Tài liệu Khối Ngành Kinh Tế

Estimate instead of taking physical inventory Less costly Less time-consuming Two popular methods of estimating ending inventory are the . . . Gross profit method Retail inventory method

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Changes in the ratios we discussed above often provide information about the quality of a company’s current period earnings. For example, a slowing turnover ratio combined with higher than normal inventory levels may indicate the potential for decreased production, obsolete inventory, or a need to decrease prices to sell inventory (which will then ...

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Recognition Depends on the earnings process; for most credit sales, revenue and the related receivables are recognized at the point of delivery. Initial valuation Initially recorded at the exchange price agreed upon by the buyer and seller. Subsequent valuation Initial valuation reduced to net realizable value by:   1.   Allowance for sale...

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Some pension plans create obligations during employees’ service periods that must be paid during their retirement periods. The amounts contributed during the employment period are determined using present value computations of the estimate of the future amount to be paid during retirement. On January 1, 2013, you are considering an investment tha...

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Minimum Disclosures Sales, income taxes, and net income Earnings per share Seasonal revenues, costs, and expenses Significant changes in estimates for income taxes Discontinued operations, extraordinary items, and unusual or infrequent items Contingencies Changes in accounting principles or estimates Information about fair value of financia...

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An expanded version of income that includes four types of gains and losses that traditionally have not been included in income statements. Inflows from: sale of long-lived assets used in the business. sale of investment securities (stocks and bonds). collection of nontrade receivables.

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Preparing the financial statements and other information in the annual report. Maintaining and assessing the company’s internal control procedures. Expresses the auditors’ opinion as to the fairness of presentation of the financial statements in conformity with generally accepted accounting principles.

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A worksheet can be used as a tool to facilitate the preparation of adjusting and closing entries and the financial statements. Steps to Follow for Worksheet Completion: Enter account titles in column A and the unadjusted account balances in columns B and C. Determine end-of-period adjusting entries and enter them in columns E and G. Add or dedu...

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The matching principle requires that all expenses incurred in generating revenue for a period also be recognized in the same period. Four Approaches Based on exact cause-and-effect relationships. By associating an expense with the revenues recognized in a specific time period. By a systematic and rational allocation to specific time periods. ...

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In the first example of using Excel to calculate present value, we determine that the present value of the investment was $607,470 at a 12% rate of return. This calculation assumes that the periodic cash inflows, in our case $200,000, will be reinvested at the desired rate of return, or 12%. Here is the proof.

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