Weygandt – Accounting Principles 11th Edition. Pages · · MB · 11, Accounting Principles, 12th Edition by Jerry Weygandt [folatpanelche.cf]. tutorials download, with format pdf, epub, mobi,â€¦and more. Principles of Accounting (11th edition) - PDF Book. Accounting Principles 11th edition By Weygandt. Accounting Principles 11th edition, by Weygandt, Kimmel, and Kieso provides a clear introduction to financial accounting that is full of real world examples that.
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Asking a study question in a snap - just take a pic. Textbook Solutions. Get access now with. R Summarizing economic events. E Did the company earn a satisfactory income? I Do we need to borrow in the near future? I What does it cost us to manufacture each unit produced? I Which product should we emphasize? E Will the company be able to pay its short-term debts? The historical cost principle requires that assets be recorded and reported at their cost, because cost is faithfully representative and can be objectively measured and verified.
Angela Duffy could benefit if the company is able to attract more investors, but would be harmed if the inappropriate reporting is discovered.
Similarly, Jana Barth could benefit by pleasing her boss, but would be harmed if the inappropriate reporting is discovered. She should try to convince Angela Duffy that this is the appropriate course of action, but be prepared to resign her position if Duffy insists. The historical cost principle requires that assets such as buildings be recorded and reported at their cost.
The monetary unit assumption requires that companies include in the accounting records only transaction data that can be expressed in terms of money. The economic entity assumption requires that the activities of the entity be kept separate and distinct from the activities of its owner and all other economic entities. Increase in assets and increase in liabilities. Increase in assets and decrease in assets.
Balance Sheet August 31, Assets Cash Additional investment Net income Balance Sheet June 30, Assets Cash A partnership is not an option since she is the sole owner of the business. A proprietorship is the easiest to create and operate because there are no formal procedures involved in creating the proprietorship. However, if she operates the business as a proprietorship she will personally have unlimited liability for the debts of the business. Operating the business as a corporation would limit her liability to her investment in the business.
Natalie will in all likelihood require the services of a lawyer to incorporate. Costs to incorporate as well as additional ongoing costs to administrate and operate the business as a corporation may be costly.
My recommendation is that Natalie choose the proprietorship form of business organization. This is a very small business where the cost of incorporating outweighs the benefits of incorporating at this point in time. Furthermore, it will be easier to stop operating the business if Natalie decides not to continue with it once she has finished college.
She will need information on her cash balance on a daily or weekly basis to help her determine if she can pay her bills. She will need to know the cost of her services so she can establish her prices.
She will need to know revenue and expenses so she can report her net income for personal income tax purposes, on an annual basis. If she borrows money, she will need financial statements so lenders can assess the liquidity, solvency, and profitability of the business.
Natalie would also find financial statements useful to better understand her business and identify any financial issues as early as possible. Monthly financial statements would be best because they are more timely, but they are also more work to prepare. Service Revenue Expenses: This will make it easier to prepare financial statements for her business. The business is a separate entity from Natalie and must be accounted for separately. People skills, sales skills, communication skills, analytical skills, ability to synthesize, creative ability, initiative, computer skills.
Work in audit involves checking accounting ledgers and financial statements within corporations and government. This work is becoming increasingly computerized and can rely on sophisticated random sampling methods.
Audit is the bread-and-butter work of accounting. This work can involve significant travel and allows you to really understand how money is being made in the company that you are analyzing. Budget Analysis: There are plentiful jobs in this area in government and private industry.
Besides quantitative skills many budget analyst jobs require good people skills because of negotiations involved in the work. This work can be varied over time. One day you may be running spreadsheets. The next day you may be visiting a customer or supplier to set up a new account and discuss business. This work requires a good understanding of both accounting and finance.
Management Accounting: Management accountants work in companies and participate in decisions about capital budgeting and line of busi- ness analysis. Major functions include cost analysis, analysis of new contracts, and participation in efforts to control expenses efficiently.
This work often involves the analysis of the structure of organizations. Is responsibility to spend money in a company at the right level of our organization? Are goals and objectives to control costs being communi- cated effectively? Tax accountants prepare corporate and personal income tax state- ments and formulate tax strategies involving issues such as financial choice, how to best treat a merger or acquisition, deferral of taxes, when to expense items and the like.
This work requires a thorough understanding of economics and the tax code. Increasingly, large corpo- rations are looking for persons with both an accounting and a legal background in tax.
This is not a valid basis for determining income because it only shows the change in cash between two points in time. Alternatively, since all revenues are received in cash, revenues earned can be computed from an analysis of the changes in cash as follows: Beginning cash balance Cash payments Caddy shack Sandi Alcon From: A number of items in this balance sheet are not properly reported. They are: The balance sheet should be dated as of a specific date, not for a period of time.
Equipment should be shown as an asset and reported below Supplies on the balance sheet. Accounts receivable should be shown as an asset, not a liability, and reported between Cash and Supplies on the balance sheet. Accounts payable should be shown as a liability, not an asset.
The note payable is also a liability and should be reported in the liability section. The list of stakeholders in this case are: In this case the ethical issues are: Would you want to start your first job having deceived your employer before your first day of work?
Would you be embarrassed if either firm found out that you double-charged? Would your school be embarrassed if your act was uncovered?
Would you be proud to tell your professor that you collected your expenses twice? This would seem to be ethical. Since the expenditure was necessary, although perhaps accelerated, it would seem to be ethical. It would therefore appear to be both unethical and poten- tially illegal. By taking the leave, actual net income would be reduced. The form asks the applicant to report actual net income.
However, it is potentially deceptive since you do not intend on taking unpaid absences in the future, thus future income would be higher than reported income. Also, a higher net income would make it easier to receive debt financing. Finally, managers would want a higher net income to increase the size of their bonuses. This also occurs in negotiations with unions. For tax accounting as opposed to the financial accounting in this course companies frequently try to minimize the amount of reported taxable income.
They might be driven to do this because of greed.