function? • How are bad debts accounted for under the direct write-off method? What are the disadvantages of this method? • Pendergrass Company hires an accounting intern who says that intangible assets should always be amortized over their legal lives. Is the intern correct? Explain. • What are the basic issues related to accounting for intangible assets? • Why would you select the percentage of sales method for calculating doubtful accounts instead of the percentage of receivables method
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stock-based compensation. • Explain the financial statement tax effects of stock-based compensation. Refer to the 2007 financial statements of Xilinx‚ Inc.‚ and Note 3‚ Stock-Based Compensation. Note: following Xilinx’s convention‚ the case refers to the year ended March 31‚ 2007‚ as “fiscal 2007” and to the year ended April 1‚ 2006‚ as “fiscal 2006.” Concepts a. Consider the information on Employee Stock Option Plans (beginning on page 50 of Xilinx’s annual report). i. ii. Explain‚ in your own words
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Whilst working in a childcare setting‚ all members of staff must follow the safeguarding policy. At my setting the main points are health and safety‚ equality/inclusion and child protection. Checking for hazards‚ both indoors and outdoors‚ is a crucial part of health and safety when working with children. At my placement‚ the staff do a risk assessment every morning before the children come in. This includes the garden as well as every room in the setting. By doing this‚ they are ensuring the safety
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focus on project free cash flows as opposed to the accounting profits earned by the project when analyzing whether to undertake the project? Ans: When analyzing whether to undertake a project‚ Caledonia needs to focus on free cash flows opposed to the accounting profits because free cash flows is revenue that can be used or reinvested in similar or future projects because it is money that has been received. If Caledonia chose to focus on the accounting profits the profit would be much lower because of
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Individual Assignment week 3 Rose Breedlove Merced ACC291 Accounting Principles II May 23‚ 2012 Prof. David Vega Individual Assignment week 3 Exercise E10-6 According to the accountant of Ulner Inc.‚ its payroll taxes for the week were as follows: * $198.40 for FICA taxes‚ * $19.84 for federal unemployment taxes‚ * $133.92 for state unemployment taxes. Instructions Journalize the entry to record the accrual of the payroll taxes. Solution: Payroll Tax Expense
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Explain both the general principles of Utilitarianism and the distinctive features of Mill’s Utilitarianism. Utilitarianism is a teleological and consequentialist theory as it focuses on whether an action is good or bad depending on the outcome‚ regardless of what the act may be. For example an act could be a horrible one‚ i.e. murder but if it brings about a good consequence it’s seen as a good act. J. Bentham devised the greatest happiness principle which states that an action is right if it results
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between accrual-basis accounting and cash-basis accounting? The variation between accrual basis accounting and cash basis accounting‚ is how cash is documented. Cash basis is an accounting basis that is used when expenses and revenue are paid out or received. This is when the transaction will be recorded. In accrual-basis accounting‚ transactions are recorded when they actually happen. Payment does not need to be made for the transaction to be recognized in accrual-basis accounting unlike cash-basis
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3 Adjusting Accounts and Preparing Financial Statements QUESTIONS 1. The cash basis of accounting reports revenues when cash is received while the accrual basis reports revenues when they are earned. The cash basis reports expenses when cash is paid while the accrual basis reports expenses when they are incurred (and matched with revenues they generated). 2. The accrual basis of accounting generally provides a better indication of company performance and financial condition than does
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HISTORY OF ACCOUNTING Primitive Accounting Traced as far as 8500 BC in Mesopotamia through the use of clay like: a. Record for paid wages b. Record purposes‚ as general Pyramids in Egypt‚ for the costs of structures Other places like China‚ Babylon‚ and Greece Middle Ages More formal account-keeping methods were developed by the merchants and banks. Double-entry records first appeared in Genoa in 1340 AD. First accounting book was written by Contrugli in Naples Summa de Arithmetica
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8/2/2012 Objective of Lecture 2 CLASSIFICATION OF ACCOUNTS & ACCOUNTING EQUATION • By end of lecture 2‚ all students should be able to:(a) Understand the five categories of accounts and able to classify them into the respective categories (b) Understand the accounting equation and the relationship between assets‚ liabilities and owner’s equity. Classifications of accounts • • 1. 2. 3. 4. 5. An account is used to record all information regarding an item. The five major
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