# Accounting equation Essays & Research Papers

## Best Accounting equation Essays

• Acc/300 Accounting Equation
Accounting Equations Paper ACC/300 Nakisha Susberry University of Phoenix Student 4/20/2013 The accounting equation is a formula that represents the relationship between the assets, liabilities, and owner's equity of a small business. Businesses use this to basically show what it owns what it owes and what its investors are investing. In order to understand these concepts it is important to have some knowledge of what is meant by each of the three basic components mentioned....
557 Words | 2 Pages
• Acc/300 Accounting Equation
Accounting Equation ACC 300 June 24, 2013 Bennie Clark Accounting Equation Assets = Liabilities + Stockholder’s Equity is the basic accounting equation. Liabilities are a company’s legal debts or obligations that come from transactions or from business operations. Stockholder’s equity is capital received from investors in exchange for stock, retained earnings and donated capital. These two portions of the balance sheet added together make up the company’s assets, which represent...
399 Words | 2 Pages
• Book-keeping: Accounting Equation Approach
What is book keeping? Book-keeping is mainly concerned with the recording of financial data relating to business operations in a significant and orderly manner. It is that branch of knowledge which guides us how to keep a record of financial transactions. The need for maintaining a record of income and expenditure in a significant and systematic manner has given birth to the subject of book-keeping. It is difficult for a businessman to remember all receipts and payments that take place during...
577 Words | 2 Pages
• Week 1 Accounting Equation Paper
Accounting Equation Paper LaShonda Battiste ACC 300 University of Phoenix Instructor-Chastity D. Gaither The equation of accounting is the basic equation that is associated with double-entry accounting. The accounting equation establishes the formula of representing the relationship that is between assets liabilities, and net worth. Furthermore, the most common of all the various balance sheet equations, would the accounting equation and it is also fundamental to learning how to properly...
467 Words | 2 Pages
• ## All Accounting equation Essays

• Acc 300 Accounting Equation Paper
The accounting equation is an equation that includes the Assets, Liabilities, and Stock of a company. These three attributes determine the value of a company. This value is used to file the company’s taxes. When the value is figured by the accounting equation, investors can determine a possible return on their investments. Assets are resources owned by a business. Liabilities are the debts and obligations of the business. Liabilities represent claims of creditors on the assets of the...
366 Words | 2 Pages
• The Accounting Equation and the Double Entry System
Lecture 2: Study Week 2 The Accounting Equation & the Double Entry System Objectives for today 1. Analyzing transactions using the Accounting Equation 2. Next Week: How do firms actually measure Income?: Accrual vs. Cash Accounting g 3. Next Week: Determine when a company should record revenues and Expenses: The Matching Principle The Operating Cycle Start with cash and end with more cash Collect cash from customers Purchase inventory Make sales to customers The Recording...
1,749 Words | 17 Pages
• Accounting - 2466 Words
Chapter 3-1 The Accounting Information System Chapter 3-2 Financial Accounting, Fifth Edition Study Objectives 1. Analyze the effect of business transactions on the basic accounting equation. 2. Explain what an account is and how it helps in the recording process. 3. Define debits and credits and explain how they are used to record business transactions transactions. 4. Identify the basic steps in the recording process. 5. Explain what a journal is...
2,466 Words | 0 Page
• environment of accounting - 343 Words
﻿Assignment on Environment of Accounting Submitted to:- Prof. Dr. Parimal Chandra Datta Submitted by:- ID# Name 151009067 Muntashir Rahman Jeesa 151008067 Shihab Kamal Munshi Date of Submission: July 13th, 2015 Primeasia University,Bangladesh Table of Content Sl PAGE 1. Brief History of Accounting 2. Definition of Accounting 3. Activities of Accounting 4. Bookkeeping & Accounting Compared 5. Uses of Accounting Data 6. Reasons for Using Accounting Data 7. Ethics in...
