The Accounting Cycle Presented to Ms. Aisha Meeks Department of Business Management College of Business Administration Alabama State University In Partial Fulfillment of the Requirements for the Course ACT.214.04 By Krystal Hall January 26‚ 2013 Memo: To: Ms. Aisha Meeks From: Krystal Hall Date: 2/26/2013 Re: The Accounting Cycle Every company has an accounting cycle. An Accounting cycle is the process that begins with analyzing and journalizing transactions and it ends with
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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
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ACC 410 Auditing Keystone Computer’s & Networks‚ Inc. Jacob Burdick January 16‚ 2012 In preparing for the audit all aspects of a company need to be reviewed. For the preparation of the audit several things must be considered as define in the following pages. The primary focus of the audit is to determine the economic status as well as determine the operational performance of a company. I. Analysis of Audit Strategy A. Objectives of the Engagement 1. To describe
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(e) Assets. (f) Income‚ expenses. (g) Equity. (h) Income. (i) Equity. EXERCISE 2-6 (15–20 minutes) (a) 8. Expense recognition principle. (b) 6. Cost principle. (c) 9. Full disclosure principle. (d) 2. Going concern assumption. (e) 10. Revenue recognition principle. (f) 1. Economic entity assumption. (g) 4. Periodicity assumption. (h) 7. Fair value principle. (i) 12. Materiality constraint. (j) 3. Monetary unit assumption. EXERCISE 3-1 (15–20 minutes) Apr. 2 Cash 30‚000
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expects to pay from existing current assets or through the creation of other current liabilities and within one year or the operating cycle‚ whichever is longer; the major types of current liabilities include notes payable‚ accounts payable‚ unearned revenues and accrued liabilities such as taxes‚ salaries and wages‚ and interest (Kimmel‚ Weygandt & Kieso‚ 2011). Financial statement users typically want to know if a company’s liabilities are current or long term so they will know which liabilities
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To: CFO of Athina Building Supplies Ltd. From: IV Consulting Group’s consultants- Purpose: Recommendations for the CFO of Athina Building Supplies Ltd. We are writing to you on behalf of IV Consulting Group after closely examining the financial statements of your national retail and commercial building supplier chain‚ Athina Building Supplies Ltd.’s. We have stumbled upon several issues‚ which will be discussed in detail below. We have prepared an insightful report on our findings and recommendations
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4. The left side of an account is always: a. the debit side. b. the credit side. c. the balance of that account. d. carried forward to the next accounting period. 5. Posting is the process of: a. preparing a chart of accounts. b. adding a column of figures. c. transferring journal entries to ledger accounts. d. recording entries in a journal. 6. Montana Inc.’s fiscal year ended on December 31‚ 2012. The balance in the prepaid insurance account as of December 31‚ 2012‚ was $34‚800 (before
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Jump to Navigation Frame Your location: Assessments › View All Submissions › View Attempt View Attempt 1 of 1 Title: | Ch01 Quiz | Started: | August 21‚ 2012 9:12 AM | Submitted: | August 21‚ 2012 9:22 AM | Time spent: | 00:09:30 | Total score: | 10/10 = 100%Total score adjusted by 0.0Maximum possible score: 10 | 1. | ch01001 | | Financial accounting information is: | | | Student Response | Value | Correct Answer | Feedback | A. | Designed to assist investors and creditors
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Year $0 $200 $150 $40 Supplies‚ Ending $160 Debit 7) Invoice $4‚500 Credit Cash $4‚500 8) Bond and Associates Accumulated Depreciation Accounts Payable Accounts Receivable Cash Equipment Land Mortgage Payable Prepaid Insurance Supplies Unearned Revenue Wages Payable $23‚000 $8‚500 $12‚000 $3‚500 $44‚000 $21‚000 $45‚000 $7‚500 $2‚000 $6‚000 $4‚500 Current Liabilities $19‚000 9) Olympic Enterprises Date June 1 June 4 June 7 June 11 June 14 Total 3% 0% Quantity Beginning Inventory 5 Purchase
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made using available data pertaining to the company’s assets‚ liabilities‚ revenue and expenses. Other areas where estimation may occur are future tax liability projections‚ fair value estimation and impairment calculation on investments. 4. Revenue Recognition Revenue is recognized when a service contract is signed‚ service is rendered‚ or evidence of an arrangement exists and collectability is probable. Revenues indicated are net of taxes collected for federal and state purposes and thus
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