Tài liệu Kế Toán - Kiểm Toán

At the end of each period, estimate total bad debts expected to be realized from that period’s sales. Two advantages to the allowance method: It records estimated bad debts expense in the period when the related sales are recorded. It reports accounts receivable on the statement of financial position at the estimated amount of cash to be collect...

36 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 678 | Lượt tải: 0

Beginning inventory plus purchases equal total goods to be accounted for. Goods not sold must be on hand. (3) The sales, reduced to cost, deducted from the sum of the opening inventory plus purchases, equal ending inventory.

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A voucher system is a set of procedures and approvals designed to control cash disbursements and the acceptance of obligations. The voucher system of control establishes procedures for: Verifying, approving, and recording obligations for eventual cash disbursement. Issuing checks for payment of verified, approved, and recorded obligations. A re...

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Under IFRS, LIFO is not permitted for financial reporting purposes. Nonetheless, LIFO is permitted for financial reporting purposes in the United States, it is permitted for tax purposes in some countries, and its use can result in significant tax savings.

59 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 548 | Lượt tải: 0

Computer technology provides accuracy, speed, efficiency, and convenience in performing accounting tasks. A program can be written, for instance, to process customers’ merchandise orders. Multipurpose off-the-shelf software applications exist for a variety of business operations. These include familiar accounting programs such as Peachtree® and Qu...

26 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 534 | Lượt tải: 0

Management decisions in accounting for inventory involve the following: Items included in inventory and their costs. Costing method (specific identification, FIFO, or weighted average cost). Inventory system (perpetual or periodic). Use of market values or other estimates. Choices made concerning these four points affect the reported amoun...

42 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 531 | Lượt tải: 0

Illustration: Mr. Goodwrench deposits $2,500 today in a savings account that earns 9% interest. He plans to deposit $2,500 every year for a total of 30 years. How much cash will Mr. Goodwrench accumulate in his retirement savings account, when he retires in 30 years?

83 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 516 | Lượt tải: 0

Purchase Return . . . Merchandise returned by the purchaser to the supplier. Purchase Allowance . . . A reduction in the cost of defective or unacceptable merchandise received by a purchaser from a supplier.

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Sources of Information Information obtained from several sources: (1) comparative statement of financial position, (2) current income statement, and (3) selected transaction data.

76 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 529 | Lượt tải: 0

Here are the four steps we always follow in the closing process. First, we close all revenue accounts to the income summary. We move the balance in all revenue accounts from the account to the income summary. This process will cause all revenue accounts to have a zero balance. Remember that revenue accounts normally have a credit balance. Next, w...

41 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 605 | Lượt tải: 0