INTRODUCTION The accounting concepts are rules and guidelines which the accountant follows and uses when deciding between differing options to make. They help to ensure the accounting information is presented accurately and consistently. All formal accounting statements should be created‚ preserved and presented according to the concepts and conventions’. The following will look at each of the concepts and conventions and relate them to the profit and loss account for a sole trader. GOING
Premium Depreciation
Syllabus for Accounting 3431.04 Intermediate Accounting I Spring Semester 2014 Instructor Professor Ke-an Wu Office: Suite 3-237‚ Room 9‚ Bayou Building Phone number: 281-283-3108 Email: Wukean@uhcl.edu Office hours: Wed. 3:00 to 5:00 P.M. and Thu. 2:30 to 3:30 P.M.; and by appointment Accounting Secretary Ms. Nancy Newton Office: Suite 3-237‚ Bayou Building Phone Number: 281-283-3155 Course Materials Required: Stice‚ E. and J. Stice‚ Intermediate Accounting‚ 19th edition
Premium Business Finance Management
definitions. Issuance of bonds; types of bonds. Premium and discount; amortization schedules. Questions 1‚ 10‚ 14‚ 20‚ 23‚ 24‚ 25 2‚ 3‚ 4‚ 9‚ 10‚ 11 5‚ 6‚ 7‚ 8‚ 11 1‚ 2‚ 3‚ 4‚ 5‚ 6‚ 7 3‚ 4‚ 6‚ 7‚ 8‚ 10 Brief Exercises Exercises 1‚ 2 Problems 10‚ 11 Concepts for Analysis 1‚ 2‚ 3 2. 3‚ 4‚ 5‚ 6‚ 7‚ 8‚ 9‚ 10‚ 11 4‚ 5‚ 6‚ 7‚ 8‚ 9‚ 10‚ 11‚ 13‚ 14‚ 15 12‚ 13‚ 14‚ 15 16‚ 17‚ 18 19 1‚ 2‚ 3‚ 4‚ 5‚ 6‚ 7‚ 10 1‚ 2‚ 3‚ 4‚ 5‚ 6‚ 7‚ 10‚ 11 2‚ 4‚ 5‚ 6‚ 7‚ 10 8‚ 9 10 1‚ 3‚ 6 3. 1‚ 2‚ 3‚ 4 4. 5. 6
Premium Bond Debt Interest
CHAPTER 2 CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING IFRS questions are available at the end of this chapter. TRUe-FALSe—Conceptual Answer No. Description F 1. Nature of conceptual framework. T 2. Conceptual framework definition. F 3. Levels of conceptual framework. T 4 International conceptual framework. F 5. Statements of Financial Accounting Concepts. T 6. Decision usefulness.Objective of financial reporting. F 7. Financial statement users. T 8. Relevance and
Premium Generally Accepted Accounting Principles Income statement Balance sheet
X 120C Intermediate Accounting Theory & Practice Winter 2013 Quiz 2 Chapter 20 Chapter 21 True-False Conceptual – 40 questions Multiple Choice Conceptual – 40 questions STUDENT NAME:__RUPALI KAYPEE_______________________________ TRUE-FALSE—Conceptual Chapter 20 1. A pension plan is contributory when the employer makes payments to a funding agency. F 2. Qualified pension plans permit deductibility
Premium Pension Lease Depreciation
1. What is the FASB Accounting Standards Codification? The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to nongovernmental entities. 2. When did the codification become effective? The Codification is effective for interim and annual periods ending after September 15‚ 2009. 3. The FASB had three primary goals in developing the Codification. Identify them. a.
Premium Stock Bond Debt
The lecture last night discussed accrual accounting concepts such as timing issues‚ and the basics of adjusting entries. The discussion went into more detail on periodicity assumption and how accounting divides the economic life of a business into artificial time periods. These time periods are generally a month‚ a quarter‚ or a year‚ now whether it is a fiscal year or a calendar year that is determined by the company itself. The lecture then reviews the revenue recognition principle which expects
Premium Generally Accepted Accounting Principles
Estimated cost to complete 1‚040‚000 450‚000 — Billings to date 500‚000 1‚900‚000 2‚400‚000 Collections to date 400‚000 1‚300‚000 2‚200‚000 Instructions (a) Calculate the income recognized by Edwards under the percentage-of-completion method of accounting in each of the years 2014‚ 2015‚ and 2016. (b) Prepare all necessary entries for the year 2015. (c) Present the balance sheet disclosures at December 31‚ 2015. Proper headings or subheadings must be indicated. Problem E-II — Installment Sales
Premium Balance sheet Generally Accepted Accounting Principles Depreciation
Intermediate Accounting Test 2 The accountant of Weatherspoon Shoe Co. has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31‚ 2012. | Rental revenue | $29‚000 | | Interest expense | 18‚000 | | Market appreciation on land above cost | 31‚000 | | Wages and salaries-sales | 114‚800 | | Materials and supplies-sales | 17‚600 | | Income tax | 30‚600 | | Wages and salaries-administrative | 135‚900 |
Premium Balance sheet Generally Accepted Accounting Principles Inventory
10‚ 11 7 12‚ 13‚ 16‚ 18‚ 20 4 5‚ 6‚ 7 Questions 1‚ 2‚ 3‚ 4‚ 5‚ 6‚ 8‚ 9 Brief Exercises 1‚ 3 Exercises 1‚ 2‚ 3‚ 4‚ 5‚ 6‚ 10 Problems 1‚ 2‚ 3 Concepts for Analysis 1‚ 2‚ 3‚ 5‚ 11 2. 3. 4. 5. 2 9‚ 13‚ 14‚ 17 7‚ 8 2‚ 3‚ 4‚ 5‚ 10‚ 11‚ 12 13‚ 14‚ 15‚ 16‚ 17‚ 18‚ 19‚ 20‚ 21‚ 22 18 4‚ 5‚ 6 3 2 1‚ 4‚ 5‚ 6‚ 7 5‚ 6‚ 7‚ 8 4 6. 7. Inventory accounting changes. Dollar-value LIFO methods. 14‚ 15‚ 17‚ 18‚ 19 8‚ 9 7 1‚ 8‚ 9‚ 10‚ 11 6‚ 7‚ 10 8‚ 9 23‚ 24‚ 25‚ 26 8-1 ASSIGNMENT CLASSIFICATION
Premium Inventory FIFO and LIFO accounting