Contents PART I PLANNING FOR THE TRIP Accounting Communication – An Introduction......................... 1 Financial Statements and the Annual Report .......................... 22 CHAPTER 1 CHAPTER 2 PART II GETTING BASIC TRAINING Processing Accounting Information ......................................... 40 Accrual Accounting, Adjusting Entries, and Accounting Cycle ...................................................................................... 74 CHAPTER 3 CHAPTER 4 PART III TOURING THE
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access to the accounting system where they could directly enter transactions. Sales reps also had direct access to inventory storage areas, and often delivered customer orders. b. Physical controls: Pad locks served as the security of Goodner’s inventory. There should have been stronger security since the value ranged from $300,000 - $700,000. c. Monitoring: Management should have monitored inventory more often than once a year. Also, “throwaways” were not adjusted to accounting records
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http://www.uoptutors.com/acct-212/acct-212-complete-class ACCT 212 Week 1 DQ 1 Financial Statements ACCT 212 Week 1 DQ 2 Prepaid Expenses vs. Unearned Revenue ACCT 212 Week 2 DQ 1 Accrual vs. Cash Accounting ACCT 212 Week 2 DQ 2 ACCT 212 Week 3 DQ 1 Ethical Business Decisions ACCT 212 Week 3 DQ 2 Trade Credit – Accounts Payable ACCT 212 Week 4 DQ 1 Inventory Management ACCT 212 Week 4 DQ 2 LIFO ACCT 212 Week 5 DQ 1 Non-current Assets and Related Liabilities ACCT 212 Week 5 DQ 2 Raising
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growing. Company's controller had idea to maintain the trend in income growth by changing the method of accounting for inventories of Tractors, mowers and parts. The controller suggested Rick to change the accounting method from LIFO to FIFO which would report to higher income figure in 2008 which subsequently would
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Administration Accounting & Finance / Managerial Accounting PRE SEEN CASE STUDY Ocean Foods Corporation (OFC) Ocean Foods Corporation (OFC) currently process seafood with a processing unit it purchased several years ago. The unit, with an original cost of $500,000, currently has a book value of $250,000. OFC is considering replacing the existing unit with a newer, more efficient one. The new unit will cost $700,000 and will require an additional $50,000 for delivery and installation. The new unit also
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following outline should be helpful as you prepare for the exam. However, do not assume that the exam material will be restricted to the items mentioned in the outline. Unit 1 Be familiar with the different forms and types of business. Be able to describe the basic assumptions and principles associated with the field of accounting Be able to define assets, liabilities, equities, revenues, and expenses Be able to give examples of each. Know the balance sheet equation, the income statement equation
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goal congruence). Minimize opportunity costs. 2) The amounts charged for goods and services exchanged between two divisions are known as: a. opportunity costs. transfer prices. standard variable costs. residual prices. target prices. 3) Which of the following is an appropriate base to distribute the cost of building depreciation to responsibility centers? a. Number of employees in the responsibility centers. Budgeted sales dollars of the responsibility centers. Square feet occupied
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Com Application Problems 1 1.(a) “Managerial Accounting is a field of accounting that provides economic information for all interested parties.” Do you agree? Explain. (b) Joe Delong believes that managerial accounting serves only manufacturing firms. Is Joe correct? Explain. 2.Distinguish between managerial and financial accounting as to (a) primary users of reports, (b) types and frequency of reports, and (c) purpose of reports. 3.How do the content of reports and the verification of
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GLOBAL AVIATION GROUP 2013 Airline Disclosures Handbook Financial reporting and management trends in the global aviation industry kpmg.com KPMG’s Global Aviation practice KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 156 countries and have 152,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity
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46 Accounting Standard (AS) 2 (revised 1999) Valuation of Inventories Contents OBJECTIVE SCOPE DEFINITIONS MEASUREMENT OF INVENTORIES Cost of Inventories Costs of Purchase Costs of Conversion Other Costs Exclusions from the Cost of Inventories Cost Formulas Techniques for the Measurement of Cost Net Realisable Value DISCLOSURE Paragraphs 1-2 3-4 5-25 6-13 7 8-10 11-12 13 14-17 18-19 20-25 26-27 The following Accounting Standards Interpretation (ASI) relates to AS 2: ASI 2 - Accounting
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