Horngren's Financial & Managerial Accounting Nobles Mattison Matsumura Fourth Edition
|
|
- Chester Nash
- 5 years ago
- Views:
Transcription
1 Horngren's Financial & Managerial Accounting Nobles Mattison Matsumura Fourth Edition
2 Pearson Education imited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: Pearson Education imited 2014 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without either the prior written permission of the publisher or a licence permitting restricted copying in the United Kingdom issued by the Copyright icensing Agency td, Saffron House, 6 10 Kirby Street, ondon EC1N 8TS. All trademarks used herein are the property of their respective owners. The use of any trademark in this text does not vest in the author or publisher any trademark ownership rights in such trademarks, nor does the use of such trademarks imply any affi liation with or endorsement of this book by such owners. British ibrary Cataloguing-in-Publication Data A catalogue record for this book is available from the British ibrary Printed in the United States of America
3 Once an account receivable is written off, the company stops pursuing the collection. Some companies might turn delinquent receivables over to an attorney or other collection agency to recover some of the cash for the company, but generally companies do not expect to receive any future payment. Recovery of Previously Written Off Direct Write-Off Method Occasionally after a company writes off an account, the customer will decide to make payment. To account for this recovery, the company must reverse the earlier write-off. For example, on September 10, Smart Touch earning unexpectedly receives $ cash from Dan King. The company will reverse the earlier write-off and then record the cash collection as follows: A E and Explanation Receivable Bad Debts Expense Sep. 10 Receivable King Reinstated previously written off account. A Cash Receivable E 10 Cash Receivable King Collected cash on account. In order to keep accurate records about the collection of cash for a previously written off account, the business should re-establish the Receivable by debiting the receivable account. Then the business can record the receipt of cash for the receivable by debiting Cash and crediting Receivable. This helps restore the credit history of the customer by showing that the customer did fulfill the promise of payment. imitations of the Direct Write-Off Method The direct write-off method, as stated earlier, is often used only by small, non-public companies. This is because the direct write-off method violates the matching principle. The matching principle requires that the expense of uncollectible accounts be matched with the related revenue. For example, when using the direct write-off method, a company might record sales revenue in 2014 but not record the bad debt expense until By recording the bad debts expense in a different year than when the revenue was recorded, the company is overstating net income in 2014 and understating net income in In addition, on the balance sheet in 2014, Receivable will be overstated because the company will have some receivables that will be uncollectible but are not yet written off. This method is only acceptable for companies that have very few uncollectible receivables. Most companies must use a method that does a better job of matching expenses to the associated sales revenue. This method is called the allowance method, and it is the method required by GAAP.
4 > Try It! Williams Company uses the direct write-off method to account for uncollectible receivables. On July 18, Williams wrote off a $6,800 account receivable from customer W. Jennings. On August 24, Williams unexpectedly received full payment from Jennings on the previously written off account. 3. Journalize Williams write-off on the uncollectible receivable. 4. Journalize Williams collection of the previously written off receivable. Check your answers at the end of the chapter. For more practice, see Short Exercises S-3 and S-4. MyAccountingab HOW ARE UNCOECTIBES ACCOUNTED FOR WHEN USING THE AOWANCE METHOD? Most companies use the allowance method to measure bad debts. The allowance method is based on the matching principle; thus, the key concept is to record bad debts expense in the same period as the sales revenue. The offset to the expense is a contra account called or the Allowance for Doubtful. The allowance account reduces accounts receivable. The business does not wait to see which customers will not pay. Instead, it records a bad debts expense based on estimates developed from past experience and uses the to hold the pool of unknown uncollectible accounts. Recording Allowance Method When using the allowance method, companies estimate bad debts expense at the end of the period and then record an adjusting entry. Suppose that as of December 31, 2015, Smart Touch earning estimates that $80 of its $4,400 accounts receivable are uncollectible. The accounting clerk will record the following adjusting entry: earning Objective 3 Apply the allowance method for uncollectibles and estimate bad debts expense based on the percentof-sales, percent-of-receivables, and aging-of-receivables methods Allowance Method A method of accounting for uncollectible receivables in which the company estimates bad debts expense instead of waiting to see which customers the company will not collect from. A contra account, related to accounts receivable, that holds the estimated amount of uncollectible accounts Dec. 31 and Explanation A Allowance for Bad Debts E Bad Debts Expense Recorded bad debts expense for the period. After posting the adjusting entry, Smart Touch earning has the following balances in its accounts: Receivable Dec. 31 4, Dec. 31 Dec
