Michael D Boffeli American InterContinental University Professor Cynthia Armes ACCT205-1301B-02 Principles of Accounting Unit 1 IP Abstract The paper is about a hypothetical scenario requiring the writer to give and informative introductory class on the subject of accounting. The primary objectives of accounting are identified and described in basic terms. Basic accounting terminology is identified and defined using the New York State Society of CPA’s Accounting Terminology Guide.
Words: 1096 - Pages: 5
FIN370 WK4 Q. Briefly summarize the case. In order to increase sales, Reeds Clothier concentrated on increasing inventory. They were afraid that lower inventory level will harm sales. Company renovated the stores and tripled the inventory. But sale did not increase as they expected. While they tripled the inventory, sales doubled only. This resulted in excess inventory. Money was stuck up in inventory. Instead of analyzing the problem and addressing the root cause, company considered it as cash
Words: 1107 - Pages: 5
there a revenue projection is completed in detail of a certain time period to determine if there will be profit after the cost of the business. By using managerial accounting the Controllers and Cost Accountants within a company are able to control, understand and explain what cost within a company have the most effect on the overhead within a company and what can be done to reduce those cost. Some of the daily activities that are done to control cost are tracking and controlling revenue recognition
Words: 1648 - Pages: 7
evidenced by formal instruments of credit. 4. The essential features of the allowance method of accounting for impairment of receivables are: (1) Impaired accounts receivable are estimated and matched against revenue in the same accounting period in which the revenue occurred. (2) Estimated uncollectables are debited to Bad Debts Expense and credited to Allowance for Impairment through an adjusting entry at the end of each period. (3) Actual uncollectables are
Words: 1210 - Pages: 5
activities) 4. Know the definitions of asset, liability, equity, revenue, and expense 5. Know what items appear under each classification in the balance sheet 6. Know how to compute Earnings per Share 7. Know the composition of a Retained Earnings statement 8. Know about a ledger account, its different parts, the rules of debit and credit, and the meaning of the term normal balance of an account 9. Know about revenue recognition principle, matching principle, and time-period assumption
Words: 843 - Pages: 4
nearest unit or dollar. (3 + 4 + 4 = 11 mar ks) Solution i) Sales budget for the quarter ending March 2008 (3 marks) Month January February March Total Estimated Sales units 120,000 150,000 100,000 370,000 Selling Price per unit $3 $3 $3 Sales Revenue ($) 360,000 450,000 300,000 1,110,000 ii) Production budget for the quarter ending March 2008 (4 marks) Particulars / Month Sales estimates (+) Closing inventory requirement Total requirement (-) Opening inventory Production requirement January
Words: 403 - Pages: 2
Aim for 1 page – this example cover letter is longer because it includes instructions Ms Karen Medica [Address] [Suburb, State, Post Code] [Mobile] [e-mail] [date] 1 November 2010 [Salutation] [first name] [surname] [Position in Company] [Company name] [Address] [Suburb, State, Post Code] Dear [Mr. or Ms.][Last Name], Re: [job name, reference] Customer Service Officer, Position C542 [Write a brief explanation of your experience in the particular field and interest in the role advertised. This
Words: 525 - Pages: 3
CHAPTER 5 Revenue Recognition after Delivery * Assumes we are able to make reasonable estimates of amounts due from customers that potentially might be uncollectible. * For product sales this also includes amounts not collectible due to customers returning the products they purchased. Installment Sales * Increasing the length of time allowed for payment usually increases the uncertainty about whether the store actually will collect a receivable * The increased uncertainty concerning
Words: 5638 - Pages: 23
principle- Revenues and expenses are reported at the same accounting period. Monetary unit- Money is the best and most use denominator of economic activity, it is easy to understand and relevant to most if not all professionals and investors. Revenue recognition principle- this principle deals with the time period for the revenue recording, under the accrual basis of accounting revenue should be recorded whenever the organization completed the task needed for generating the revenue, under the
Words: 2505 - Pages: 11
To propel my career from Field Engineer Trainee to Country Business Unit Manger my engineering education served me well, but as I prepare to take on the responsibilities of a senior level position at Weatherford International, it’s clear that a graduate business school degree is an indispensable asset. As an applicant to the Texas Executive MBA program I look to further develop the skills to: Lead people and processes, build innovative businesses, evaluate capital projects, and advance my understanding
Words: 755 - Pages: 4
