Introductory Accounting TOPIC: What is Accounting Lecture 2: The Accounting Cycle COMMONWEALTH OF AUSTRALIA Copyright Regulations 1969 WARNING This material has been reproduced and communicated to you by and on behalf of the University of New South Wales pursuant to Part VA of the Copyright Act 1968 (the Act). The material in this communication may be subject to copyright under this Act. Any further copying or communication of this material by you may be the subject of copyright
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PPE defined Property, plant and equipment are “tangible assets which are held by an entity for use in production or supply of goods and services, for rental to others, or for administrative purposes, and are expected to be used during more than one period. Major characteristics of PPE a. They are intangible assets, meaning with “physical substance”. b. Are use in business, meaning used in production or supply of goods and services, for rental purposes and for administrative purposes
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CHAPTER 5 INTRODUCTION TO BUSINESS EXPENSES ------------------------------------------------- DISCUSSION QUESTIONS 1. All allowable deductions of individual taxpayers are classified as either for adjusted gross income or from adjusted gross income. Why are deductions for adjusted gross income usually more advantageous than deductions from adjusted gross income? Although both types of deductions reduce taxable income, deductions for adjusted gross income are always deductible. Taxpayers
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Operating Budget Christine Mosqueda ACC206: Principles of Accounting II Instructor LaKeitha Givens Date Submitted Operating Budget Within a firm, there are many approaches a manger must organize to get the required attention from the employees. The most important and necessary thing a manager must do is to be able to construct a budget. In an operating budget, there are many different elements that are required to maintain the integrity of the budget for the company. Managers
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Analysis of Maximum Potential Impact to Revenue from Trucking Accident I have conducted an analysis of Biovail’s estimate that their 3rd quarter revenue would be impacted by $10 to $20 million due to the recent trucking accident. My conclusion is that Management has made serious mistakes in this estimate and it is not clear if this is due to incompetence or an intention to deceive investors. While my high level estimates show that a truck could hold upwards of $53.46 million worth of Wellbutrin®
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statements. This process demonstrates the purpose offinancial accounting--to create useful financial information in the form of general-purpose financial statements. In other words, the sole purpose of recording transactions and keeping track of expenses and revenues is turn this data into meaning financial information by presenting it in the form of a balance sheet, income statement, statement of owner's equity, and statement of cash flows. The accounting cycle is a set of steps that are repeated
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subject tax year. Next, let’s look at your expenses. Two: $25,000 as income? As we just discussed, the timing of expenses will vary depending on cash based versus accrual based accounting method. Since we are going to assume and verify that you are cash based, the $25,000 in expenses paid up front will not reduce your income in this subject year and the $25,000 received will be counted as income on this tax year. If in fact you did not deduct the expense in the past, then the $25,000 will not be
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Jamona Exercise Date | Cash Received | Interest Revenue (PV) | Bond Premium Amortization | Carrying Amount of Bonds | 1/1/2006 | | | | 322,744.44 | 12/31/2006 | 36,000.00 | 30,545.34 | 5454.66 | 317,289.78 | 12/31/2007 | 36,000.00 | 29,750.40 | 4958.45 | 312,331.33 | 12/31/2008 | 36,000.00 | 27,046.80 | 4507.85 | 307,823.48 | 12/31/2009 | 36,000.00 | 24,588.00 | 4098.04 | 303,725.44 | 12/31/2010 | 36,000.00 | 22,352.40 | 3725.44 | 300,000.00 | | | | | | Journal entries Purchase
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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 $360,000 Expenses Salaries and Wages 67,600 Advertising 18,680 Interest
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An Effective Training Evaluation Plan You have just learned that your company is looking for ways to cut back expenses. One of the cost cutting measures being considered is to terminate the training department, as the company considers this an expense and they do not believe training is contributing to the profitability of the company. As the head of the training department, it is your job to defend the value of the department. You realize that well trained employees perform their jobs more efficiently
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