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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8/2/2012 Objective of Lecture 2 CLASSIFICATION OF ACCOUNTS & ACCOUNTING EQUATION • By end of lecture 2‚ all students should be able to:(a) Understand the five categories of accounts and able to classify them into the respective categories (b) Understand the accounting equation and the relationship between assets‚ liabilities and owner’s equity. Classifications of accounts • • 1. 2. 3. 4. 5. An account is used to record all information regarding an item. The five major
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ACCOUNTING SUBSTANCE OVER FORM Substance over form is an accounting concept where the entity is accounting for items according to their substance and economic reality and not merely their legal form. It is one of the key determinants of reliable information. For most transactions there will be no difference and in some cases however‚ the two diverge and the choice of how to present the transactions can give very different results. This differences occurs when an asset or liability is not recognized
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THE NEED FOR BOTH GASB AND FASB FOR AMERICA’S COLLEGES AND UNIVERSITIES The Need for Both GASB and FASB for America’s Colleges and Universities The Need for Both GASB and FASB for America’s Colleges and Universities The Financial Accounting Standards Board (FASB) was established in 1973 and has been granted the power to institute rules of financial accounting and reporting for businesses and not-for-profit organizations. The Governmental Accounting Standards Board (GASB)‚ established
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Memo 2 While working as the Community Coordinator in a model home there have been several learning objectives that I have been able to achieve so far. First‚ in order to improve problem solving skills I have focused on the communication piloting to the last impression our homebuyers have immediately leading up to their closing. Once a homebuyer closes their home the relationship that has been building the past 10 or so months fades out. However‚ the last impression can hurt or help us since the
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I am writing this memo in regarding to issues of these tasks that I do on a regular basis. My tasks during work are to print out events that come through the 25 live website from school my duty is to make sure every event is printed out and highlighted. Once I printed and highlighted the main details of the event such as date‚ time and location I must input the event on our school calendar and spreadsheet. 3 Examples of Difficulties Paying attention to detail *The way 25 live is set up is that
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101-00128 Oct 2014 Accounting Accounting is the recording‚ measurement‚ and interpretation of financial information (Business 286). This financial information is used to evaluate the organization’s operations. To carry out these interpretations of financial information a public or private accountant is able to do this. To become a public accountant you must earn your CPA (certified public accountant) by passing a test and means you are certified by the state in which you provide accounting services where
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Sincerely‚ Memo TO: Teammates FROM: DATE: April 26‚ 2009 SUBJECT: Bonuses‚ Black Out Dates and Individual Performance
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Section A Under Case Study (Newspaper) HB Global 1. Types of audit opinion Qualified opinion * A qualified opinion report can result from a limitation on the scope of the audit or failure to follow generally accepted accounting principles Adverse opinion * It is used only when the auditor believes that the overall financial statements are so materiality misstated or misleading that they do not present fairly the financial position or results of operations and cash flows in conforming
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Combinations (Topic 805) Pushdown Accounting a consensus of the FASB Emerging Issues Task Force An Amendment of the FASB Accounting Standards Codification® The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. An Accounting Standards Update is not authoritative; rather‚ it is a document that communicates how the Accounting Standards Codification is being amended. It also
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