CLASSIFICATION TABLE (BY TOPIC) Topics 1. 2. 3. 4. 5. 6. Conceptual framework– general. Objectives of financial reporting. Qualitative characteristics of accounting. Elements of financial statements. Basic assumptions. Basic principles: a. Measurement. b. Revenue recognition. c. Expense recognition. d. Full disclosure. Accounting principles– comprehensive. Constraints. Assumptions‚ principles‚ and constraints. 28‚ 29‚ 30 10 11 Questions 1‚ 7 2 3‚ 4‚ 5‚ 6‚ 8 9‚ 10‚ 11 12‚ 13‚ 14 15‚ 16‚ 17‚ 18 19‚ 20‚ 21‚ 22
Premium Balance sheet Income statement Generally Accepted Accounting Principles
government” (2) -“As of July 31‚ 2013‚ growth in Macau has increased to over 20% on a year over year basis boosted by an increase in the number of Chinese visitors to the country’s only legal casino gambling hub. July’s 29.5 billion patacas ($3.7 billion) revenue was the third strongest figure this year‚ according to government data‚ as more middle-class gamblers visited Macau‚ eclipsing the growth in the number of high rollers. The slowdown in China’s economic growth has kept away some wealthy customers‚
Premium Casino Macau Gambling
– Matching: Match the Resource Flow with the Type of Revenue Listed below in the left column are some events that may or may not be revenues for the General Fund. Listed in the right column are the classifications of revenues for governmental funds. Correctly match each event with the appropriate revenue classification. Unless specifically stated otherwise‚ assume all amounts are earned‚ measurable‚ and available. If the event is not a revenue‚ state how the event would be reported in the current
Premium Generally Accepted Accounting Principles Revenue
cycle are the same for both a merchandising company and a service company. (b) The measurement of income is conceptually the same. In both types of companies‚ net income (or loss) results from the matching of expenses with revenues. 2. The components of revenues and expenses differ as follows: | | Merchandising | | Service | RevenuesExpenses | | SalesCost of Goods Sold and Operating | | Fees‚ Rents‚ etc.Operating (only) | 3. Under a periodic inventory system the company does
Premium Revenue Generally Accepted Accounting Principles
| Notes Payable | | 5000 | | | | 5000 | Account Payable | | 2500 | | 120 | | 2620 | Salaries Payable | | | | 1400 | | 1400 | Unearned Revenue | | 1200 | 1200 | | 1200 | 1200 | C. R. Hill‚ Capital | | 10000 | | | | 10000 | C. R. Hill‚ Drawings | 500 | | | | 500 | | Service Revenue | | 10000 | | 1850 | | 11850 | Salaries Expense | 4000 | | 1400 | | 5400 | | Rent Expense | 900 | | | | 900 | | Insurance Expense | |
Premium Generally Accepted Accounting Principles Balance sheet Accounts receivable
Accounts Payable 900 5 Prepaid Insurance 1‚800 Cash 1‚800 12 Accounts Receivable 3‚700 Service Revenue 3‚700 18 Accounts Payable 1‚500 Cash 1‚500 20 Salaries Expense 2‚000 Cash 2‚000 21 Cash 1‚600 Accounts Receivable 1‚600 25 Accounts Receivable 2‚500 Service Revenue 2‚500 31 Gas & Oil Expense 290 Cash 290 31 Dividends 600 Cash 600 Cash Accounts
Premium Generally Accepted Accounting Principles Balance sheet Revenue
addressed. Industry Trends and Strategies While the gaming industry was once considered to be “recession proof‚” it endured significant losses at the height of the global economic downturn. However‚ a quick recovery appears to have taken place as revenues began to slowly increase in 2009 and 2010. Furthermore‚ the future appears to be looking good for the gaming industry since casino operations have recently been legalized in four more states including Kansas‚ Missouri‚ Maine‚ and Massachusetts. On
Premium Revenue Balance sheet Casino
Ratio Analysis University of Phoenix HCS/571 Finance Resource Management Sept 24‚ 2013Rosetta Stringfellow‚ MBA‚ BSRatio Analysis Ratio analysis is a widely used managerial tool that compares one number with another to gain insights that would not arise from looking at either of the numbers separately. Ratio analysis is used to examine and interpret the relationship between two numbers on a financial statement. This is done so that the managers
Premium Balance sheet Revenue Investment
ACCOUNTING CASE ASSIGNMENT #1 ATHINA BUILDING SUPPLIES LTD. October 4th‚ 2013 To: CFO of Athina Building Supplies Ltd. From: CA Re: Issues and Recommendation Regarding Athina Building Supplies Ltd. ROLE I am an advisor to the CFO hired to evaluate the events that occurred during the year ended December 31st‚ 2017‚ and to prepare a report on an examination of the financial statements‚ any issues with Athina’s new management‚ and any problems that could potentially affect net income
Premium Revenue Depreciation Generally Accepted Accounting Principles
subtracting investments by owners. Comprehensive Income (h) Arises from income statement activities that constitute the entity’s ongoing major or central operations. Revenue (i) Residual interest in the assets of the enterprise after deducting its liabilities. Equity (j) Increases assets during a period through sale of product. Revenue (k) Decreases assets during the period by purchasing the company’s own stock. Distribution to owners (l) Includes all changes in equity during the period‚ except those
Premium Generally Accepted Accounting Principles Revenue Depreciation