Fundamentals of abm2 statement of comprehensive income abm specialized subjectGian Paulo Rabanal, LPT
Fundamentals of ABM2
based on the book Fundamentals of ABM 2 by D. R. C. Salazar, CPA
Learning Competencies Covered:
ABM_FABM12-Ic-d5
ABM_FABM12-Ic-d6
ABM_FABM12-Ic-d7
Fundamentals of abm2 statement of comprehensive income abm specialized subjectGian Paulo Rabanal, LPT
Fundamentals of ABM2
based on the book Fundamentals of ABM 2 by D. R. C. Salazar, CPA
Learning Competencies Covered:
ABM_FABM12-Ic-d5
ABM_FABM12-Ic-d6
ABM_FABM12-Ic-d7
This presentation aims:
– To understand the purpose of the Statement of Changes in Equity
– To appreciate that the presentation of the Statement of Changes in Equity is dependent on the form of business organization
– To identify the elements of the Statement of Changes in Equity
– To determine the nature of the different equity accounts used by corporations
– To prepare a Statement of Changes in Equity
This presentation aims:
– To understand the purpose of the Statement of Changes in Equity
– To appreciate that the presentation of the Statement of Changes in Equity is dependent on the form of business organization
– To identify the elements of the Statement of Changes in Equity
– To determine the nature of the different equity accounts used by corporations
– To prepare a Statement of Changes in Equity
Directions Flexible Budget Performance Report Project You a.docxmariona83
Directions
Flexible Budget Performance Report Project
You and your partner will each work on this project on your own laptops, using each other for resources while completing the assignment. In the end, you will Turn in ONE project per team. If you or your partner feels you did not share equally in the work, email me for a possible grade adjustment. Otherwise, you will both receive the same grade. Upload your completed project to Canvas using “Flex Budget_Last Name ID#_Last name ID# “ as the file name.
Kelsey’s Frozen Confectionaries buys and distributes single-serve ice cream treats to convenience stores, ballparks, and amusement parks. In this project, you will create 1) a master budget performance report, and 2) a flexible budget performance report for Kelsey's Frozen Confectionaries. Your performance reports should be developed in such a way that any changes to the original assumptions will correctly ripple through the entire spreadsheet. After developing the performance reports, you will answer questions about the variances and determine whether the variances are consistent with management's explanation about operational changes that took place during the period.
Part 1) DIRECTIONS for Master Budget Performance Report:
1) Use the budget assumptions, along with Excel formulas, to populate the Master Budget column. Note: Your formulas must work such that if ANY of the budget assumptions change, the new assumptions ripple through the entire budget. Part of your grade will be based on whether you correctly formulate the cells. Do NOT TYPE A NUMBER IN ANY CELL!!!
2) Use a formula to calculate the “variance” in cell H7: (Actual – Budget). Copy and paste (or use the fill handle to drag) the formula to the rest of the cells in the column. Leave as positive or negative, rather than absolute values.
3) Use a formula to calculate the “Variance percentage”. NOTE: The percentage is the variance as a percent of the Master Budget. Copy and paste (or drag) the formula to the rest of the cells in the column
4) Format cells appropriately. Attention to detail makes a report look more professional. (For example, percentages shown as %, dollar signs using the accounting or currency format, underlines and double underlines where appropriate, zero decimal places for dollar amounts, etc.,).
5) Use the “If” statement function to show the variances as U or F. The “If” statement can be found under “Formulas, Logical”. Example: =IF(H7>=0,"F","U"). This formula means: If cell H7>0 or H7=0, then mark as “F”; If not greater than or equal to 0, mark as “U”. Be careful with revenues and expense variances since they should be opposite of one another. ALSO- The formula you use should mark any variance of “0” as an “F” since a zero variance means that budget expectations have been met. After using the function, check each line to make sure it is going in the direction you believe it should go.
6) Check your answers us.
