Tài liệu Khối Ngành Kinh Tế

Inventory cost includes “all costs of purchase, costs of conversion, and other costs incurred in bringing the inventories to their present location and condition” These costs include: Product costs including invoice, freight, and other direct acquisition costs Conversion costs which include direct labour and fixed and variable overhead Period ...

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Deposits in Transit: deposits that have been recorded in the books of account, but not yet by the bank Outstanding Cheques: cheques that have been recorded in the books of account, but have not yet cleared the bank Bank Charges: service, and other charges, made by the bank, but not yet recorded in the books of account Bank Credits: collection...

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Loans and receivables are specific claims against customers and other parties for cash (or other assets) Receivables are classified as either current (short-term) or noncurrent (long-term) Classified as current receivables if there is the expectation to collect within one year or operating cycle (whichever is longer) Receivables can be classifi...

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Rights and obligations of sales transactions are described and governed by law Contract law is most relevant as each sales transaction represents a contract with the customer Contract creates enforceable obligations and establishes the terms of the deal Sales contract generally determines the point when legal title and possession of goods sold p...

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Current assets are cash and other assets expected to be realized: within one year from the balance sheet date or within the normal operating cycle, whichever is longer Generally presented in order of liquidity (normally: cash, short-term investments, receivables, inventory, and prepaid expense)

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Discontinued operations includes components that have been disposed of or are held for sale Components can include: Under ASPE: an operating segment, reporting unit, subsidiary, asset group, or operations without assets Under IFRS: separate major line of business or geographical area of operations, or a business qualifying as “held for sale” upo...

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Example – Financial CalculatorsAssume you want to invest a sum of money at 5% in order to have $1,000 at the end of one year. The amount that you would need to invest today is called the present value of $1,000 discounted for one year at 5%

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To increase the balance of any account, record the amount in the normal balance column To decrease the balance of any account, record the amount in the column opposite to its normal balance When any transaction is correctly recorded, the accounting equation will remain in balance

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Recognition Process of including an item on entity’s balance sheet or income statement Elements of financial statements have historically been recognized when: they meet the definition of an element (e.g. asset) they are probable, and they are reliably measurable Derecognition Process of ‘removing’ something from the balance sheet or incom...

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The accounting profession has the responsibility of measuring a company’s performance accurately, fairly, and on a timely basis These measurements enable investors and creditors to compare the income and assets employed by companies Investors can then assess the relative risks and returns associated with companies

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