...AC1220 Lab 1.1 Introduction On January 1, 20x1, Jake Jones decides to start a computer repair business. The business will operate as a proprietorship under the name Jake’s Computer Repair Service. Requirement 1 Match each of the following accounting concepts or principles to the correct description: cost principle, entity concept, faithful representation principle, going-concern concept, and stable monetary unit concept. Description | Accounting Concept/Principle | Jones ensures that the information contained in the financial records of the business is complete, neutral, and free from material errors. | Faithful Representation Principle | All transactions entered into the financial records of Jake’s Computer Repair Service are U.S. dollar amounts. | Stable Monetary Unit Concept | Assets acquired by Jake’s Computer Repair Service, such as property and equipment, are recorded at their actual cost. | Cost Principle | Jones must keep his personal assets and liabilities separate from those of the business. | Entity Concept | Jones expects the business to be successful and to continue operating into the foreseeable future. | Going-Concern | Requirement 2 The following transactions take place in January 20x1, the first month of operations for Jake’s Computer Repair Service: a. Jan. 1, 20x1. Jones opens a business account with Ninth Street Bank and deposits $5,000. b. Jan. 2, 20x1. Jones borrows an additional $10,000 from Ninth Street Bank, signing...
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...Point of sale: Revenue is recognized the moment goods are sold and shipped to the customer FOB shipping point or when the goods are received by the customer if it is FOB destination. Completion-of-production:Companies recognize revenue when these metals are mined or agricultural crops harvested because the sales price is reasonably assured, the units are interchangeable, and no significant costs are involved in distributing the product Percentage-of-completion method: Companies recognize revenues and gross profits each period based upon the progress of the construction—that is, the percentage of completion. The company accumulates construction costs plus gross profit earned to date in an inventory account (Construction in Process), and it accumulates progress billings in a contra inventory account (Billings on Construction in Process). Installment-sales: Recognizes income in the periods of collection rather than in the period of sale. The logic underlying this method is that when there is no reasonable approach for estimating the degree of collectibility, companies should not recognize revenue until cash is collected. Pat's Electronics Division Billed and shipped in 2012 | $2,400,000 | Freight billed in 2012 | $70,000 | Commissions paid to Agents (after ship to customer) | 240000 | Warranty Returns as % of Sales | 24000 | Total of revenue | $2,066,000 | Pickle Construction Division Percent complete | Construction Costs incurred to date | $14,140,000 | 27%...
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...Exercise 1-6A A. $1,000 cash + $9,000 land = $4,000 + $6,000 B. 40% creditors C. 60% stock holder’s equity D. No. They only have $1,000 in cash. They would have to sell their land in order to do this. Exercise 1-7A A. They are paid to investors. They are not expenses. Assets distributed to stockholders are not used for the purpose of generating revenue. B. $1,000 C. $800, it is all the cash they have at this time. D. Yes, but they would have to sale their land or liquidate. E. Creditors would receive what is left. $800 in cash and the investors would get nothing. Exercise 1-8A A. $142,000 B. $15,000 C. $25,000 D. $55,000 Exercise 1-9A A. $18,000 B. C. D. E. Beginning/Ending Cash Balance= $156,000/$169,000 Beginning/Ending Common Stock=$52,400/$52,400 ------------------------------------------------- The balances of cash differ because there were transactions that were made, revenue, expenses, and dividends. Common Stock did not change because assets distributed to stock holders are not used for purposes of generating revenue and dividends are not an expenses. The dividends are a transfer of earnings, not a return of the assets acquired from the issue of common stock. Exercise 1-11A A. B. C. Assets = $96,000 Liabilities = $30,000 Stockholders’ equity = $30,000 Exercise 1-12A A. B. ------------------------------------------------- No. The...
