Thư viện tài liệu, ebook tham khảo dành cho học sinh, sinh viên

Sources of Information Information obtained from several sources: (1) comparative statement of financial position, (2) current income statement, and (3) selected transaction data.

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Here are the four steps we always follow in the closing process. First, we close all revenue accounts to the income summary. We move the balance in all revenue accounts from the account to the income summary. This process will cause all revenue accounts to have a zero balance. Remember that revenue accounts normally have a credit balance. Next, w...

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Elements of the Income Statement Expenses – Decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to shareholders.

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Dollar signs are not used in journals and ledgers. Dollar signs appear in financial statements and other reports such as trial balances. The usual practice is to put dollar signs beside only the first and last numbers in a column. When amounts are entered in the journal, ledger, or trial balance, commas are optional to indicate thousands, million...

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Measurement Cost is generally thought to be a faithful representation of the amount paid for a given item. Fair value is “the amount for which an asset could be exchanged, a liability settled, or an equity instrument granted could be exchanged, between knowledgeable, willing parties in an arm’s length transaction.” IASB has taken the step of giv...

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Listed on your screen are four fundamental principles of accounting. The revenue recognition principle states that revenue is to recognized when it is earned, that the revenue need not be in the form of cash and that we measure revenue by the cash received plus cash value of other items received. The cost principle tells us that accounting informat...

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The Expectations Gap What the public thinks accountants should do vs. what accountants think they can do. Significant Financial Reporting Issues Non-financial measurements Forward-looking information Sort assets Timeliness

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Service departmentcosts are allocatedto other service departments andto productiondepartments, usuallystarting with theservice departmentthat serves thelargest number of other service  departments.

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Net Present Value The cost of capital is used as the actual discount rate. Any project with a negative net present value is rejected. Internal Rate of Return The cost of capital is compared to the internal rate of return on a project. To be acceptable, a project’s rate of return must be greater than the cost of capital.

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A firm’s demand and marginal revenue curves are difficult to discern with precision. The marginal revenue, marginal cost paradigm is not valid for all forms of markets. Marginal cost is difficult to measure.

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