E2.5. Classifying Accounting Items a. Current asset b. Net revenue in the income statement: a deduction from revenue c. Net accounts receivable‚ a current asset: a deduction from gross receivables d. An expense in the income statement. But R&D is usually not a loss to shareholders; it is an investment in an asset. e. An expense in the income statement‚ part of operating income (and rarely an extraordinary item). If the restructuring charge is estimated‚ a liability is also
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Chapter 4 What happens when Chris/ Alex drives the Datsun into the Lake Mead National Recreation Area? A flash flood comes and floods the engine of his Datsun. He is frustrated‚ and in his frustration he kills the battery trying to get it restarted. Rather than go to the local authorities (He decides he shouldn’t due to his expired registration and license) he abandons the car with a note saying anyone who can get it out can have it. What do his parents think? Alex’s parents are very
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Chapter 5 Accounting for Merchandising Operations Chapter Summary Merchandising Operations • A merchandising company is an enterprise that buys and sells goods to earn a profit. • Measuring net income for a merchandising company is the same as for a service company through matching of expenses with revenues. • In a merchandising company‚ the primary source of revenue is the sale of merchandise‚ which is called sales revenue or sales. • Expenses for merchandising
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The history of accounting is as old as civilization and is among the most important professions in economic and cultural development. Much of what we know about the daily lives of ancient people comes from accounting records‚ such as inventories and sales records‚ found at archeological sites. People in all civilizations have maintained various types of records of business activities and the earliest known records kept are the clay tablet records for the payment of wages in the Mesopotamian Valley
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2-1 BU8101 Accounting: A User Perspective Lecture 2 The Accounting Cycle Wednesday‚ 17 August 2011 Mrs. Ho Yin Kheng S3-01C-88 Nanyang Business School Nanyang Technological University Email: yklau@ntu.edu.sg Tel: 67905694 2-2 LO 2 Lecture Outline 1. Analyzing Business Transactions 2. Recording Process a. b. c. d. e. f. The Source Document The journal The accounts Debit and Credit rule Recording process illustrated Unadjusted trial balance 3. Adjusting entries
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IFRS 8-1: “Basic accounting and reporting issues related to recognition and measurement of receivables‚ allowance accounts‚ recording discounts‚ the allowance method to account for bad debt and factoring are basically the same between IFRS and GAAP. However‚ the FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) are taking steps by working to implement fair value measurement‚ the amount they currently could be sold for‚ for financial instruments. “The
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CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS Multiple Choice—Conceptual Answer No. Description d 1. Users of financial reports. d 2. Identify the major financial statements. a 3. Financial reporting entity. d 4. Efficient use of resources. d 5. Capital allocation process. c 6. Financial statement information. c 7. Objectives of financial reporting. b 8. Common set of standards and procedures. c 9. Role of SEC. c 10. Powers of the SEC. d 11. SEC enforcement
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Chapter 11 THE STATEMENT OF CASH FLOWS Problems Problem 11-1 |2003 sales |$8‚743‚000 | |Less: Change in accounts receivable | (70‚000) | |Cash generated from sales during 2003 |$8‚673‚000 | Problem 11-2 a. Issuance of a 12-month note in return for $2 million cash is a financing source of cash. Use
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In Lord of the flies the conversation at the end of chapter 5 is ironic because the boys speak about the parents in a way that seems like they are trying to show the parents as perfect. At the end of chapter 5 the ironic thing that should not be happening when the boys were giving up is wanting their family to be there. Piggy one of the characters‚ even says “I wish my auntie was here.” (94) This answers the prompt since it shows that the boys were just giving up and they were probably thinking that
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Future of Life Chapters 4-5 Daniel H It Says/Quote “No one can guess the full value of any kind of animal‚ plant or microorganism. Its potential is spread across a spectrum of known and as yet unimagined human needs.” Chapter 5‚ Page 113 I Say/Summary: While we currently have a vast knowledge of various animals and plants and what purposes we can use them for‚ we have to recognize that there are countless other species out there that we have little to no knowledge about that could possibly have beneficial
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