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...1-2. Identify and describe the five environmental differences between governments and for-profit business enterprises as identified in the Governmental Accounting Standards Board's Why Governmental Accounting and Financial Reporting Is—and Should Be—Different. The five environmental differences include mission/purpose, source of revenue, potential longevity, relationship with stakeholders, and role of budget. The mission/purpose is defined by the goals of the organization. The purpose of a commercial business is to make money. A non-profit organization’s purpose is to provide a service, without compensation from the people being served. The source of revenue comes from net income, which comes from a sale of goods or services in the private sector or in the public sector comes from tax dollars or donations. The longevity potential for a private business depends on the ability to generate a profit. In contrast a non-profit relies upon tax dollars or donations. The stakeholders of a private corporation are the owners/stockholder/investors. The stakeholders of a public organization are the taxpayers and general public being served. The budget in the private sector is flexible, depending on revenues and directors. The budget within a public organization is typically not flexible and has to be followed exactly. 1-3. Identify and briefly describe the three organizations that set standards for state and local governments, the federal government, and nongovernmental...
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...Accounting Enjoli Hill 280 8/16/11 James Wood Accounting The purpose of this paper is to define accounting, and identify the four basic financial statements. The paper also explains how the different financial statements are interrelated to each other and why they are useful to managers, investors, creditors, and employees. What is accounting and why is it so important? Accounting is the financial information system that provides need to know information about your company. “Essential characteristics of accounting are identification, measurement, and communication of financial information about economic entities to interested parties” (Weygandt, p. 4, Para. 1). When you are in a business you have to identify events relevant to your company’s finances. Once you identify the facts you have to record these events. When recording you is providing a history of financial activities in a chronological diary to help you better understand your company’s revenues and expenses. After you summarize all collected information, you communicate to interested users by meaning of accounting reports. Accounting reports are referred to financial statements. Financial statements provide the overview of the financial condition of the business. Companies prepare four financial statements from the summarized accounting data. To understand the true financial state of a business one must understand the purpose of the four financial statements and what kind of information each...
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...Week 1 Assignment Latavia Barnes ACC 380: Accounting for Not-for-profit Organizations Instructor Bundli September 9, 2013 Part One. Review the financial information pertaining to the City of Northern Pines in problem 2-8 on pages 52 and 53 of your text. Prepare, in good form, a Statement of Activities for the city of Northern Pines for the year ended June 30, 2012. Northern Pines has no component units. CITY OF NORTHERN PINES Statement of Activities For the Year Ended June 30, 2012 Program Revenues Net (Expense) Revenue and Change in Net Assets Charges Operational Business- for Grants and Governmental type Functions/Programs...
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...Axia College Material Yuma N. Vuono turtlelove15@email.phoenix.edu Assignment 1-2 Accounting Software Memo Resource: September 2003 article “A Strategy for Finding the Right Accounting Software” by Randolph P. Johnston located at the website for the Journal of Accountancy. Read the following memo: Your department’s accounting software is extremely outdated and you have included the purchase of new software in this year’s fiscal budget. You have decided it is time to start looking into purchasing your company’s accounting software and have chosen someone in your department to undertake the task. You want to draft a memo for your employee to help guide her in the purchasing process. Prepare a 350-word memo discussing the factors to consider when choosing accounting software. Analyze why each factor is important and the risks of not considering each factor. Post your memo as an attachment. Post your Certificate of Originality. Interoffice Memo: To: | Jane Assistant | From: | Yuma N. Vuono | CC: | John President | Date: | 1/29/2012 | Re: | Accounting Software | Comments: | Hello Jane,As you know, our accounting software is extremely outdated. I have included the purchase of new software in this year's fiscal budget and decided you would be the perfect person to research the various types of accounting software systems on the market and choose the most suitable system for our company. We both understand the importance of choosing a system that will...
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...ACC 421 WEEK 1 INDIVIDUAL ACCOUNTING CYCLE PAPER To purchase this visit here: http://www.nerdypupil.com/product/acc-421-week-1-individual-accounting-cycle-paper/ Contact us at: nerdypupil@gmail.com ACC 421 WEEK 1 INDIVIDUAL ACCOUNTING CYCLE PAPER Preparea 700- to 1,050-word paper explaining the overall accounting cycle at your organization. Include a description of the people, processes, and systems that are integral to the cycle Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 421 Week 1 Individual Accounting Cycle Paper in order to ace their studies. ACC 421 WEEK 1 INDIVIDUAL ACCOUNTING CYCLE PAPER To purchase this visit here: http://www.nerdypupil.com/product/acc-421-week-1-individual-accounting-cycle-paper/ Contact us at: nerdypupil@gmail.com ACC 421 WEEK 1 INDIVIDUAL ACCOUNTING CYCLE PAPER Preparea 700- to 1,050-word paper explaining the overall accounting cycle at your organization. Include a description of the people, processes, and systems that are integral to the cycle Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 421 Week 1 Individual Accounting Cycle Paper in order to ace their studies. ACC 421 WEEK 1 INDIVIDUAL ACCOUNTING CYCLE PAPER To purchase this visit here: http://www.nerdypupil.com/product/acc-421-week-1-individual-accounting-cycle-paper/ Contact us at: nerdypupil@gmail.com ACC 421 WEEK 1 INDIVIDUAL ACCOUNTING CYCLE PAPER Preparea 700- to 1,050-word...
