Accounting Primer

Before reading this book titled Accounting Now by Mark Sasscer, I was merely familiar with a few elements of leadership skills that I obtained from my professional experiences. I recognized that becoming a great leader; one must be confident, communicate effectively, compassionate and be able to solve problems. However after reading this book, I discovered it was essential to have these elements along with other essentials and approach that will improve and reinforce my leadership skills now and in the future. According to Mark Sasscer, there are “Ten principles of Personal Leadership” that a leader can abide in order to be a successful leader. I will describe the ten principles, including my thoughts and the elements that significantly impacted my perception of accountability and leadership.

1. The Allowance for uncollectible accounts currently has a credit balance of $900. After analyzing the accounts in the accounts receivable subsidiary ledger, the company's management estimates that uncollectible accounts will be $15,000. What will be the amount of uncollectible accounts expense reported on the income statement?

ACC 201 (Principles of Financial Accounting) Complete Class All Discussion Questions , Chapters Problems and Assignments

9. Discuss the concept of electing § 179 expense. Does the election allow a larger expense deduction in the year of asset acquisition?

Cash flow is one of the most important aspects of running any business whether large or small. It is one of the single most important reasons why many businesses fail, this does not matter whether how good a business is. Managing a cash flow therefore is vitally important in the smooth running survival and success of a business.

The company should probably use direct labor-hours as the activity base, since the fit of the regression line to the data is much tighter than it is with tons mined. The R2 for the regression using direct labor-hours as the activity base is twice as large as for the regression using tons mined as the activity base. However, managers should look more closely at the costs and try to determine why utilities costs are more closely tied to direct labor-hours than to the number of tons mined.

1. The reason economists and accountants have problems using cost analysis in the real world is that

33. Manufacturing overhead consists of: A. B. C. D. all manufacturing costs. indirect materials but not indirect labor. all manufacturing costs, except direct materials and direct labor. indirect labor but not indirect materials.

Lockett's contribution was $420,000 in 2015 and benefits paid were $375,000. Lockett estimates that the average remaining service life is 15 years.

An aging of a company's accounts receivable indicates that $4,500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a

3) Sheffield Company had the following information taken from its 2006 adjusted trial balance: Sales, $400,000; Sales

Factors to be considered in determining how income and loss should be divided are: (1) a fixed ratio is easy to apply and it may be an equitable basis in some circumstances; (2) capital balance ratios when the funds invested in the partnership are considered the most critical factor; and (3) salary allowance and/or interest allowance coupled with a fixed ratio. This last approach gives specific recognition to differences that may exist among partners by providing salary allowances for time worked and interest allowances for capital invested. The net income of $36,000 should be divided equally—$18,000 to M. Carson and $18,000 to R. Leno. (a) Account debited: Income Summary; accounts credited: S. McMurray, Capital and F. Kohl, Capital. (b) Account debited: S. McMurray, Drawing; account credited: Cash.

The company normally sells 10,000 units at a price of $88 each. Adler has a one-time opportunity to sell an additional 3,000 units at $70 each in a foreign market, which would not affect its present sales. If the company has sufficient capacity to produce the additional units, acceptance of the special order would affect net income as follows:

The cost per unit is R5. What is the amount of the purchases budget for the month?

On 1 July 2011, Kookaburra Ltd acquired an item of plant at a cost of $200 000. The plant has an