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1. Accrual accounting "is an accounting method that measures the performance and position of a company by recognizing economic events regardless of when cash transactions occur" (Investopedia, 2016). With accrual accounting revenue is not recognized at the time of a purchase it will be recognized the next month or the next billing cycle, (accrual first cash later). Accruals are listed on the balance sheet as account receivable, this is cash not yet received (Managerial accounting for managers, 2014). Accruals are also amounts unaccounted for but still owed at the end of a period or at the end of year. If the amount is not known estimates need to be made and then added to the expenses in order for this to show a true picture in the Profit and Loss account.
In contrast to cash flow statements, cash budgets provide much more timely information regarding cash inflows and outflows. For example, whereas cash flow statements are often prepared on a monthly, quarterly, or annual basis, cash budgets are often prepared on a daily, weekly, or monthly basis. Borrowed funds can mean a leg up for companies and for investors, Bottom line it is better to borrow money rather than give of equity. Equity costs you a portion of your business that you cannot get back. 2. Accrual accounting is different because it shows the changes in the economy of a company regardless of when transactions occur. It recognizes this by matching the revenue to expenses when a transaction actually takes place. This is different because it's usually taken when payments are actually made or received. With Accrual accounting, you will still have amounts that aren't accounted for (hence the term unaccounted). These amounts that aren't accounted for yet have to be added or subtracted later.
With cash flow statements you are able to see a company's cash transactions within a specific period of time, whereas the income statements actually show the company's performance over a period of time.
The balance score card of the current period provides information in regard to both the past and future events. The diagram provides the information in regard to designing the innovated balance scorecard.
On the sale of his principal residence, Cameron realized a $50,000 gain. Explain how much of the gain is Cameron allowed to exclude from his 2012 gross income?
If Cartel Company expects next year’s total sales could increase 12%, they want to know how this change affects their profit. Calculate next year’s net income in dollar, using DOL, and show DOL.
Dorno Corporation reported expenses at the end of the current year as follows:
The sales clerk receives customer orders by phone. She prepares a four-copy sales order form. She files one copy, one copy goes to the warehouse clerk, one copy goes to credit clerk, and one copy is mailed to the customer.
Corporation issued 100,000 shares of $20 par value, cumulative, 8% preferred stock on January 1, 2009, for $2,100,000. In December 2011, AI declared its first dividend of $500,000.
One of your employees complained not about the remark about religion, but that the emails were partisan against the members of their political party. Your boss has asked you how you recommend handling the situation.
Determine the amount of impairment according to SFAS Nos. 121 and 144 and by how much should each of the assets be written down?
Smith Corp issues bonds dated January 1, 2011, that pay interest semi annually on June 30 and December 31. The bonds have a $300,000 par value and an annual contract rate of 10%. They mature in 5 years. Determine the cash issue price for the bonds. W..
Using a computer spreadsheet program such as Excel, run a regression on these data. Print out your results. Using your results from Requirement 1, write the cost formula for delivery cost.
on 31st december 2010 the american bank enters into a debt restructuring agreement with barkley company which is now
Tax Rates. Based on the amounts of taxable income below, compute the federal income tax payable in 2015 on each amount assuming the taxpayers are married filing a joint return. Also, for each amount of taxable income, compute the average tax rate and..
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