• Kế toán, kiểm toán - Chapter 9: Inventories: Additional issuesKế toán, kiểm toán - Chapter 9: Inventories: Additional issues

    Generally accepted accounting principles, known as GAAP, require that inventories be carried on the balance sheet at lower-of-cost-or-market. Lower-of-cost-or-market represents a departure from the historical cost concept, but is considered a conservative accounting measure. We will refer to lower-of-cost- or-market by using the term LCM.

    ppt57 trang | Chia sẻ: thuychi11 | Ngày: 31/01/2020 | Lượt xem: 1 | Lượt tải: 0

  • Kế toán, kiểm toán - Chapter 8: Inventories: measurementKế toán, kiểm toán - Chapter 8: Inventories: measurement

    For an item to be classified as inventory, the company must intend to sell it in the normal course of business. The item is either produced by the company or purchased by a supplier for resale. Raw materials inventory consists of the items that will be used in the production process.

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  • Kế toán, kiểm toán - Chapter 7: Cash and receivablesKế toán, kiểm toán - Chapter 7: Cash and receivables

    Cash equivalents include short-term, highly liquid investments that are: Easily converted into a known amount of cash. Close to maturity. Not sensitive to interest rate changes. Examples are money market funds, treasury bills, and commercial paper.

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  • Kế toán, kiểm toán - Chapter 6: Time value of money conceptsKế toán, kiểm toán - Chapter 6: Time value of money concepts

    The time value of money means that money can be invested today to earn interest and grow to a larger dollar amount in the future. Time value of money concepts are useful in valuing several assets and liabilities. Interest is the amount of money paid or received in excess of the amount borrowed or lent.

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  • Kế toán, kiểm toán - Chapter 5: Income Measurement and Profitability AnalysisKế toán, kiểm toán - Chapter 5: Income Measurement and Profitability Analysis

    The realization principle requires that two criteria be satisfied before revenue can be recognized: (1) the earnings process is complete or virtually complete and (2) there is reasonable certainty as to the collectibility of the asset to be received (usually cash). Premature revenue recognition reduces the quality of reported earnings and can cause...

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  • Kế toán, kiểm toán - Chapter 4: The income statement and statement of cash flowsKế toán, kiểm toán - Chapter 4: The income statement and statement of cash flows

    Companies must report both net income and comprehensive income and reconcile the difference between the two. The following items are part of comprehensive income: Changes in the market value of securities available for sale (described in Chapter 12). Gains, losses, and amendment costs for pensions and other postretirement plans (described in C...

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  • Kế toán, kiểm toán - Chapter 3: The balance sheet and financial disclosuresKế toán, kiểm toán - Chapter 3: The balance sheet and financial disclosures

    The purpose of the balance sheet is to report a company’s financial position on a particular date. It is a freeze frame or snapshot of financial position at the end of a particular day marking the end of an accounting period. A limitation of the balance sheet is that assets minus liabilities, measured according to generally accepted accounting p...

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  • Kế toán, kiểm toán - Chapter 2: Review of the accounting processKế toán, kiểm toán - Chapter 2: Review of the accounting process

    The first objective of any accounting system is to identify the economic events that can be expressed in financial terms by the system. Economic events cause changes in the financial position of a company. External events involve an exchange between the company and another entity. Examples are purchasing merchandise inventory for cash and borro...

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  • Kế toán doanh nghiệp - Chapter 21: The statement of cash flows revisitedKế toán doanh nghiệp - Chapter 21: The statement of cash flows revisited

    Lists all cash inflows and all cash outflows by category: operating, investing, and financing Explains the change in cash during the period Required by GAAP Cash is King! Especially during an economic downturn.

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  • Kế toán doanh nghiệp - Chapter 20: Accounting changes and error correctionsKế toán doanh nghiệp - Chapter 20: Accounting changes and error corrections

    Revise prior years’ statements (that are presented for comparative purposes) to reflect the impact of the change. The balance in each account affected is revised to appear as if the newly adopted accounting method had been applied all along or that the error had never occurred. Adjust the beginning balance of retained earnings for the earlies...

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