Wayne Lippman presents Accounting BasicsWayne Lippman
Wayne Lippman presents Accounting Basics. This basic overview of the accounting process from Wayne Lippman CPA covers the basic principals of accounting. It includes discussions of accounting ethics, accounting process, roles, Generally Accepted Accounting Practices (GAAP).
Wayne Lippman presents Accounting BasicsWayne Lippman
Wayne Lippman presents Accounting Basics. This basic overview of the accounting process from Wayne Lippman CPA covers the basic principals of accounting. It includes discussions of accounting ethics, accounting process, roles, Generally Accepted Accounting Practices (GAAP).
A presentation for Accounting students on the basic elements of the accounting equation. Covers definitions of assets, liabilities, owner's equity, revenue and expenses. Designed for VCE Accounting students.
Accounting Cycle- Accruals and Defferls- Adjusting entriesFaHaD .H. NooR
An accrual occurs before a payment or receipt. A deferral occurs after a payment or receipt. There are accruals for expenses and for revenues. There are deferrals for expenses and for revenues.
An accrual of an expense refers to the reporting of an expense and the related liability in the period in which they occur, and that period is prior to the period in which the payment is made. An example of an accrual for an expense is the electricity that is used in December, but the payment will not be made until January.
An accrual of revenues refers to the reporting of revenues and the related receivables in the period in which they are earned, and that period is prior to the period of the cash receipt. An example of the accrual of revenues is the interest earned in December on an investment in a government bond, but the interest will not be received until January.
A deferral of an expense refers to a payment that was made in one period, but will be reported as an expense in a later period. An example is the payment in December for the six-month insurance premium that will be reported as an expense in the months of January through June.
A deferral of revenues refers to receipts in one accounting period, but they will be earned in future accounting periods. For example, the insurance company has a cash receipt in December for a six-month insurance premium. However, the insurance company will report this as part of its revenues in January through June.
Basic Financial Statements - Financial AccountingFaHaD .H. NooR
Financial accounting
These slides will help you in understanding financial statements
A financial statements (or financial report) is a formal record of the financial activities and position of a business, person, or other entity.
Relevant financial information is presented in a structured manner and in a form easy to understand. They typically include basic financial statements, accompanied by a management discussion and analysis.
A balance sheet, also referred to as a statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time.
An income statement, also known as a statement of comprehensive income, statement of revenue & expense, P&L or profit and loss report, reports on a company's income, expenses, and profits over a period of time. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period.
A Statement of changes in equity, also known as equity statement or statement of retained earnings, reports on the changes in equity of the company during the stated period.
A cash flow statement reports on a company's cash flow activities, particularly its operating, investing and financing activities.
For large corporations, these statements may be complex and may include an extensive set of footnotes to the financial statements and management discussion and analysis. The notes typically describe each item on the balance sheet, income statement and cash flow statement in further detail. Notes to financial statements are considered an integral part of the financial statements.
A presentation for Accounting students on the basic elements of the accounting equation. Covers definitions of assets, liabilities, owner's equity, revenue and expenses. Designed for VCE Accounting students.
Accounting Cycle- Accruals and Defferls- Adjusting entriesFaHaD .H. NooR
An accrual occurs before a payment or receipt. A deferral occurs after a payment or receipt. There are accruals for expenses and for revenues. There are deferrals for expenses and for revenues.
An accrual of an expense refers to the reporting of an expense and the related liability in the period in which they occur, and that period is prior to the period in which the payment is made. An example of an accrual for an expense is the electricity that is used in December, but the payment will not be made until January.
An accrual of revenues refers to the reporting of revenues and the related receivables in the period in which they are earned, and that period is prior to the period of the cash receipt. An example of the accrual of revenues is the interest earned in December on an investment in a government bond, but the interest will not be received until January.
A deferral of an expense refers to a payment that was made in one period, but will be reported as an expense in a later period. An example is the payment in December for the six-month insurance premium that will be reported as an expense in the months of January through June.
A deferral of revenues refers to receipts in one accounting period, but they will be earned in future accounting periods. For example, the insurance company has a cash receipt in December for a six-month insurance premium. However, the insurance company will report this as part of its revenues in January through June.
Basic Financial Statements - Financial AccountingFaHaD .H. NooR
Financial accounting
These slides will help you in understanding financial statements
A financial statements (or financial report) is a formal record of the financial activities and position of a business, person, or other entity.
Relevant financial information is presented in a structured manner and in a form easy to understand. They typically include basic financial statements, accompanied by a management discussion and analysis.
