STANDARD FOR FRUIT JUICES AND NECTARS (CODEX STAN 247-2005) 1. SCOPE This Standard applies to all products as defined in Section 2.1 below. 2. 2.1 DESCRIPTION PRODUCT DEFINITION 2.1.1 Fruit Juice Fruit juice is the unfermented but fermentable liquid obtained from the edible part of sound‚ appropriately mature and fresh fruit or of fruit maintained in sound condition by suitable means including post harvest surface treatments applied in accordance with
Premium Citrus Fruit Juice
FASB Accounting Standards Codification (ASC) Section 958-605-25 requires that not-for-profits wait to recognize a contribution until they are satisfied that the likelihood is remote that the conditions that accompany the contribution will not be met (Tysiac‚ 2017). According to FASB ASC 958-605-8‚ pursuant to paragraph 958-605-25-2‚ an unconditional promise to give shall be recognized when it is received. There must be satisfactory confirmation that a promise was made and received in the form
Premium Contract Contract law Contractual term
issued‚ securities are traded. Secondary Market – Financial market where previously issued securities (such bonds‚ notes‚ shares) and financial instruments (such as bills of exchange and certificates of deposit) are bought and sold. All commodity and stock exchanges‚ and over-the-counter markets‚ serve as secondary markets which (by providing an avenue for resale) help in reducing the risk of investment and in maintaining liquidity in the financial system. Risk – Probability that an actual return
Premium Bond Investment Financial markets