Financial statements are the basic statements that summarize the financial activities of a business and are prepared by businesses to indicate the financial steadiness of the business to investors‚ creditors‚ and other external entities (McGraw-Hill Higher Education‚ 2009). The income statement is a representation of the revenues and expenses for a specific period of time in a business. Its purpose is to detail the revenues‚ expenses‚ and net income or loss. A net income is the result of revenues
Premium Financial statements Income statement Generally Accepted Accounting Principles
The balance sheet items of The Sweet Soda Shop (arranged in alphabetical order) were as follows at the close of business on September 30‚ 2011: Accounts Payable Accounts Receivable Building Capital Stock Cash $ 8‚500 1‚250 45‚500 50‚000 7‚400 Furniture and Fixtures Land Notes Payable Retained Earnings Supplies 20‚000 $ 55‚000 ? 4‚090 3‚440 The transactions occurring during the first week of October were: Oct. 3 Additional capital stock was sold for $30‚000. The accounts payable were paid in full
Premium Generally Accepted Accounting Principles Balance sheet Liability
TEST BANK CHAPTER 1 Intercorporate Investments: An Overview MULTIPLE CHOICE Use the following information on a company’s investments in equity securities to answer questions 1- 4 below. The company’s accounting year ends December 31. | |Date of acquisition|Cost |Fair value |Date sold |Selling price | |Investment | | |12/31/10 | |
Premium Balance sheet Generally Accepted Accounting Principles Asset
Week 4 Checkpoint March 17‚ 2013 XACC/290 Resource: Ch. 4 of Financial Accounting Complete Exercise BE4-1. Complete Problems 4-2A & 4-3A. BE4-1: |Cash |Net Income | |-$100 |$0 | |-$20 |$0 | |+$1‚300 |$1‚300 | |+$800 |$800 | |-$2‚500 |$0 | |-$600 |$0 | | |
Premium Generally Accepted Accounting Principles Income statement
Legality and Ethicality of Financial Reporting Accounting professionals consider standard practices of accounting and board of accountancy rules when creating ethical standards. Accountants also consider state and federal laws. Ethics and the law works hand-in-hand therefore should be on the minds of those considering the commission of fraud. The Chief Financial Officer (CFO) of Excello‚ Terry Reed‚ was considering doing such by posting a $2.1 million transaction to raise year-end earnings.
Premium Financial statements Balance sheet Generally Accepted Accounting Principles
Holding Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. Our audit was conducted in accordance with the International Standards on Auditing and accordingly included such tests of accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion‚ the consolidated financial statements present fairly the financial position of Pakistan Telecommunication Company Limited and its subsidiary
Premium Generally Accepted Accounting Principles Balance sheet Asset
EASY 1. Which of the following is an appropriate combination of a biological asset and its agricultural produce? Biological assets Agricultural produce A. Sheep Yarn B. Trees in plantation forest Logs C. Dairy cattle Butter D. Pigs Carcass 2. Apportionment of the purchase price in a lump sum acquisition of different assets is based on all of these‚ except A. Book values of the assets to the seller B. Relative market values C. Tax assessment values D.
Premium Balance sheet Income statement Generally Accepted Accounting Principles
RESEARCH PROJECT – ACCOUNTING II 1. Nike‚ Inc. 2. Nike world headquarters location One Bowerman Drive Beaverton‚ Oregon 97005-6453 3. In 1950‚ before there was the Swoosh‚ before there was Nike‚ there were two visionary men who pioneered a revolution in athletic footwear that redefined the industry. Bill Bowerman who was constantly seeking ways to give his athletes a competitive advantage. and Phil Knight was a talented middle-distance runner from Portland
Premium Balance sheet Nike, Inc. Generally Accepted Accounting Principles
Accounting Cycle Paper Every business small‚ medium or large uses an accounting cycle to collect and process transactions from events to prepare financial statements to interested parties. The accounting cycle consist of eight steps (1) analyzing transactions and other events‚ (2) journalizing‚ (3) posting; (4) preparing trail balance‚ (5) adjusting entries‚ (6) preparing adjusting trial balance; (7) preparing financial statements; and (8) closing process (Kieso‚ Weygandt‚ & Warfield‚ 2007‚ p. 93)
Premium Generally Accepted Accounting Principles Revenue Balance sheet
ACCT1501 ACCOUNTING & FINANCIAL MANAGEMENT 1A SEMESTER 1 2008 COURSE NOTES Last Revised: 13th August 2008. kaheiyeh.web.officelive.com Contents Page 3: The Nature of Accounting Page 5: The Balance Sheet & Transaction Analysis Page 8: The Income Statement & Transaction Analysis Page 13: Financial Reporting Principles Page 18: Adjustment to Accounting Entries Page 23: Completing the Accounting Cycle Page 26: Accounting for Cash Holdings & Receivables Page 30: Accounting for Inventory Page 37:
Premium Generally Accepted Accounting Principles Balance sheet