business activity that changes assets, liabilities, or owner’s equity. 15. Account- A record summarizing all the information pertaining to a single item in the accounting equation. 16. Account title- The name given to an account. 17. Account balance- The amount in an account. 18. Capital- The account used to summarize the owner’s equity in a business. 19. Revenue- An increase in owner’s equity resulting from the operation of a business. 20. Sale on account- A sale for which cash will
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Homework III 25 Point 5-1 a. What is the overall objective of the financial statement audit? The overall objective of a financial statement audit is the expression of an opinion on whether the client's financial statements are presented fairly, in all material respects, in conformity with GAAP. b. Identify the six phases of a financial statement audit. The six phases of a financial statement audit are: • Phase I: Perform Risk Assessment Procedures. • Phase II: Assess
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as a guide when allocating yourself CPD units. IAS 12 uses a liability method and adopts a balance sheet approach to accounting for taxation. It accounts for the temporary differences between the accounting and tax bases of assets and liabilities rather than accounting for the timing differences between the accounting and tax consequences of revenue and expenses. IAS 12 adopts a full provision balance sheet approach to accounting for tax. It is assumed that the recovery of all assets and the settlement
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1. Ebay Strategy Analysis Strengths | Weaknesses | Global Leadership for Online AuctionsBusiness ModelCustomer Relations ManagementPaypal | Need to Overcome Fraudulent TransactionsVulnerable to system breakdownsLack of New Ideas | Opportunities | Threats | New and Emerging MarketsMarket Penetration | CompetitionConsumer ConfidenceUncontrollable Cost | Strengths Global Leadership for Online Auctions Ebay is a giant marketplace used globally to buy and sell things of wide variety around
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Question #1: Chapter 1 (Ten Points) Distinguish between a firm's capital budgeting decisions and its financing decisions by giving examples of each. Capital budgeting decisions are investment decisions and financing decisions focus on raising the money that the firm needs for investments and operations. A company needs to decide which real assets to invest in (capital budgeting) and ways to raise funds to pay for those investments (financing decisions). An example of capital budgeting would
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be posted into the general ledger which usually occurs monthly and subsidiary ledgers which are usually done daily. Once this is done a trial balance is prepared. After the trial balance is done, adjustments are made for such things as accruals, prepayments as well as any estimated items. Once these adjustments have been made, an adjusted trial balance is prepared. When the adjusted trial
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Analysis Course Project Part 1 By: Hope Cole, Theresa Black, Andrea Ross, Samuel Han, Kathryn Ottesen, Amanda Allen | | | | | | | | | | | | Trend Analysis of Pinnacle Manufacturing Account Balance | % Change 2010 - 2011 | % Change 2009 – 2010 | Net Sales | 1.45% change | 2.70% change | Gross Profit | (2.07)% change | (.86)% change | Income from Operations | 1.87% change | (23.10)% change | Net Income | 16.50% change
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COVER SHEET for SUBMISSION of INDIVIDUAL/ GROUP ASSIGNMENTS Course Code | Course Name | Dept. Date Stamp | ACCT2159 | Corporate Accounting | | Assignment Title | Assignment No: | Date Due | | Corporate Accounting Assignment 2012 semester 3 | 1 | Friday, 7th December 2012 | | Academic’s Name: | | | Ms. Sue | | (For Office use only) | STUDENT(S) Family name | Given Names | Student Number | 1) Vu Ly Bao | Ngoc | s3357828 | 2) Bui Mai | Phuong | s3372823 | 3) Nguyen
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Patton-Fuller Ratio Computation July 8, 2013 HCS/405 Regina Robinson The Eight Basic Ratios 1. Current Ratio (Unaudited) 2009 Current Assets $128,867 ÷ Current Liabilities $23,807= 5.4129877 or 5.413 (5 to 1) 2008 Current Assets $130,026 ÷ Current Liabilities $8,380 = 15.516229 or 15.516 (15 to 1) Current Ratio (Audited) 2009 $128,867 ÷ $23,807= 5.3709833 or 5.371(5 to 1) 2008 $130,026 ÷ $8,380= 15.516229
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Carnival Cruise Line Case Study Abstract This case study reviews the financial position of Carnival Cruise Line. The data reviewed is primarily from the previous five years of annual reports produced by the company (2007-2011) and certain key ratios derived from those reports. For comparison purposes, this case study will use Carnival Cruise Lines nearest rival, Royal Caribbean Cruise Line. This case study will prove the financial strength and stability of this company and give the reader
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