Inventory- merchandise on hand (not sold) at the end of the accounting period o Multi-step income statement- contains several sections‚ subsections‚ subtotals o Sales-total amount charged customers for merchandise sold – (cash sales‚ and sales on acct.) o Sales returns and allowances-granted by seller to customers for damaged/defective merchandise. o Sales discounts-granted by seller to customer for early payment of amounts owed. o Example- 2% discount on $10‚000‚ if paid in 10 days
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Bank Accounting is an application within the financial accounting module of SAP. It helps users in managing incoming and outgoing payments for cash balance controlling. It also further provides users with ease in managing accounting transactions with their respective banks. Master Data Master data is stored centrally in the bank directory. Bank Directories: these contain the bank master data for all the banks that the user approaches for business transactions. This means‚ data of the user’s own
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PRINCIPLES OF ACCOUNTING I ACCT220 MIDTERM EXAMINATION REVIEW (Chapters 1 thru 6) Chapter 1 1. The basic accounting equation may be expressed as a. Assets = Equities. b. Assets – Liabilities = Owner’s Equity. c. Assets = Liabilities + Owner’s Equity. d. all of these. 2. Owner’s equity is increased by a. drawings. b. revenues. c. expenses. d. liabilities. 3. Collection of a $500 Accounts Receivable a. increases
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2 /N = 319.7142857‚ = 17.88. Range = max-min = 101-49 = 52 4. Calories Fat 240 260 350 350 420 510 530 8 3.5 22 20 16 22 19 Descriptive stats for calories: Calories Mean 380 Standard Error 42.7618 Median 350 Mode 350 Standard Deviation 113.1371 Sample Variance 12800 Kurtosis -1.4478 Skewness 0.178848 Range 290 Minimum 240 Maximum 530 Sum 2660 Count 7 First quartile position: (n+1)/4 = 2. First quartile is 260. It means that 25% of ice coffees
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Answer to Moult Hall [calculations] Winston’s proposal: This is a long term project so full costing is used: £ Revenue (1‚900 x 15 x 50) 1‚425‚000 Costs: Depreciation [15 year life assets] (5‚100) Depreciation [5 year assets] (8‚400) Safety wear (4‚000) Track Maintenance (5‚000) Salaries [2 x 15‚000] (30‚000) Decoration [18‚000 + 8‚000] (26‚000) Food and drink [41‚250 + 48‚750] (90‚000) Fuel [11‚250 + 10‚000] (21‚250) Wages [22‚000 + 8‚000
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O-30 (2003) full size 12/8/03 10:13 PM Page 1 CALIPERS How to Read Vernier Calipers Fractional Reading Vernier Scale. 1/16" on the main beam is subdivided into eight or to 1/128". Because of .300" inside jaw thickness‚ the vernier is placed .300" off from zero point. Position of the vernier plate can be readjusted. 1/16" Graduations on the main beam. Decimal Reading Vernier Scale. 1/40th of an inch is subdivided into 25 by the vernier to read to onethousandth
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ACCOUNTING MINICASE: ACCT – 08 TEACHING NOTES BUSINESS ETHICS PROGRAM Booking the Budget Teaching Notes What Are the Relevant Facts? 1. Maria and Andy have organized and are responsible for the accounting system of the HMO. 2. Bob and Connie‚ executive officers of the HMO‚ are mainly concerned with rosy sales results. 3. Financial sales accruals have been recorded for numbers that are closer to budget projections than actual sales. 4. Auditors reviewing the financial figures will require
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SHIRLEY S. CARRILLO were appointed as the official signatories and authorized persons to transact legal matters and concerns in relation to their duties; WHEREAS‚ GTMEMPCO has an active joint account to GSIS Family Bank (General Trias Branch) with Acct. No. 10-009-005907-5 under the names of DENNISE R. COLUMNA and MARIBEL S. MOYA; WHEREAS‚ upon effectivity of this resolution‚ the depositor’s name of said account will now be changed from DENNISE R. COLUMNA and MARIBEL S. MOYA to DENNISE R. COLUMNA
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Edita Mercado Su Jane Acct 301 FASB Codification Assignment 3/13/2013 Professional Research: FASB Codification A. Identify relevant Codification section that addresses transfers of receivables. The relevant codification section that addresses transfers of receivables is the following: FASB ASC 860-10-05-15. C. Provide definitions for the following: 1) Transfer: The conveyance of a noncash financial asset by and to someone other than the issuer of that
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ACCOUNTING MINICASE: ACCT – 13 TEACHING NOTES BUSINESS ETHICS PROGRAM Survive the Year Teaching Notes What Are the Relevant Facts? 3. Not make the allowance adjustment but provide information to the auditor that will effectively lead to revealing the uncollectability of the Ender account. Chris and Robin‚ the CEO‚ know a material receivable is probably uncollectable‚ but no adjustment to the allowance account has yet been made. 4. Make a partial adjustment for the uncollectable receivable
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