Classify transactions using the rules of debit and credit. 3. Which accounts have a normal credit balance? a. Assets and expenses b. Liabilities and expenses c. Assets and revenue d. Liabilities and revenue 4. A debit entry may indicate which of the following: a. An increase in an asset account b. A decrease in an asset account c. An increase in a liability account d. An increase in a capital account Objective: Journalize basic transactions. 5. ABC Corporation records
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Rob DeVincent of Corcentric to Speak on How Automation Can Create Success at IFO’s Fusion 2014 1888PressRelease - DeVincent will offer three presentations designed for Accounts Payable professionals. Corcentric‚ a leading provider of accounts payable automation and electronic invoicing solutions‚ today announced Rob DeVincent‚ Vice President of Product Marketing will be speaking at the 2014 Institute of Financial Operations’ Fusion Conference in Dallas May 5-8. Speaking events include: •
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payments from receivables‚ new loan money‚ and new investment. Your expenditures include buying widgets in cash‚ paying interest‚ paying bills as they come due (i.e. paying accounts payable)‚ and paying off loans. Illustration 1: Basic cash plan Even at this basic level‚ you can see the potential complications and the need for linking the numbers up with a computer. Your estimated receipts from accounts receivable must have a logical relationship to sales and the balance of accounts receivable. Likewise
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Solutions to the long-term contracts in-class questions Practice Question #2 Percentage of completion method a. 2013 2014 2015 2016 Construction costs Incurred to date $ 300‚000 $ 1‚400‚000 $2‚263‚000 $3‚100‚000 Estimated costs to complete 2‚200‚000 1‚400‚000 837‚000 — Total estimated costs $2‚500‚000 $ 2‚800‚000 $3‚100‚000 $3‚100‚000 Percent (%) completed 12% 50% 73% 100% Revenue to date $ 360‚000 $ 1‚500‚000 $ 2‚190‚000 $3‚000‚000 Revenue recognized
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ACC 301 Review Sheet Exam #1 – Spring 2012 Problem #1 Gerdes Psychological Services‚ Inc.‚ closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report. GERDES PSYCHOLOGICAL SERVICES‚ INC. Income Statement For the Year Ended December 31‚ 2007 Revenue: Counseling revenue……………………………. | | $225‚000 | Expenses: | | | Advertising expense…………………………... | $ 1‚800 | | Salaries expense………………………………
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“Suggested Solutions to Exercise” in Financial Accounting for Management by Ramachandran & Kakani Authored by Ram Kumar Kakani‚ “Copyright with Tata McGraw Hill Education Private Limited‚ 2011” CHAPTER 2 Balance Sheet Note: Answers to only half the questions have been provided. It gives you an opportunity to work on the rest problems and discuss about the relevant solutions. You are requested to complete this chapter before attempting the questions. MULTIPLE CHOICE QUESTIONS 1. 2. 3. 4. 5. 6. 7
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annum) industry norm from 12% - 15%. * (ROA) Return on total assets made during the year 2012 20.41% per annum better than 2011 which was 19.35%.(normal ratio 6% or more) * The receivable turnover made during the year 2012 is 74 days per annum improved slightly than 2011 which was 75 days. * Accounts payable turnover made during the year 2012 is 9 days per annum better than 2011 which was 81 days. (That means that the company have more liquidity to pay creditors in short time).
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Acc101 – Quiz on Receivables Show your supporting computations in good form. Encircle your final answer. Problem 1 For the year ended December 31‚ 2009‚ Colt Co. estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable. The following data are available: Allowance for uncollectible accounts‚ 1/1/09 P51‚000 Provision for uncollectible accounts during 2009 (2% on credit sales of P2‚000‚000) 40‚000 Uncollectible accounts written off‚ 11/30/09
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returned for credit. 5. b. Unrecorded sales discounts. c. Lapping of year end accounts receivable. d. Inflated sales for the year. 6. ANSWER: D 7. 2. Which of the following forms of evidence represents the most competent evidence that a receivable actually exists? 8. a. A positive confirmation. b. A sales invoice. c. A receiving report. d. A bill of lading. 9. ANSWER: A 10. 3. During the process of confirming receivables as of December 31‚ 2002‚ a positive confirmation was returned indicating the
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certain processes or actions leading to the expansion of their market shares. Budgeting is not a simple process on the contrary it is a very difficult and complex process because different purposes of different departments have to be taken into account. That is why budgeting does not only focus on financial functions in an organizati on but also on other functions such as giving instructions‚ delegations‚ motivation‚ ways of the decisionmaking process in a company‚ creating plans and controlling
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