quick tutorials in the Support Centre. You will find general assignment FAQs in your Assignment Submission/Group Work area. B. Prepare your answers to these assignment questions in Word and save them as one Word document on your hard drive. For the recommended format and filename, see the Assignment Submission/Group Work/FAQ area. If this assignment Word file requires you to paste Accpac.RTF reports, Excel.xls sections, or other files, you are strongly advised to refer to How To/Use Software/Excel
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Lesson 1 Chapter 1 LIFA 1.1 WHAT IS ACCOUNTING? · Accounting- an information system that identifies, measures, records and communicates understandable, relevant, reliable, and comparable information about an organization’s economic activities. · Recordkeeping, or bookkeeping, is the recording of financial transactions, either manually or electronically, for the purpose of creating a reliable bank of data · Primary objective of accounting- to provide useful info for decision-making · Accounting
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organization of the financial function in a large corporation. 4. Explain why maximizing the current value of the firm’s stock price is the appropriate goal for management. 5. Discuss how agency conflicts affect the goal of maximizing stockholder wealth. 6. Explain why ethics is an appropriate topic in the study of corporate finance. I. Chapter Outline 1.1 The Role of the Financial Manager A. It’s All about Cash Flows • The financial manager is responsible for making decisions
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system which records, summarizes, and reports the underlying economic conditions of an entity. Financial accounting is used to report this information to external parties [managerial accounting is to use this information internally]. Financial statements are management’s report to owners. 3 profit-seeking entities: Sole proprietorship simple to establish, owner controlled Unlimited liability (no legal separation). All profits and losses belong to owner, report income on tax returns.
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Contents 1. Financial Statements and the Conceptual Framework 2. The Statement of Cash Flow 3. Revenue Recognition 110 4. Cash 139 5. Accounts Receivable 147 6. Notes Receivable/Payable 163 7. Inventory 187 8. Capital Assets 214 9. Liabilities 278 10. Shareholders’ Equity 310 11. Accounting for Pensions 341 12. Earnings per Share 384 13. Accounting for Leases 405 14. Accounting for NonProfit Organizations 437 15. Financial Statement Analysis 475 Page 2
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New York, NY 10019. Printing number 10 9 8 7 6 5 4 3 2 1 Contents Acknowledgments . . . . . . . . . . . . . . . . . . . . . . . . . . Chapter 1 Chapter 2 Introduction . . . . . . . . . . . . . . . . . . Financial Statements . . . . Income Statement . . . . . . . . Statement of Retained Earnings Balance
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you should be able to: 1 Explain a current liability, and identify the major types of current liabilities. 2 Describe the accounting for notes payable. 3 Explain the accounting for other current liabilities. 4 Explain why bonds are issued, and identify the types of bonds. 5 Prepare the entries for the issuance of bonds and interest expense. 6 Describe the entries when bonds are redeemed or converted. 7 Describe the accounting for long-term notes payable. 8 Identify the methods for the presentation
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(After all, you are online anyway…) Need a better way to study before the big test? (A little peace of mind is a good thing…) With McGraw-Hill's Connect Plus Finance, ® StudentS get: • Easy online access to homework, tests, and quizzes assigned by your instructor. • Immediate feedback on how you’re doing. (No more wishing you could call your instructor at 1 a.m.) • Quick access to lectures, practice materials, eBook, and more. (All the material you need to be successful is right at your fingertips
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November 21, 2011 To provide your organization accurate financial data, reports and statements, we follow rules developed according to Generally Accepted Accounting Principles (GAAP). Based on GAAP, it is important that we follow certain rules and have accurate client information. You have asked why we are asking for certain information related to certain topics within your organization. An explanation as to why we are asking for this information and related examples is provided in this paper to
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inventory systems. Identify the effects of inventory errors on the financial statements. Understand the items to include as inventory cost. Describe and compare the cost flow assumptions used to account for inventories. Explain the significance and use of a LIFO reserve. Understand the effect of LIFO liquidations. Explain the dollar-value LIFO method. Identify the major advantages and disadvantages of LIFO. Understand why companies select given inventory methods. Inventories in the Crystal Ball A
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