business to get off the ground she will need to manage the business with non-accounting and accounting information. The following information to run the business is non-accounting information, as it is not owned by the company did not occur through a monetary transaction: 2 grind machine workers, 1 truck drive, 1 accountant, and the 2 contracts with bottling companies. The remaining information is categorized as accounting information, as it is owned by the company, may provide future economic resource
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Emily Schnarr Honors Component Accounting 303 Chapter 3 Accounting, Analysis, and Principles Accounting: 1) Depreciation Expense $9,500 Accumulated Depreciation 9,500 2) Interest Expense 8,250 Interest Payable 8,250 3) Unearned Service Revenue 10,000 Service Revenue 10,000 4) Advertising Expense 2,500 Prepaid Advertising 2,500 5) Salaries and Wages Expense 3,500 Salaries and Wages Payable 3,500 Analysis: Revenues Ticket Revenues $360
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REMARKS BY CHAIRMAN ARTHUR LEVITT SECURITIES AND EXCHANGE COMMISSION THE "NUMBERS GAME" NYU CENTER FOR LAW AND BUSINESS, NEW YORK, N.Y. SEPTEMBER 28, 1998 Thank you very much. Dean Daly, Dean Sexton and to everyone gathered this evening, thank you for welcoming me tonight. I am honored to be here on such an auspicious evening for both NYU and Bill Allen. The creation of the Center for Law and Business recognizes an important truth: we cannot continue to view the worlds of business and law as parallel
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“fictitious corporation” from this point forward. I will evaluate fictitious corporation to ensure the company reporting is consistent with the Generally Accepted Accounting Principles (GAAP). In addition, I will evaluate the company to ensure their methodology is acceptable for determining deferred taxes and that their procedures for reporting accounting changes and/or error corrections is being carried out correctly. Lastly I will audit fictitious corporation to ensure that the company’s rationale behind
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All Quizzes, Midterm Exam, Final Exam Solution Instant Download Chapter 1 Multiple Choice: 1. Which of the following bodies has the ultimate authority to issue accounting pronouncements in the United States? a. Securities and Exchange Commission b. Financial Accounting Standards Board c. International Accounting Standards Committee d. Internal Revenue Service Answer 2. What historical evidence of the business operations of the private estate of Apollonius was discovered early
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historical cost principle.) 3. Monetary unit assumption (46) - (j) assumes that the dollar is the “measuring stick” used to report on financial performance. 4. Periodicity assumption (46) - (g) separates financial information into time periods for reporting purposes. 5. Historical-cost principle (47) - (b) Indicates that market value changes subsequent to purchase are not recorded in the accounts. (Do not use revenue recognition principle.) 6. Matching principle (49) - (a) Recognizes
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guidance addresses the concept of depreciation accounting and the various factors to consider in selecting the related periods and methods to be used in such accounting. 35-3 Depreciation expense in financial statements for an asset shall be determined based on the asset's useful life. 35-4 The cost of a productive facility is one of the costs of the services it renders during its useful economic life. Generally accepted accounting principles (GAAP) require that this cost be spread over the
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assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred
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FLASHCARDS: 1) Restricted Cash: Restricted cash consists of monies earmarked for a specific purpose and therefore not available for immediate and general use by an organization. Restricted cash, if the amount is material, is shown separately from cash and equivalents on the balance sheet. The purpose for which the cash is restricted is generally disclosed in the notes to the financial statements. Restricted cash can be designated for a range of purposes such as loan repayment, equipment purchase
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choices about accomplishing the goals of an organization. The generally accepted accounting principles or G.A.A.P. are accepted ways of reporting and recording organizations financial information .They are the rules used to arrange and regulate financial account reporting. G.A.A.P. includes recognition of revenue, balance sheets, and outstanding share amounts. Organizations are required to follow the principles when reporting their financial statements. Professional accountants must abide
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