1. The following transactions have been journalized and posted to the proper accounts. 1. Mark Call invested $7,000 cash in his new design services business. 2. The business paid the first month's rent with $700 cash. 3. The business purchased equipment by paying $2,000 down and executing a note payable for $4,500. 4. The business purchased supplies for $850 cash. 5. The business billed its clients a total of $4,000 for design services rendered. 6. The business collected $3,000 on account from one
Basic Accounting Concepts and Business Structures Shannon Goshert ACC 537 July 25, 2010 Angela Rose Abstract Basic accounting concepts and business structures go hand-in-hand. Usually the business structure will determine the type of accounting concepts it will use. Generally accepted accounting principles (GAAP) are needed for effective accounting information. Basic Accounting Concepts and Business Structures Basic accounting concepts and business structures are important to a business’s
Introduction, Review of Accounting Process and Financial Statements Abstract This paper explains different types of accounting phrases and how they directly affect the accounting field. Phrases which are included and defined in the paper are Generally Accepted Accounting Principles, Contra-Asset Accounts, Historical Cost, Accrual Basis vs. Cash Basis Accounting, and Accounting Standards Codification. Definitions and examples of these terms are included as well as explanations of how they are
In this research project, we will be comparing the similarities and differences between IFRS (International Financial Reporting Standards) and GAAP(Generally Accepted Accounting Principles), specifically in the cash flow statement, and we will be using Apple vs Samsung’s financial statement and stock price to compare the similarities and differences between IFRS and GAAP. 2. Motivation(Vicki) Today, with increasing globalization in the business world, many investors are looking for opportunities
Generally Accepted Accounting Principles Amy Santus RN BSN HCS/571 October 3, 2011 Debra Vaughn Increasing pressures of cutting costs and improving the quality of care in health care services influences the management of the health care organization to implement the generally accepted accounting principles (GAAP) within their daily routines. Generally accepted accounting principles (GAAP) are a set of uniform accounting guidelines health care organizations follow
Accountants Independent Auditor’s Report To the Board of Directors of Apollo Shoes, Inc. We have audited the accompanying balance sheets of Apollo Shoes, Inc. as of December 31, 2007 and 2006 and the related statements of income, shareholder’s equity and cash flow for the two years in the period ended December 31, 2007. Apollo Shoes’ management is responsible for the financial statements presented, for maintaining effective internal control over financial reporting, and for its assessment of internal control
University of Phoenix Material Role of Financial Accounting versus Managerial Accounting Matrix Compare and contrast financial accounting and managerial accounting by answering the following questions in the matrix provided. Cite any sources you use in accordance with APA guidelines. Term or Concept Financial Accounting Managerial Accounting What is the primary purpose of the accounting system? The main purpose of financial accounting is to prepare financial reports that provide information
3.Difference between non-current asset and current asset Non-current asset can be named as Fixed-asset as well. While current asset is named as non-fixed asset. Non-current asset generally consist of net property, plant and equipment intangible assets such as goodwill and other asset. (Business Analysis and Valuation: Text and Cases By Krishna G. Palepu, Paul M. Healy, Victor Lewis Bernard)For current asset, it is an asset that is likely to be realized in, or is intended for sale or consumption
Four Accounting Principles Sharon Wallace American Intercontinental University Accounting Principles 2012 Four Accounting Principles ABSTRACT Accounting principles used by Wal-Mart and the core function of its departments. Wal-Mart’s strength and weaknesses will be listed. Wal-Mart’s last two years of accounting statements are also present. FOUR ACCOUNTING PRINCIPLES
Assignment 2: You are an Entrepreneur Roxanne Joseph-Jerry Strayer University ACC 557 Financial Accounting Professor Daniel Terfassa August 21, 2014 Table of Contents: Executive Summary Company Summary Start Up Summary Start Up Expenses Income Statement Balance Sheet Internal Control Compliance and Regulatory Bodies References Executive summary ABC Learning Academy aims to prepare its students to excel as young leaders of tomorrow by combining an exclusive collegiate-based