Chapter 1: Overview—The Financial Statements Chapter 1 introduces the four financial statements--Income Statement‚ Statement of Retained Earnings‚ Balance Sheet‚ and Statement of Cash Flows. Accounting as the language of business is discussed along with an introduction of the various users of accounting information. Financial and Managerial accounting are compared. The four ways to organize a business – proprietorship‚ partnership‚ limited – liability company‚ and corporation‚ are discussed
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c.) Professional standards for their discipline: Many different occupations such as doctors‚ nurses‚ engineers‚ accountants etc. are regulated by various forms of professional standards. These standards exist to provide confidence that an employee has the knowledge and training to conduct their job within particular parameters. For example‚ when an engineer signs off his or her approval for the design of a bridge‚ everyone assumes that the engineer has performed all of the necessary analysis to
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Australian School of Business School of Accounting ACCT5930 FINANCIAL ACCOUNTING Course Outline Semester 2‚ 2014 Part A: Course-Specific Information Part B: Key Policies‚ Student Responsibilities and Support Table of Contents PART A: COURSE-SPECIFIC INFORMATION 1 1 STAFF CONTACT DETAILS 1 2 COURSE DETAILS 2 2.1 Seminar Times and Locations 2.2 Units of Credit 2.3 Summary of Course 2.4 Course Aims and Relationship to Other Courses 2.5 Student Learning
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Lecture 7 – Tutorial Questions Tutorial List: 7-1‚ 7-2‚ 7-3‚ 7-4‚ 7-5‚ 7-6‚ 7-7‚ 7-8‚ 7-9 7.1. Kristen Hope asks your help concerning an NSF check. Explain to Kristen (a) what an NSF check is‚ (b) how it is treated in a bank reconciliation‚ and (c) whether it will require an adjusting entry. 7.2. The bank portion of the bank reconciliation for Brasilia Company at October 31‚ 20X1 was as follows. BRASILIA COMPANY Bank Reconciliation
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often think of the field of accounting as a single discipline‚ there are‚ in fact‚ several specialties that are practiced. These include financial accounting‚ managerial accounting‚ tax accounting‚ cost accounting‚ international accounting and social accounting‚ among others. Of these‚ the former two classes of accounting are the most common. This paper will explore the key differences between financial and managerial accounting and discuss some of the standards of ethical conduct placed on management
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Psychological Association (APA) ethic standards and codes is driven to encourage the highest effort of psychologist to ensure public welfare‚ promote sound relationships with related professions‚ and promote the professional standing of discipline (Fisher‚ 2003‚ p. 3). The ethics codes are important to the field of psychology because it provides guidance for psychologist and sets standards for professional conduct. Its intent is so psychologist may use a standard set forth for the psychologist to ensure
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an ethical conception which comes under the principles of distributive justice. Equity refers to either social justice or fairness (Beauchamp‚ 2009; Daniels‚ Kennedy‚ & Kawachi‚ 1999). Equity in health care system has been discussed across the globe. The concept of equity in health care means the absence of preventable inequalities or health disparities. In other words‚ equity in health care suggests that every individual is having adequate access to health in order to maintain a good health status
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local standards‚ targets and objectives on the planning and provision of services. Task sheet A welfare state William Beveridge proposed setting up a welfare state with social security‚ NHS‚ free education‚ council housing and full employment. After the war‚ the labour government tried to make this vision come true. The issues that needed to be tackled were want‚ disease‚ ignorance‚ squalor‚ idleness. Class notes During my lifetime I have used many services that provide health and social
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strike price is $51. The option expires on July 31‚ 2010. On March 31‚ 2010‚ the market value of Reese stock was $48 per share and the time value of the option was $120. The put option is not designated as a hedge. If the company has to prepare financial statements on March 31‚ 2010‚ what would the entry be? A debit to the Put Option and a a. credit to Unrealized Holding Gains/Losses – Income $805. b. credit to Unrealized Holding Gains/Losses – Equity $805. c. credit to Unrealized Holding
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Chapter 6: Revenue RecognitionRead: Chapter 6 and partly 13 on warrantyIn-class exercises: BE6-7‚ EX6-11‚ EX6-9‚ EX6-16‚ EX6-18 Practice exercises: EX6-7‚ BE6-11‚ P6-1‚ P6-2‚ E13-17 There are two main conceptual views on how to account for revenues/sales: Earnings approach Contract-based approach Earnings Approach Revenues are recognized when the following criteria are met: 1. Performance is achieved: a. risks and rewards transferred and/or earnings process substantially complete‚ and
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