This chapter discusses financial reporting and accounting standards. It identifies the major financial statements and standard-setting bodies like the IASB and FASB. The objective of financial reporting is to provide useful information to capital providers. High-quality standards are necessary and IFRS are global standards used in over 100 countries. Financial reporting faces challenges like different political environments and an expectations gap between what accountants provide and users want.
The document defines and discusses concepts related to cash and cash equivalents under accounting standards. It begins by defining cash as currency and other demand deposits that can be readily converted to cash. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of changes in value. Examples provided include treasury bills maturing within 3 months. The document also discusses accounting treatments for petty cash funds, cash overages and shortages, and classification of cash versus long-term investments.
The document contains 9 journal entries to record various transactions for a new business. The entries include: contributions of cash from the owner, payment of rent and expenses, purchases of equipment, a truck, and supplies both with cash and accounts payable, recognition of revenue for jobs completed with both cash and accounts receivable, and prepayment of insurance. The entries are to be posted to general ledger accounts and an unadjusted trial balance prepared grouping accounts by type.
This document provides an overview of key concepts in corporate finance and time value of money, including future and present value calculations, compounding and discounting of cash flows, perpetuities, and annuities. It includes examples and practice problems related to time value of money concepts like interest rates, inflation, and delayed cash flows. The document is from a college course on financial management and covers topics that will be addressed in weeks 2 and 3 of the course.
This document is a compilation of answers to Philippine Bar Examination questions in Taxation Law from 2007 to 2013. It contains summaries of the answers provided by the UP Law Complex and Philippine Association of Law Schools to actual bar exam questions during this period. The compilation covers various topics in Taxation Law, including income tax, capital gains tax, estate and donor's taxes, VAT, and remedies. It aims to provide a free reviewer for law students and examinees preparing for the bar exams.
This chapter discusses financial reporting and accounting standards. It identifies the major financial statements and standard-setting bodies like the IASB and FASB. The objective of financial reporting is to provide useful information to capital providers. High-quality standards are necessary and IFRS are global standards used in over 100 countries. Financial reporting faces challenges like different political environments and an expectations gap between what accountants provide and users want.
The document defines and discusses concepts related to cash and cash equivalents under accounting standards. It begins by defining cash as currency and other demand deposits that can be readily converted to cash. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of changes in value. Examples provided include treasury bills maturing within 3 months. The document also discusses accounting treatments for petty cash funds, cash overages and shortages, and classification of cash versus long-term investments.
The document contains 9 journal entries to record various transactions for a new business. The entries include: contributions of cash from the owner, payment of rent and expenses, purchases of equipment, a truck, and supplies both with cash and accounts payable, recognition of revenue for jobs completed with both cash and accounts receivable, and prepayment of insurance. The entries are to be posted to general ledger accounts and an unadjusted trial balance prepared grouping accounts by type.
This document provides an overview of key concepts in corporate finance and time value of money, including future and present value calculations, compounding and discounting of cash flows, perpetuities, and annuities. It includes examples and practice problems related to time value of money concepts like interest rates, inflation, and delayed cash flows. The document is from a college course on financial management and covers topics that will be addressed in weeks 2 and 3 of the course.
This document is a compilation of answers to Philippine Bar Examination questions in Taxation Law from 2007 to 2013. It contains summaries of the answers provided by the UP Law Complex and Philippine Association of Law Schools to actual bar exam questions during this period. The compilation covers various topics in Taxation Law, including income tax, capital gains tax, estate and donor's taxes, VAT, and remedies. It aims to provide a free reviewer for law students and examinees preparing for the bar exams.