Tài liệu Kế Toán - Kiểm Toán

Statements, Interpretations, and Technical Bulletins are primary literature that specifies GAAP (generally accepted accounting principles) However, in absence of adequate guidance, preparers may look at other documents GAAP hierarchy (Illustration 1-2) guides the preparer in the priority of importance for accounting guidance

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Notes are the means of amplifying or explaining the items presented in the main body of the statements. Accounting Policies Companies should present a statement identifying the accounting policies adopted (Summary of Significant Accounting Policies). In addition, companies must: Identify judgments made in the process of applying the accounting ...

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A well-run business deposits all its cash receipts in a bank and makes all cash payments by check. Bank deposits should be made often to protect cash receipts. A deposit slip must accompany the coins, currency, and checks that are deposited.

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Adjusting entries are recorded in the General Journal and then posted to the proper General Ledger accounts. The information for these entries comes from the Adjustments section of the worksheet. After the adjusting entries are completed, it is necessary to journalize and post closing entries. These entries make the General Ledger ready to receiv...

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Describe the purpose of the statement of cash flows. Identify the major classifications of cash flows. Prepare a statement of cash flows. Differentiate between net income and net cash flow from operating activities. Determine net cash flows from investing and financing activities. Identify sources of information for a statement of cash flows. ...

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Will be offset or corrected over two periods. If company has not closed the books: If error already counterbalanced, make entry to correct the error in the current period and to adjust the beginning balance of Retained Earnings. If error not yet counterbalanced, make entry to adjust the beginning balance of Retained Earnings.

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Company reporting the change Adjusts its financial statements for each prior period presented to the same basis as the new accounting policy. Adjusts the carrying amounts of assets and liabilities as of the beginning of the first year presented. Also makes an offsetting adjustment to the opening balance of retained earnings or other appropriate c...

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The total of the Credit column in the Balance Sheet section is subtracted from the total of the Debit column. The difference is the same as the net income. This amount is entered below the total of the Credit column. The columns of the Income Statement section and the Balance Sheet section are totaled again. In each section, the debits and credit...

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Economic Life Test Lease term is generally considered to be the fixed, non-cancelable term of the lease. Bargain-renewal option can extend this period. At the inception of the lease, the difference between the renewal rental and the expected fair rental must be great enough to make exercise of the option to renew reasonably assured.

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Adjustments Beginning inventory Book value Contra account Depreciation Disposal value Uncollectible accounts Ending inventory Inventory Sheet Long-term assets Matching principle Physical inventory Prepaid Insurance Property, plant, and equipment Straight-line method Useful life Worksheet

28 trang | Chia sẻ: huyhoang44 | Ngày: 24/03/2020 | Lượt xem: 485 | Lượt tải: 0