Assignment I 1.2) Boeing Company is the largest manufacturer of commercial aircraft in the United States and is a major employer in Seattle‚ Washington. Explain why each of the following individuals or organizations would be interested in financial information about the company. a. California Public Employees Retirement System. One of the world’s largest pension funds. They would be interested in Boeing’s financials to see how much the company contributes to their employee’s 401K plans. b
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2-1 BU8101 Accounting: A User Perspective Lecture 2 The Accounting Cycle Wednesday‚ 17 August 2011 Mrs. Ho Yin Kheng S3-01C-88 Nanyang Business School Nanyang Technological University Email: yklau@ntu.edu.sg Tel: 67905694 2-2 LO 2 Lecture Outline 1. Analyzing Business Transactions 2. Recording Process a. b. c. d. e. f. The Source Document The journal The accounts Debit and Credit rule Recording process illustrated Unadjusted trial balance 3. Adjusting entries
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Comparing Accounting Software Programs to Manual Accounting Manual accounting uses several paper ledgers to record financial transactions. It is very time consuming to record each single transaction onto paper‚ being very cautious not to make an error. There are several ledgers for each part of the accounting system‚ such as accounts payable‚ accounts receivable‚ and revenue accounts. Combining these ledgers into one general ledger‚ provide the balance for each ledger. The general ledger
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Classmates‚ According to (Oster‚ 2014)‚ "Percentage of receivables and percentage of sales are two accounting allowance methods used to reconcile customer accounts deemed noncollectable. When allowed by generally accepted accounting principles (GAAP)‚ these two strategies are preferred over direct write-off of bad debt expenses. Percentage of receivables and percentage of sales provide a business with the ability to accurately estimate the expected bad debt losses they will have in each succeeding
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Homework Week 2 Exercise E1-1 SEC – K Audit – G Sole Proprietorship – I Corporation – E Accounting – A Accounting Entity – D Audit Report – J Cost Principle – F Partnership – C FASB – L IASB – H Unit of Measure – B GAAP – N IFRS – M E1-2 Accounts receivable – Asset Cash and cash equivalents – Asset Net sales – Revenue Notes payable – Liability Taxes payable – Liability Retained earnings – Stockholders’ Equity Cost of products sold – Expense Marketing‚ administrative
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Week 8: Informational Interview Template and Grading Rubric ------------------------------------------------- This document contains the template you will use to complete this assignment. Save the file by adding your last name to the filename (e.g. Week8_Informational_Interview_Template_Smith.docx). Be sure to proofread and spell check your work before you submit it. ------------------------------------------------- A grading rubric is also available at the end of this document. There are
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3 Adjusting Accounts and Preparing Financial Statements QUESTIONS 1. The cash basis of accounting reports revenues when cash is received while the accrual basis reports revenues when they are earned. The cash basis reports expenses when cash is paid while the accrual basis reports expenses when they are incurred (and matched with revenues they generated). 2. The accrual basis of accounting generally provides a better indication of company performance and financial condition than does
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Catherine Gamero 4/26/12 Week One Discussion Questions • What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion‚ which financial statement is the most important? Explain why. The four basic financial statements are the balance sheet‚ income statement‚ statement of retained earnings‚ and statement of cash flows. The balance sheet shows what it owes and owns. Income statement shows how the company did during
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Table of Contents Theory 2 Introduction 2 Fundamental 2 Background 3 Prepayment 3 Accrual 3 Income Statement 6 Balance Sheet 8 Trend Profit 9 QUOTES THEORY‚ INTRO‚ TABLE OF CONTENTS Introduction The purpose of this report is to identify the items that may result in adjusting entries for both prepayments and accrual by looking at the trial balance and income statement. Furthermore‚ analyzing the historical summary of financial is to know the trend for profit or loss of
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"The Framework states that the objective of financial statements is to provide information about the financial position‚ performance and changes in financial position of an entity that is useful to a wide range of users in making economic decisions." What is meant by saying that accounting information should be decision useful’? As stated in the AASB Framework‚ financial statements play an utmost important role to a variety of users‚ which mainly consist of the investors‚ employees‚ lenders
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