Introductory Financial Accounting Lecture Week 5 Receivables Summer Semester 2014 Greg Cusack www.fbe.unimelb.edu.au Learning Objectives At the end of the lecture‚ students should Be able to apply the revenue recognition principle to determine the accepted time to record sales revenue for typical retailers‚ wholesalers‚ manufacturers and service companies. To understand the recording and management implications of credit sales‚ including the offering of sales discounts and the
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Receivables Turnover Ratio interpretation Receivables Turnover Ratio is one of the efficiency ratios and measures the number of times receivables are collected‚ on average‚ during the fiscal year. Receivables Turnover Ratio formula is: Receivables Turnover Ratio formula Receivables turnover ratio measures company’s efficiency in collecting its sales on credit and collection policies. This ratio takes in consideration ONLY the credit sales. If the cash sales are included‚ the ratio will be
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specifically defined as a pleasurable (or unpleasurable) emotional state resulting from the appraisal of one’s job‚ an affective reaction to one’s job‚ and an attitude towards one’s job. These definitions suggest that job satisfaction takes into account feelings‚ beliefs‚ and behaviors. History One of the biggest preludes to the study of job satisfaction was the Hawthorne studies. These studies (1924–1933)‚ primarily credited to Elton Mayo of the Harvard Business School‚
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Ch.7 # 14 Evolutionary theories often emphasize that humans have adapted to their physical environment. One such theory hypothesizes that people should spontaneously follow a 24-hour cycle of sleeping and waking—even if they are not exposed to the usual pattern of sunlight. To test this notion‚ eight paid volunteers were placed (individually)b in a room in which there was no light from the outside and no clocks or other indications of time. They could turn the lights no and off as they wished. After
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Diploma Programme Computer science guide First examinations 2014 Diploma Programme Computer science guide First examinations 2014 Diploma Programme Computer science guide Published January 2012 Published on behalf of the International Baccalaureate Organization‚ a not-for-profit educational foundation of 15 Route des Morillons‚ 1218 Le Grand-Saconnex‚ Geneva‚ Switzerland by the International Baccalaureate Organization (UK) Ltd Peterson House‚ Malthouse Avenue‚ Cardiff Gate
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to customers. A firm grants trade credit to protect its sales from the competitors and to attract the potential customers to buy its products at favourable terms. Trade credit creates accounts receivable or trade debtors that the firm is expected to collect in the near future. The customers from whom receivable or book debt have to be collected in the future are called trade debtors or simply as debtors and represent the firms claim or asset. A credit sale has three characteristics: First‚ it
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it will be recorded in the purchase journal‚ once it has been certified as a valid invoice. After the journal entries‚ the next step is to post the journal entries into account. Ledger Account also known as “T” Account and Account. Ledger accounts categorize these changes or debits and credits into specific accounts‚ so management can have useful information for budgeting and
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profit and unappropriated profit. what is the accumulated profit and why do accountants and bookkeepers use different names for the same thing? (6 marks) Accumulated profits is profits that are not paid as dividend but is transfered over to the accounts for the next year. Also can be used to reinvest in the core of the business to help pay off debts or to purchase a capital asset. The reasons why accountants and bookkeepers use different names for the same thing is because bookkeepers are the people
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RESEARCH PROJECT REPORT Submitted in partial fulfillment of Master of Business Administration Session- 2013-2014 PERFORMANCE APPRAISAL IN BANKING INDUSTRY Submitted To: Submitted By: Ms.Abhilasha Srivastava NAUSHINA PARVEZ 1201170065 UNITED INSTITUTE OF MANAGEMENT
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expense for December and writing off 2‚500 worth of uncollectible accounts. Further analysis of the company’s accounts showed that merchandise purchased in 2007 amounted to 450‚000 and ending inventory was 75‚000. Goods were sold at 40% above cost. 80% of total sales were on account. Total collections from customers‚ on the other hand‚ excluding proceeds from cash sales‚ amounted to 300‚000. By how much would the A/R and ADA accounts be misstated at the end of December 31‚ 2007? Problem 8-31 The
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