I would like to thank all those who assist me in completing this project. I thank my family members who gave me the best encouragement throughout this exercise. Finally‚ special thanks to my teacher Miss Moulton who guide me throughout the completion of this project. The aims hoped to achieve are: 1) To allow for the application of accounting principles learnt. 2) To get a “hands on” experience in recording‚ analyzing‚ interpreting and communication accounting information. 3)
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Historic cost Assets (such as cars) and liabilities (such as amounts owed to a creditor) are usually valued at their historic cost‚ i.e. at the price paid for them when they were originally purchased or sold. However‚ apart from the impact of inflation or deflation‚ assets and liabilities may change their value owing to such factors as wear and tear and obsolescence. Realization When goods are sold or purchased or sold on credit terms it is customary practice to treat them as being exchanged
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Unearned revenues are revenues that are received before the company delivers goods or provides services. Some industries that have unearned revenues would include magazine publishers as they only receive checks from customers once the magazine is ordered. Until then the company awaits payment and does not have this in advance. Another company would be airlines because they receive cash once the tickets are sold for future flights. Unearned revenue is used by any company that accepts payments or deposits
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Petty cash fund is a relatively small amount of cash that businesses keep on hand for the purpose of small transactions such as providing change to customers‚ postage expenses‚ highway tolls etc. In such transactions‚ the use of checks is time consuming‚ costly or illogical. Usually a custodian is appointed to administer the petty cash and it is his/her duty to account for the expenses incurred out of petty cash fund. Whenever the custodian makes any payment from the fund to an employee or a customer
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CareSafe’s Financial Future Currently‚ CareSafe Foster Systems have a good solid budget with a surplus/deficit of $66‚800. The problem foreseen is with the group therapy counseling part of the program. The total variable expenses of $488‚000 and the revenue amount of $500‚ 000 leaving Caresafe Foster Systems with a contribution amount of only $12‚000. This could become a problem if the expenses increase for some unforeseen reason and the cost per visit remains the same‚ which would cause the
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West Windsor-Plainsboro High School Language Arts I Honors Summer Reading Assignment 2013 The purpose of summer reading is to foster a lifelong love of literature in our students and to advance their literacy skills. We believe that students who read during the summer months improve their academic performance and expand their understanding of issues important in their community and the 21st century world. Discussions among administrators‚ teachers‚ students‚ and parents as well as consideration
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ACC/290 Final Examination Study Guide This study guide will prepare you for the Final Examination you will complete in Week Five. It contains practice questions‚ which are related to each week’s objectives. In addition‚ refer to each week’s readings and your student guide as study references for the Final Examination. Week One: Basic Accounting Principles and Concepts Objective: Identify the four basic financial statements. 1. Which of the four basic financial statements has three main
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There are Five Basic Elements of Accounting and Financial Statements: |Assets |Economic resources owned by the company which are expected to provide future | | |benefits. Historically‚ assets have been accounted for at cost. However‚ current | | |accounting guidance is moving towards more fair value asset valuation models. | |
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Introduction Accounting is a finance support system that * Records transactions. * Classifies transactions and events. * Expresses transactions in monetary terms. * Helps to monitor the financial performance and condition of Business. * Helps to evaluate the business. * Helps to establish controls for the business. Accounting helps to arrive at the financial position of an organization at any point of time. The organization’s financial status‚ as on a particular date
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Determine how many cars‚ on average‚ turned to the Aalst location of Olympic Car wash during bad weather? What does this tell you about the managerial performance of the Aalst location? From the two tables given in the case we could extract the following data: Actual revenue earned by Aalst in that quarter = 124‚080 Vehicles washed on average per hour during good weather = 24 Average revenue earned per vehicle = € 11 Hours of good weather in that quarter = 470 Hours of good bad in that quarter =
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