A balance sheet, also referred to as a statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time.
An income statement, also known as a statement of comprehensive income, statement of revenue & expense, P&L or profit and loss report, reports on a company's income, expenses, and profits over a period of time. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period.
A Statement of changes in equity, also known as equity statement or statement of retained earnings, reports on the changes in equity of the company during the stated period.
A cash flow statement reports on a company's cash flow activities, particularly its operating, investing and financing activities.
For large corporations, these statements may be complex and may include an extensive set of footnotes to the financial statements and management discussion and analysis. The notes typically describe each item on the balance sheet, income statement and cash flow statement in further detail. Notes to financial statements are considered an integral part of the financial statements.
Financial Statements Research for a Publicly-Traded Company Fi.docxAKHIL969626
Financial Statements Research for a Publicly-Traded Company
Financial Statements Research for a Publicly-Traded Company
Financial Statements Research for a Publicly-Traded Company
In accrual accounting it is a requirement that accountants adhere to revenue recognition and matching principles, while in cash accounting basis revenue is recognized when cash is paid and expenses when they are paid for. Hence adjustments are made in accrued accounting, are classified into prepayments and accruals (Accrual Accounting Concepts, n.d)
According to the “Accrual Accounting Concepts” (n.d) Prepayments are divided into two; prepaid expenses and unearned revenues. Prepaid expenses are expenses paid in cash and recorded as assets until when they get used, while unearned revenues are those that a company receives as cash and records as liabilities before it is earned. When adjusting an entry for prepaid expenses, there will be a debit to an expense account and a credit on the asset account. Unearned revenues are adjusted debit the liability account and credit on the revenue account. Prepayments will increase an income statement account and decrease a balance sheet account.
Accruals are classified into two; accrued revenue and accrued expenses. The accrued revenueshave been earned but has not been paid for in cash, adjustments result in a debit on the asset account and credit on the revenue account. Expenses have beenincurred but no cash has been paid for, when adjusting accrued expenses; debit the expense account and credit the liability account. Accruals increase both the balance sheet and income statements accounts.
Deferrals occurs when something has been recorded but the amount is to be divided up between two or more accounting periods, are normally recorded as prepaid expense until it is used when it becomes an expense.
According to Nike’s 10-K report (2015, p. 109) the balance sheet prepaid expenses and other current assets were recorded to be 1.968 billion dollars and the accrued liabilities stood at 3.951 billion dollars. Recorded on the consolidated statement of cash flows is an increase of prepaid expense and other assets (144 million dollars) and there was an increase in accounts payable, accrued liabilities and income taxes payable (1.237 billion dollars). These shows that accrual accounting basis was used in recording the accounts.
According to Nike’s 2015 annual report (2015, p. 100) plant, property and equipment are normally recorded at cost and depreciated over its estimated useful life, in those situations that the useful life of a long-term asset should be reduced, depreciation expense is increased over remainder of the useful life. Depreciation expense of 606 million dollars was recorded on the cash flow statement and an accumulated depreciation of 3.341 billion dollars (Nike’s annual report 2015, p. 118) which is the cumulative depreciation of an asset to a point in its life.
Amortization is the spreading of capital e ...
Thank You For Contacting Skilling.pk
Website Skilling.pk
YouTube http://bit.ly/2DNz53Z
Facebook https://bit.ly/3x45gGA
Twitter http://bit.ly/2yNTqoC
Instagram https://bit.ly/3ab0HVi
TikTok https://bit.ly/3CeQNMB
Free Assignments, Thesis, Projects & MCQs https://bit.ly/3hk7PlG
Latest Jobs Diya.pk
AIOU Thesis & Projects Stamflay.com
WhatsApp
03144646739
03364646739
03324646739
Note: Due To The High Number Of Queries, Our Team Is Busy We Will Respond To You As Soon As Possible.
