and the Cash Journal. The Sales Journal records all sales of merchandise on account‚ cash and credit sales not included. The advantage of the sales journal is that it is time saving and easy because not every transaction has to be singled out‚ total can be reported instead. From the Sales Journal the entries can easily be posted into the general ledger. The Cash Receipt Journal records all cash received in accounts receivables and sales. It is usually made out of numerous columns and very detailed
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Profit and loss accounts‚ balance sheets Profit and loss accounts‚ balance sheets Two of the most important financial statements for a business are the Profit and Loss Account‚ and the Balance Sheet. The Profit and Loss Account shows the profit or loss of a business over a given period of time e.g. 3 months‚ 1 year‚ etc. In contrast‚ the Balance Sheet is like a photograph taken at an instant in time giving a picture of what the business owns and what the business owes at that moment in time
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Accounting for Hospitality 2011 M6 Assignment 2 – Business Performance Review DEBI MARCHAND CONTENTS: 3.1) Source and structure of the trial balance PAGE: 3 3.2) Evaluation of a range of business accounts‚ adjustments and notes 3.3) Process and purpose of budgetary control TO 3.4) Calculation of variances with suggestions for appropriate future management action PAGE: 7 4.1) Calculation and analysis of ratios and consistent
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2012 Prepared for (name of supervisor): Time spent on this opinion: What type of opinion (select options)? Accounting Standards applied: Query or issue: Whether the debit-balance account “Cash Discounts” in the Statement of Comprehensive Income should be treated the same way as the “Trade Discounts” account. Background and pertinent facts: Trade discount is allowed by the supplier of the goods to the purchaser when he buys from the supplier in bulk quantities. The purchaser is accountable for
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since there are other expenses that need to be changed. For example in the income statement‚ the operating expenses will not have an adjustment‚ and that includes; research and development‚ sales and marketing‚ and general and administrative these accounts will stay constant because only the revenues increase by 20 percent. However‚ if revenue increases 20 percent‚ the cost of revenues also increases by 20 percent due to the fact that cost of revenue is the cost to make the revenue. The cost of revenue
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millions) dated Dec. 31‚ 2011. B. What were the accounts receivable (net) for Coca-Cola and PepsiCo at the end of 2011? Which Company reports the greater allowances for doubtful accounts (amount and percentage of gross receivable) at the end of 2011? 1. The accounts receivable (net) for Coca-Cola as of Dec. 31‚ 2011 are unknown. Coca-Cola did not provide either a Balance Sheet or the balance on this account on their 2011 annual report. 2. The accounts receivable (net) for PepsiCo‚ including notes
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or by a donor agency or when otherwise necessitated by circumstances subject to prior approval of the Commission. Wednesday‚ March 6‚ 13 Chart of Accounts and Account Codes • A new chart of accounts and code structure with a three-digit account numbering system shall be adopted. Wednesday‚ March 6‚ 13 Books of Accounts • All national agencies shall maintain two sets of books‚ namely: • Regular Agency (RA) Books. • National Government (NG) Books. Wednesday‚ March 6
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Distribution Company is how to distinguish from the marginal accounts the difference between good creditors and bad creditors. Especially we show how the difference between creditors can be utilized in practice by the credit representatives. For this we provide clear guidelines. The option of extending the Morse Photo Company’s $ 1000 credit line is used as test case for these purposes. To distinguish customers we divide the accounts to different categories. There are two important points of views
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are required disclosures. Answer: E 4. Current liabilities are defined as A) obligations which are incurred during the past year. B) debts at the balance sheet date which must be paid within two years. C) accounts payable and bonds payable. D) debts at the balance sheet date which are expected to be paid with the current assets listed on the same balance sheet. E) obligations (debts) related only to normal operations. Answer: D
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Level of Learning: 1 9. A decrease in cash dividends payable means that dividends declared were less than dividends paid. Answer: True Learning Objective: 4 Level of Learning: 2 10. When one enters a $50‚000 credit entry to the Land account in a spreadsheet for the statement of cash flows‚ it
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