Directions Flexible Budget Performance Report Project You a.docxcuddietheresa
Directions
Flexible Budget Performance Report Project
You and your partner will each work on this project on your own laptops, using each other for resources while completing the assignment. In the end, you will Turn in ONE project per team. If you or your partner feels you did not share equally in the work, email me for a possible grade adjustment. Otherwise, you will both receive the same grade. Upload your completed project to Canvas using “Flex Budget_Last Name ID#_Last name ID# “ as the file name.
Kelsey’s Frozen Confectionaries buys and distributes single-serve ice cream treats to convenience stores, ballparks, and amusement parks. In this project, you will create 1) a master budget performance report, and 2) a flexible budget performance report for Kelsey's Frozen Confectionaries. Your performance reports should be developed in such a way that any changes to the original assumptions will correctly ripple through the entire spreadsheet. After developing the performance reports, you will answer questions about the variances and determine whether the variances are consistent with management's explanation about operational changes that took place during the period.
Part 1) DIRECTIONS for Master Budget Performance Report:
1) Use the budget assumptions, along with Excel formulas, to populate the Master Budget column. Note: Your formulas must work such that if ANY of the budget assumptions change, the new assumptions ripple through the entire budget. Part of your grade will be based on whether you correctly formulate the cells. Do NOT TYPE A NUMBER IN ANY CELL!!!
2) Use a formula to calculate the “variance” in cell H7: (Actual – Budget). Copy and paste (or use the fill handle to drag) the formula to the rest of the cells in the column. Leave as positive or negative, rather than absolute values.
3) Use a formula to calculate the “Variance percentage”. NOTE: The percentage is the variance as a percent of the Master Budget. Copy and paste (or drag) the formula to the rest of the cells in the column
4) Format cells appropriately. Attention to detail makes a report look more professional. (For example, percentages shown as %, dollar signs using the accounting or currency format, underlines and double underlines where appropriate, zero decimal places for dollar amounts, etc.,).
5) Use the “If” statement function to show the variances as U or F. The “If” statement can be found under “Formulas, Logical”. Example: =IF(H7>=0,"F","U"). This formula means: If cell H7>0 or H7=0, then mark as “F”; If not greater than or equal to 0, mark as “U”. Be careful with revenues and expense variances since they should be opposite of one another. ALSO- The formula you use should mark any variance of “0” as an “F” since a zero variance means that budget expectations have been met. After using the function, check each line to make sure it is going in the direction you believe it should go.
6) Check your answers us ...
Complete two problems in which you prepare a variety of financial do.docxsheenaat5wa
Complete two problems in which you prepare a variety of financial documents (income statement, statement of stockholders' equity, and balance sheet), practice using T-accounts, and compute and analyze financial data for hypothetical companies.
Note:
Some of the assessments in this course build upon each other, so you are strongly encouraged to complete them in the order in which they are presented.
Show Less
Preparing accurate financial statements is an essential skill used as the basis for making strategic decisions. The ability to determine the financial impact of transactions is another important skill that all business professionals should possess. T-accounts provide a valuable tool for analyzing the effects of transactions.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
Competency 1: Apply theories, models, and practices of accounting in the construction and analysis of financial statements.
Prepare a summarized income statement for a company using appropriate financial data.
Prepare a statement of retained earnings for a company using appropriate financial data.
Prepare a balance sheet for a company using appropriate financial data.
Create T-accounts for a company using each account on the balance sheet.
Accounting lies at the heart of business performance. Accounting systems classify and record the financial transactions of an organization to reflect the impact of the transactions on the organization's financial condition. Understanding the financial condition of a company, or the impact of particular transactions, requires an understanding of the accounting model and the methods used to record and analyze accounting data.
Show Less
As you examine the accounting model, consider the structure and purpose of its elements as well as the approaches and methods used to discern information from it. Develop an understanding of the structure of financial statements and the important information that they communicate to the knowledgeable reader.
Assessment Instructions
Note:
Some of the assessments in this course build upon each other, so you are strongly encouraged to complete them in the order in which they are presented.