343 Words | 3 Pages
• Accounting Systems - 576 Words
ACCOUNTING SYSTEMS Tiffany Bullock HS210-02 March 21, 2013 The three types of bookkeeping systems are Pegboard, Single Entry, and Double Entry. The Pegboard system is also called the write-it-once system. This system is the most widely used manual method of accounting in the healthcare industry. The cost of using this system is a little more than the others. It is a lightweight board that uses pegs to hold all the different forms in place. This system can hold forms for the daily log...
576 Words | 2 Pages
• Accounting History - 813 Words
A SHORT HISTORY OF ACCOUNTING AND BUSINESS The history of accounting is as old as civilization, among the most important professions in economic and cultural development. Accountants invented writing, developed money and banking, innovated the double entry bookkeeping system that fueled the Italian Renaissance, were needed by Industrial Revolution inventors and entrepreneurs for survival, helped develop the capital markets necessary for big business so essential for capitalism, turned into a...
813 Words | 3 Pages
• principles of accounting HT513 - 281 Words
HT513 PRINCIPLES OF ACCOUNTING FOR TOURISM AND HOSPITALITY 1. Document used after business transaction 2. Book of prime entry INTRODUCTION OF BUSINESS • The purpose of a business is to make a profit for its owner(s) • A business is a separate entity from its owner. • Every financial transaction has a dual effect. • Double entry bookkeeping accounts for the dual aspect of financial statement transactions. INTRODUCTION OF FINANCIAL STATEMENT • Information from a trial balance is used to...
281 Words | 3 Pages
• Three Major Accounting Statements
Billionaire Warren Buffet once said, “In the business world, the rearview mirror is always clearer than the windshield.” That’s exactly what the three key financial keys are: the rearview mirror. The income statement, the balance sheet, and the statement of cash flows all combine to show exactly what happened in the past. The income statement is a report generated to show the profitability of the company. It shows sales less expenses during a specified period of time. It is prepared in such...
315 Words | 1 Page
• Basic Elements of Accounting - 1482 Words
1. Functions of departments in Thanh Dung Company * BOD: The main function of the board is to manage the business in the best interest, primarily of the shareholders. In other words it is their duty to add value to the business which, by definition, requires the director to ensure that the Thanh Dung Company continues to improve its profitability and the price or value of its shares. They will set up targets, policies and strategies to create the premise for the operation of Thanh Dung...
1,482 Words | 6 Pages
• Questions and Answers on Accounting Theory
Examination Cover Page Examination Period: Academic Institution: Academic Group: Academic Career: Examination Type: AFFIX STUDENT ID STICKER HERE 2012 Term 1 Central Queensland University Faculty of Arts, Business, Informatics, and Education Postgraduate Standard I have read and understood the penalties involved if I do not abide by the rules outlined on the back of this examination paper. Student Signature: Student ID Number Course: Subject Area: Catalog Number:...
919 Words | 9 Pages
• Accounting: Balance Sheet and Business
Accounting Basics f or S t u d e n t s Ba sic a ccou nting le ss ons an d qu es tio ns fo r high s cho ol a nd c ollege s tude nts By Michael Celender Accounting Basics for Students Copyright © 2010 Michael Celender. All Rights Reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including but not limited to digital copying and printing, without the express written permission of the author. The author, Michael Celender, has made his best...
89,824 Words | 496 Pages
• Fair Value Accounting - Quality of Earnings
Under fair value accounting, earnings of a firm constitutes three broad components namely asset income, realized gains and unrealized gains. What impact does this have on a firm’s earnings quality given that the main shift from current accounting standards is the inclusion of unrealized gains into earnings computation? Often, it holds true that what matters is not how much a firm makes, but how it makes its money . Investors value earnings that are sustainable, inherent to a firm’s business and...
437 Words | 2 Pages
• Advantages and Disadvantages of Principles-Based Accounting
What are the advantages and disadvantages of principles-based accounting? Perhaps the primary benefit of principles-based accounting rests in its broad guidelines that can be applied to numerous situations. Broad principles avoid the pitfalls associated with precise requirements that allow contracts to be written specifically to manipulate their intent. A 1981 study sponsored by FASB found evidence that managers purposefully try to structure leases as operating leases to avoid incurring...
