sold 2630 * Merchandise inventory 2630 Sales 3900 Cost of merchandise sold 2630 Gross profit 1270 Ending inventory 3250 B. * Jan 4 acc rec 3900 * Sales 3900 * Jan 4 cost of merchandise sold 2660 * Merchandise inventory 2660 Sales 3900 Cost of merchandise sold 2660 Gross profit 1240 Ending inventory 3220 Inventory system 1. Perpetua: record sales and cost of merchandise sold uses FIFO LIFO 2. Periodic: records sales only
Premium Inventory Balance sheet Generally Accepted Accounting Principles
Learning Log Week -2 Lecture: In this lecture I had the understanding‚ why accounting bodies are so heavily regulated by the government. After the corporate collapse‚ accounting body lost the trust of public. Our work was not transparent and therefore‚ was no longer reliable. Regulator body such as ASIC‚ AASB‚ FRC and ASX are formed after the corporate collapse. ASIC is the corporate ‘watch dog’ who monitors FRC‚ AASB and office of AASB. Why we need regulation? Because it is human nature to
Premium International Accounting Standards Board Costs International Financial Reporting Standards
Written Disclosure As a Relevant Factor of Resilience and Meaning Finding Giovanni Serrato Parra Australian College of Applied Psychology Abstract The current study explored the hypothesis related with the writing disclosure and its correlation with meaning finding and resiliency that for consequences ends in positive emotions. The study was conducted with 153 students over the same class and divided randomly into two groups; control group‚ which was compared
Premium Psychology Emotion Cognition
Chapter 1 An Introduction to Managerial Accounting and Cost Concepts Introduction to Managerial Accounting MSc. Mohammad Hicham Khalil Objectives 1. Comparison of Financial and Managerial 2. 3. 4. 5. 6. 7. 8. Accounting. General Cost Classifications. Product Cost versus Period Cost. Cost Classifications on Financial Statements. Cost Classifications for Predicting Cost Behavior. Cost Classification for Assigning Costs to Cost Objectives. Cost Classification for Decision Making. Review
Premium Costs Variable cost Management accounting
Financial accounting information stakeholders duped It is a sine quo non for business leaders to use‚ rather than just produce financial information. I am in absolute agreement with this phenomenon in that the information generated by the international professional accounting community highly affects various stakeholders in the decision making process to govern businesses. Therefore any material elements within the financial information that boarder on misguidance will lead to corporate financial
Premium Finance Accountancy Enron scandal
An example of a company using ABC model for running business One useful accounting method for assigning all a company’s direct as well as indirect costs to proper categories is known as activity based costing. While this term sounds complex‚ there’s many activity based costing example and explanation available to illustrate control of company’s costs. Let’s have look at the implementation of activity-based costing (ABC) at Xu Ji Electric Co. Ltd (Xu Ji)‚ a large Chinese manufacturing company.
Premium Enterprise resource planning
Ethan is telling the story. The theme of the story is not to let others pick your fate but for you to make the choice. The conflict of the story is Ethan and Lena trying to find a way to turn Lena light so they can stay together. Ethan Wate has brown hair‚ blue eyes‚ and is over six foot four. He has lived in Gatlin his whole life but wants to move away and travel the world. Ethan is also the star player on the Jackson high basketball team. An unusual quality about him is that he has some sort
Premium Eye color Black hair
The full disclosure principle states that any future event that may or will occur‚ and thatwill have a material economic impact on the financial position of the business‚ should be disclosed to probable and potential readers of the statements. Such disclosures are most frequently made by footnotes. For example‚ a hotel should report the building of a new wing‚ or the future acquisition of another property. A restaurant facing a lawsuit from a customer who was injured by tripping over a frayed carpet
Premium Finance Investment Generally Accepted Accounting Principles
Jing Wen Paul Bennett ME‚ GFGB 6003-001 30 December 2012 The Price theory of Coca-Cola Company Coca-Cola is a well-recognized soft drink brand in United States. According reports from Coca-Cola in 2012.Coca-Cola Company sells its product around the world in more than 200 countries and has a product portfolio of more than 35‚000 drinks. Based on Interbrain’s best global brand 2011‚ The Coca-Cola brand is worth $74 billion and therefore was the world’s most valuable brand. The market type
Premium Coca-Cola Economics Monopoly
X 120C Intermediate Accounting Theory & Practice Winter 2013 Quiz 2 Chapter 20 Chapter 21 True-False Conceptual – 40 questions Multiple Choice Conceptual – 40 questions STUDENT NAME:__RUPALI KAYPEE_______________________________ TRUE-FALSE—Conceptual Chapter 20 1. A pension plan is contributory when the employer makes payments to a funding agency. F 2. Qualified pension plans permit deductibility
Premium Pension Lease Depreciation