For this assessment, complete Problems 1 and 2. You may use Word or Excel to complete the assessments throughout this course, but you will find Excel to be most helpful for creating spreadsheets. Tutorials for using Excel are provided in the Supplemental Resources in the left navigation menu. If you use Excel, submit the assessment in one Excel document, using separate tabs for each spreadsheet.
Templates for both problems are linked in the Suggested Resources under the Capella Resources heading.
Problem 1: Preparing an Income Statement, a Statement of Retained Earnings, and a Balance Sheet
At the end of its first year of operations (December 31, 2012), the Acme Company released the financial data shown in Table 1 below:
Tab.
InstructionsRead ALL instructions before getting started!ABC Corpo.docxnormanibarber20063
InstructionsRead ALL instructions before getting started!ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2015.Given on the first two tabs are ABC's 12/31/15 Unadjusted Trial Balance and a list of needed adjustments.1. Make all 12 adjustments on the "Adjusting Journal Entries" tab. Remember to include a description under each journal entry.2. Post the adjustments to the general ledger on the "12-31-15 T-Accounts" tab. You may have to add T-Accounts for new accounts. Link your T-Account entries to your Journal Entries. PLEASE NOTE THAT THE "BB" (BEGINNING BALANCES) FOR THE T-ACCOUNTS REPRESENT THE BALANCES AS OF 12/31/15. 3. Once the 12/31/15 T-Accounts are complete, prepare the Adjusted Trial Balance. There may be some accounts with zero dollars, and you may have to insert lines for new accounts. Link the Adjusted Trial Balance to your T-Accounts.4. Use the Adjusted Trial Balance numbers to complete the Income Statement, Statement of Retained Earnings, and Balance Sheet. For purposes of the Income Statement, prepare using the multiple step format and assume that Rent Revenue, any Unrealized Holding Gains/Losses, Interest Expense, Interest Revenue, and any other Gains/Losses are NOT part of the major central ongoing operations of the company. For purposes of the Balance Sheet, be sure to prepare a classifed Balance Sheet. Link your financial statements to your Adjusted Trial Balance. If necessary, review financial statement preparation in Chapters 4 and 5 of your textbook for a quick refresher. 5. When the Financial Statements are complete, make the closing entries on the "Closing Entries" tab.6. When closing entries have been made, post the entries to the general ledger on the "Post-Close T-Accounts" tab. Make sure your adjusting journal entries are also on your Post-Close T-Accounts. They will not automatically flow from tab-to-tab. (Helpful hint: After you have completed and posted all of your adjusting entries, make a duplicate copy of your "12-31-15 T-Accounts" tab to replace the existing blank "Post-Close T Accounts" tab by right clicking on the completed "12-31-15 T-Accounts" tab, select Move or Copy, then click on "Create a Copy" and then place at the desired location. You can then delete the original "Post-Close T-Accounts" tab and rename the newly duplicated tab as your "Post-Close T-Accounts" tab).7. The final step is the Post-Closing Trial Balance, which will use the ending balances from the Post-Close T-Accounts. 8. Double-check your work. Here are a few things to check for: -Adjusted Trial Balance: Make sure debit column and credit column total to the same figure at the bottom.-Net income from the income statement will flow through to the Statement of Retained Earnings.-Ending Retained Earnings from the Statement of Retained Earnings will flow through to the Balance Sheet.-The Post-Closi.
Manual of Operations for the Technical and Vocational Public Secondary SchoolsDivine Grace Martinez
The DepEd through the Technical-Vocational Education Task Force Office, in its efforts to provide over-all guidance and policy directions in the efficient and effective implementation of the strengthened technical-vocational education program (STVEP), has developed the Manual of Operations for the Technical and Vocational Public Secondary Schools across the country.
Learning Objective: After watching this lesson, you should be able to:
Demonstrate understanding on the different accounts or terminologies in accounting.
Available also on Youtube https://youtu.be/_p7f20KZdzs
For updates and latest posts, please subscribe this channel and follow on facebook facebook.com/divinegracechannel and slideshare slideshare.net/dvgmartinez
Learning Objectives:
After watching this lesson, you should be able to:
-Demonstrate understanding on the concept of rules on debits and credits.