468 Words | 2 Pages
• Generally Accepted Accounting Principles and Stockholders Equity
1). Return on assets. Net income 58,333 Total assets (Total liabilities + Stockholders equity) 1,404,726 Return on assets 4.2% =net income/1,404,726 2). Return on stockholders’ equity Net income 58,333 Stockholders equity 176,413 Return on equity 33.1% 3). Debt to asset ratio Debt 648,020 Total assets 1,404,726 Debt to assets ratio is equal to46% debt/total assets A). Briefly discuss the operating performance and financial position of Sepracor. Industry averages for these...
302 Words | 2 Pages
• Generally Accepted Accounting Principles and Melville Company
MBA 629 Accounting and Financial Management Agenda for Class 2 June 9, 2006 Review of chapter 1 and questions Practice quiz questions: 1. The Melville Company sold land for \$60,000 in cash. The land was originally purchased for \$40,000, and at the time of the sale, \$15,000 was still owed to First National Bank on that purchase. After the sale, The Melville Company paid off the loan to First National Bank. What is the effect of the sale and the payoff of the loan on the accounting...
598 Words | 3 Pages
• Acct - 280 Words
﻿The following selected transactions were completed by Reuben's Delivery Service during October: 1. Received cash from owner in exchange for capital stock, \$20,000. 2. Purchased supplies for cash, \$900. 3. Paid rent for October, \$3,000. 4. Paid advertising expense, \$2,500. 5. Received cash for providing delivery services, \$23,100. 6. Billed customers for delivery services on account, \$41,750. 7. Paid creditors on account, \$4,500. 8. Received cash from customers on account, \$36,200. 9. Determined...
280 Words | 2 Pages
• ACC 561 Assignment Wiley Plus Week 1
This paperwork ACC 561 Assignment Wiley Plus Week 1 includes answers to these exercises: Brief Exercise 1-7 Indicate which statement you would examine to find each of the following items: income statement, balance sheet, retained earnings statement, or statement of cash flows. Revenue during the period. Supplies on hand at the end of the year. Cash received from issuing new bonds during the period. Total debts outstanding at the end of the...
610 Words | 3 Pages
• Acc/561 Wk1 Be1-7, Be1-8, Be1-9
Wk 1 Assignment Complete the following in Wiley Plus: Brief Exercise BE1-7, Brief Exercise BE1-8, and Brief Exercise BE1-9 Question 1 Indicate which statement you would examine to find each of the following items: income statement, balance sheet, retained earnings statement, or statement of cash flows. Income Statement (a) Revenue during the period. Balance Sheet (b) Supplies on hand at the end of the year. Statement of Cash Flows (c) Cash received from issuing new bonds during...
413 Words | 2 Pages
• ACC 561 Week 1 Individual WileyPlus Exercises
This paperwork ACC 561 Week 1 Individual WileyPlus Exercises BE1 7, BE1 8, BE1 9 includes answers to these exercises: C: 9-35 Allocation of Precontribution Gain Solution 1. Brief Exercise BE1-7. Indicate which statement you would examine to find each of the following items: income statement, balance sheet, retained earnings statement, or statement of cash flows. 2. Brief Exercise BE1-8. Use the basic accounting equation to answer these questions. (a) The...
369 Words | 2 Pages
• Hcs/405 Week 4 Lt Ratios
2008 Ratio (unaudited) 2009 Ratio (unaudited) 2008 Ratio (audited) 2009 Ratio (audited) Current Ratio Current Ratio Current Ratio Current Ratio \$130,026 Assets \$8,380 Liabilities 15.52 to 1 \$128,867 Assets \$23,807 Liabilities 5.41 to 1 \$130,026 Assets \$8,380 Liabilities 15.52 to 1 \$128,867 Assets \$ 23,807 Liabilities 5.37 to 1 Quick Ratio Quick Ratio Quick Ratio Quick Ratio \$41,851 \$37,666 \$79,517 / \$8,380 9.49 to 1 \$22,995 \$59,787 \$82,782 /...
