Nguyên lý kế toán - Chapter 9: Reporting and interpreting long - Lived tangible and intangible assetsA patent is an exclusive right granted by the federal government to sell or manufacture an invention. Cost is purchase price plus legal cost to defend Amortize cost over the shorter of useful life or 20 years Licensing rights grant limited permission to use a product or service according to specific terms and conditions. You may be using comp...
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Nguyên lý kế toán - Chapter 8: Reporting and interpreting receivables, bad debt expense, and interest revenueThe receivables turnover ratio indicates how many times, on average, this process of selling and collecting is repeated during the period. The higher the ratio, the faster the collection of receivables. Rather than evaluate the number of times accounts receivable turn over, some people find it easier to think in terms of the number of days to coll...
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Nguyên lý kế toán - Chapter 7: Reporting and interpreting inventories and cost of goods soldThe value of inventory can fall below its recorded cost for two reasons: it’s easily replaced by identical goods at a lower cost, or it’s become outdated or damaged. When the value of inventory falls below its recorded cost, the amount recorded for inventory is written down to its lower market value. This is known as the lower of cost or mark...
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Nguyên lý kế toán - Chapter 5: Financial reporting and analysisInternational Financial Reporting Standards (IFRS) are accounting rules established by the International Accounting Standards Board for use in over 100 countries around the world. In 2008, the SEC announced a plan to allow some U.S. companies to use IFRS in 2009 and could require mandatory use of IFRS starting in 2014.
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Nguyên lý kế toán - Chapter 4: Adjustments, financial statements, and financial resultsAccrual adjustments are used to record revenue or expenses when they occur prior to receiving or paying cash, and to adjust corresponding balance sheet accounts. Each accrual adjustment involves one asset and one revenue account, or one liability and one expense account.
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Nguyên lý kế toán - Chapter 3: Reporting operating results on the income statementPart I Although a manager or owner may intuitively sense how the business is doing, a more reliable management approach is to evaluate the revenues and expenses reported on the income statement. This slide illustrates the income statement based on the operating activities that were expected for Pizza Aroma as discussed in Chapter 1. This projected...
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Nguyên lý kế toán - Chapter 2: Reporting investing and financing results on the balance sheetPart I Mauricio Rosa incorporates Pizza Aroma Inc., on August 1. The company issues stock to Mauricio and his wife as evidence of their contribution of $50,000 cash, which is deposited in the company’s bank account. Part II Analyze the transaction. In this case Cash, an asset, increased by $50,000, and Contributed Capital, a Stockholders’ Equity...
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Nguyên lý kế toán - Chapter 1: Business decisions and financial accountingThe fourth financial statement is the Statement of Cash Flows. It includes only those activities that result in cash changing hands. The statement is divided into three categories of business activities. The operating section reports cash transactions directly related to running the business to earn profit. This section includes cash transactions s...
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Nguyên lý kế toán - Chapter 21: The statement of cash flows revisitedBased on the joint FASB and IASB Financial Statement Presentation project, the statement of cash flows is slated to change in several ways. Operating and Investing cash flows would be categorized as “Business” activities and some cash flows may switch categories. The statement would have three additional groupings: income taxes, discontinued oper...
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Nguyên lý kế toán - Chapter 20: Accounting changes and error correctionsExamples include: Use of inappropriate principle Mistakes in applying GAAP Arithmetic mistakes Fraud or gross negligence in reporting For all years presented, financial statements are retrospectively restated to reflect the error correction.
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