Accounting Questions: Financial Accounting: Questions And Answers

Reconciling all sub-ledgers to the general ledger for accurate interpretation of the business activity. For example, Accounts Payable Aging Report will be compared to the General ledger for the Accounts Payable account. The auditor must scan future payable transactions to see if they affect the current company outcome.

cognizant of the fact that the choices he makes can affect the price a buyer pays

Unadjusted Trial Balance: This is the third step in the accounting cycle. After all the journal entries are posted to the T-accounts, the unadjusted trial balance can be prepared and the purpose is to be sure that the total amount of debit balances in the general ledger equals the total amount of credit balances.

The purpose of this paper is to define accounting, and identify the four basic financial statements. The paper also explains how the different financial statements are interrelated to each other and why they are useful to managers, investors, creditors, and employees.

As noted in Wikipedia Oracle is headquartered in Redwood, California. It was founded in 1977 and is the world's third largest soft wear developer in sales. According to Yahoo Finance Oracle is a multi-faceted operation. Oracle provides a vast amount of services for the internet and computer. It provides cloud applications, IT consulting services, licenses middleware software which includes database and database management. It has 115,000 full time employees and is run by co-founder, CEO Larry Ellison who has been the only CEO of the company since it's inception. Also noted in Wikipedia he is the top paid CEO in the world. In 2013 Oracle

Tax rates other than the current tax rate may be used to calculate the deferred income tax amount on the balance sheet if

The purpose and goal behind researching the income statements and balance sheets then calculating the ratios is mainly to help creditors and investors make their decisions easier and faster. The way we are presenting our research results helps the investors and creditors make the decision which of the companies is more worthy to invest in or loan money too without taking a risk, and lowering the chances that they will be disappointed by the results of their investment, or in the creditors case they can be almost certain the company they are loaning the money to would be worthy enough of paying the money back without a hassle.

The reason why is because an end of period spreadsheet is prepared. This is a way to compare the differences on what was shown on the unadjusted versus the adjusted trial balance spread sheets. This is also a way to visually see what adjustments were made between the two as well.

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Items of value to a company such as equipment or supplies needed for running an efficient business are called an asset. A liability is when a company owes for a service or pay for employees. After a liability is subtracted from an asset this becomes the owners interest in the company or owners’ equity. Regardless of the standards followed by accountants, they will always classify accounts into these three categories resulting in the Accounting Equation: (Editorial Board, 2012, p. 9- 10)

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

3. Out in the business world almost all projects are completed by some type of team or collaborative group of individuals. At the University of Phoenix, you will gain experience with project collaboration in a safe and supportive environment. These skills will carry you through teamings and collaborations on future real world’s projects where success may mean more pay, a promotion, or another major reward or compensation. To assist in the areas involved in teamwork and team building the University of Phoenix provides you with the Learning Team Toolkit. This Learning Team Toolkit is your gateway to materials that will help you achieve greater professional competence as a member and leader of work teams. Go to the Library tab in your student portal and select the link, Read all Aspects of Teamwork located on the right side of the webpage under Learning Team Toolkit. Then, under the category Toolkit Essentials, open the Learning Team Handbook and select which Purpose for Learning Team Benefits is listed.

A Balance Sheet is a snapshot of an organization’s assets, liabilities, and owners’ equity at any given time. It allows the stakeholder’s to see the company's financial condition, as well as, presenting what is owned and owed. Assets are the things that are owned, and are referred to as capital. Liabilities are the amounts owed to others. In order to get an accurate picture, one must look at the whole document, and make comparisons amongst different line items.

Feedback: Management accounting is the preparation and use of accounting information systems to achieve the organization's objectives by supporting decision makers inside the enterprise. LO 4

a) Prepare the necessary journal entries to account for any impairment loss for Division One.