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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...

67 trang | Chia sẻ: thuychi11 | Ngày: 31/01/2020 | Lượt xem: 386 | Lượt tải: 0

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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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...

38 trang | Chia sẻ: thuychi11 | Ngày: 31/01/2020 | Lượt xem: 411 | Lượt tải: 0

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...

89 trang | Chia sẻ: thuychi11 | Ngày: 31/01/2020 | Lượt xem: 425 | Lượt tải: 0

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.

15 trang | Chia sẻ: thuychi11 | Ngày: 31/01/2020 | Lượt xem: 379 | Lượt tải: 0

Revise prior years’ statements (that arepresented for comparative purposes) to reflectthe 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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Chapter 19: Share-Based Compensation and Earnings Per Share. In this chapter we look at some common forms of compensation in which the amount of the compensation employees receive is tied to the market price of company stock. We will see that these share-based compensation plans—stock awards, stock options, and stock appreciation rights—create s...

13 trang | Chia sẻ: thuychi11 | Ngày: 31/01/2020 | Lượt xem: 457 | Lượt tải: 0

Accumulated other comprehensive income is the total change in equity excluding only transactions with owners. Typical transactions with owners are dividends and the sale or repurchase of shares. Comprehensive income starts with net income and adds or subtracts certain unrealized gains and losses that are not reported on the income statement. Com...

19 trang | Chia sẻ: thuychi11 | Ngày: 31/01/2020 | Lượt xem: 405 | Lượt tải: 0

Chapter 17: Pensions and Other Postretirement Benefits Employee compensation comes in many forms. Salaries and wages, of course, provide direct and current payment for services provided. However, it’s commonplace for compensation also to include benefits payable after retirement. We discuss pension benefits and other postretirement benefits in t...

21 trang | Chia sẻ: thuychi11 | Ngày: 31/01/2020 | Lượt xem: 447 | Lượt tải: 0

The goals of financial accounting and tax accounting are not the same. Generally accepted accounting principles is the set of rules for preparing financial statements which are useful to investors and creditors. Congress, through the Internal Revenue Service, and its Internal Revenue Code, is primarily concerned with raising public revenues in a so...

18 trang | Chia sẻ: thuychi11 | Ngày: 31/01/2020 | Lượt xem: 423 | Lượt tải: 0