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

What is the periodicity assumption? Companies should recognize revenue in the accounting period in which it is earned. Companies should match expenses with revenues. The economic life of a business can be divided into artificial time periods. The fiscal year should correspond with the calendar year.

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INCOME – Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from shareholders.

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Why Accuracy Matters While most companies record transactions very carefully, the reality is that mistakes still happen. For example, bank regulators fi ned Bank One Corporation (now JPMorgan Chase) $1.8 million because they felt that the unreliability of the bank’s accounting system caused it to violate regulatory requirements. Also, in recent ye...

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Helps management answer such questions as: How much and what kind of debt is outstanding? Were our sales higher this period than last? What assets do we have? What were our cash inflows and outflows? Did we make a profit last period? Are any of our product lines or divisions operating at a loss? Can we safely increase our dividends to shareh...

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For assets, the beginning balance is on the left side, or debit side. For liabilities and owner’s equity, the beginning balances are on the right hand side, or credit side. For asset accounts, increases are entered on the debit side. Decreases are entered on the credit side. For liabilities and owner’s equity accounts, increases are entered on...

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Money received from customers from credit sales is referred to as money received on account. In Chapter 1 we learned that the liability incurred by a business when it promises to pay its creditors is called accounts payable.

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Overview of the Conceptual Framework Three levels: First Level = Objectives of Financial Reporting Second Level = Qualitative Characteristics and Elements of Financial Statements Third Level = Recognition, Measurement, and Disclosure Concepts.

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Cash, and other resources that are reasonably expected to be realized in cash or sold or consumed in the business within one year or the operating cycle, are called: Current assets. Intangible assets. Long-term investments. Property, plant, and equipment.

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I Felt the Pressure—Would You? “I felt the pressure.” That’s what some of the employees of the now-defunct law firm of Dewey & LeBoeuf LLP indicated when they helped to overstate revenue and use accounting tricks to hide losses and cover up cash shortages. These employees worked for the former finance director and former chief financial officer (...

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Assets are the property owned by a business. Liabilities are debts owed by a business. Owner’s equity is the difference between the assets and the liabilities and represents the financial interest of the owner in a business.

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