ledger a.a chronological record of all transactionsb.the balance of each account in the chart of accountsc.budget records for each account in the chart of accountsd.subsidiary details supporting a control account 2. Which steps in the Financial Accounting Process are in the correct sequence based on closing the accounts and determining timing differences prior to issuing financial statements a.record the transaction‚ post to the ledger‚ prepare the adjusted trial balance‚ enter adjusting entries
Premium Generally Accepted Accounting Principles Balance sheet Accounts receivable
A. What is the difference between accrual-basis accounting and cash-basis accounting? The difference between the two types of accounting is when revenues and expenses are recorded. In cash basis accounting revenues are recorded when cash is actually received and expenses are recorded when the expenses are actually paid. B. Why would politicians prefer the cash basis over the accrual basis? The accrual basis system deals with deprecation of the value of equipment‚ land and such. Politicians would
Premium Government Federal government of the United States Generally Accepted Accounting Principles
← Abstract Faced with various issues of international accounting in cultural‚ economic‚ ethical and social level‚ after comparing US with China about the GAAP‚ analyzing the differences and difficulties in global accounting standard‚ it’s necessary to separate different accounting standards because of the diversification in different countries‚ it shows that accountancy professions play an important role in capital market‚ which can provide useful‚ relevant and reliable information to interested
Premium Generally Accepted Accounting Principles International Financial Reporting Standards Financial statements
Accounting for non-accounting students eighth edition John R. Dyson ACCOUNTING FOR NON-ACCOUNTING STUDENTS Visit the Accounting for Non-Accounting Students‚ eighth edition Companion Website at www.pearsoned.co.uk/dyson to find valuable student learning material including: G G G G Multiple choice questions to help test your learning Extra question material Links to relevant sites on the web Glossary explaining key terms mentioned in the book We work with leading authors to develop
Premium Financial statements Management accounting Balance sheet
Accounting for Managers TOPIC A: AN INTRODUCTION TO ACCOUNTING Investors – Individual and groups provide initial capital. Creditors – Company which loans money to another company (Suppliers/Bank). Managers – Oversee the day-to-day operations. What is accounting? * Process of Recognising‚ measuring‚ recording (also known as transactions)‚ disclosing and attesting to information. *Information – Decision Making (Value Creation)‚ Control (Monitoring). Process of Accounting: Transactions
Premium Balance sheet Generally Accepted Accounting Principles International Financial Reporting Standards
discussed accrual accounting concepts such as timing issues‚ and the basics of adjusting entries. The discussion went into more detail on periodicity assumption and how accounting divides the economic life of a business into artificial time periods. These time periods are generally a month‚ a quarter‚ or a year‚ now whether it is a fiscal year or a calendar year that is determined by the company itself. The lecture then reviews the revenue recognition principle which expects companies to acknowledge
Premium Generally Accepted Accounting Principles
000 – Period costs Factory supplies used $13‚000 – Direct materials Salaries paid to sales clerks $50‚000 – Period costs (b) Explain the basic difference in accounting for product costs and period costs. Product costs are manufacturing costs‚ direct components‚ direct labor and manufacturing overhead‚ do not become expenditures until the company sells inventory. Period costs are non-manufacturing costs‚ including selling and administrative expenses. E19-8 Craig Corporation (a) Compute cost
Premium Balance sheet Inventory Manufacturing
in their income statements‚ financial ratios‚ and balance sheet. The reader would find information about the company and industry profile; therefore‚ this outline will show graphics to help you understand the situation and condition of this company at the stock market level. This study is based with the latest information of the corporation for the years 2007 through 2009. Company Profile Liz Claiborne Liz Claiborne Inc designs and markets a global portfolio of retail-based premium brands
Premium Balance sheet Generally Accepted Accounting Principles
Separate private company accounting standards With the development of world economy‚ U.S.GAAP becomes more and more complex to meet public companies’ needs. Private companies cost a great fortune to compliance with U.S.GAAP. So‚ setting public-private accounting standards is a different issue debated for decades. it goes without saying that setting new separate accounting standards have its advantages and disadvantages. Background In USA‚ there are a large number of nonpublic companies‚ much more than
Premium Public company Financial statements Privately held company
will I am sure be of interest not only to our student audience but as a refresher to those of you in practice that may be required to deal with this concept. In most businesses debtor balances represent an important element of working capital. Accounting principles dictate that the supply of goods or services is accounted for as sales‚ at the point at which the buyer has a legal obligation to pay for them. Total debtors represent the value of credit sales for which payment has yet to be received
Premium Debt Balance sheet Generally Accepted Accounting Principles