633 Words | 5 Pages
• Debt Ratio - 385 Words
ACC111- LESSON 2 There are many tools that a company can use to evaluate how well it is performing, one of those tools is the debt ratio calculation. The debt ratio shows the proportion of assets financed with debt, liabilities. It is calculated by the companies total liabilities divided by its total assets and is used as a percentage. Total assets and total debts can be found on the balance sheet. “It can be used to evaluate a business’s ability to pay its debt” (Nobles p. 89). The...
385 Words | 2 Pages
• ACCT1511 QUIZ 1 - 474 Words
Lecture Workshop QUESTION 1 (PART A) CoinRich Ltd. manufactures plastic toy coins, targeting board-game companies. Their toy coins are known for the delicate resemblance to real coins. Required: In each of the following cases, (a) calculate the year-end liability and any associated expenses for the year (if any), and (b) journalise the transaction. (1) CoinRich Ltd. issued 1000, \$100 bonds but found that the bond interest rate was lower than market rates, and so received \$98 cash for...
474 Words | 3 Pages
• HSM/260 Definition Scavenger hunt
﻿Definition Scavenger Hunt HSM/260 1. GAAP: Generally Accepted Accounting Principles. A collection of rules and procedures and conventions that are put together and defined as accepted accounting practice. This all includes the broad guidelines and the detailed procedures. http://wordnetweb.princeton.edu/perl/webwn?s=gaap 2. Basic Accounting Formula: Assets= Liabilities + Shareholders’ Equity. Assets: tangible and intangible assets of a business (cash, accounts receivable, inventory,...
429 Words | 2 Pages
• Balance Sheet and Assets B. Liabilities
﻿Final Exam 1. During a recession, unemployment ________ while inflation A. falls; falls. B. rises; falls. C. rises; rises. D. falls; rises. 2. Student A says that customer satisfaction is a mark of a world-class business. Student B says that proactive ethics is a mark of a world-class business. Which student is correct? A. Both B. Student A only C. Neither D. Student B only 3. Which of the following represents the basic accounting equation? A. Owners' Equity − Liabilities = Assets B....
1,112 Words | 4 Pages
• Equity and Equity Based Financial Assets
Equity and equity based financial assets What is equity? Equity is ownership interest in a corporation in the form of common stock or preferred stock. It is also total assets minus total liabilities; here also called shareholder's equity or net worth or book value. In real estate: it is the difference between what a property is worth and what the owner owes against that property (i.e. the difference between the house value and the remaining mortgage or loan payments on a house). What is a...
299 Words | 1 Page
• Tgif Case - 851 Words
TGIF Case Problems: Macro – Quantum Software is experiencing problems in regard to their liabilities due to their TGIF beer bust parties. Quantum is also facing the issue of continuing success in sales. Micro – Quantum over works their employees and is using the beer bust parties to keep morale high. Some employees however are taking advantage of the free beer every Friday and are consuming too much. Causes: {draw:frame} Quantum has had much success in the past three years of its...
851 Words | 3 Pages
• 13-8 13-9 essay
﻿ Brief Exercise 1-7 Your answer is correct. Indicate which statement you would examine to find each of the following items: income statement, balance sheet, retained earnings statement, or statement of cash flows. (a) Balance sheet Revenue during the period. (b) Income statement Supplies on hand at the end of the year. (c) Statement of cash flows Cash received from issuing new bonds during the period. (d) Balance...
261 Words | 3 Pages
• Hsm/260 - 461 Words
hsm/260 Week one checkpoint: scavenger hunt GAAP- (Generally Accepted Accounting Principles) Is rules that govern the way that accountants do the financial reports. http://www.investorwords.com/2141/GAAP.html Basic accounting formula- Is the formula that is used in accounting that reveals the total assets, liabilities, and the shareholders equity. Assets= Liabilities + shareholder Equity. http://www.investopedia.com/terms/a/accounting-equation.asp Transaction, t-account- It is an...
