Acct 550 Course Project Prof. Scott XYZ Company Balance Sheet As of December 31, 2012 Assets Current Assets Cash 42,485 Account Receivable 165,824 Allowance for doubtful accounts 1,850 Net account receivable 163,974 Inventories 499,493 Securities(available for sale) at fair market value 28,250 Notes Receivable (due next year) 23,000 Prepaid Expenses 16,252 Total current assets 773,454 Non-current Assets Investments in Warren
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I. Define: Historical cost principle – GAAP mandates that companies will record assets and liabilities at the acquisitions price. Unlike other methods this is the only method that is very verifiable. Going concern assumption- The assumption that a business has a long life span, it is important assumption as it crucial for both investors and lenders to review the company’s long-term assets and long-term liabilities. It is also very important from the depreciation aspects of assets and liabilities
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Review of Accounting Ethics Ethics is a very important aspect of accounting and should be taken very seriously as accountant. Shareholders, potential shareholders, and other users of the financial statements rely heavily on the yearly financial statements of a company as they can use this information to make an informed decision about investment. The opinions of the accountants who prepared the statements, as well as the auditors that verified it, to present a true and fair view of the company
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Chapter 1: CA1-3 1. GAAP stands for: (d) generally accepted accounting principles 2. Accounting standard-setters use the following process in establishing accounting standards: (d) Research, discussion paper, exposure draft, standard. 3. GAAP is comprised of: (d) any accounting guidance included in the FASB Codification. 4. The authoritative status of the conceptual framework is as follows. (a) It is used when there is no standard or interpretation related to the reporting issues
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Untitled Document Page 1 of 12 Syllabus Course Syllabus Brent Tabor brentmtabor@bellsouth.net Office: League City, TX Office Hours: Mondays and Tuesdays at 8:00 PM Central Phone: 409-692-3081 Hello students. Welcome to Intermediate Accounting II. My name is Brent M. Tabor and I am excited to be your instructor for the class. A little about myself…..I was born in south Louisiana and currently reside in League City, TX. My wife and I have three children, which keep us extremely busy
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1. | Question : | (TCO A) The Financial Accounting Standards Board employs a "due process" system, which | | | Student Answer: | | has all CPAs in the United States vote on a new statement. | | | | enables interested parties to express their views on issues under consideration. | | | | identifies the accounting issues that are the most important. | | | | requires that all accountants receive a copy of financial standards. | | Instructor Explanation: | General Feedback:
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10-1 (Acquisition Costs of Realty) Item Land Land Improvements Buildings Other Accounts (a) $(275,000) Accounts Payable (b) $275,000 (c) $8,000 (d) $7,000 (e) $6,000 (f)
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Balance Sheet December, 31 20XX Assets Current Assets Cash $42,485 Securities Available for Sale at fair market value $28,250 Accounts Receivable $165,824 Allowance for Doubtful Accounts $1,850 $163,974 Notes Receivable (due next year) $23,000 Inventories $499,493 Prepaid Expenses $16,252 Total Current Assets $773,454 Investments Investments in Warren Co $87,500 Fixed Assets Land at Cost $125,000 Building at Cost $975,800
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Company Name Balance Sheet As of December 31, 2013 Assets Current assets Cash Account Receivable Allowance for doubtful accounts Net accounts receivable Inventories Securities (available for sale)-at fair Market value Notes Receivable (due next year) Prepaid Expenses Total current assets Non-Current assets Investments in Warren Co. Land Building Accumulated Depreciations Net building Goodwill Patents Copyrights Trademarks Deposits with Vendors Total noncurrent assets Total assets Liabilities and
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Company Name Balance Sheet As of DEC 31, 2012 Assets Current Assets Cash 42,485 Trading Securities FMV 28,250 Acct Receivable 165,824 Allowance for Doubtful Accounts (1,850) Net Realizable Value 163,974 Merchandise Inventory 499,493 Notes Receivable 23,000 Prepaid Expenses 16,252 Total Current Assets 773,454 Long Term Investments Investments in Warren Co. 87
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