financial accounting and its economic context
Tài liệu Financial Accounting and Its Environment pdf
... Transactions and Other Economic Events Overview of Financial Accounting Financial Accounting Process Financial Statements Decision Makers Financial Accounting and Its Environment CHAPTER The Financial Accounting ... Financial Accounting and Its Environment FINANCIAL ACCOUNTING AND ITS ENVIRONMENT EXHIBIT 1-1 The Three Major Types of Accounting Accounting Specialty Decision Maker Examples of Decisions Financial accounting ... organizations include hospitals, colleges and universities, churches, Financial Accounting and Its Environment FINANCIAL ACCOUNTING AND ITS ENVIRONMENT the federal, state, and local governments, many other...
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Financial Accounting and Its Environment doc
... accounting needs of organizations which not attempt to earn a profit, such as hospitals, colleges, and churches Overview of Financial Accounting Past Transactions and Other Economic Events Financial ... Types of Accounting • Accounting Information Systems – The processes and procedures required to generate accounting information Major Types of Accounting • Nonbusiness Organization Accounting ... of Accounting • Financial accounting provides information to decision makers who are external to the business – Examples include present and future shareholders, present and future creditors, and...
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Financial accounting in an economic context 8e chapter 01
... Chapter 1: Financial Accounting and Its Economic Context The Role of Financial Reporting in Investment Decisions Profit-seeking companies ... decisions - decisions affect the company and its managers Financial Reporting and Investment Decisions Content of Financial Reports The Management Letter The Financial Statements: – – – – Balance ... company and to the shareholders of the company It expresses an opinion as to whether the financial statements present fairly the financial activities of the company and whether the financials...
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Financial accounting in an economic context 8e chapter 02
... acquisition and sale of a company’s products and services – Collections from sales, rent, interest, etc – Cash paid to suppliers and employees, and for rent, selling activities, interest, and taxes ... Operating revenues and expenses: usual and frequent Other revenues and expenses: unusual or infrequent Disposal of a business segment Extraordinary items: unusual and infrequent 12 The Statement ... activities – acquisition and sale of productive assets – Financing activities – issue and retirement/repayment of liabilities and equity The Balance Sheet The balance sheet reports the financial position...
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Financial accounting in an economic context 8e chapter 03
... Measurement Fundamentals of Financial Accounting Basic Assumptions Basic assumptions are foundations of financial accounting measurements The basic assumptions are – Economic entity – Fiscal period ... concern – Stable dollar Economic Entity A company is assumed to be a separate economic entity that can be identified and measured This concept helps determine the scope of financial statements ... statements Examples — Disney and ABC, General Electric and NBC Fiscal Period (Periodicity) It is assumed that the life of an economic entity can be broken down into accounting periods The result...
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Financial accounting in an economic context 8e chapter 04
... Debits and Credits Based on the accounting equation, we can increase or decrease various accounts depending on their classification: Note that we use debits and credits instead of plusses and ... and a few accounts However, with thousands of transactions and hundreds of accounts, the spreadsheet program is inefficient Therefore accountants use a “double entry” system based on debits and ... Chapter 4: The Mechanics of Financial Accounting Chapter 4: The Mechanics of Financial Accounting The first step in the accounting process is transaction analysis This...
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Financial accounting in an economic context 8e chapter 05
... between the company and its customers and suppliers? How are the company’s sales and profits affected by changes in the economy? Reading and Studying the Financial Statements and Notes Read the ... Chapter 5: Using Financial Statement Information Control and Prediction Financial accounting numbers are useful in two fundamental ways: – They help investors and creditors influence and monitor ... Five Steps of Financial Statement Analysis Assessing the business environment Reading and studying the financial statements and footnotes Assessing earnings quality Analyzing the financial...
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Financial accounting in an economic context 8e chapter 06
... Materiality 19 Sales Returns and Allowances If sales returns are small in amount, adjust A/R and create a contra to Sales called Sales Returns when the merchandise is returned Sales allowances ... Management of Cash Restrictions placed on a company’s access to its cash are typically imposed by creditors to help ensure future interest and principal payments Compensating balances are sometimes ... 2008 and default on collection in 2009 Record sale in 2008: A/R 1,000 Sales Revenue 1,000 Record default in 2009: Bad Debt Expense 1,000 A/R 1,000 Note: this is called the direct method, and is...
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Financial accounting in an economic context 8e chapter 07
... Trade-Offs Income and Asset Measurement Economic Consequences – Income Taxes and Liquidity – Bookkeeping Costs – LIFO Liquidation and Inventory Purchasing Practices – Debt and Compensation ... Purchase of 100 units @ $20: Inventory 2,000 Accts Pay 2,000 December 20 Sale of 50 units @ $30: Cash 1,500 Sales 1,500 COGS 1,000 Inventory 1,000 December 30 AJE to recognize loss of units @$20 each ... costs of inflows [BI + P(net)] to EI and COGS? Methods: Specific identification Average for both COGS and EI FIFO - (first-in, first-out) for COGS – and LISH (last-in, still here) for EI...
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Financial accounting in an economic context 8e chapter 08
... to its market value, and a realized loss that reduces net income should be recognized immediately whether the security is classified as trading or available-for-sale Mark-to-Market Accounting and ... forms The key accounting question related to SPEs is whether the sponsoring company (e.g., Company A) should include (consolidate) the financial statements of the SPE with its own financial statements ... Changes of Securities on Hand at the End of the Accounting Period In the case of available-for-sale securities, the unrealized price changes are considered permanent accounts and are carried in the...