461 Words | 2 Pages
• Hsm 260 Week 1
HSM 260 Checkpoint Scavenger Hunt Week 1 July 29, 2011 GAAP- (Generally Accepted Accounting Principles) - The rules that govern the way accountants generate financial reports. http://www.investopedia.com/terms/g/gaap.asp Basic accounting formula- The formula used in accounting that shows the total assets, liabilities, and the shareholders equity. Assets = Liabilities + Shareholder Equity. http://www.investopedia.com/terms/a/accounting-equation.asp Transaction, t-account- An...
354 Words | 2 Pages
• Double Entry Exercises 1
﻿Introduction to Book-keeping Fill in the blanks in the following sentences from the selection of terms given at the bottom of the page. 1 The recording of accounting data is known as . 2 A change in the position of a business, i.e. the transfer of value from one to another, is a . 3 A person to whom money is owed for goods is a . They have given the firm ___________. 4 A person who owes money to the firm is a . They are in ______ to the firm. 5 Resources supplied by the owner is called...
1,458 Words | 10 Pages
• Deverlopment Period - 382 Words
Financia Accounting a Accounting: American Professors, “Accounting is an information system for measuring, processing, and communicating information that is useful in making economic deciesions”. Indian professor, “Accounting is a ‘vision’ of business. Since accounting farnishes the ‘eye’ through which business and administration ‘sec’” Bangladeshi Professor, “Accounting is the concrete economic science”. Accounting consist of three basic activities * It identifies * Recordsa...
382 Words | 3 Pages
• Medical Office - 285 Words
Why is it important to make your bank deposits as soon as possible? It is important to make bank deposits as soon as possible because as your office has bills to pay there needs to be sufficient funds to cover all expenses. Also your office does not want to wait depositing any checks because they person who wrote the check might not be good with their money. If the check is not deposited in a couple of day the person who wrote it might spend the money thinking they had more than they really...
285 Words | 1 Page
• Nature of Accounts - 504 Words
NATURE OF ACCOUNTS A separate account is maintained for each item in the balance sheet. Transactions may be recorded by entering the amount by which each item is affected into the respective account. The process of recording transactions consists of • T-Accounts. The T-account, named for its shape, is a convenient way of representing an account on a piece of paper. The T, with the account name entered at the top, permits transaction information to be entered on either side of the vertical...
504 Words | 2 Pages
• TRUEBLOOD 12-9 - 566 Words
cmeasurement date). Because the accounting under Opinion 30 was based on the intended actions of management at a plan date, future operating losses and other future costs that did not meet the definition of liabilities were recognized as liabilities under that Opinion. The Board’s conceptual framework, which sets forth the definition of a liability, was developed subsequent to the issuance of Opinion 30. 111. Under Issue 94-3, future costs directly associated with the discontinuance...
566 Words | 2 Pages
Lizet Moreno Professor Allen October 7, 2013 Rich Dad Poor Dad In the book rich dad and poor dad basically was summons up that for an individual to be wealthy, one must aim to own the system or means of the production. In other words the book shows you how to strive for success, there is different types of ways to succeed like the book tells you. The rich dad and poor dad both had strong point of views in earning and succeeding in life, in my opinion I would have followed on the same...
332 Words | 1 Page
• Deloitte Case - 428 Words
The FASB recently issued further guidance to assist with the interpretation of ASC 820- 10 (Statement 157): • FASB Staff Position FAS 157-3: Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active was issued in October 2008 to clarify the application of ASC 820-10 (Statement 157) in a market that is not active and to provide an example to illustrate key considerations in determining the fair value of a financial asset when the market for that...
428 Words | 2 Pages
• Assignment 1 Week 1
﻿ Cash Distribution Plan Advanced Accounting ACC 407 Assignment 1 Week 1 LO2-16-8 Cash Distribution Plan Adams, Peters, and Blake share profits and losses for their APB Partnership in a ratio of 2:3:5. When they decide to liquidate, the balance sheet is as follows: Assets Liabilities and Equities Cash \$40,000 Liabilities \$50,000 Adams, Loan 10,000 Adams,...
