Tài liệu Khối Ngành Kinh Tế

Traditionally used for merchandise with high unit values. Shows the quantity and cost of the inventory that should be on hand at any time. Provides better control over inventories than a periodic system.

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Computing rates of return. Evaluating the capital structure. Assess risk and future cash flows. Assess the company’s: Liquidity, Solvency, and Financial flexibility.

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Revenue Accounts Increases in owner’s equity through revenue are on the credit side Decreases in owner’s equity through reduction of revenue are on the debit side

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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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