关闭

关闭

关闭

封号提示

内容

首页 Chapter_01.pdf

Chapter_01.pdf

Chapter_01.pdf

上传者: bluebreeze 2011-09-11 评分 0 0 0 0 0 0 暂无简介 简介 举报

简介:本文档为《Chapter_01pdf》,可适用于财会税务领域,主题内容包含ChapterAccountinginBusinessQUICKSTUDIESQuickStudyaEgEbEhEcIiEdEjEeEkIfIlEQ符等。

ChapterAccountinginBusinessQUICKSTUDIESQuickStudyaEgEbEhEcIiEdEjEeEkIfIlEQuickStudy(a)and(b)GAAP:GenerallyAcceptedAccountingPrinciplesImportance:GAAParetherulesthatspecifyacceptableaccountingpracticesSEC:SecuritiesandExchangeCommissionImportance:TheSECischargedbyCongresstosetreportingrulesfororganizationsthatsellownershipsharestothepublicTheSECdelegatespartofthisresponsibilitytotheFASBFASB:FinancialAccountingStandardsBoardImportance:FASBisanindependentgroupoffulltimememberswhoareresponsibleforsettingaccountingrulesIASB:InternationalAccountingStandardsBoardImportance:ItspurposeistoissuestandardsthatidentifypreferredpracticesinthedesireofharmonizingaccountingpracticesacrossdifferentcountriesThevastmajorityofcountriesandfinancialexchangessupportitsactivitiesandobjectivesMcGrawHillCompanies,SolutionsManual,ChapterQuickStudyAccountingprofessionalspracticeinatleastfourmainareasThesefourareas,alongwithalistingofsomeworkopportunitiesineach,are:Financialaccounting•Preparation•Analysis•Auditing(external)•Consulting•InvestigationManagerialaccounting•Costaccounting•Budgeting•Auditing(internal)•ConsultingTaxaccounting•Preparation•Planning•Regulatory•Consulting•InvestigationAccountingrelated•Lending•Consulting•Analyst•Investigator•AppraiserQuickStudyInternalcontrolsserveseveralpurposes:•Theyinvolvemonitoringanorganization’sactivitiestopromoteefficiencyandtopreventwrongfuluseofitsresources•Theyhelpensurethevalidityandcredibilityofaccountingreports•TheyareoftencrucialtoeffectiveoperationsandreliablereportingMoregenerally,theabsenceofinternalcontrolscanadverselyaffecttheffectivenessofdomesticandglobalfinancialmarketseExamplesofinternalcontrolsincludecashregisterswithinternaltapesordrives,scannersatdoorwaystoidentifytaggedproducts,overheadvideocameras,securityguards,andmanyothersMcGrawHillCompanies,FundamentalAccountingPrinciples,thEditionuickStudyQaRevenuerecognitionprinciplebCostprinciple(alsocalledhistoricalcost)cBusinessentityassumptionQuickStudyThechoiceofanaccountingmethodwhenmorethanonealternativemethodisacceptableoftenhasethicalimplicationsThisisbecauseaccountinginformationcanhavemajorimpactsonindividuals’(andfirms’)ellbeingwToillustrate,manycompaniesbasecompensationofmanagersontheamountofreportedincomeWhenthechoiceofanaccountingmethodaffectstheamountofreportedincome,theamountofcompensationisalsoaffectedSimilarly,ifworkersinadivisionreceivebonusesbasedonthedivision’sincome,itscomputationhasdirectfinancialimplicationsforheseindividualstQuickStudyAssets=LiabilitiesEquity$,(a)$,$,$,(b)$,$,$,$,(c)$,QuickStudyAssets=LiabilitiesEquity$,(a)$,$,$,$,(b)(b)$,QuickStudyaForSeptember,,theaccountanditsdollaramount(inmillions)forAppleare:()Assets=$,()Liabilities=$,()Equity=$,McGrawHillCompanies,SolutionsManual,ChapterQuickStudycontinuedbUsingApple’samountsfrom(a)weverifythat(inmillions):Assets=LiabilitiesEquity$,=$,$,QuickStudyCode:Incomestatement(I),Balancesheet(B),Statementofowner’sequity(OE),orStatementofcashflows(CF)aBdCFgBbIeIhCFcBfBiOE(andCF*)*ThemoreadvancedstudentmightknowthatthisitemwouldalsoappearinCFEXERCISESExercise(minutes)Externalusersandsomequestionstheyseektoanswerwithaccountingnformationinclude:iShareholders(investors),whoseekanswerstoquestionssuchas:aAreresourcesownedbyabusinessadequatetocarryoutplansbArethedebtsowedexcessiveinamountcWhatisthecurrentlevelofincome(anditscomponents)Creditors,whoseekanswersforquestionssuchas:aDoesthebusinesshavetheabilitytorepayitsdebtsbCanthebusinesstakeonadditionaldebtcAreresourcessufficienttocovercurrentamountsowedEmployees,whoseekanswerstoquestionssuchas:aIsthebusinessfinanciallystablebCanthebusinessaffordtopayhighersalariescWhataregrowthprospectsfortheorganizationInternalusersandsomewaystheyuseaccountinginformationontheirobsinclude:jMcGrawHillCompanies,FundamentalAccountingPrinciples,thEditionResearchanddevelopmentmanagers,whoneedinformationonprojectedcostsandrevenuesofanyproposedchangesinproductsorservicesPurchasingmanagers,whoneedtoknowwhat,when,andhowmuchtopurchaseHumanresourcemanagers,whoneedinformationaboutemployees’payroll,benefits,performance,andcompensationProductionmanagers,whodependoninformationtomonitorcostsandensurequalityDistributionmanagers,whoneedreportsfortimely,accurate,andefficientdeliveryofproductsandservicesExercise(minutes)CBCAABABExercise(minutes)aAuditingprofessionalswithcompetingauditclientsarelikelytolearnvaluableinformationabouteachclientthattheotherclientswouldbenefitfromknowingInthissituationtheauditormusttakecaretomaintaintheconfidentialnatureofinformationabouteachclientbAccountingprofessionalswhopreparetaxreturnscanfacesituationswhereclientswishtoclaimdeductionstheycannotsubstantiateAlso,clientssometimesexertpressuretousemethodsnotallowedorquestionableunderthelawIssuesofconfidentialityalsoarisewhentheseprofessionalshaveaccesstoclients’personalrecordscManagersfaceseveralsituationsdemandingethicaldecisionmakingintheirdealingswithemployeesExamplesincludefairnessinperformanceevaluations,salaryadjustments,andpromotionrecommendationsTheycanalsoincludeavoidinganyperceivedorrealharassmentofemployeesbythemanageroranyotheremployeesItcanalsoincludeissuesofconfidentialityregardingpersonalinformationknowntomanagersMcGrawHillCompanies,SolutionsManual,ChapterdSituationsinvolvingethicaldecisionmakingincourseworkincludeperformingindependentworkonexaminationsandindividuallycompletingassignmentsprojectsItcanalsoextendtopromptlyreturningreferencematerialssootherscanenjoythem,andtoproperlypreparingforclasstoefficientlyusethetimeandquestionperiodtonotdetractfromothers’instructionalbenefitsExercise(minutes)CodeDescriptionPrincipleorAssumptionEUsuallycreatedbyapronouncementfromanauthoritativebodySpecificaccountingprincipleGFinancialstatementsreflecttheassumptionthatthebusinesscontinuesoperatingGoingconcernassumptionADerivedfromlongusedandgenerallyacceptedaccountingpracticesGeneralaccountingprincipleCEverybusinessisaccountedforseparatelyfromitsownerorownersBusinessentityassumptionDRevenueisrecordedonlywhentheearningsprocessiscompleteRevenuerecognitionprincipleBInformationisbasedonactualcostsincurredintransactionsCostprincipleFAcompanyreportsdetailsbehindfinancialstatementsthatwouldinfluenceusers'decisionsFulldisclosureprincipleHAcompanyrecordstheexpensesincurredtogeneratetherevenuereportedMatchingprincipleExercise(minutes)aSoleproprietorshipeCorporationbCorporationfPartnershipcSoleproprietorshipgSoleproprietorshipdCorporationExercise(minutes)Assets=LiabilitiesEquity(a)$,=$,$,$,=$,(b)$,$,=(c)$,$,McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionExercise(minutes)DFGACExercise(minutes)aUsingtheaccountingequation:Assets=LiabilitiesEquity$,=$,Thus,equity=$,bUsingtheaccountingequationatthebeginningoftheyear:Assets=LiabilitiesEquity$,=$,Thus,beginningliabilities=$,Usingtheaccountingequationattheendoftheyear:Assets=LiabilitiesEquity$,$,=$,$,$,=$,Thus,endingequity=$,Alternativeapproachtosolvingpart(b):ΔAssets($,)=ΔLiabilities($,)ΔEquity()where“Δ”refersto“changein”Thus:EndingEquity=$,$,=$,cUsingtheaccountingequationattheendoftheyear:Assets=