5 Net Realizable Value The net value a company expects to collect from its accounts receivable. Receivable less Allowance for Bad Debts. Receivable will be reported on the balance sheet, but it will now be shown at the net realizable value. Net realizable value is the net value the company expects to collect from its accounts receivable ( Receivable less ). Smart Touch earning would report the following on its balance sheet: SMART TOUCH EARNING Balance Sheet (Partial) December 31, 2015 Assets Under IFRS, receivables are recognized and reported similarly to what is required by GAAP. Receivable must be reported at Net Realizable Value and the allowance method is used to accomplish the matching of bad debt expense to the sales of the period and to report receivables at net. Under IFRS, the Allowance for Bad Debts may be called the Provision for Bad Debts. IFRS provides more detailed criteria than GAAP for determining when an account is uncollectible. Current Assets: Receivable ess: $ 4,400 (80) $ 4,320 The balance sheet now reports the amount of accounts receivable that Smart Touch earning expects to collect, $4,320. The contra account,, is subtracted from Receivable showing that although $4,400 is owed to Smart Touch earning, the company estimates that $80 of accounts receivable will be uncollectible. Should the uncollectible accounts be > Ethics underestimated? Norah Wang is in the process of recording adjusting entries for her employer, Happy Kennels. She is evaluating the uncollectible accounts and determining the amount of bad debts expense to record for the year. Her manager, Gillian Tedesco, has asked that Norah underestimate the amount of uncollectible accounts for the year. Gillian is hoping to get a bank loan for an expansion of the kennel facility, and she is concerned that the net income of the company will be too low for a loan to be approved. What should Norah do? Solution It is important that accounts receivable be reported at the appropriate amount on the balance sheet. This involves determining an accurate estimate of uncollectible accounts and recognizing the associated bad debts expense. In understating the amount of uncollectible accounts, Norah would be misleading the bank on the amount of cash that Happy Kennels expects to collect in the future. Why isn t Bad Debts < Expense debited when writing off an account receivable when using the allowance method? Writing Off Uncollectible Allowance Method When using the allowance method, companies still write off accounts receivable that are uncollectible. However, instead of recording a debit to (as done when using the direct write-off method), the company will record a debit to. is not debited when a company writes off an account receivable when using the allowance method because the company has already recorded the Bad Debt Expense as an adjusting entry. The entry to write off an account under the allowance method has no affect on net income at the time of entry.
6 For example, on January 10, 2016, Smart Touch earning determines that it cannot collect a total of $ from its customer, Shawn Callahan. The accounting clerk would record the following entry to write off the account: 2016 Jan. 10 and Explanation Receivable Callahan Wrote off an uncollectible account. A E Allowance for Bad Debts Receivable Smart Touch earning s account balances after the write-off are: Receivable Jan. 1, ,400 Jan. 10, 2016 Bal. 4, Jan. 1, 2016 Jan. 10, Bal. The entry to write off a receivable reduces the amount of the Allowance for Bad Debts account and also the Receivable account, but it does not affect the net realizable value shown on the balance sheet. This is because both Allowance for Bad Debts (contra-asset) and Receivable (asset) were reduced by the amount of the write-off. In addition, the write-off of a receivable does not affect net income because the entry does not involve revenue or expenses. Receivable ess: Net Realizable Value Before Write-Off $ 4,400 (80) After Write-Off $ 4,375 (55) $ 4,320 $ 4,320 Recovery of Previously Written Off Allowance Method After a company has previously written off an account, the company stops attempting to collect on the receivable. Customers will occasionally make payment on receivables that have already been written off. A business will need to reverse the write-off to the account and then record the receipt of cash. In reversing the write-off, the business is re-establishing the receivable account and reversing the writeoff from the account. Recall that Smart Touch earning wrote off the $ receivable from customer Shawn Callahan on January 10, It is now March 4, 2016, and Smart Touch
7 earning unexpectedly receives $ cash from Callahan. The entries to reverse the write-off and record the receipt of cash are as follows: A E and Explanation Receivable Allowance for Bad Debts Mar. 4 Receivable Callahan Reinstated previously written off account. A E Cash Receivable 4 Cash Receivable Callahan Collected cash on account. Estimating and Recording Allowance Method How do companies determine the amount of bad debts expense when using the allowance method? Companies use their past experience as well as considering the economy, the industry they operate in, and other variables. In short, they make an educated guess, called an estimate. There are three basic ways to estimate uncollectibles: Percent-of-Sales Method A method of estimating uncollectible receivables that calculates bad debts expense based on a percentage of net credit sales. Percent-of-Sales Method The percent-of-sales method computes bad debts expense as a percentage of net credit sales. (Some companies will use all sales not just credit sales.) This method is also called the income-statement approach because it focuses on the amount of expense that is reported on the income statement. et s return to Smart Touch earning. Based on prior experience, the company s bad debts expense is normally 0.5% of net credit sales, which totaled $60,000 for the year. The accountant calculates bad debt expense using the percent-of-sales method as follows: Percent-of-Sales Method: Net credit sales % When using the allowance method, the only time Bad Debts Expense is recorded is as an adjusting entry. $60, $300 At December 31, Smart Touch earning records the following adjusting entry to recognize bad debts expense for the year: A E and Explanation Allowance for Bad Debts Bad Debts Expense 2016 Dec Recorded bad debts expense for the period.
Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world
Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk Pearson Education Limited 2014
More informationPearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world
Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk Pearson Education Limited 2014
More informationAdvanced Accounting Floyd A. Beams Joseph H. Anthony Bruce Bettinghaus Kenneth Smith Eleventh edition
Advanced Accounting Floyd A. Beams Joseph H. Anthony Bruce Bettinghaus Kenneth Smith Eleventh edition Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout
More informationFinancial Management Principles and Applications Titman Keown Martin Twelfth Edition
Financial Management Principles and Applications Titman Keown Martin Twelfth Edition Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world
More informationFundamentals of Futures and Options Markets John C. Hull Eighth Edition
Fundamentals of Futures and Options Markets John C. Hull Eighth Edition Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on
More informationValuation: The Art and Science of Corporate Investment Decisions Sheridan Titman John Martin Second Edition
Valuation: The Art and Science of Corporate Investment Decisions Sheridan Titman John Martin Second Edition Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies
More informationConstruction Accounting and Financial Management Steven Peterson Third Edition
Construction Accounting and Financial Management Steven Peterson Third Edition Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit
More informationExploring Microsoft Office Excel 2007 Comprehensive Grauer Scheeren Mulbery Second Edition
Exploring Microsoft Office Excel 2007 Comprehensive Grauer Scheeren Mulbery Second Edition Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the
More informationCost-Benefit Analysis Concepts and Practice Boardman Greenberg Vining Weimer Fourth Edition
Cost-Benefit Analysis Concepts and Practice Boardman Greenberg Vining Weimer Fourth Edition Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the
More informationMacroeconomics Principles, Applications, and Tools O'Sullivan Sheffrin Perez Eighth Edition
Macroeconomics Principles, Applications, and Tools O'Sullivan Sheffrin Perez Eighth Edition Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the
More informationEconomics Today The Macro View Roger LeRoy Miller Seventeenth Edition
Economics Today The Macro View Roger LeRoy Miller Seventeenth Edition Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the
More informationMacroeconomics Robert J. Gordon Twelfth Edition
Macroeconomics Robert J. Gordon Twelfth Edition Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk
More informationTo Joan, Scott, Mary, Susie, Cathy, Liz, Garth, Jens, Laura, Dawn, Jesse, and Duncan
To Joan, Scott, Mary, Susie, Cathy, Liz, Garth, Jens, Laura, Dawn, Jesse, and Duncan VP/Editorial Director: Sally Yagan AVP/Editor in Chief: Donna Battista Acquisitions Editor: Julie Broich Senior International
More informationPearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world
Pearson Education Limited Edinburgh Gate Harlow Essex CM0 JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk Pearson Education Limited 04 All
More informationBritish Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library
Editorial Director: Sally Yagan Editor in Chief: Donna Battista Director Editorial Services: Ashley Santora Editorial Project Manager: Karen Kirincich Editorial Assistant: Jane Avery Editorial Assistant:
More informationModule 9. Table of Contents
Copyright Notice. Each module of the course manual may be viewed online, saved to disk, or printed (each is composed of 10 to 15 printed pages of text) by students enrolled in the author s accounting course
More informationTo our spouses and children, and to all our students, past and present.
To our spouses and children, and to all our students, past and present. Editor-in-Chief: Donna Battista Acquisitions Editor: Ellen Geary Publisher, Global Edition: Laura Dent Director of Editorial Services:
More informationFundamentals of Futures and Options Markets
GLOBAL EDITION Fundamentals of Futures and Markets EIGHTH EDITION John C. Hull Editor in Chief: Donna Battista Acquisitions Editor: Katie Rowland Editorial Project Manager: Emily Biberger Editorial Assistant:
More informationISBN 10: ISBN 13: British Library Cataloguing-in-Publication Data
Vice President, Business Publishing: Donna Battista Director of Portfolio Management: Adrienne D Ambrosio Specialist Portfolio Management: Lacey Vitetta Senior Acquisitions Editor, Global Edition: Sandhya
More informationhttps://testbankdata.com/download/test-bank-horngrens-financialmanagerial-accounting-4th-edition-tracie-l-nobles-brenda-l-mattisonella-mae-matsumura/
Instant download and all chapters Test Bank Horngren s Financial Managerial Accounting 4th Edition Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura https://testbankdata.com/download/test-bank-horngrens-financialmanagerial-accounting-4th-edition-tracie-l-nobles-brenda-l-mattisonella-mae-matsumura/
More informationBritish Library Cataloguing-in-Publication Data
Vice President, Business Publishing: Donna Battista Senior Acquisitions Editor: Lacey Vitetta Editorial Assistant: Christine Donovan Vice President, Product Marketing: Maggie Moylan Director of Marketing,
More informationChapter 3 The Adjusting Process
Instant download and all chapters Solution Manual Horngren s Financial Managerial Accounting 4th Edition Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura https://testbankdata.com/download/solution-manual-horngrens-financialmanagerial-accounting-4th-edition-tracie-l-nobles-brenda-l-mattison-ella-maematsumura/
More information26/04/2015. Chapter 9. Receivables
Chapter 9 Receivables PowerPoint to accompany: Learning objectives Define and explain common types of receivables and review internal controls for receivables Describe how bad debts arise Use the allowance
More informationUnited Kingdom issued by the Copyright Licensing Agency Ltd, Saffron House, 6 10 Kirby Street, London EC 1N 8TS.
