Tài liệu Kế Toán - Kiểm Toán

Depreciation method determines the systematic allocation of the depreciable amount over the asset’s useful life Depreciation should reflect the pattern of benefits expected from the use of the asset Additional considerations for choosing a particular depreciation method include simplicity, cost, as well as perceived economic consequences Depreci...

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Avoidable Borrowing Costs To qualify for capitalization, the costs must be directly attributable to a project Must be avoidable borrowing costs Steps taken to calculate the borrowing costs to capitalize: Step 1: Determine the expenditures on the qualifying asset Step 2: Determine the avoidable borrowing costs on the asset-specific debt Step 3...

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Deferred Payment Contracts Assets, purchased through long-term credit, are recorded at the present value of the consideration exchanged When no interest rate is stated, the cash price of the purchased asset is used to determine imputed interest rate Interest expense is recognized over the term of the deferred payment contract

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Amortized cost model for investments in debt securities of another entity: Recognize cost of investment at fair value (plus direct transaction costs) Report at amortized cost as well as interest receivable (unless impaired) Recognize interest income as earned, and also amortize any discount/premium by adjusting carrying amount of investment W...

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The retail inventory method of calculating inventory is used for these reasons: To permit the calculation of net income without a physical count of inventory As a control measure in determining inventory shortages To control quantities of merchandise on hand As a source of information for insurance and tax purposes

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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...

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

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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