LiabilitiesEquity$,=$,$,$,=$,$,Usingtheaccountingequationatthebeginningoftheyear:Assets=LiabilitiesEquity$,$,=$,$,=$,Thus:BeginningEquity=$,McGrawHillCompanies,SolutionsManual,ChapterExercise(minutes)Examplesoftransactionsthatfiteachcaseinclude:aBusinesspurchasesequipment(orsomeotherasset)oncreditbBusinesssignsanotepayabletoextendtheduedateonanaccountpayablecBusinesspaysanaccountpayable(orsomeotherliability)withcash(orsomeotherasset)dBusinesspurchasesofficesupplies(orsomeotherasset)forcash(orsomeotherasset)eBusinessincursanexpensethatisnotyetpaid(forexample,whenemployeesearnwagesthatarenotyetpaid)fOwner(s)investcash(orsomeotherasset)inthebusinessOR,thebusinessearnsrevenueandacceptscash(oranotherasset)gCashwithdrawals(orsomeotherasset)paidtotheowner(s)ofthebusinessOR,thebusinessincursanexpensepaidincashExercise(minutes)REALANSWERSIncomeStatementForMonthEndedOctoberRevenuesConsultingfeesearned$,ExpensesSalariesexpense$,Rentexpense,TelephoneexpenseMiscellaneousexpensesTotalexpenses,Netincome$,Exercise(minutes)REALANSWERSStatementofOwner’sEquityForMonthEndedOctoberKKing,Capital,October$Add:Investmentsbyowner,McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionNetincome(fromExercise),,Less:Withdrawalsbyowner,KKing,Capital,October$,Exercise(minutes)REALANSWERSBalanceSheetOctoberAssetsLiabilitiesCash$,Accountspayable$,Accountsreceivable,Officesupplies,EquityOfficeequipment,Land,KKing,Capital*,Totalassets$,Totalliabilitiesandequity$,*ForthecomputationofthisamountseeExerciseExercise(minutes)REALANSWERSStatementofCashFlowsForMonthEndedOctoberCashflowsfromoperatingactivitiesCashreceivedfromcustomers$,Cashpaidtoemployees(,)Cashpaidforrent(,)Cashpaidfortelephoneexpenses()Cashpaidformiscellaneousexpenses()Netcashusedbyoperatingactivities(,)CashflowsfrominvestingactivitiesPurchaseofofficeequipment(,)Netcashusedbyinvestingactivities(,)CashflowsfromfinancingactivitiesMcGrawHillCompanies,SolutionsManual,ChapterInvestmentsbyowner,Withdrawalsbyowner(,)Netcashprovidedbyfinancingactivities,Netincreaseincash$,Cashbalance,OctoberCashbalance,October$,$,ConsultingFeesEarned$,AccountsReceivable$,SalariesExpense$stillowed=$,paidtoemployeesExercise(minutes)OCashpaidforrentOCashpaidforadvertisingOCashpaidonanaccountpayableOCashpaidforwagesFCashinvestmentsbyownerFCashwithdrawalbyownerOCashreceivedfromclientsICashpurchaseofequipmentMcGrawHillCompanies,FundamentalAccountingPrinciples,thEditionMcGrawHillCompanies,SolutionsManual,ChapterPROBLEMSETAProblemA(minutes)BalanceSheetIncomeStatementStatementofCashFlowsTransactionTotalAssetsTotalLiabTotalEquityNetIncomeOperatingActivitiesFinancingActivitiesInvestingActivitiesOwnerinvestscashinbusinessReceivescashforservicesprovidedPayscashforemployeewages––––Incurslegalcostsoncredit––BorrowscashbysigningLTnotepayableBuyslandbysigningnotepayableProvidesservicesoncreditBuysofficeequipmentforcash––Collectscashonreceivablefrom()–Ownerwithdrawscash–––McGrawHillCompanies,FundamentalAccountingPrinciples,thEditionProblemA(minutes)PartsandAssets=LiabilitiesEquityCashAccountsReceivableOfficeSuppliesOfficeEquipmentBuilding=AccountsPayableNotesPayableILopez,CapitalILopez,WithdrawalsRevenuesExpensesa$,$,$,b,$,$,Bal,,,=,,c,,Bal,,,=,,d$,,$,Bal,,,,=,,,e$Bal,,,,=,,,f$,$,Bal,,,,,=,,,,g,,Bal,,,,,=,,,,h,$,Bal,,,,,=,,,,,i,,Bal,,,,=,,,,,jBal,,,,=,,,,,k,,Bal$,$$,$,$,=$,$,$,$,$,$,ProblemA(Concluded)PartWizConsulting’snetincome=$,$,=$,McGrawHillCompanies,SolutionsManual,ChapterChapterCashreceivedfromcustomers$,ProblemA(minutes)PartsandBuildingProblemA(Concluded)Part

用户评论(0)

0/200

精彩专题

上传我的资料

每篇奖励 +2积分

资料评价:

/13
1下载券 下载 加入VIP, 送下载券

意见
反馈

立即扫码关注

爱问共享资料微信公众号

返回
顶部