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Financial accounting in an economic context 8e chapter 09
... Overview of Accounting for Property, Plant, and Equipment Acquisition - What Costs to Capitalize? General Rule: – Capitalize (add to an asset account) the costs to acquire the asset and to prepare ... asset and to prepare it for its intended use Dr Asset (purchase price, sales tax, delivery, installation, etc) Cr Cash, Notes Payable, etc Land – Has indefinite life and therefore is not depreciated ... materials reduces cost) Land Improvements – Have definite life and therefore are depreciated – Fences, walls, parking lots, driveways Buildings – Have definite life and therefore are depreciated...
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Financial accounting in an economic context 8e chapter 010
... Introduction to Liabilities: Economic Consequences, Current Liabilities and Contingencies Liabilities What is a liability? – “Probable future sacrifice of economic benefits arising from present ... Accrued liabilities - accrue expense and liability at the end of the current period, and usually paid sometime during the next year For each item, debit expense and credit liability Examples include: ... Issues and recommendations: - Likelihood? Probable - Disclose? Yes - Disclosure? Indicate range and level of probability (250,000 – 1.5 million) - Accrue? Since probable (or greater) and estimable,...
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Financial accounting in an economic context 8e chapter 011
... way—through personal contact and direct visits A second way in which the heavy reliance on debt affects non-U.S accounting systems is that the required disclosures and regulations tend to be ... Table Financial Calculator (time value of money) 17 Problem 2: Bonds Payable On July 1, 2007, Mustang Corporation issues $100,000 of its 5-year bonds which have an annual stated rate of 7%, and ... Tables: See Page 718, Table Financial Calculator (time value of money) Long-term Notes Payable Problem 1: On January 2, 2008, Pearson Company purchases a section of land for its new plant site Pearson...
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Financial accounting in an economic context 8e chapter 012
... shares issued, and 75,000 shares outstanding $ 80,000 Common stock dividends distributable 2,000 Preferred stock, $100 par value, 1,000 shares authorized, 100 shares issued and outstanding 10,000 ... shares issued, and 75,000 shares outstanding $ 80,000 Common stock dividends distributable 2,000 Preferred stock, $100 par value, 1,000 shares authorized, 100 shares issued and outstanding 10,000 ... repayment of their principal and interest claims Issue Equity – Common and Preferred Stock – The shareholders, as owners, have voting rights, limited liability, and a residual interest in the...
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Financial accounting in an economic context 8e chapter 013
... average) Also, a company may be required to change to a new accounting technique by the issue of a new accounting standard Accounting standards required companies to show the cumulative effect ... investor focus, and because of compensation bonuses, managers continue to focus heavily on the bottom line, sometimes with dire effects Expanded financial statement disclosure and increased awareness ... activities that are material in amount, unusual in nature, and infrequent in occurrence To determine, consider the natural, political, and economic environment of the firm Examples of EI include...
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Financial accounting in an economic context 8e chapter 014
... from gains and losses on investing and financing activity For example, assume that land is sold for $10,000 cash, and the original cost was $9,000: Cash 10,000 Land 9,000 Gain on Sale of Land 1,000 ... of equipment, land, buildings, marketable securities (available-for-sale and equity), intangible assets, and most other long term assets – cash received from sale of equipment, land, buildings, ... securities (available-for-sale and equity), intangible assets, and most other long term assets – cash paid for issue of non-trade notes receivable (both short-term and long-term) – cash received...
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45 test bank for financial accounting in an economic context 9th
... assets and land b Inventory and equipment c Buildings and cash d Land and office buildings Sanchez Corporation has total assets, current liabilities, and long-term liabilities of $40,000, $2,000, and ... Dividends d Merchandise inventory not sold Why are liabilities separated into current and long-term? a Users want to know which amounts will be paid using current assets b Because current and long-term ... Prepaid expenses, land, accounts receivable d Building, equipment, depreciation expense Valley Company has cash, current liabilities, and long-term liabilities of $120,000, $30,000, and $31,000, respectively...
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45 test bank for financial accounting in an economic context 9th edition
... amortization Property, plant and equipment may include which of the following? a Intangible assets and land b Inventory and equipment c Buildings and cash d Land and office buildings Sanchez ... which financial statements will you find a company’s financial position at a specific point in time? a All financial statements combined b Income statement and balance sheet c Balance sheet and ... earnings The major accounting difference between interest expenses for creditors and dividends declared and paid to shareholders is that interest expenses: a decrease retained earnings and dividends...
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45 free test bank for financial accounting in an economic context 9th
... amortization Property, plant and equipment may include which of the following? a Intangible assets and land b Inventory and equipment c Buildings and cash d Land and office buildings Sanchez ... which financial statements will you find a company’s financial position at a specific point in time? a All financial statements combined b Income statement and balance sheet c Balance sheet and ... corporation has an income statement and a partnership does not The major accounting difference between interest expenses for creditors and dividends declared and paid to shareholders is that interest...
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45 test bank for financial accounting in an economic context 9th edition
... company’s profit Property, plant and equipment may include which of the following? a Intangible assets and land b Inventory and equipment c Buildings and cash d Land and office buildings Which one ... which financial statements will you find a company’s financial position at a specific point in time? a All financial statements combined 2 b Income statement and balance sheet c Balance sheet and ... statement while dividends declared and paid are d are on the income statement and dividends declared and paid are not Smith Corp earned $300,000 profit during 2015 On which financial statement(s) will...
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