ACC 291 GENIUS NEW Introduction Education--acc291genius.comclaric275
FOR MORE CLASSES VISIT
www.acc291genius.com
1. The term “receivables” refers to cash to be paid to debtors. merchandise to be collected from individuals or companies. cash to be paid to creditors. amounts due from individuals or companies. 2. Three accounting issues associated with accounts receivable are depreciating, valuing, and collecting. depreciating, returns, and valuing. accrual, bad debts, and accelerating collections. recognizing, valuing, and accelerating collections. 3. When the allowance method is used to account for uncollectible accounts Bad Debts Expense is debited when: management estimates the amount
ACC 291 GENIUS NEW Education Begins--acc291genius.comkopiko191
FOR MORE CLASSES VISIT
www.acc291genius.com
1. The term “receivables” refers to cash to be paid to debtors. merchandise to be collected from individuals or companies. cash to be paid to creditors. amounts due from
ACC 291 GENIUS NEW Remember Education--acc291genius.comchrysanthemu4
FOR MORE CLASSES VISIT
www.acc291genius.com
1. The term “receivables” refers to cash to be paid to debtors. merchandise to be collected from individuals or companies. cash to be paid to creditors. amounts due from individuals or companies. 2. Three accounting issues associated with accounts receivable are depreciating, valuing, and collecting. depreciating, returns, and valuing. accrual, bad debts, and accelerating collections. recognizing, valuing, and accelerating collections. 3. When the allowance method is used to account for uncollectible
Auditing Principles for college students. Audit Risk, Business Risk, Information Risk, Assurance, Auditing system, System process, Stages audit, External Auditors, Auditors Responsibility, Auditors independence, Auditors due care, professional skepticism, audit purpose, attestation, Financial reporting, Attestations, Assurance services, Audit services, Express an opinion, Reasonable assurance, Engagement planning, Types of fraud, Frauds, Employee fraud, Advance Business Consulting, jose cintron, mba4help.com, Auditing Principles for college students. Audit Risk, Business Risk, Information Risk, Assurance, Auditing system, System process, Stages audit, External Auditors, Auditors Responsibility, Auditors independence, Auditors due care, professional skepticism, audit purpose, attestation, Financial reporting, Attestations, Assurance services, Audit services, Express an opinion, Reasonable assurance, Engagement planning, Types of fraud, Frauds, Employee fraud, Advance Business Consulting, jose cintron, mba4help.com
Plant Assets, Plant assets and equipment, land, land improvements, Building, depreciation, computing depreciation, depreciation methods, straight line, units of activity, depreciation and taxes, plant assets disposal, retirement of plant assets, gain on disposal, lost on disposal, jose cintron, advance business consulting, jose cintron, MBA, mba4help.com, Plant Assets, Plant assets and equipment, land, land improvements, Building, depreciation, computing depreciation, depreciation methods, straight line, units of activity, depreciation and taxes, plant assets disposal, retirement of plant assets, gain on disposal, lost on disposal, jose cintron, advance business consulting, jose cintron, MBA, mba4help.com
Accounting, accountant, debits and credits, accounting equation, internal users of accounting, external user of accounting, assets, liabilities, equity, T accounts, natural balance, accounting cycle. Accounting principles, Jose Cintron, MBA, Advance Business Consulting, Jose Cintron, mba4help.com
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
3. www.mba4help.com
Fiscal and Calendar Year
An accounting time period that is one year in
length is a fiscal year. A fiscal year usually
begins with the first day of a month and ends
twelve months later on the last day of a
month. Most businesses use the calendar
year (January 1 to December 31) as their
accounting period.
4. www.mba4help.com
Accrual vs Cash
Under the accrual basis, companies record transactions that change a
company's financial statements in the periods in which the events occur.
recognize revenues when earned and recognizing expenses when
incurred (rather than when paid). Follow GAAP
Under cash-basis accounting, companies record revenue when they
receive cash. They record an expense when they pay out cash.
6. www.mba4help.com
Perpetual vs. Periodic*
In a perpetual inventory system, companies keep detailed records of the
cost of each inventory purchase and sale. These records continuously—
perpetually—show the inventory that should be on hand for every item
In a periodic inventory system, companies do not keep detailed
inventory records of the goods on hand throughout the period. Instead,
they determine the cost of goods sold only at the end of the accounting
period—that is, periodically. At that point, the company takes a physical
inventory count to determine the cost of goods on hand.
10. www.mba4help.com
Adjusting Entries
1
.
Some events are not recorded daily because it is not efficient to do so. For example,
companies do not record the daily use of supplies or the earning of wages by
employees.
2
.
Some costs are not recorded during the accounting period because they expire with the
passage of time rather than as a result of daily transactions. Examples are rent,
insurance, and charges related to the use of equipment.
3
.
Some items may be unrecorded. An example is a utility bill that the company will not
receive until the next accounting period
The trial balance—the first summarization of the transactiondata
may not contain up to date and complete data for the following reasons:
11. www.mba4help.com
Why adjusting entries
A company must make adjusting entries every time it
prepares financial statements.
It analyzes each account in the trial balance to determine
whether it is complete and up-to-date.
