capital and revenue expenditure is a capital expenditure results in an addition to an asset account whereas a revenue expenditure results in an addition to an expense account. Capital expenditures are payments for asset alterations‚ additions and replacements. Revenue expenditures benefit a current period and are made to maintain assets with routine repairs or replacement of a minor part. Again capital expenditure will benefit 2 or more accounting periods through depreciation process and expenses for future
Premium
our understanding of the arrangement for our audit of the financial statements of Apollo Shoes‚ Inc. for the year ending December 31‚ 2011. We will audit the Company’s balance sheet at December 31‚ 2033‚ and the related statements of income‚ comprehensive income‚ stockholders’ equity‚ and cash flows for the year then ended‚ for the purpose of expressing an opinion on them. We will also audit whether Apollo Shoes‚ Inc. maintained effective internal control over financial reporting as of December
Premium Financial statements Balance sheet Income statement
P A R T I Healthcare Finance Overview CHAPTER Introduction to Healthcare Finance 1 Progress Notes After completing this chapter‚ you should be able to THE HISTORY Financial management has a long and distinguished history. Consider‚ for example‚ that Socrates wrote about the universal function of management in human endeavors in 400 B.C. and that Plato developed the concept of specialization for efficiency in 350 B.C. Evidence of sophisticated financial management exists for much
Premium Management
University of Phoenix December 10‚ 2012 Introduction Letter / Apollo Shoes From: Phoenix & Company PLLC (Certified Public Accountants) To : The Board of Director of Apollo Shores First I would like to thank the board of director of Apollo Shores for their recent inquiry about Phoenix & Company’s services. Since our firm is small‚ we offer a wide range of personalized services to clients at a reasonable cost. Phoenix & Company is a CPA firm with more the 25 years in the
Premium University of Phoenix Management Student
EXPENSES ANANDA CHAIRUNNISA ISA ANDRIA RAHMAN MEGA PUSPITASARI MELISA ANGGRENI NOPITA AULIA SIREGAR SAPPHIRA JULIA SAPUTRI 1. Expense Defined In accounting‚ expense has a very specific meaning. It is an outflow of cash or other valuable assets from a person or company to another person or company. This outflow of cash is generally one side of a trade for products or services that have equal or better current or future value to the buyer than to the seller. Technically
Premium Generally Accepted Accounting Principles Depreciation Revenue
depreciation method for various asset categories based on Apollo Shoes accounting guidelines. Regarding R&D cost related to certain patents that had been capitalized‚ I agree with your conclusion that the patents should be expensed. You also had valid conclusions in your prepaid assets and other assets workpapers. You did note the most material issue in my opinion‚ which is the failure to reclassify from prepaid insurance to insurance expense. That is a nearly $900‚000 adjustment‚ clearly material
Premium Depreciation Asset Liability
Running Head: Eggshells used in chalk production Eggshell as an alternative source in chalk production Ryan Jason U. Joquico Lourdes School of Mandaluyong II-Blessed Andrew Hyacinth Longhin September 5‚ 2011 CHAPTER I INTRODUCTION Background of the Study The Research is about the effectiveness of eggshells as an alternative ingredient in chalk production. The study is very efficient in these days because many people are in need of chalk. The components of chalk are so
Free Calcium carbonate Sedimentary rock Limestone
EXPENSE RECOGNITION The production‚ sales‚ or cash receipts method can be used to assign revenues to periods of time. Expense recognition involves assigning or matching expenses to periods of time. Some expenses are closely related to the revenues assigned to periods of time. For example‚ the costs of goods sold during a period reflect the costs of materials‚ labor‚ and manufacturing overhead incurred to produce units of product that were sold. These costs are called product expenses. Other expenses
Premium Depreciation Income statement
Apollo Shoes‚ Inc. Potential for Fraud Memo September 24‚ 2014 There are a few “red flags” that have come to my attention while reviewing the minutes provided to me from Apollo Shoes‚ Inc. For starters‚ in our first meeting we requested to meet with the predecessor‚ and was told by Mr. Unum who is the Vice President of finance‚ they would rather we not speak to them. When a company refuses to have the current auditor speak with the previous auditor this always throws up a red flag. Another red
Premium Management Accounts receivable Auditing
Apollo (Attic‚ Ionic‚ and Homeric Greek: Ἀπόλλων‚ Apollōn (gen.: Ἀπόλλωνος); Doric: Ἀπέλλων‚ Apellōn; Arcadocypriot: Ἀπείλων‚ Apeilōn; Aeolic: Ἄπλουν‚ Aploun; Latin: Apollō) is one of the most important and complex of the Olympian deities in classical Greek and Roman religion and Greek and Roman mythology. The ideal of the kouros (a beardless‚ athletic youth)‚ Apollo has been variously recognized as a god of light and the sun‚ truth and prophecy‚ healing‚ plague‚ music‚ poetry‚ and more. Apollo is
Premium Apollo