Premium Essay

Love of Investing

In:

Submitted By tienpham1989
Words 1442
Pages 6
For my role as a staff accountant, I was assigned to research the appropriate accounting for revenue treatment of construction contracts for a client, LabCo. In specific, I was assigned to oversee LabCos’ contract involving a six-axis laser-cutting machine with Halibut Co. After researching and developing a theory based on the Financial Accounting Standards Boards’ Codification, I have concluded that LabCos’ treatment of revenue was reasonable; however, they should have changed revenue recognition principles sooner. In this situation, there are three possible ways they can handle changing their accounting method: Retrospective Application, Change in Accounting Estimate Method, or Change in Estimate Affected by Accounting Principle.
The revenue treatment principle for a construction type principle states,
“In accounting for contracts, the basic accounting policy decision is the choice between two generally accepted methods: the percentage-of-completion method including units of delivery and the completed-contract method. The determination of which of the two methods is preferable is based on a careful evaluation of circumstances because the two methods should not be acceptable alternatives for the same circumstances (ASC 605-35-25-1).”

LabCo agreed to build a six-axis laser-cutting machine for Halibut. The contract entered into was a fixed price contract. A fixed price contract is, “An agreement to perform all acts under the contract for a stated price” (ASC 605-35-15-4). LabCo decided to use the percentage of completion method for recognizing income. “The percentage of completion method recognizes income as work on a contracts progress” (ASC 605-35-25-51). Income recognized shall be that percentage of estimated total income, either:
“That incurred costs to date bear to estimated total costs after giving effect to estimates of costs to complete based on

Similar Documents

Premium Essay

Erikson Sixth Stage

...The sixth stage that Erikson proposed was that of intimacy versus isolation, which is a sub-stage under Freud’s genital stage and takes place during the ages of eighteen and twenty-four (Engler, 2014). Erikson emphasizes intimacy in that one begins to focus on genital coupling and being able to find a close affiliation with another, and that work should not present as a barrier to one developing their love for others (Engler, 2014). The latter trait, associated with this stage, is isolation, which is understood as self-absorption and isolation of others who seek intimate relations (Erikson, 1963). This is then sought in a balance due to the stress of productivity and success within a time that also stresses close affiliation with others (Engler,...

Words: 274 - Pages: 2

Premium Essay

Donald Trump Research Paper

...Believe me, you'll love it up here” (Investopedia). These are the words from Trump meant to inspire everyone through initiative and positive thinking. Trump, as clever as he is, initially intended to follow in his father footsteps. After he graduated in 1968, Donald began working full time for Fred Trump's real-estate company. In 1971 he took control of the company, and named it the Trump Organization. His father's business focused on building and renting middle market apartments in Brooklyn, Queens, and New York. When Trump took over he set his sights on Manhattan. Trump thought of the cities trouble at the time as a great opportunity for...

Words: 560 - Pages: 3

Premium Essay

Eelarve 4 Quarter

...54661 71479 III  quarter inventory sales  estimation need  of  production 882 1274 1666 39690 57330 74970 39866 57585 75303 IV  quarter inventory sales  estimation need  of  production 1058 1529 1999 47628 68796 89964 47496 68605 89714 I  quarter inventory sales  estimation of  production need   926 1338 1749 41675 60197 78719 41721 60263 78806 inventory 972 1405 1837 II  quarter sales  estimation 43758 63206 82654 6 5.26 5.75 5557 0 7036 0 10058 22651 muffins usage flour Margarine Sugar Eggs Milk Cocoa Peanut  butter  chips Mini  Chocolate  chips Shortening Baking  packet 1 0.25 1 0.5 0.75 1 2 cookies usage 0.5 0.25 0.5 2 0.1 loves  of  bread usage 3 I  quarter muffins cookies loves  of  bread 36040 52058 68076 used  in  I  quarter 18020 27030 26029 13014 26029 104116 5206 9010 36040 17019 17019 204227 248276 40044 79088...

Words: 1639 - Pages: 7

Free Essay

Small Business Management Paper

...Dallas Ishmael Invest in Other Countries Lately I have been seeing a campaign about investing in turkey, some may ask why an individual may have the notion to invest in something like turkey even though the holidays are just around the corner. Well relax, it has nothing to do with the delicious bird that we all love, it all about the country of Turkey. The ad shows a few brief images of what looks to be like a thriving economy and a few industrial images and goes on to simply say, invest in Turkey. Although I haven’t put much thought into investing in another country, and probably never would have, I felt that this this article would be a good opportunity to glance into what exactly investing in other countries entails. So, first off, how does one invest in turkey and why would someone want to? Well, according to the campaign turkey is one of the fastest growing economies in the world, It is ranked 16th of all countries in GDP purchasing power parity, Grew by 7.4 percent in 2005, received 18.2 billion in revenues from tourism in 2005, it is the founding member of the Orgnization for Economic Co-operation and Development, and much more. Some of the country numbers look good but, rather than investing in the country, you would actually be investing in a compilation of stocks of companies that are based in the country of Turkey. Most of the companies trade on the pink sheets, but a couple trade on the New York Stock Exchange. So if turkey is calming to do so well, what...