Adjusting entries are needed to
enable financial statements to
conform to GAAP
12. www.mba4help.com
Adjusting entries are classified
as either deferrals or accruals
Deferrals are either prepaid expenses or unearned revenues.
Companies make adjustments for deferrals to record the portion of
the deferral that represents the expense incurred or the revenue
earned in the current period.
13. www.mba4help.com
Adjusting Entries
Oct. $1,500 Advertising supplies used
Oct. $ 59 insurance expired
Oct. Office furniture depreciation was $40
Oct. $400 in unearned service revenue
Oct. $200 on service provided credit
Oct. Interest on note payable $50
Accrued salaries payable nest Mo. $1200
Enter in Journal Entries as a group
14. www.mba4help.com
Prepaid expenses are costs that expire either with the passage of time
(rent and insurance) or through use (supplies). The expiration of these
costs does not require daily journal entries. Companies postpone
recognizing these costs until they prepare financial statements. At each
statement date, they make adjusting entries: (1) to record the expenses
that apply to the current accounting period, and (2) to show the
unexpired costs in the asset accounts.
Prepaid expenses
15. www.mba4help.com
This account shows a balance of $2,500 in the October 31 trial balance.
An inventory count at the close of business on October 31 reveals that
$1,000 of supplies are still on hand. Thus, the cost of supplies used is
$1,500 ($2,500 - $1,000). Pioneer makes the following adjusting entry.
Oct. 31 Advertising Supplies Expense 1,500
Advertising Supplies 1,500
(To record supplies used)
Adjusting Entries
advertising supplies
16. www.mba4help.com
Adjusting entries
prepaid insurance
Insurance must be paid in advance. Insurance premiums (payments)
normally are recorded as an increase (a debit) to the asset account
Prepaid Insurance. At the financial statement date companies increase
(debit) Insurance Expense and decrease (credit) Prepaid Insurance for the
cost that has expired during the period.
On October 4, Pioneer Advertising Agency paid $600 for a one-year fire
insurance policy. Coverage began on October 1. Pioneer recorded the
payment by increasing (debiting) Prepaid Insurance. This account shows
a balance of $600 in the October 31 trial balance. Insurance of $50 ($600
÷ 12) expires each month. Thus, Pioneer makes the following adjusting
entry
18. www.mba4help.com
Adjusting entries
depreciation
Depreciation. Companies typically own buildings, equipment, and
vehicles. These long-lived assets provide service for a number of years.
Thus, each is recorded as an asset, rather than an expense, in the year it is
acquired. Companies record such assets at cost, as required by the cost
principle. The term of service is referred to as the useful life.
Pioneer Advertising estimates depreciation on the office equipment to be
$480 a year, or $40 per month. Thus, Pioneer makes the following
adjusting entry to record depreciation for October.
20. www.mba4help.com
Accumulated Depreciation
Accumulated Depreciation—Office Equipment is a contra asset account.
That means that it is offset against an asset account on the balance sheet.
This accumulated depreciation account appears just after the account it
offsets (in this case, Office Equipment) on the balance sheet. Its normal
balance is a credit
In the balance sheet, Pioneer deducts Accumulated Depreciation—Office
Equipment from the related asset account, as follows
21. www.mba4help.com
Book value vs. Market value
The difference between the cost of any depreciable asset and its related
accumulated depreciation is its book value.
The book value of an asset generally differs from its market value—the
price at which the asset could be sold in the marketplace.
Depreciation is a means of cost allocation, not a market valuation.
22. www.mba4help.com
Prepare the adjusting entries for
the month of March.
The ledger of Hammond, Inc. on March 31, 2010, includes the following selected
accounts before adjusting entries.
Debit Credit
Prepaid Insurance 3,600
Office Supplies 2,800
Office Equipment 25,000
Accumulated Depreciation—Office Equipment 5,000
Unearned Revenue 9,200
An analysis of the accounts shows the following.
1. Insurance expires at the rate of $100 per month.
2. Supplies on hand total $800.
3. The office equipment depreciates $200 a month.
4. One-half of the unearned revenue was earned in March.
23. www.mba4help.com
Solutions
1. Insurance Expense 100
Prepaid Insurance 100
(To record insurance expired)
2. Office Supplies Expense 2,000
Office Supplies 2,000
(To record supplies used)
3. Depreciation Expense 200
Accumulated Depreciation—Office Equipment 200
(To record monthly depreciation)
4. Unearned Revenue 4,600
Service Revenue 4,600
(To record revenue for services provided)