Accrual and Cash Accounting Beverly Clarkson September 19‚ 2014 XACC/290 Principles of Accounting Terri O’Neill-Martin Accrual and Cash Accounting These are two methods of keeping track of income and expenses in a business‚ (accrual and cash accounting). Accrual and cash accounting difference
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participants will be able to: • Identify the main elements of financial management and assess whether the financial management in their station is adequate • Identify the financial policies needed in a radio station • Develop a budget • Do a cash flow projection • Develop and interpret a variance report Activity 1.: Problems with managing finances What are the main problems that your station has with managing money? What do you want to learn about managing money? What is financial
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MOD 4 Part 1: Review Questions: 1. What is an opinion leader? Discuss how marketers attempt to use opinion leaders to help sell their products? Provide examples? Opinion leaders refer to the individual whose behavior and ideas serve as the model to others. These are those people who have the active voice in a community. They have the power to influence the attitude and change the behavior of the followers. For example‚ the beauty products are advertised by film actresses because have certain
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1. Introduction Increasingly‚ we are seeing many firms from various industries allowing their customers to pay on credit. This action will inevitably have a direct implication on the financial statements of these firms‚ in terms of accounts receivables‚ allowance for bad debt and uncollectible debt expense. This is especially so when customers are unable to repay their debts. In this paper‚ we will examine the 2008 financial statement of four companies in the retail industry‚ namely
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Prepare written responses to the following assignments from the text‚ Intermediate Accounting‚ 12th ed.: Chapter 7 1) Exercise E7-2 E7-2 (Determine Cash Balance) Presented below are a number of independent situations. Instructions For each individual situation‚ determine the amount that should be reported as cash. If the item(s) is not reported as cash‚ explain the rationale. 2) Exercise E7-8 E7-8 (Recording Bad Debts) At the end of 2007 Aramis Company has accounts receivable of $800‚000 and an
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annuity in periods 16 thru 20. This is equal to: =1000 x PV of OA + 2000 x PV of OA + 3000 x PV of OA =1000 x 3.79079 + 2000 x (7.60608-3.79079) + 3000 x (8.51356-7.60608) =$14‚143.81 The value of the punch press from Vendor A is equal to $55‚000 in cash at delivery and 10 year end payments of $18‚000 each. To calculate the present value of the purchase‚ you need to calculate the present value of an ordinary annuity of $18‚000 plus the initial payment of $55‚000. This in preset value is equal to:
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After preforming recoverability tests‚ we have concluded that your cruise ship is impaired‚ and an impairment loss of $1.6 million should be recorded on December 31‚ 2010. In the second scenario‚ the asset is recoverable because the expected future cash flows are greater than the carrying value; therefore‚ the cruise ship is not impaired. The rest of this memo will describe how we calculated the impairment on your cruise ship. In order to test for impairment of an asset‚ we must first determine
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we should choose option 3 which is building C. Building C has the lowest present value which means that the lowest costs. E 7-2 (Determining Cash Balance) 1. Only checking account balance of $925‚000 should be reported as cash. Certificate of deposit $1‚400‚000 is a temporary investment‚ short – term paper (penalties to early conversion to cash). Cash advance to subsidiary of $980‚000 is treated as receivables (assumed to
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staff claim for certain staff Monthly 7 Checked OT for all Service Engineer‚ Security and Distribution. Monthly 8 Doing Analysis OT by sites for review & analyse Monthly 9 Update cash flow for petty cash and filling all PV issued. Weekly 10 Go to Bank for petty cash withdrawal purpose Monthly 11 Stock take for ordering form such as Daily Site Report‚ Security Ink Form‚ permit pass and gate pass. a) Liase with supplier if form out of stock b) Raise PO and
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(Determine Cash Balance) Presented below are a number of independent situations. For each individual situation‚ determine the amount that should be reported as cash. 1. Checking account balance $925‚000; certificate of deposit $1‚400‚000; cash advance to subsidiary of $980‚000; utility deposit paid to gas company $180. 2. Checking account balance $500‚000; an overdraft in special checking account at same bank as normal checking account of $17‚000; cash held in a bond sinking fund $200‚000; petty cash fund
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