Words: 803 - Pages: 4

Free Essay

Saturntrons

...English 1020 Section 1 September 15, 2014 Saturntrons Aliens are very interesting creatures and have all sorts of different looks and styles, but the most interesting aliens are the Saturntrons. They live a technologically advanced life and create new grand ideas everyday. These aliens live on planet Saturn but act as normal earthlings while doing everyday things like investing in love and aspiring to be doctors, artists, and musicians. This alien race has women and men, but they look very different from each other. The women Saturntrons are beautiful, they have bright blue hair that is really thick and smooth. Their skin is a mint green with neon streaks of all different colors of the rainbow. They also have figures just like humans do, like five fingers and five toes on each hand and foot. Their big eyes are very beautiful; they are the color purple and are almond shaped. If someone were to stare into them for just too long they would have someone mesmerized by their beauty, almost as if they were in a trance. The men’s looks differ just a little bit from the women. The males are very muscular with white pale skin but they have the same neon streaks of color along their skin just like the women do. The men have the same beautiful eyes just like the women do. The males and females both wear a cloth like thing wrapped around their bodies as clothes these are all different colors. The men wear theirs just around the lower half of their body and it looks like shorts...

Words: 913 - Pages: 4

Premium Essay

Mcdonald

...McDonald's or Starbucks: Who wins? - 1 - investing strategy - MSN Money http://money.msn.com/investment-advice/mcdonalds-or-starbucks-who-... More Hotmail Messenger Bing Make MSN your homepage Sign in Like 128k MONEY HOME NEWS INVESTING PERSONAL FINANCE MY MONEY REAL ESTATE CAREERS AUTOS TAXES Follow portfolio manager Enter a name or symbol markets GET QUOTE stocks mutual funds etfs broker center investor pro top stocks E*TRADE: 5 Star Trading Tools U.S. markets closed DJIA 13,228.31 +23.69 +0.18% NASDAQ 3,069.20 +18.59 +0.61% S&P 1,403.36 +3.38 +0.24% 7/5/2011 4:35 PM ET | By Michael Brush, MSN Money McDonald's or Starbucks: Who wins? The purveyor of burgers is going upscale, treading on turf that the coffee titan has trolled for years. Which company will prevail? And what's the effect on consumers? Share 941 Tweet 26 Like 76 109 Would you like some fries with that cinnamon dolce latte? OK, you probably won't hear that question any time soon. But in an odd twist in the evolutionary path of quick-serve eateries, McDonald's (MCD +1.62%, news) and Starbucks (SBUX -5.32%, news) are looking more alike every day. It's a trend that's going to continue, for a few simple reasons. With a McDonald's or a Starbucks just about everywhere you look, both companies are running out of room to roam. Starbucks was once expanding so rapidly that comedians joked it would be opening new coffee shops inside the bathrooms...

Words: 2930 - Pages: 12

Premium Essay

Final Exam

...There are many examples of virtues, values, and moral concepts; most pertain to personal preference and social acceptance. Some examples of virtues include integrity and compassion. Virtues are based on judgment and obligation. Moral examples are based on personal preference and personal choice. Some examples of moral concepts include simply deciding between right and wrong. Specifically, a married person could be forced to make a decision to have an affair or remain faithful to their spouse. Values are strictly personal. Values can be based on personal success, individual respect or displaying bravery in an adverse situation. These concepts are all intertwined and reliant on one another to be encompassing and successful in any given situation. A person can exhibit morality but may not have values – they can know the difference between right and wrong but not exhibit respect for their own body if they smoke cigarettes or use drugs. A community can benefit greatly by accepting the benefits of their community, such as emergency services or school systems. My son currently utilizes the public school bus system. It is a costly benefit, but allows me and my wife to maintain our current work schedules without having to worry about how our son gets to and from school each weekday. If we did not contribute the $800.00 annually, our son would not be able to utilize this benefit – we understand that the cost of the benefit is less than the cost of figuring it out on our own...