Vice President, Business Publishing: Donna Battista Senior Acquisitions Editor: Lacey Vitetta Editorial Assistant: Christine Donovan Vice President, Product Marketing: Maggie Moylan Director of Marketing,
More informationAn Introduction to Programming Using Python. David I. Schneider
Global edition An Introduction to Programming Using Python David I. Schneider Vice President and Editorial Director, ECS: Marcia J. Horton Executive Editor: Tracy Johnson Assistant Acquisitions Editor,
More informationTo Rebecca, Natasha, and Hannah, for the love and for being there J. B. To Kaui, Pono, Koa, and Kai, for all the love and laughter P. D.
To Rebecca, Natasha, and Hannah, for the love and for being there J. B. To Kaui, Pono, Koa, and Kai, for all the love and laughter P. D. Editor in Chief: Donna Battista Acquisitions Editor: Katie Rowland
More informationFoundations of Finance
GLOBAL EDITION Foundations of Finance The Logic and Practice of Financial Management EIGHTH EDITION Keown Martin Petty Editor in Chief: Donna Battista Acquisitions Editor: Katie Rowland Publisher, Global
More informationInstructor s Manual. Fundamentals of Financial Management. Thirteenth edition. James C. Van Horne John M. Wachowicz, Jr.
Instructor s Manual Fundamentals of Financial Management Thirteenth edition James C. Van Horne John M. Wachowicz, Jr. For further instructor material please visit: www.pearsoned.co.uk/wachowicz ISBN: 978-0-273-71364-7
More informationPearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England. and Associated Companies throughout the world
AVP/Executive Editor: Stephanie Wall Editorial Director: Sally Yagan Editor in Chief: Donna Battista Director of Editorial Services: Ashley Santora Editorial Project Manager: Christina Rumbaugh Editorial
More informationSOLUTIONS Learning Goal 17
Learning Goal 17: Record, Report, and Control Receivable S1 Learning Goal 17 Multiple Choice 1. c Remember that any entry to the Accounts Receivable account also requires an entry to a subsidiary account.
More informationHorngren s Accounting
GLOBAL EDITION Horngren s Accounting TENTH EDITION Nobles Mattison Matsumura Editor-in-Chief: Donna Battista Head of Learning Asset Acquisition: Laura Dent Acquisitions Editor: Lacey Vitetta Senior Acquisitions
More informationClick to edit Master title style
1 9 Receivables 1 2 After studying this chapter, you should be able to: 1. Describe the common classifications of receivables. 2. Describe the nature of and the accounting for uncollectible receivables.
More informationAllowance Method of Recording Losses from Uncollectible Accounts
Learning Objectives LO1 Explain the purpose of the allowance method for recording losses from uncollectible accounts. LO2 Estimate uncollectible accounts expense using an aging of accounts receivable.
More informationExtra Practice for Block 1
Extra Practice for Block 1 Source: Harrison, Walter T., Jr., and Charles T. Horngren. Financial Accounting. 3rd ed. Boston: Pearson, 2008. Print. Custom Edition. Chapter 1 p.26-27 1. Which of the following
More informationCHAPTER 7 ACCOUNTING FOR RECEIVABLES
CHAPTER 7 ACCOUNTING FOR RECEIVABLES Key Terms and Concepts to Know Accounts Receivable: Result from sales on account (credit sales), not cash sales. May also result from credit card sales if there is
More informationReceivable and Sales C AT EDRÁTICO U PR R I O P I EDRAS S EG. S EM
Receivable and Sales E DWIN R ENÁN MALDONADO C AT EDRÁTICO U PR R I O P I EDRAS S EG. S EM. 2 017-18 Textbook: Financial Accounting, Spiceland This presentation contains information, in addition to the
More informationThe transaction had a financial impact on the business and should be recorded. The payment for the computer was not an expense.
