Sellers can`t enter the discount before receiving payment because they don`t know when the buyer will pay the bill. A discount taken by the buyer reduces the money that the seller actually receives from the sale of the goods, so the seller must indicate this fact in his accounting records. Lesson 1: The Accounting Process (Manuel Libby et al., Chapters 1 and 2). Objectives: If you have successfully completed this lesson, you will be able to do so. Define accounting and explain its purpose Define the business and identify the different types of companies Explain the accounting equation: Assets = liabilities + owner`s equity Visualize the formation of a company, create accounting transactions for it and prepare simple financial statements A Reading task Please read the chapters During fiscal 2010, we have made significant progress in our merchandising tools in the United States, who helped us manage depreciation and clearance activities and better control inventory. Our inventory turnover ratio at the end of fiscal 2010 was 4.13 times higher than the 4.06 times higher at the end of fiscal 2009. In addition, we have continued to provide detailed details and exceptions to gaap revenue recognition, but companies must also follow the guidance provided by the SEC. With respect to the sale of goods, GAAP recognizes revenue when delivery has been made, while IRFS recognizes revenue when the buyer has control of the goods. With respect to the provision of services, GAAP requires industry or service to recognize revenue, while IFRS allows revenue to be recognized on a long-term contractual basis when revenue can be measured as completed. Despite the differences between GAAP and IFRS, the two are working together to achieve the goal of having a single standard in the near future (US GAAP versus IFRS, The.
In a merchandising sale, the seller sells a product and transfers legal ownership (title) of the goods to the buyer. A commercial document called an invoice (sales invoice for the seller and purchase invoice for the buyer) becomes the basis for recording the sale. In Unit 1, we presented the three main types of businesses: merchandising, service and manufacturing. Merchandising companies buy ready-to-sell products and then sell them to customers. Merchandising businesses include car dealerships, clothing stores, and supermarkets, all of which generate revenue by selling products to customers. Role of cost accounting and ethical consideration Role of cost accounting and ethical considerations Introduction Cost accounting is used to help management understand how much it costs to run a business. Understanding the role of cost accounting is important when trying to build a team of managers to run the business. The CEO of a merchandising organization needs to hire a CFO to manage the accounting system, but the CEO has little understanding of cost accounting.
The CEO will be Robbie Boggs, Vice President Wells Fargo Inc. 1527 Pelham Road S. Jacksonville, AL 36265 Dear Ms. Boggs, on September 19, 2015, As we agreed at our August 15 meeting, I am attaching the business plan to support a $64,000 loan application for the seed capital of my company Sweet Peas. As mentioned earlier, an additional line of credit of $32,000 is requested, which is required for basic inventory and start-up costs. Thank you for your attention. I am therefore pleased that management accounting prepares internal reports designed for the needs of managers within the organization, financial accounting prepares external financial statements for public use and presents them to shareholders, creditors and government agencies, focusing its actions on historical aspects and generating accurate and timely data that monitors the organization as a group. Control not only analyzes the enterprise as a whole, but also divides the organization into departments (Shim & Siegel, 1999). Although management accounting and financial accounting have different goals within an organization, they have a close interaction. As mentioned earlier, accounting management uses financial information such as stock inflows and outflows from companies to customers to create cash flow and monitor corporate profits. This measure accompanies management in its decision-making both in the short term and in the long term. Introduction to financial statements In this task, I will review the financial statements used by a trading company.
I will explain the most important parts of a trading company`s income statement and make a clear distinction between gross profit and net profit. I will cover both the trading account and the profit and loss account and explain the difference between the two. I will then give examples of the most important components of a trading company`s balance sheet. I will cover the balance sheet and give an example with a full explanation of all the financial terms used. It also describes how an organization can articulate its vision and mission, and how it can set its goals and targets. .
The operator of a pipeline to transport carbon dioxide to North Dakota for disposal. The Teamsters National Pipeline Agreement (TNPA) is an employment contract that covers all pipeline construction work
Qualifying for an FHA loan allows you to enter a new home for just a 3.5% down payment, making it a great opportunity for first-time home buyers. No matter how
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