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...ACC 225 WEEK 1 EXERCISE ACCOUNTING AND BUSINESS ORGANIZATIONS To purchase this visit here: http://www.nerdypupil.com/product/acc-225-week-1-exercise-accounting-and-business-organizations/ Contact us at: nerdypupil@gmail.com ACC 225 WEEK 1 EXERCISE ACCOUNTING AND BUSINESS ORGANIZATIONS Exercises: Accounting and Business Organizations • Resource: Fundamental Accounting Principles, p. 30 • Due Date: Day 5 • Post your answers to Exercises 11 and 14. Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 225 Week 1 Exercise Accounting and Business Organizations in order to ace their studies. ACC 225 WEEK 1 EXERCISE ACCOUNTING AND BUSINESS ORGANIZATIONS To purchase this visit here: http://www.nerdypupil.com/product/acc-225-week-1-exercise-accounting-and-business-organizations/ Contact us at: nerdypupil@gmail.com ACC 225 WEEK 1 EXERCISE ACCOUNTING AND BUSINESS ORGANIZATIONS Exercises: Accounting and Business Organizations • Resource: Fundamental Accounting Principles, p. 30 • Due Date: Day 5 • Post your answers to Exercises 11 and 14. Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 225 Week 1 Exercise Accounting and Business Organizations in order to ace their studies. ACC 225 WEEK 1 EXERCISE ACCOUNTING AND BUSINESS ORGANIZATIONS To purchase this visit here: http://www.nerdypupil.com/product/acc-225-week-1-exercise-accounting-and-business-organizations/ Contact us at: nerdypupil@gmail...
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...630 Managerial Accounting Entire Course Week 1 to 6 Purchase here http://homeworkonestop.com/BUS%20630/bus-630-managerial-accounting-entire-course-week-1-to-6 Product Description BUS 630, Managerial Accounting WEEK 1 Written Assignment, Case 2B (Mendel Paper Company) Discussion 1, Ethics in Cost Control Discussion 2, Fixed and Variable Costs WEEK 2 Written Assignment Case 3A (Auerbach Enterprises) Discussion 1, Product Costs Discussion 2, Job Order Costing vs. Process Costing WEEK 3 Written Assignment Case 5A (Glaser Health Products) Discussion 1, Allocating Joint Costs Discussion 2, Variable/Absorption Costing WEEK 4 Written Assignment Case 6B (Chester & Wayne) Discussion 1, Budgeting Comments Discussion 2, Standard Cost System Journal Budgets and Employee Morale WEEK 5 Discussion 1, Capital Investment Evaluation Discussion 2, Ranking Investment Alternatives Written Assignment Case 9A (Middlehurst House) WEEK 6 Final Paper, Analyze the Role of Managerial Accounting Discussion 1, Evaluating Performance Discussion 2, Non value- Added Costs in a Doctor's Office BUS 630 Managerial Accounting Entire Course Week 1 to 6 Purchase here http://homeworkonestop.com/BUS%20630/bus-630-managerial-accounting-entire-course-week-1-to-6 Product Description BUS 630, Managerial Accounting WEEK 1 Written Assignment, Case 2B (Mendel Paper Company) Discussion 1, Ethics in Cost Control Discussion 2, Fixed and Variable Costs WEEK 2 Written Assignment...