Chapter 2 Recording Business Transactions Short Exercises (5 min.) S 2-1 The transaction had a financial impact on the business and should be recorded. The payment for the computer was not an expense.
More informationA. II. B. I. III. A. B.
II. A. B. I. III. A. B. Adjusting the Accounts Chapters 3 and 4 "Cash" Basis vs. "Accrual" Basis: Cash Accrual Revenue Expenses Generally Accepted Accounting Principles (GAAP) require using the basis.
More informationChapter 5 Receivables and Sales
Chapter 5 - Receivables and Sales REVIEW QUESTIONS Chapter 5 Receivables and Sales Question 5-1 (LO 5-1) When recording a credit sale, we debit accounts receivable. Accounts receivable are reported as
More informationMark Scheme (Results) January Pearson Edexcel International GCSE in Accounting (4AC0) Paper 01
Scheme (Results) January 2014 Pearson Edexcel International GCSE in Accounting (4AC0) Paper 01 Edexcel and BTEC Qualifications Edexcel and BTEC qualifications are awarded by Pearson, the UK s largest awarding
More informationCHAPTER 8. Accounting for Receivables 1, 2 1 3, 4, 5, 6, 7 4, 5, 6, 7, 8 12, 13, 14, 15, 16
CHAPTER 8 Accounting for Receivables ASSIGNMENT CLASSIFICATION TABLE Learning Objectives Questions Brief Exercises Do It! Exercises A Problems B Problems 1. Identify the different types of receivables.
More informationChapter 7 Cash and Receivables
Chapter 7 Cash and Receivables Questions for Review of Key Topics Question 7 1 Cash equivalents usually include negotiable instruments as well as highly liquid investments that have a maturity date no
More informationNotes Receivable A note is a written promise to pay a specific amount at a specific future date. Includes an interest cost for the term of the note
RECEIVABLES Accounts Receivable Amounts due from customers for credit sales. Credit sales require: o Maintaining a separate account receivable for each customer. o Accounting for bad debts that result
More informationAccounting for Receivables
9 Accounting for Receivables Learning Objectives 1 2 3 4 Explain how companies recognize accounts receivable. Describe how companies value accounts receivable and record their disposition. Explain how
More informationTHE ACCOUNTING INFORMATION SYSTEM
2 THE ACCOUNTING INFORMATION SYSTEM DISCUSSION QUESTIONS 1. The conceptual framework of accounting is the collection of general concepts that logically flow from the objective of financial reporting to
More informationAccounting for Receivables
8-1 Chapter 8 Accounting for Receivables 8-2 Learning Objectives After studying this chapter, you should be able to: 1. Identify the different types of receivables. 2. Explain how companies recognize accounts
More informationAccounting Principles
Accounting Principles Second Canadian Edition Weygandt Kieso Kimmel Trenholm Prepared by: Carole Bowman, Sheridan College CHAPTER 9 ACCOUNTING FOR RECEIVABLES Hey Sabres Accountants of Tomorrow, look for
More informationAmendments to Basis for Conclusions FRS 101 Reduced Disclosure Framework
Amendment to Standard Accounting and Reporting Financial Reporting Council May 2018 Amendments to Basis for Conclusions FRS 101 Reduced Disclosure Framework 2017/18 cycle The FRC's mission is to promote
More informationMark Scheme (Results) Summer IGCSE Accounting (4AC0) Paper 01
Scheme (Results) Summer 2012 IGCSE Accounting (4AC0) Paper 01 Edexcel and BTEC Qualifications Edexcel and BTEC qualifications come from Pearson, the world s leading learning company. We provide a wide
More informationACCOUNTING CONCEPTS AND PROCEDURES
ACCOUNTING CONCEPTS AND PROCEDURES 1-1 Chapter 1 Learning Objectives 1. Defining and listing the functions of accounting. 2. Recording transactions in the basic accounting equation. 3. Seeing how revenue,
More informationChapter 8 - REPORTING AND ANALYZING INVENTORY
Revised Summer 2018 Chapter 8 Review 1 Chapter 8 - REPORTING AND ANALYZING INVENTORY LO 1: Explain how companies recognize accounts receivable. RECEIVABLES Amounts due from individuals and companies that
More informationWHAT ALL KIDS AND ADULTS TOO SHOULD KNOW ABOUT... SAVING AND SAVING & INVESTING INVESTING $ `
WHAT ALL KIDS SHOULD SAVING AND AND ADULTS TOO KNOW ABOUT... SAVING & INVESTING INVESTING $ ` WHAT ALL KIDS SHOULD AND ADULTS TOO KNOW ABOUT... SAVING & INVESTING WHAT ALL KIDS SHOULD KNOW ABOUT... SAVING
More informationCHAPTER 8. Accounting for Receivables ASSIGNMENT CLASSIFICATION TABLE. Brief Exercises Do It! Exercises. A Problems. B Problems
CHAPTER 8 Accounting for Receivables ASSIGNMENT CLASSIFICATION TABLE Learning Objectives Questions Brief Exercises Do It! Exercises A Problems B Problems 1. Identify the different types of receivables.