152 Words | 3 Pages
• Debt Ratio - 408 Words
Debt Ratio Debt Ratio • defined as the ratio of total debt to total assets, expressed in percentage, and can be interpreted as the proportion of a company’s assets that are financed by debt. • Measures the proportion of total assets financed by the firm’s creditors. The higher this ratio, the greater amount of other people’s money being used to generate profits. Formula: • The debt ratio is calculated by dividing total debt by total assets. Debt Ratio = Total Debt Total Assets Examples...
408 Words | 2 Pages
• Amenhotep Essay 1 - 426 Words
Accounting 301 – Jackson UNIVERSITY OF ILLINOIS MEMORANDUM tO: Amenhotep – Pharaoh of Egypt fROM: Daniel J. Hejza dATE: September 16, 2009 sUBJECT: Analysis of Sihathor & Pemsah Lands Introduction This memo provides an analysis of which noble did better with his lands, Sihathor or Pemsah and will notify you of a recent setback with Pemsah. To aid in this comparison, the statement of operations, or balance sheet, of each noble is attached. Comparison My advice is that...
426 Words | 2 Pages
• Business Entity Concept 2
5 Business Entity Concept- The business and the businessman are two different and distinct entities. I.e. that the firm and the partners, the company and the shareholders, the owners and the organization have their own distinct identities. All accounting is done from the perspective of the business. The accountant regards owners, creditors, suppliers, customers as parties transacting with the business. All transactions are viewed from the point of view of the business. Money...
3,734 Words | 15 Pages
• Frs 37: Provisions, Contingent Liabilities and Contingent Assets
Summary of FRS 37: Provisions, Contingent Liabilities and Contingent Assets The Standard This standard distinguishes between provisions and contingent liabilities. A provision is included in the statement of financial position at the best estimate of the expenditure required to settle the obligation at the end of the reporting period. A contingent liability is not recognised in the statement of financial position. However, unless the possibility of an outflow of economic resources...
594 Words | 3 Pages
• Assignment 2 Zoe He And Chao Ma
﻿To: Professor Hughes From: Zoe He, Chao Ma Date: November 2, 2014 Topic: Potential Asset Retirement Obligation Liability of ARO The major purpose of this memo is to help identify potential asset retirement obligation liabilities when ARO sells its 12 warehouses, which contain asbestos, in different situations. After studying related materials in ASC 410 rules, we have major conclusions summarized in this memo. In the situation that ARO plans to sell its 10 warehouses containing asbestos with...
541 Words | 2 Pages
• Kudler Fine Foods - 893 Words
Kudler Fine Foods has been in business since the opening of their first store in 1998. From that point the company’s owner Kathy Kudler has been focusing on how to deliver high qualities products that customers will want to continue to purchase. As the text states, “Kudler Fine Foods has experienced significant growth and is now focused on expanding the services, improving the efficiency of its operations and increasing the consumer purchase cycle as a means to increasing the loyalty and...
893 Words | 3 Pages
• Hsm 260 Checkpoint Scavenger Hunt
* GAAP: is a standard of methods that accountants and others use to prepare their financials. http://www.suite101.com/content/what-is-gaap-a28142 * Basic accounting formula: The formula or equation takes what a owner might owe to creditors and others adds it to what the owner might already own and factors in what the business owns. The equation can be done in different ways, but no matter there is always a balanced outcome....
474 Words | 2 Pages
• Acs 411 - 555 Words
ASC 410 Summary ASC 410 is the accounting standard codification that represents asset retirement and environmental obligations. Under ASC 410, there are two main subtopics which are asset retirement obligations and environmental obligations. Asset retirement obligations are legal obligations that may exist in connection with an entity’s retirement of a tangible long-lived asset. These legal obligations may arise when the entity acquires, constructs, or develops a long-lived asset, or operates...
555 Words | 2 Pages
• Need Help - 481 Words
Unit 10 Final Assignment Jessica Miller AC-113 May 27, 2012 Throughout my journey in Accounting for Non-Accounting majors I have crossed many thresholds to make me a stronger candidate to enter the business world. Beginning in Unit 1 I gained a lot of information on how important accounting is in a business. The first topic that I found beneficial for my knowledge in the business world is the different types and forms of a business. The objective for most businesses is to earn a profit. The...