Words: 646 - Pages: 3

Premium Essay

The Sense of Having

...words, Love never will be so beautiful if no friendship, which is the one is always the cause of and the other and the process is irreversible, one of the best lovers are the greatest friend If you love someone, don't expect that someone will love you exactly in the same capacity, one of you will give more and the others will be felt less. Likewise, in case you are looking for, and the other will be waiting Never be afraid to fall in love, may be so painful, and may be causing you pain and suffering. But if you do not follow your heart, in the end you will cry and far more painful, because then you realize that you never give love and the opportunity to learn Love is not just a feeling but a commitment, feelings can come and go just like that. Love doesn't have a happy ending, because love doesn’t have to end. True love to hear what is not said, and understand what is not explained, because love does not come from the lips and tongue or the mind, but from the deepest heart When you love, you don't expect anything for return, because if so you're not loving but investing. If you love, you must be prepared to accept suffering, because if you expect your happiness is not love but a harnes Better to lose self-esteem and ego with someone you love than to lose someone you love, because your ego is useless How are you going to say "bye" to someone that you never have? Why do tears fall for someone who was never yours? It was difficult for two people who love each...

Words: 381 - Pages: 2

Premium Essay

My Favorite Brand

...| My Favorite Brand | Target Stores | | Brandi Collins | 9/6/2015 | | My favorite brand is not just one brand, but a whole store. I love Target stores. With the fast and friendly service, clean and easy to maneuver through aisles, the stores are ideal for browsing and easy-going shopping. Although Target may be a little more expensive then its competitors, it is a better store to shop at because of the customer service and cleanliness. I love shopping at target for many different reasons, but there are three main reasons. I actually buy some of Target’s brand items and they are actually pretty good. The products have a long lasting life and are cheaper than name brands sold in the store. Their off brands consist of food, drink, cleaning and paper products, and even clothing. Another reason I love target so much is because the customer service is great. The team members are always available and willing to help you find something. They keep short lines to better serve the customer and the registers grade the cashier to help cut down wait time. I have oved Target since I was in high school and I worked there soon after. The employees have a meeting every day to share ideas on how to better serve customers. And the last reason I love Target is that it is very organized. The store is always in good shape and neat. Things are easy to find and it is easy to maneuver through. The store is not very crowded and is hardly ever over crowed with customers. Selling...

Words: 843 - Pages: 4

Free Essay

Growth and Value – Two Sides of the Same Coin?

...therefore unattractive.” – John Maynard Keynes Many money managers feel they must distinguish themselves as either “growth” or “value” investors. While an apparently benign distinction, this simple act can have unintended consequences. This article will address conventional definitions of growth and value and then look to the market oracles for a dose of worldly wisdom. Value investing: The strategy of selecting stocks that trade for less than their intrinsic values. Value investors actively seek stocks of companies that they believe the market has undervalued. Growth Investing: A strategy whereby an investor seeks out stocks with what they deem good growth potential. In most cases a growth stock is defined as a company whose earnings are expected to grow at an above-average rate compared to its industry or the overall market. (Definitions taken from Investopedia) The difference between the two approaches might best be illustrated by an example at the far end of the value and growth spectrums: Take two companies with differing future prospects: Company A and Company B. Company A: Analysts love this company, and rightly so: this company has emerged as a monopoly in a new industry. Profits grow at a rate of 40% a year. In industry parlance, company A is a ‘growth stock’ Company B: This is a poor company in a poor industry. Some years it makes losses, other year’s miniscule profits. It’s barely surviving. Nevertheless it does have one redeeming feature; cash on the...

Words: 1046 - Pages: 5

Premium Essay

7 Common Investment Mistakes to Avoid

...September 11, 2014 Everyone’s guilty of investment mistakes. Here are seven of the most common blunders to stay away from: 1. Falling in love with the story If you fall for the story behind a company, or its product, you may not see fundamental flaws, poor market conditions, or overpricing of the stock. Marketing experts agree the best sales job is achieved through telling a story and not by talking numbers and facts. Stories get you emotionally invested, far beyond what plain facts could ever do. 2. Believing things are different this time Believing you stumbled on something new or different in the investment world can get you in trouble. Simply put, it’s never different. The odds of successful investing never change. No matter the decade, only a certain percentage of investments will outperform the rest. Monumental shifts occur over a lifetime, not overnight. So stick to the tried and true. Nobody ever went broke by steering clear of new kinds of investments, especially anything that reeks of financial engineering. 3. Confusing good ideas with good investments Sometimes people will use a product or service — think social media or online gaming — and immediately classify it as a can’t-miss investment. The first mistake is usually the assumption that they are early to the game and have caught something the rest of the investing public has missed. The next mistake is extrapolating personal usage into expectations for more widespread popularity. The third error is expecting...