More informationAccounting for Business Transactions QUESTIONS
Financial and Managerial Accounting 7th Edition Wild Solutions Manual Full Download: http://testbanklive.com/download/financial-and-managerial-accounting-7th-edition-wild-solutions-manual/ Chapter 2 Accounting
More informationRecording Business Transactions
Chapter 2 Recording Business Transactions Short Exercises (5 min.) S 2-1 The transaction had a financial impact on the business and should be recorded. The payment for the computer was not an expense.
More informationPearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England. and Associated Companies throughout the world
Editorial Director: Sally Yagan Editor in Chief: Donna Battista Senior Acquisitions Editor: Chuck Synovec Senior Acquisitions Editor, Global Edition: Steven Jackson Editor, Global Edition: Leandra Paoli
More informationRecording Business Transactions
Financial Accounting Canadian 6th Edition Harrison Solutions Manual Full download at: https://testbankreal.com/download/financial-accounting-canadian-6th-editionharrison-solutions-manual/ Financial Accounting
More informationDEBITS AND CREDITS: ANALYZING AND RECORDING BUSINESS TRANSACTIONS
DEBITS AND CREDITS: ANALYZING AND RECORDING BUSINESS TRANSACTIONS 2-1 Chapter 2 Learning Objectives 1. Setting up and organizing a chart of accounts. 2. Recording transactions in T accounts according to
More informationFinancial Accounting Chapter 7 Notes Cash and Receivables
Financial Accounting Notes Cash and Receivables I. Management Issues Related to Short-Term Financial Assets Management of short-term assets is critical to providing adequate liquidity. In dealing with
More informationACCOUNTING STANDARDS BOARD INTERPRETATION OF THE STANDARDS OF GENERALLY RECOGNISED ACCOUNTING PRACTICE
ACCOUNTING STANDARDS BOARD INTERPRETATION OF THE STANDARDS OF GENERALLY RECOGNISED ACCOUNTING PRACTICE CHANGES IN EXISTING DECOMISSIONING, RESTORATION AND SIMILAR LIABILITIES (IGRAP 2) Issued by the Accounting
More informationChapter 1 Accounting and the Business Environment
Horngren s Accounting 11th Edition SOLUTIONS MANUAL Miller-Nobles Mattison Matsumura Full download at: https://testbankreal.com/download/horngrens-accounting-11th-edition-solutionsmanual-miller-nobles-mattison-matsumura/
More informationProf Albrecht s Notes Example of Complete Accounting Cycle Intermediate Accounting 1
Prof Albrecht s Notes Example of Complete Accounting Cycle Intermediate Accounting 1 In this chapter of notes I ll provide a complete example of the accounting cycle. The order of the tasks to complete
More informationChapter 20 Notes Uncollectible Accounts Expense
Chapter 20 Notes Uncollectible Accounts Expense Uncollectible Account- An account that has been defaulted on. Meaning that the person did not pay when it was due. Explanation of the Accounts Uncollectible
More informationCHAPTER 9 Accounting for Receivables
CHAPTER 9 Accounting for Receivables ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises Problems Set A Problems Set B 1. Identify and distinguish between the different
More informationCHAPTER 3 Adjusting the Accounts
Solutions Manual Financial and Managerial Accounting, 2nd Edition Weygandt Kimmel Kieso Completed Instant download SOLUTIONS MANUAL for Financial and Managerial Accounting, 2nd Edition by Jerry J. Weygandt,
More informationCHAPTER 3. Adjusting the Accounts 6, 7 1 8, 9, 10, 11, 12, 13, 18, 19, , 18 6A 12, 13 14, 15
CHAPTER 3 Adjusting the Accounts ASSIGNMENT CLASSIFICATION TABLE Learning Objectives Questions Brief Exercises Do It! Exercises A Problems B Problems *1. Explain the time period assumption. *2. Explain
More informationMark Scheme (Results) June International GCSE Accounting (4AC0)
Scheme (Results) June 2014 International GCSE Accounting (4AC0) Edexcel and BTEC Qualifications Edexcel and BTEC qualifications come from Pearson, the world s leading learning company. We provide a wide
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education
www.xtremepapers.com UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education *4883792400* ACCOUNTING 0452/03 Paper 3 May/June 2007 Candidates answer
More informationChapter 2 Recording Business Transactions
Horngren's Accounting, The Financial Chapters 11th Edition Solutions Manual Miller-Nobles Solutions Manual, Answer key, Instructor's resource Manual, Try It Solutions, Working Papers Solutions are include.
