| |7. |Of the two methods of accounting for uncollectible receivables‚ the allowance method provides in advance for uncollectible | | | |receivables. |True False | |8. |Generally accepted accounting principles do not normally allow the use of the direct write-off method of accounting for |
Premium Accounts receivable
Accounting Concepts Underlying Assumptions‚ Principles‚ and Conventions Assumptions The following are basic financial accounting assumptions: Separate entity assumption - the business is an entity that is separate and distinct from its owners‚ so that the finances of the firm are not co-mingled with the finances of the owners. • Going concern assumption - the business is going to be operating for the foreseeable future. Stable monetary unit assumption - e.g. the U.S. dollar • Fixed
Premium Generally Accepted Accounting Principles
b. increase one asset account and decrease another asset account. c. decrease total assets and total equity. d. decrease one asset account and increase an equity account. 2. Warren Company makes candy. During the most recent accounting period‚ Warren paid $3‚000 for raw materials‚ $4‚000 for labor‚ and $2‚000 for overhead costs that were incurred to make candy. Warren started and completed 10‚000 units of candy‚ of which 7‚000 were sold. Based on this information‚ Warren would
Premium Balance sheet Asset Depreciation
Kudler Fine Foods Frequent Shopper Program Review BSA310 October 10‚ 2011 Kimberly Ford Kudler Fine Foods Frequent Shopper Program Review The Kudler Fine Foods Shoppers program will offer 3 different strategic programs to increase loyalty and gain profit from consumers. All three programs will take research and steps that starts off with the inventory manager (Kathy). Kathy along with three department managers make sure that research is done and information about profits‚ dollars sales
Premium Customer service Customer Sales
Overall requirement * Explain how management accounting can supply information to assist the management of the organisation. * You are not required to investigate and report on the organisation’s actual management accounting system (even if you can find out). * You are to write a 1500 word report as though you were a management consultant writing to the board of directors. * WE DO NOT WANT ANY NUMBERS UNLESS YOU CREATE THEM TO DEMONSTRATE AN IDEA * This is like assessment 1a –
Premium Management
In the present day forensic accounting plays a huge role in many of the court cases publicized by the media. With the spotlight on the profession‚ this is a good opportunity to discuss the following topics: 1) Five skills that a forensic accountant needs to possess. 2) The role of a forensic accountant within a courtroom environment. 3) Analyze the legal responsibility a forensic accountant has while providing service to a business. 4) Examine two cases where forensic
Premium Fraud Bernard Madoff Enron
Chartered Accountancy CPT Course Lecture 12 – Consignment Accounting 1 Points to be kept in mind Consignor remains the owner of goods even after sending to consignee. Consignor does not send any Invoice rather a Performa invoice. The Amount of Sales belongs to Consignor. All the exp. are to be borne by Consignor. If borne by consignee‚ recoverable from consignor. Consignee entitled to Commission. Consignee entitled to de-credere commission if he is responsible for bad debts. Consignee
Premium Bookkeeping Sales Accountancy
Chapter 1 Managerial accountingis the process of identifying‚ measuring‚ analyzing‚ interpreting‚ and communicating information in pursuit of an organizations goals. Managerial accounting is an integral part of the management process‚ and managerial accountants are important strategic partners in an organizations management team. Four fundamental management processes that help organizations attain their goals Decision making‚ Planning(developing a detailed financial and operational description of
Premium Management accounting Variable cost Costs
The truck has an expected salvage value of $2‚000‚ and is expected to be driven 100‚000 miles over its estimated useful life of 8 years. Actual miles driven were 15‚000 in 2010 and 12‚000 in 2011. | | | | | | | Compute depreciation expense for 2010 and 2011 using (1) the straight-line method‚ (2) the units-of-activity method‚ and (3) the double-declining balance method. (Round cost per mile to 2 decimal places‚ e.g. 10.50. Use rounded amount for future calculations. Round final
Premium Depreciation 1920 2007
American Intercontinental University Unit 1 Individual Project ACCT 311 – Managerial Accounting March 25‚ 2012 Abstract This paper describes a company who has just started in the month of March called Cats and Dogs Company started by D.C. Dawg. It gives a summary of the cash transactions that took place during the month of March. It also shows how each cast transactions affects the accounting equation and an additional piece of information that is related to the transaction other than the
Premium Balance sheet Generally Accepted Accounting Principles Income statement