Words: 669 - Pages: 3

Free Essay

Ibsen Works

...stable location brings to the health and growth of relationships; establishing each relationship with a distinct role in the plot with regards to the underlying association of being anchored to certain aspects of their lifestyle. The narrator of Pan is Thomas Glahn, a hunter living high in the Norwegian mountains. He lives a very self-reliant lifestyle that he embraces. He meets Edwarda, the daughter of the town trader described as “A child, a schoolgirl. I looked at her — she was tall, but with no figure to speak of, about fifteen or sixteen,” (Ch.2) her father, Mack, and a doctor. Edwarda visits him again and after offering Glahn to come visit her and her father, he accepts. She quickly falls in love with him, then after only somewhat being attracted to her, he begins to fall deeply in love with her. Throughout the summer their relationship becomes more established. She says things such as: "’I shall have Lieutenant Glahn. I don't care to run after anyone else.’"(Ch.10) and in response, Glahn writes: “I was deeply moved at that; the helpless look in her eyes and her little thin figure were more than I could resist; I was drawn to her in that moment. (Ch. 10)” However, he rejects her advance and says: "’afterwards,’" I said, "’No more now.’”(Ch. 10). Their relationship seems to be consistently unstable as whenever either attempts to further their relationship, the other stops it. However, as this is taking place she also has a relationship with the doctor and a Baron in town, which...

Words: 2231 - Pages: 9

Premium Essay

Fighting Crime

... and also requiring registration of all handguns. Another point in this section that grabbed my attention was President Clinton’s assault-weapons ban. I feel that this law should still be in place, because it allows people to carry guns but of a less lethal nature. This is my opinion creates a happy medium. I disagree with investing money in head start programs. Although they are beneficial in preparing children for elementary school and teaching children to interact with others. I do not believe investing money and engaging children in head start programs will prevent them from committing crimes and displaying deviant behavior later in life. Thus the money invested to supposedly lower crime rates could be invested in other programs such as job corps. I believe programs such as job corps are quite a bit more beneficial to at risk youth. This is because Job Corps is not only a program that youth are involved in when they are a bit older but it also provides job training. In my opinion individuals who are employed and are able to support themselves are less likely to commit crimes, end up in jail, or need any form of welfare. All in all investing in programs like Job Corps is beneficial, because it means less money is being spent on prison costs and welfare. After reading the reducing teen pregnancy section I both agree and disagree with what it said. I don’t agree that putting teenage girls...

Words: 518 - Pages: 3

Premium Essay

Property Is Still One of the Safest Assets to Invest in

...Contents Page Introduction 2 Reasons for Investing in Property 2 Property Versus Other Types of Investment 3 Problems with Property 3 Conclusion 4 Bibliography 4 Property is still one of the safest assets to invest in. To what extent do you agree with this statements? The economies of many countries, currently, are not yet stable. Some economies are returning from the recession, some are continuing to get worse. People are looking for a new business or a new job to earn an additional income. In this difficult economic situation, where everything is not always stable, people are looking to invest in something that will pay them compensations for at least a decade. Property, any physical or intangible entity that is owned by a person or jointly by a group of people, has been said to be one of the safest assets to invest in since property always plays a big role in driving an economy. This essay will state the reasons why property is no longer one of the safest assets to invest in. There are three parts that are going to be included in the essay: reasons for investing in property, property versus other types of investment, and problems with property. Reasons for Investing in Property Property is one of the investments that every investor should focus on because it is one of the safest assets to make an investment in. Firstly, property is...

Words: 1265 - Pages: 6

Premium Essay

Organizational Theory

...Setting a new business and risk taking your money, time , effort and energy is not a joke.No business is successful without suffering from problems and financial issues, you just have to be brave and patience enough in putting up your own business. In Ms. Sue Panskys’ situation she is a retired grade school teacher, she has a potential in investing her money and time in Starting Right Business because teachers are well organized and has a strong interpersonal skills.I think being a retired teacher who is a very passionate and have a fun personality will help her to explore and engaged in business venture. Since she is a retired teacher and has enough time to focus on the business I suggest that she will try and give chance for herself for another endeavor. In her age I presume that she is already a mother or a grandmother, it is not hard for her to market and love their own product,she is also a retired teacher in which I believed she has something connected with the children and she may have been so many suggestions to make the new set business flourish. My recommendation is that Ms. Pansky must study the different characteristics of a new Entrepreneur must possess. 1. Goal oriented – this will help her to be more optimistic and positive thinker. An entrepreneur is a person who is setting its goal and putting there all into achieving it. 2. Committed to the business - Entrepreneurs are not easily defeated; they view failure as an opportunity for future success...

Words: 767 - Pages: 4