Tài liệu Khối Ngành Kinh Tế

Subsequent to acquisition, same distinction exists: Operating expenditures Benefit only the current period Required to maintain asset in normal operating condition Capital expenditures Capitalized as an asset (increases the cost of the asset) Increases life of an asset, its productivity or efficiency

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Subsidiary ledger is a group of accounts that share a common characteristic (i.e. they are all receivable accounts) The subsidiary ledger for accounts receivable provides the details that support the total balance for accounts receivable in the general ledger The single accounts receivable account in the general ledger is the control account

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Cash is reported in both the statement of financial position and the statement of cash flows Statement of cash flows shows the receipts and payments of cash Cash is the most liquid asset and is listed first in the current assets section of the statement of financial position

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How much inventory should a company have? Two ratios to help manage: Inventory turnover ratio – measures the number of times, on average, inventory is sold in a period Days in inventory ratio – converts inventory turnover ratio into number of days inventory is held

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Detailed records of merchandise are not kept throughout the period Cost of goods sold is only determined at the end of the accounting period: Once inventory is counted Cost of goods sold = Beginning inventory + cost of purchases less ending inventory

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Prepared after all adjusting entries have been recorded and posted Shows the balances of all accounts at the end of the accounting period, including those accounts that have been adjusted Proves total debit balances and total credit balances are equal after the adjusting entries have been made The main source for preparation of financial stateme...

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Non-current assets that do not have physical substance and represent a privilege or a right held by the company Examples: Patents, copyrights, trademarks, licenses Goodwill: excess price paid on acquisition of another company Generate a future value to the company Amortized if they do not have an indefinite life

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Shows the changes in each component of shareholders’ equity for the period Share capital Amounts contributed by shareholders May include common and preferred classes Retained earnings / deficit Cumulative net income retained in the company Less dividends paid to shareholders Other shareholders’ accounts

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Plan meeting with client Perform an engagement acceptance check Perform a preliminary investigation Develop an action plan Obtain the relevant evidence Evaluate the evidence Prepare the report

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Might include a review of: Use of human, financial and other resources Information systems, performance measures and monitoring arrangements Procedures followed by audited bodies for remedying identified deficiencies Emphasis is on economy, efficiency and effectiveness of management and procedures.

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