-Familiarize journal entries.
Available also on YouTube with voice audio. https://www.youtube.com/watch?v=Un3w8eXLjC8
Lesson Objectives:
After watching this lesson, you should be able to:
-Identify each of the four functions of management
-Recognize 'staffing' as a fifth function in some industries
The major functions that a manager completes can be categorized into four different functions known as planning, organizing, leading, and controlling.
This post is for educational purposes only. It is not intended to copyright infringement.
Note: Pictures in this power point presentation are browsed and downloaded from www.google.com. The uploader do not claim its ownership.
I made this slideshow-video presentation for your reference.
You can watch this in my youtube channel. Just click the link https://www.youtube.com/watch?v=8_BDrJsu5A8&feature=share then subscribe to my channel for updates.
Authority to transact business from any concerned government agencies regarding real property management which include payment of taxes, securing of clearances, certifications, tax declarations, and so on.
Omnibus Certification and Veracity of Documents Submitted.
This document is one of the requirements needed in the application for Teacher I position in DepEd.
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
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!
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
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
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.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
2. Worksheet
is a working paper used to assist
preparation of financial statement.
It also becomes analysis paper of an
accountant showing data from
unadjusted trial balance to financial
statement
3. Preparing Worksheet
1.Enter the heading of worksheet at top most part of
worksheet.
2.Prepare and make the following column of worksheet.
Account
Titles
Unadjusted
Trial
Balance
Adjustments Adjusted
Trial
Balance
Income
Statement
Balance Sheet
Dr. Cr Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
4. Preparing Worksheet
3. Copy the trial balance on the unadjusted trial balance
column which includes all the information such as the
account title and balances of trial balance.
4. Write in adjustment column all the information of
adjusting entries such as the account title, debit and credit
amount. In every adjusting entry entered in adjustment
column, write in parenthesis the corresponding index
number or letter. You may write below the unadjusted trial
balance all the accounts not found in the unadjusted trial
balance.
5. Preparing Worksheet
5. Calculate the total adjustments column.
6. Extend and combine all information of unadjusted trial
balance and adjustment column to adjusted trial balance. If
the amounts are both debit and both credit amount, you
may add both debit amount, and credit amount. Then,
extend the balances to debit column or credit column. And
if the amount is one debit and one credit, subtract both
amounts then extend to column which has a bigger
amount.
6. Preparing Worksheet
7. Add the debit and credit column of adjusted trial balance
to prove equality of debits and credits.
8. Extend all information of adjusted trial balance to
“Balance Sheet column and Income Statement column.
“All Assets, liabilities, and capital to the “Balance Sheet
column.” Then, the expense accounts are extended to the
“Income Statement columns.” Add the debits and credit
sides of “Balance Sheet and Income Statement column.”
Find the difference of the debit and credit column of
Income Statement. The results of the differences of both
columns should be equal, otherwise, an error or errors
have been committed.
7. Preparing Worksheet
9. Determine whether the Income Statement is net income
or net loss.
If the total of credit column total debit column, the
result is net income.
If the total of credit column total debit column, the
result is net loss. Place the difference below the smaller
amount column. Then, enter the word “Net Income or Net
Loss” to the account column titles.
10. Calculate and put in the final Total, then double rule.
8. Sanchai Tan Beauty Salon
Adjusted Trial Balance
January 31, 2012
Account Title Debit Credit
Cash 15,430
Account Receivable 5,900
Office Supplies 22,800
Prepaid Rent 36,000
Equipment 80,000
Accounts Payable 5,200
Notes Payable 20,000
Utilities Payable 3,964
9. Account Title Debit Credit
Tan, Capital 100,000
Tan, Drawing 5,000
Service Revenue 86,600
Wages Expense 38,200
Advertising Expense 5,000
Utilities Expense 3,964
Miscellaneous Expense 3,470
Supplies Expense
Rent Expense
Depreciation Expense
Interest Expense
Total 215,764 215,764