More informationA Foreign Exchange Primer
A Foreign Exchange Primer For other titles in the Wiley Trading series please see www.wiley.com/finance A FOREIGN EXCHANGE PRIMER Second Edition Shani Shamah A John Wiley and Sons, Ltd., Publication Copyright
More informationBest Execution Retail Client Orders Summary Disclosure Statement HSBC Bank plc Global Markets
Jan 2018 Best Execution Retail Client Orders Summary Disclosure Statement HSBC Bank plc Global Markets Dated 3 January 2018 PUBLIC Jan 2018 Copyright. HSBC Bank plc 2018 ALL RIGHTS RESERVED. No part of
More informationUVA-F-1118 NONSTANDARD OPTIONS. Dividends, Dividends, and Dividends
Dividends, Dividends, and Dividends It was September 1, 1995, and Jack Williams, a portfolio manager, was facing a couple of thorny issues related to the valuation of options on dividend-paying stocks.
More informationChapter 4 Question Review 1
Chapter 4 Question Review 1 Chapter 4 Questions Multiple Choice 1. The final step in the accounting cycle is to prepare: a. closing entries. b. financial statements. c. a post-closing trial balance. d.
More informationLeveraged Exchange-Traded Funds
Leveraged Exchange-Traded Funds Leveraged Exchange- Traded Funds A Comprehensive Guide to Structure, Pricing, and Performance Narat Charupat and Peter Miu LEVERAGED EXCHANGE-TRADED FUNDS Copyright Narat
More informationAAT. Accounts Preparation. Pocket notes
AAT Accounts Preparation Pocket notes Accounts Preparation British library cataloguing-in-publication data A catalogue record for this book is available from the British Library. Published by: Kaplan Publishing
More informationChapter 23 Audit of Cash and Financial Instruments. Copyright 2014 Pearson Education
Chapter 23 Audit of Cash and Financial Instruments Identify the major types of cash and financial instruments accounts maintained by business entities. Show the relationship of cash in the bank to the
More informationPetunia Patch. Module 5. Adjusting and Closing Entries For the Quarter Ended June 30. Level 1. 1 st Web-Based Edition
Petunia Patch Level 1 1 st Web-Based Edition Module 5 Adjusting and Closing Entries For the Quarter Ended June 30 Page 1 ADJUSTING ENTRIES FOR THE QUARTER Using a copy of the June 30 Trial Balance After
More informationAccountings Summary OUTLINE
Accountings Summary OUTLINE 1. Accounting and Business Environment 2. Recording Business Transaction 3. The Adjusting Process 4. Completing the Accounting Cycle 5. Merchandising Operations 6. Accounting
More informationMark Scheme (Results) January International A Level Accounting. WACO1 Paper 01
Mark Scheme (Results) January 2014 International A Level Accounting WACO1 Paper 01 Edexcel and BTEC Qualifications Edexcel and BTEC qualifications are awarded by Pearson, the UK s largest awarding body.
More informationTHE ACCOUNTING CYCLE: Accruals and Deferrals
Chapter 4 THE ACCOUNTING CYCLE: Accruals and Deferrals Presented by: Endra M. Sagoro Economic Faculty YSU endra_ms@uny.ac.id At the end of the period, we need to make adjusting entries to get the accounts
More informationChapter 2. Transaction Analysis. Ethics Check. (5-10 min.) EC 2-1. a. Due care b. Integrity c. Due care d. Objectivity and independence
Chapter 2 Transaction Analysis Ethics Check (5-10 min.) EC 2-1 a. Due care b. Integrity c. Due care d. Objectivity and independence Copyright 2017 Pearson Education Inc. Chapter 2 Transaction Analysis
More informationBusiness Statistics Norean D. Sharpe Richard D. De Veaux Paul Velleman Second Edition
Business Statistics Norean D. Sharpe Richard D. De Veaux Paul Velleman Second Edition Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world
More informationSample Reports of Service Tax
Sample Reports of Service Tax The information contained in this document is current as of the date of publication and subject to change. Because Tally must respond to changing market conditions, it should
More informationPROFESSOR S CLASS NOTES FOR UNIT 14 COB 241 Sections 13, 14, 15 Class on November 5, 2018
PROFESSOR S CLASS NOTES FOR UNIT 14 COB 241 Sections 13, 14, 15 Class on November 5, 2018 Accounts Receivable Accounts Receivable are amounts which the company has a legal right to collect from customers.
