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

Sometimes a customer will return merchandise or request an allowance. The procedure for handling returns and allowances on credit sales involves the use of a credit memorandum or credit slip listing the details of the credit

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Characteristics that distinguish corporations from proprietorships and partnerships. Separate Legal Existence Limited Liability of Stockholders Transferable Ownership Rights Ability to Acquire Capital Continuous Life Corporation Management Government Regulations Additional Taxes

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Include all expenditures incurred in acquiring the equipment and preparing it for use. Costs include: purchase price, freight and handling charges, insurance on the equipment while in transit, cost of special foundations if required, assembling and installation costs, and costs of conducting trial runs.

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The procedure used at the end of each accounting period to make the ledger ready for the next period’s transactions is known as closing the ledger. This procedure begins with a series of closing entries, which are journalized and posted.

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In most situations, companies price inventory on an item-by-item basis. Tax rules in some countries require that companies use an individual-item basis. Individual-item approach gives the lowest valuation for statement of financial position purposes. Method should be applied consistently from one period to another.

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1. Describe the functions of accounting. 2. Complete an accounting equation. 3. Prepare a balance sheet. 4. Demonstrate the process of recording business transactions in equation form.

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If a debit appears in the journal, it will appear as a debit in the ledger. If a credit appears in the journal, it will appear as a credit in the ledger. A running balance appears in the ledger.

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Purchases of merchandise are debited to Inventory. Freight-in is debited to Inventory. Purchase returns and allowances and purchase discounts are credited to Inventory. Cost of goods sold is debited and Inventory is credited for each sale. Subsidiary records show quantity and cost of each type of inventory on hand.

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Direct shows major classes of gross cash receipts and cash payments Difference is net cash provided by, used in, operating activities Indirect starts with net income (loss) and adjusts for revenues and expenses that did not cause changes in cash FASB encourages use of the direct method

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Tasanee was the accounts receivable clerk for a large non-profit foundation that provided performance and exhibition space for the performing and visual arts. Her responsibilities included activities normally assigned to an accounts receivable clerk, such as recording revenues from various sources that included donations, facility rental fees, tick...

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