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...ACC 561 Accounting Week 1 to 6, Assignment, WilyPLUS, DQ, Final Purchase here http://homeworkonestop.com/ACC%20561/acc-561-accounting-week-1-to-6-assignment-wilyplus-dq-final Product Description ACC 561 Accounting WEEK 1 Individual Assignment, Financial Statement Review Paper Individual Assignment, Wileyplus BE1-7, BE1-8, BE1-9 Discussion Question 1 and 2 WEEK 2 Individual Assignment, Sarbanes-Oxley Act of 2002 Individual Assignment, Wileyplus E13-5, E13-6, E13-8, E13-9 Learning Team Summary Learning Team Reflection Discussion Question 1 and 2 WEEK 3 Individual Assignment, American Corporation Analysis Individual Assignment, Wileyplus BE15-5, E16-1, E17-9 Discussion Question 1 and 2 WEEK 4 Individual Assignment, WileyPLUS BYP17-2 Managerial Analysis Individual Assignment, Wileyplus BE18-1, BE18-7, BE18-11, E19-2 Learning Team Summary Learning Team Reflection Discussion Question 1 and 2 WEEK 5 Individual Assignment, Costing Methods paper Learning Team Assignment, CVP and Break-Even Analysis Paper Individual Assignment, Wileyplus E20-2, E20-5, BE21-4, E22-5 Learning Team Deliverable Discussion Question 1 and 2 WEEK 6 Individual Assignment, Wileyplus E23-1, E23-2 Learning Team Summary Learning Team Reflection ACC 561 Final Exam WileyPLUS (30 Q & A) ACC 561 Final Exam 2 (30 Q & A) ACC 561 Final Exam 3 (54 Q & A) ACC 561 Final Exam 4 (54 Q & A) ACC 561 Final Exam 5 (54 Q & A) ACC 561 Final Exam 6 (52 Q & A) ACC 561 Final Exam 7 (45...
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...ACC 227 WEEK 1 CHECKPOINT COST ACCOUNTING FUNDAMENTALS APPENDIX B To purchase this visit here: http://www.nerdypupil.com/product/acc-227-week-1-checkpoint-cost-accounting-fundamentals-appendix-b/ Contact us at: nerdypupil@gmail.com ACC 227 WEEK 1 CHECKPOINT COST ACCOUNTING FUNDAMENTALS APPENDIX B ACC 227 Week 1 Checkpoint Cost Accounting Fundamentals Appendix B Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 227 Week 1 Checkpoint Cost Accounting Fundamentals Appendix B in order to ace their studies. ACC 227 WEEK 1 CHECKPOINT COST ACCOUNTING FUNDAMENTALS APPENDIX B To purchase this visit here: http://www.nerdypupil.com/product/acc-227-week-1-checkpoint-cost-accounting-fundamentals-appendix-b/ Contact us at: nerdypupil@gmail.com ACC 227 WEEK 1 CHECKPOINT COST ACCOUNTING FUNDAMENTALS APPENDIX B ACC 227 Week 1 Checkpoint Cost Accounting Fundamentals Appendix B Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 227 Week 1 Checkpoint Cost Accounting Fundamentals Appendix B in order to ace their studies. ACC 227 WEEK 1 CHECKPOINT COST ACCOUNTING FUNDAMENTALS APPENDIX B To purchase this visit here: http://www.nerdypupil.com/product/acc-227-week-1-checkpoint-cost-accounting-fundamentals-appendix-b/ Contact us at: nerdypupil@gmail.com ACC 227 WEEK 1 CHECKPOINT COST ACCOUNTING FUNDAMENTALS APPENDIX B ACC 227 Week 1 Checkpoint Cost Accounting Fundamentals Appendix B Home Work Hour aims...