More informationFill-in-the-Blank Equations. Exercises
Chapter 8 Receivables Study Guide Solutions 1. Net realizable value Fill-in-the-Blank Equations 2. Credit 3. Face amount 4. Maturity value 5. Average accounts receivable 6. Average daily sales Exercises
More informationFill-in-the-Blank Equations. Exercises
Chapter 8 Receivables Study Guide Solutions 1. Net realizable value Fill-in-the-Blank Equations 2. Credit 3. Face amount 4. Maturity value 5. Average accounts receivable 6. Average daily sales Exercises
More informationCHAPTER 9. BE9-1 a) employee advances - other receivable b) promissory note - note receivable c) sold goods on account - accounts receivable
CHAPTER 9 BE9-1 a) employee advances - other receivable b) promissory note - note receivable c) sold goods on account - accounts receivable BE9-2 a) July 1 A/R - Cambridge Inc. 14,000 Sales 14,000 sold
More informationAdjusting the Accounts
3-1 Chapter 3 Adjusting the Accounts Learning Objectives After studying this chapter, you should be able to: 1. Explain the time period assumption. 2. Explain the accrual basis of accounting. 3. Explain
More informationStructural Revolution in International Business Architecture
Structural Revolution in International Business Architecture Structural Revolution in International Business Architecture Modelling and Analysis: Volume 1 Dipak Basu Nagasaki University, Japan Victoria
More informationChapter9: Receivables [Type text] [Type text] Receivables
Chapter9: Receivables [Type text] [Type text] Receivables The receivables that result from sales on account are normally: accounts receivable or notes receivables. Receivables includes all money claims
More informationCHAPTER 8. Accounting for Receivables 5, 6, 7, 8, 9, 10, 11, 12, 13 5, 6, 7, 8, 9 14, 15, 16, 17 18, 19, 20, 21, 22 10, 11, 12, 13 13, 14, 15
CHAPTER 8 Accounting for Receivables ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises Problems Set A Problems Set B 1. Record accounts receivable transactions. 1, 2,
More informationIntermediate Accounting IFRS Edition Kieso, Weygandt, and Warfield 7-2
7-1 C H A P T E R 7 CASH AND RECEIVABLES Intermediate Accounting IFRS Edition Kieso, Weygandt, and Warfield 7-2 Learning Objectives 1. Identify items considered cash. 2. Indicate how to report cash and
More informationVenture Capital Method: Valuation Problem Set Solutions
9-802-162 REV: OCTOBER 10, 2002 WALTER KUEMMERLE Venture Capital Method: Valuation Problem Set Solutions This note provides detailed solutions to questions 1 through 4 of the Venture Capital Method - Valuation
More information2 GoVenture CEO LEARNING GUIDE. Learning Guide & Activity Book SAMPLE
2 GoVenture CEO GoVenture CEO Learning Guide & Activity Book This guide helps you learn the fundamental concepts of business as they are applied in the GoVenture CEO simulation. ISBN 978-1-894353-31-1
More informationBad Debts Expense 22,000. Bad Debts Expense 22,000
Name: Date: 1. Which one of the following is not an objective of a system of internal controls? A) Safeguard company assets B) Overstate liabilities in order to be conservative C) Enhance the accuracy
More information3. The following information was taken from Hurlbert Company cash budget for the month June
Unit 3 (Chapters 7-9 Question Review) 1 Unit 3 Exam (Chapters 7-9 Review) 1. A $200 petty cash fund has cash of $32 and receipts of $172. The journal entry to replenish the account would include a a. debit
More informationChapter 16 Completing the Tests in the Sales and Collection Cycle:
Chapter 16 Completing the Tests in the Sales and Collection Cycle: Accounts Receivable Describe the methodology for designing tests of details of balances using the audit risk model. Design and perform
More informationAccounting Practice Test
Accounting Training Unlimited ~ www.atunlimited.com ~ info@atunlimited.com Page 1 Accounting Practice Test Table of Contents Accounting Practice Test... 3 Accounting Practice Test Answer Sheet... 9 Accounting
More informationClick to edit Master title style
1 Adeng Pustikaningsih, M.Si. Dosen Jurusan Pendidikan Akuntansi Fakultas Ekonomi Universitas Negeri Yogyakarta CP: 08 222 180 1695 Email : adengpustikaningsih@uny.ac.id 1 2 9 Receivables 2 3 After studying
More informationChapter 3: The Measurement Fundamentals of Financial Accounting
1 Chapter 3: The Measurement Fundamentals of Financial Accounting 2 Basic Assumptions Basic assumptions are foundations of financial accounting measurements The basic assumptions are Economic entity Fiscal
More information