Ngas Manual

NSF check – The bank will return the check to the healthcare practice marked NSF, the payment posted to the patient will be reversed.

In 1973 the Financial Accounting Standards Board (FASB) was established to set the financial accounting standards in the United States of America for nongovernmental entities. These standards are collectively called U.S. Generally accepted Accounting Principles, or U.S. GAAP. The Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants acknowledge the authority of these standards (FASB, n.d). A “proven, independent due process” is used to collect the viewpoints of the financial statements prepares and users for the constant improvement of these standards. An Accounting Status Update(ASU) is not an authoritative source however documents the amendments to communicate the changes in the FASB Codification for a user to understand the reason and future of those changes (FASB, n.d).

a. (i.) According to FASB Statement of Concepts No. 6, paragraph 25, assets are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events. They represent probable future economic benefits controlled by the enterprise. According to FASB Statement of Concepts No 6, paragraph 80, expenses are outflows or other using up of assets or incurrences of liabilities (or a combination of both) during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's ongoing major, or central, operations. Expenses are gross outflows

In accordance with IFRS, presentation of financial information in the statement of profit or loss requires that expenses be classified based on either their nature or function within the operation. IAS 1.99 states that “an entity shall present an analysis of expenses recognized in profit or loss using a classification based on either their nature or their function within the entity, whichever provides information that is reliable and more relevant.” IAS 1.101 further explains, “expenses are sub classified to highlight components of financial

Other accounting literature, including GASB Concepts Statements; pronouncements in categories (a) through (d) of the hierarchy for nongovernmental entities when not specifically made applicable to state and local governments; FASB Concepts Statements; FASAB Statements, Interpretations, and Technical Bulletins, AICPA Issues Papers; International Accounting Standards Committee Statements, pronouncements of other professional associations or regulatory agencies; AICPA Technical Practice Aids; and accounting textbooks, handbooks, or articles.

Allowable operating expenses. Enter the smaller of line 15 or line 25 . . . . . . . . .

An adjusting journal entry or an adjusting entry, involves an income statement account (revenue or expense) along with a balance sheet account (asset or liability) and typically relates to the accounts for accrued expenses, accrued revenue, prepaid expenses and unearned revenue. (Investopedia.com, n.d.) When accounts are not updated to show the correct transactions or a mistake has been made, adjusting entry will provide insight in order to ensure all entries are appropriately recorded. This action will then reflect the accurate amounts of expenses and revenues. Once this is done, a business may close accounts for the ending period.

Expenses follow natural classification or their functional classifications. Property, plant, and equipment acquired by restricted or unrestricted

The FASB accounting codification is an advanced system that allows certified public accountants and other users to quickly access non-SEC authoritative content, perform relevant research, and submit timely and appropriate feedback. The FASB codification research system is a real-time, online database that allows users to access codification whose primary aim is to simplify the accessibility and structure of all authoritative generally accepted accounting principles, reduce the time and effort invested when researching accounting-related issues, decrease the risk of non-compliance with the generally accepted accounting principles, provide access to all authoritative information from a single place, facilitate the updating of accounting standards, and foster research and convergence efforts for the FASB (Wiley, 2017).

(ii) An account for each unit setting forth any shares of common expenses or other charges due, the due dates thereof, the present balance due, and any interest in common surplus.”

From 2007 until 2011 I led the deployment of IT systems, office space, security requirements, and operational readiness of over 125 employees; including government, foreign nationals, and contractor employees, to the NCE location. From beginning to end I was responsible for ensuring all employees had the required systems and security measures in place to perform their duties. This includes the capability to utilize non-attributable phone systems not prior known or planned for by the NCE PMO. Additionally, NGA’s foreign partners also required special/additional space, additional country specific computer systems/connections that posed new security concerns from both the human and IT aspects. I addressed these issues by insuring all stake holders

(b) Would the trial balance be out of balance if the $2650 entry had been journalized correctly but the credit to Cash had been posted as $2560?

5. Inclusion of certain costs in property, plant and equipment that the firm should have expense in the period incurred: This overstates fixed assets, income tax payable, retained earnings, operating expenses. This understates income tax expense.

any costs for debt issuances or repurchases and is net of interest income on financial assets.

The last one is the Balance Sheet which tells a person the lists of assets he has, the list of