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...ACC 561 Accounting Week 1 to 6, Assignment, WilyPLUS, DQ, Final Purchase here http://homeworkonestop.com/ACC%20561/acc-561-accounting-week-1-to-6-assignment-wilyplus-dq-final Product Description ACC 561 Accounting WEEK 1 Individual Assignment, Financial Statement Review Paper Individual Assignment, Wileyplus BE1-7, BE1-8, BE1-9 Discussion Question 1 and 2 WEEK 2 Individual Assignment, Sarbanes-Oxley Act of 2002 Individual Assignment, Wileyplus E13-5, E13-6, E13-8, E13-9 Learning Team Summary Learning Team Reflection Discussion Question 1 and 2 WEEK 3 Individual Assignment, American Corporation Analysis Individual Assignment, Wileyplus BE15-5, E16-1, E17-9 Discussion Question 1 and 2 WEEK 4 Individual Assignment, WileyPLUS BYP17-2 Managerial Analysis Individual Assignment, Wileyplus BE18-1, BE18-7, BE18-11, E19-2 Learning Team Summary Learning Team Reflection Discussion Question 1 and 2 WEEK 5 Individual Assignment, Costing Methods paper Learning Team Assignment, CVP and Break-Even Analysis Paper Individual Assignment, Wileyplus E20-2, E20-5, BE21-4, E22-5 Learning Team Deliverable Discussion Question 1 and 2 WEEK 6 Individual Assignment, Wileyplus E23-1, E23-2 Learning Team Summary Learning Team Reflection ACC 561 Final Exam WileyPLUS (30 Q & A) ACC 561 Final Exam 2 (30 Q & A) ACC 561 Final Exam 3 (54 Q & A) ACC 561 Final Exam 4 (54 Q & A) ACC 561 Final Exam 5 (54 Q & A) ACC 561 Final Exam 6 (52 Q & A) ACC 561 Final Exam 7...
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...Accounting 557 Entire Course (STR) To purchase this tutorial visit here: http://mindsblow.us/question_des/Accounting557EntireCourseSTR/2804 contact us at: help@mindblows.us Accounting 557 Entire Course (STR) ACC 557 Week 3 Assignment 1 - Review of Accounting Ethics ACC 557 Week 6 Assignment 1 - You Are an Entrepreneur! ACC 557 Week 10 Assignment 2 - You Are an Investment Analyst Including All Weeks Quizzes and Homework Accounting 557 Entire Course (STR) To purchase this tutorial visit here: http://mindsblow.us/question_des/Accounting557EntireCourseSTR/2804 contact us at: help@mindblows.us Accounting 557 Entire Course (STR) ACC 557 Week 3 Assignment 1 - Review of Accounting Ethics ACC 557 Week 6 Assignment 1 - You Are an Entrepreneur! ACC 557 Week 10 Assignment 2 - You Are an Investment Analyst Including All Weeks Quizzes and Homework Accounting 557 Entire Course (STR) To purchase this tutorial visit here: http://mindsblow.us/question_des/Accounting557EntireCourseSTR/2804 contact us at: help@mindblows.us Accounting 557 Entire Course (STR) ACC 557 Week 3 Assignment 1 - Review of Accounting Ethics ACC 557 Week 6 Assignment 1 - You Are an Entrepreneur! ACC 557 Week 10 Assignment 2 - You Are an Investment Analyst Including All Weeks Quizzes and Homework Accounting 557 Entire Course (STR) To purchase this tutorial visit here: http://mindsblow.us/question_des/Accounting557EntireCourseSTR/2804 contact us at: help@mindblows.us Accounting...
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...Financial Accounting ACCT212 – Week 1 Live Lecture Goals of this Week’s Lecture • Present you with the information you need to begin succeeding in Financial Accounting • Provide a forum for question and answer regarding this week’s material • Begin satisfying our weekly TCO and key concepts ACCT212 Week 1 Lecture 2 How to be Successful? • All the information you need to be successful in this course comes from four primary sources: 1. 2. 3. 4. Your textbook eCollege This lecture, and Your instructor ACCT212 Week 1 Lecture 3 Financial Accounting – Week 1 • • • • • • • • • • Terminal Course Objective for the Week Key Concepts of the Week Business Decisions Accounting is the Language of Business Accounting Principles and Concepts The Accounting Equation The Financial Statements Relationships Among Financial Statements Account Types Getting Started on Project 1A ACCT212 Week 1 Lecture 4 TCO of the Week • TCO 1: “Given financial statements, explain the financial statements’ purpose and components relative to accounting history, assumptions, concepts, principles, and standards.” ACCT212 Week 1 Lecture 5 Key Concepts of the Week • Use accounting vocabulary • Learn accounting concepts and principles • Apply the accounting equation to business organizations • Evaluate business operations • Use financial statements ACCT212 Week 1 Lecture 6 Business Decisions • Suppose you are an investor with $10,000 to invest in any company you choose...
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