accountant for many years now‚ I have seen how accounting principles have changed‚ and is currently changing through time. I understand the challenges that are involved‚ as well as the issues that may arise when making changes. The changes that are made should always be in the best interest of following the US GAAP Conceptual Framework. That is why I always like to get involved and do my share of getting my opinion out there in hopes of making the best decision. I remember in 1994‚ there was an issue on
Premium
zero-interest-bearing note requiring payment of $80‚000 annually for seven years. The first payment was made on January 1‚ 2010. The prevailing rate of interest for this type of note at date of issuance was 10%. Ott should record sales revenue in January 2010 of what? Present value of annuity due PVad = [ $80‚000 x f( n=7‚ i=10%)] x (1+.10) PVad = $80‚000 x 4.868 x 1.10 = $428‚384 2.) On January 1‚ 2010‚ Haley co. issued ten-year bonds with a face amount of $2‚000‚000 and a stated interest rate
Premium Leasing Renting Time
DQ 6.1‚ 6.2‚ 6.12‚ 6.13‚ 7.1 P6.9‚ P6.11‚ p7.7‚ P7.9 * 6.1 balance sheet income statement statement of cash flow * 6.2 to disclose the information about the company that may effect future decisions‚ but is not necessarily included in financial statements 6.12 asset must be from a past transaction must have future economic benefit control by the entity 6.13 must have a present obligation obligation involves economic cost in the future * * 7.1 no measurement of environmental
Premium Balance sheet Decision making Asset
price-level accounting d. audit report 3. The percent of fixed assets to total assets is an example of e. vertical analysis f. solvency analysis g. profitability analysis h. horizontal analysis . 4. An analysis in which all the components of an income statement are expressed as a percentage of net sales is called i. vertical analysis j. horizontal analysis k. liquidity analysis l. common-size analysis 5. A balance sheet that
Premium Balance sheet Generally Accepted Accounting Principles
Final exam Fair Game Sheet Stress Disorders * Reactions to extreme trauma: * Intrusive recollections and acute distress upon cues that suggest the trauma * Dissociative symptoms (psychic numbing) – STRONGEST SYMPTOM FOR PTSD * Emotional detachment‚ being in a daze‚ dropping out of activities‚ avoidance of trauma related topics‚ forgetting key aspect of trauma‚ derealization(external world is fake) and depersonalization. * Depersonalization disorder: one feels
Premium Psychological trauma Psychology Posttraumatic stress disorder
Theory of Accounts 1. The fundamental qualitative characteristic of faithful representation has the components of a. Predictive value and confirmatory value b. Comparability‚ consistency‚ and confirmatory value c. Understandability‚ predictive value‚ and reliability d. Completeness‚ neutrality‚ and freedom from error 2. The amount reported as “Cash” on a company’s balance sheet normally should exclude a. Postdated checks that are payable to the company b. Cash in a payroll account c. Undelivered
Premium Balance sheet Asset Generally Accepted Accounting Principles
HOW MANAGERIAL ACCOUNTING ADDS VALUE TO ORGANIZATION 1. INTRODUCTION Management accounting provides accounting and related information to support the management of an organization in its internal decision-making. It includes product costing‚ relevant costing‚ cost-volume-profit analysis‚ capital budgeting‚ and operational‚ tactical‚ and strategic planning. A major activity included in the management accounting is the measurement of costs of processes that create value. Management accounting is
Premium Management accounting Strategic management Management
These days‚ I’ve read a book named Vanity Fair and learned a lot from it. In essence‚ vanity itself is neither right nor wrong. However‚ when we are motivated by our desires‚ we are likely to keep some problems in perspective. In the beginning‚ we set the wrong goals which we actually don’t like and choose the wrong way which are against our wills. That is because we don’t have a good understanding of ourselves and we don’t know what we do want. As far as I’m concerned‚ we should not attach too much
Premium Marriage
5-29 (Assertions) In planning the audit of a client ’s inventory‚ an auditor identified the following issues that need audit attention. 1. Inventories are properly stated at the lower of cost or market. 2. Inventories included in the balance sheet are present in the warehouse on the balance sheet date. 3. Inventory quantities include all products‚ materials‚ and supplies on hand. 4. Liens on the inventories are properly disclosed in notes to the financial statements. 5. The client has
Premium Balance sheet
CHANGES IN BALANCE SHEET ACCOUNTS The total assets of a firm and the claims on assets change over time because of investing and financing activities. For example‚ a firm may issue common stock for cash; acquire a building by mortgaging a portion of the purchase price‚ or issue common stock in exchange for convertible bonds. These investing and financing activities affect the amount and structure of a firm’s assets‚ liabilities‚ and shareholders’ equity. The total assets of a firm and the claims
Premium Asset Balance sheet Generally Accepted Accounting Principles