481 Words | 2 Pages
• Common Size Financial Statement Analysis
COMMON-SIZE FINANCIAL STATEMENT ANALYSIS When all the items of a financial statement are expressed on a common basis, it is known as a common-size financial statement. Common-sizing of balance sheet is done generally by expressing its all items as a percentage of its total assets or total equities. Similarly, income statement is common-sized when its all items are expressed as percentage of total sales. PROCEDURE OF COMMON SIZING In preparing common-size income statement, the following...
545 Words | 2 Pages
• SOLVING THE MYSTERY OF DOUBLE ENTRY BOOKKEEPING
Solving the Mystery of Double Entry Bookkeeping – Warsono‐bin‐Hardono (swarsono@feb.ugm.ac.id) SOLVING THE MYSTERY OF DOUBLE ENTRY BOOKKEEPING 1 Sony Warsono-bin-Hardono Department of Accounting Faculty of Economics and Business Universitas Gadjah Mada Indonesia ABSTRACT Double-entry bookkeeping (DEB) has been shown to be reliable. The first documentation of its usage dates to 1494 and it has been used since then without any significant changes, despite more than half a millennium having...
5,011 Words | 20 Pages
• The Double Entry System - 477 Words
According to the double entry accounting system, a business transaction affects at least two accounts and the debit and credit amounts recorded for the affected accounts must be balanced. These transactions will be recorded in the appropriate books of accounts. Business entities develop a chart of accounts, a list of account titles with their corresponding account codes that the business will use in recording and posting in the books of accounts and in reporting in the financial statements....
477 Words | 2 Pages
• Case 15-12 Debt Versus Equity
Case 15-12 Debt versus Equity Case 15-12 Debt versus Equity Discuss the entity theory rationale for making no distinction between debt and equity. The entity theory was among the first new theories of ownership. (Schroeder, Clark, & Cathey, 2009, page 499). It depicts the accounting equation as assets equals equity (Schroeder, Clark, & Cathey, 2009, page 363). It makes no distinction between debt and equity (Schroeder, Clark, & Cathey, 2009, page 500). Entity theorist believe that...
750 Words | 3 Pages
• Horizontal and Vertical Analysis - 174 Words
﻿Horizontal and Vertical Analysis Horizontal Analysis Patton-Fuller Community Hospital Balance sheet December 31, 2009 and 2008 Assets 2009 2008 Percentage Total Current Assets 127,867 130,026 -1.7% Other Assets 459900 418480 9.88% Total Assets 587767 548535 7% Liabilities 2009 2008 Percentage Total Current Liabilities 23807 8380 184% Other Liabilities 438346 205069 114% Equity 125614 335085 -62.51% Total Liabilities and Equity 587767...
174 Words | 2 Pages
• Financial Analysis Coca-Cola Verses Pepsico. Inc.
Financial Analysis Coca-Cola verses PepsiCo. Inc. XACC/280 Financial Analysis Coca-Cola verses PepsiCo. Inc. There are many different types of soft drink manufactures in the United States and throughout the world. The two most popular manufactures are Coca-Cola and PepsiCo. They are the two companies that are well known all over the world. These two companies have cornered the soft drink market with their products for many years. Coca-Cola and PepsiCo have kept their prices...
1,780 Words | 4 Pages
• Assignment Week 1 - 483 Words
Assignment Week 1 Problem Set 1 1. Ben Collins plans to buy a house for \$65,000. If that real estate property is expected to increase in value 5 percent each year, what would its approximate value be seven years from now? \$65,000 X 1.407 = \$91,455 2. At an annual interest rate of five percent, how long would it take for your savings to double? It would take approximately 14.4 years or 72 months divided by 5. 3. In the mid-1990s, selected automobiles had an...
483 Words | 2 Pages
• Exercises Day 1 Solution
Chapter 02 - Investing and Financing Decisions and the Accounting System HANDOUT 2 – 1 SOLUTION, continued ANALYZING TRANSACTIONS Analyze each of the following transactions of World Wide Webster by performing each of the following. Then, use the chart on the following page to keep track of the amount in each account: (a) Stockholder invests \$10,000 into the business in exchange for 10,000 shares of \$1 par value common stock. 1. Decide if a transaction took place. Yes – received cash and gave...
