Tài liệu Khối Ngành Kinh Tế

Owners' Equity Appear on the right (credit) side of the equation Therefore: Increase them with credits Decrease them with debits

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Classification - arrangement of financial statement items into groupings that have common basis Assets Current Property, plant, and equipment

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The Statement of Retained Earnings: reports the earnings not distributed to shareholders. Accounts reported include beginning balance of retained earnings, current year’s net income, dividends distributed for the reporting period and the ending balance of retained earnings.

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Bankruptcy is a legal process that occurs when a company (or individual) is unable to pay its debts Companies facing bankruptcy can make a proposal to their creditors to pay a percentage of what was owed at the time of the proposal, or they can request an extension to the timing of debt payment

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Transactions that do not involve the direct receipt or disbursement of cash in the period such as: Asset purchased and paid for by assuming debt, or issuance of shares Exchanges of non-monetary assets Conversion of debt to equity Issuance of shares to retire debt Non-cash transactions are not reported on the Statement of Cash Flows If materia...

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Future conditions and events and their effects cannot be known with certainty; therefore estimation requires exercise of judgment Use of reasonable estimates is essential to the accounting process and does not undermine the reliability of financial statements

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Under ASPE, a classification approach is used to classify a lease as finance if it substantially transfers the risks and rewards of ownership from the lessor to the lessee If risks and rewards are not substantially transferred, the lease is classified as operating ASPE focuses on the transfer of risks and rewards of ownership for classification o...

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Funded Employer sets aside money for future pension benefits in a separate legal entity Contributory Employee and employer make contributions to the plan Non-contributory Employers bear the full cost of the pension plan No contributions made by employee

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In 2017, warranty liability accrued was $200,000 and actual expenditures were $44,000 At year end, the company accrued non-taxable dividends receivable of $28,000 During 2017, non-deductible fines and penalties of $26,000 were paid The 2017 accounting income before taxes is $412,000 The enacted tax rate for 2017 is 30%, and for 2018 and futur...

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Two methods: Taxes payable method Allowed under ASPE Current Income Taxes = Taxable income x Tax rate Asset and liability approach Required by IFRS and option under ASPE Starts with Current Income Taxes and - Adjusts for future/deferred income tax assets and liabilities - Recognizes a future/deferred income tax expense

47 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 535 | Lượt tải: 0