Construction Accounting And Financial Management (4th Edition)

4th Edition

ISBN: 9780135232873

Author: Steven J. Peterson MBA PE

Publisher: PEARSON

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Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…

Final Accounts

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…

Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…

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Textbook Question

Chapter 2, Problem 9DQ

What are the key relationships that must be maintained between the general ledger and the equipment ledger?

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Chapter 2, Problem 8DQ

Chapter 2, Problem 10DQ

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What are the key control objectives required for a well-designed general ledger and reporting information system?

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Chapter 2 Solutions

Construction Accounting And Financial Management (4th Edition)

Ch. 2 - What are the purposes of the accounting system?Ch. 2 - What is the difference between cost reporting and...Ch. 2 - What are the key components of an accounting...Ch. 2 - What are the different accounting ledgers used by...Ch. 2 - What is the relationship among the chart of...Ch. 2 - Compare and contrast the different accounting...Ch. 2 - What are the key relationships that must be...Ch. 2 - What are the key relationships that must be...Ch. 2 - What are the key relationships that must be...Ch. 2 - Prob. 10DQ

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Explain how the cost of resources is assigned to activities. What is meant by the phrase unbundling the general ledger accounts?
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