Table of Contents Accounting Concepts and policies…………………………………………………………….. 3 – 7 Relevance of accounting concepts and policies on financial report…………….. 7 – 10 Discount allowed and received………………………………………………………………… 11 – 13 Difference between carriage inwards and carriage outwards……………………. 11 – 13 Differences between straight line and reducing balance methods……………… 11 – 13 References……………………………………………………………………………………………… 14 - 16 Introduction Accounting Concepts and Principles These are rules and
Premium Balance sheet Generally Accepted Accounting Principles Bookkeeping
are only going to be used once‚ such as printer paper‚ stock‚ repairs‚ petrol etc. These items would go under expenses in the profit and loss account and would be included as part of revenue in balance sheet. Capital Expenditure is money spent by a business on items that are going to be used more than one time‚ for example machinery‚ buildings and vehicles. These would go under expenses in the profit and loss account. In the balance sheet they would go under assets (fixed) and the cost of them
Premium Expense Income statement Balance sheet
Homework Set #1 1. At the end of 2014‚ the Long Life Light Bulb Company announced it had produced a gross profit of $1 million. The company has also established that over the course of this year it has incurred $345‚000 in operating expenses and $125‚000 in interest expenses. The company is subject to a 30% tax rate and has declared $57‚000 total preferred stock dividends. (a) How much is the earnings available for common stockholders? (b) Compute the increased retained earnings for 2014 if the company
Premium Generally Accepted Accounting Principles Revenue Expense
Find needed answers here https://bitly.com/12B18Ql This document ACC 205 Week 5 Discussion Question 2 Current Liabilities comprises solution of this task: "There are two types of current liabilities that must be estimated. Describe them and explain why they must be estimated. How are the financial statements affected if they are not estimated? Respond to at least two of your classmates Deadline: ( )‚ Business - Accounting Week1 D1: As you have learned in this week’s readings the Accounting
Premium Balance sheet Expense Income statement
has been translated into 21 languages and it handles multiple currency exchanges. GnuCash walks you through setting up accounts. Designed to be easy to use‚ yet powerful and flexible‚ GnuCash allows you to track bank accounts‚ stocks‚ income and expenses. As quick and intuitive to use as a checkbook register‚ it is based on professional accounting principles to ensure balanced books and accurate reports (gnucash.org). Transactions for checking‚ credit card‚ income and investment transactions are
Premium Accounts receivable Accounting software Computer software
Auditing procedures: Five assertions: 1. Occurrence: Define: transactions and events that have been recorded have occurred and pertain to the entity. Explain: sales and purchases shown in the income statement belong to the company and are real‚ that is they actually took place. 2. Completeness: Define: all transactions and events that should have been recorded have been recorded. Explain: all the individual transactions making up the balances in the income statement are recorded; no sales
Premium Expense Revenue General ledger
BUDGET MANAGEMENT ANALYSIS To have a basis in illustrating the analysis of variance or difference between budgeted and actual figures‚ the budget of a sampled (unknown) company was utilized (http://www.smallbusinessnotes.com/business-finances/budgeting-systems.html). | | | | | | | | |
Premium Pro forma Revenue Analysis of variance
Royal Printing and Packaging Company Problem: How will the new management increase the company‘s sales‚ that will generate larger net income? SWOT Strengths - The new manager “Jose” being a fresh graduate knew new trends‚ ideas and tactics beneficial to the company. He has lots of ideas and plans for the future which makes the company adaptive and globally competitive to the business world. -The company has no substantial liabilities. Thus the company has enough financial
Premium Types of business entity Revenue Business
international markets? Yes. • More source of income. • More consumers • Increase market share • Cost beneficial 2. Should Revlon diversify its operations or develop joint venture with other companies? Yes. • Joint Venture will lessen expense • Can get ideas from other company • Other company can provide something that Revlon don’t have 3. What role does innovation play in the strategic planning of Revlon? Which specific type of innovation might Revlon use? Innovations- create new
Premium Marketing Strategy Debt
that beautiful card and gift given to us for Christmas. After appreciating the token we would ask him the reason and motive behind such an expensive foodstuff delivery. And based on the suppliers answers we would take the next step. 2. Sales Expense The second case is stating that a purchasing manager would give us their first order‚ expecting that we will agree to make a donation of P2‚ 000 to his favorite charity‚ a local youth sports team. By applying principle of double effect we would
Premium Cooking Logic The Celebration