1,487 Words | 22 Pages
• ACC 205 WEEK 1 ASSIGNMENT
﻿1. Recognition of normal balances a. Amounts paid to a mall for rent -expense b. Amounts to be paid in 10 days- liability c. A new fax machine purchases for office use- assets d. Land held as an investment - assets e. Amounts due from customers -assets f. Daily sales of merchandise sold - revenue g. Promotional costs to publicize a concert - expense h. A long-term loan owed to Citizens Bank -liability i. The albums, tapes, and CDs held for sale to customers –assets Normal balance for:...
895 Words | 8 Pages
• FASB Codification System - 569 Words
FASB Codification/ARO Case 1. According to FASB the asset retirement obligation should be recorded in the period in which the liability meets FASB’s definition of a “probable future sacrifice of economic benefits arising from a present obligation,” and in which its amount can be reasonably measured. Uncertainty with respect to the timing or method of settlement that is conditional on future occurrences does not affect the recognition of the liability but may be factored into its measurement....
569 Words | 2 Pages
• QUIZ CH 01 CH 02
Wenzhou-Kean University Fall 2013 ACCT 2200 30 MINUTE QUIZ-CH.1/CH.2 True/False Circle the correct answer T 1. Accounting is the information system that identifies, records, and communicates the economic events of an organization to interested users. True T 2. Bookkeeping deals with the record-keeping process and is only one aspect of accounting. True T 3. 4. 5. 6. 7. 8. False Collection of an accounts receivable will increase both cash and accounts receivable. True F False The...
790 Words | 10 Pages
• Long Term Financial Needs
﻿ Long-Term Financial Needs Tad Mendez FIN 486 May 3, 2015 Cyndie Shadow Long-Term Financial Needs Determining long term financial needs can be important because they allow the finance section of an organization layout the future expenses for the next year. Pro forma balance sheets detail the projected funds required for the following year. There are also year-end ratios that must be calculated to determine the health of the organization. This financial report will also include how...
736 Words | 3 Pages
• Teen Love - 425 Words
Hindi dahil sa hindi mo naiintindihan ang isang bagay ay kasinungalingan na ito… Minsan, accounting lang talaga iyan. A student died and was asked by St. Peter. St. Peter: What was your course when you were in college? Student: BSA… St. Peter: You may enter Heaven. You’ve suffered enough. A-rt of making yourselves unsleep for several nights. C-an make you feel tulala na wala sa sarili. C-hallenges you to shift. O-A sa hirap ng problems kahit unrealistic. U-maga na gising ka pa with...
425 Words | 2 Pages
• Non Performing Assets Analysis
CHAPTER - 6 PA – NPA ANALYSIS AND INTERPRETATION OF DATA OF SELECTED UCBS TEKAN TOGETHER 6.1 6.2 6.3 6.4 6.5 Introduction Concept Of NPA And Its Importance In Banking Sector Common - Size Analysis Of The Selected UCBs Common – Size Analysis Of PA And NPAs Of The Selected UCBs Taken Together Ratio Analysis Of The Selected UCBs Taken Together 6.5.1 6.5.2 6.5.3 6.5.4 6.5.5 6.5.6 6.5.7 6.5.8 6.5.9 6.6 Gross NPA ratio Net NPA ratio Problem Assets ratio Depositors‟ Safety ratio Share Holders Risk...
4,251 Words | 16 Pages
• ACC 561 Assignment Wiley Plus Week 2
This paperwork ACC 561 Assignment Wiley Plus Week 2 includes answers to these exercises: E13-5 The comparative balance sheets of Nike, Inc. are presented here. Complete the horizontal analysis of the balance sheet data for Nike using 2006 as a base. E13-6 Here are the comparative income statements of Winfrey Corporation. Complete the horizontal analysis of the income statement data for Winfrey Corporation using 2009 as a base E13-9 Armada Company has...