Financial Accounting - 1510 Words

TRIDENT UNIVERSITY Jennifer Lapus MODULE 2/ Case Assignment 2 ACC201 Financial Accounting/Case 2 29 August 2012 Case Assignment: There are three main parts to this case that requires you to prepare and submit a three to five page paper. Please make sure this paper is well organized and covers all of the items below. Part I. * Why is revenue recognition a significant issue? How do we determine when revenues are recorded for accounting purposes? * Explain the difference between a product and period expense. * Discuss the matching concept as it relates to accounting for revenues and inventory. Part II. Refer to the latest annual financial statements for the two following companies: Apple:†¦show more content†¦Product costs or variable costs are all such costs that form part of the inventory. The product cost is the cost of all the different components which make up the product. This may either be the purchase price if the components are bought from outside suppliers, or the combined cost of materials and manufacturing processes if the component is made in-house. Period costs or fixed costs are all such costs that are not incurred in connection to the production. Period expenses are those which occur during a period of time and cannot be easily associated with products or the production process. Period expenses are those for selling and administrative functions – as opposed to manufacturing functions. Examples of period expenses include rent, interest, taxes, sales salaries, etc. Rent on a factory, for instance is constant for a period regardless of how many units were produced in that factory. The next thing I would like to discuss the matching concept as it relates to accounting for revenues and inventory. The matching principle in accounting in general is when you match expenses incurred with the revenue in the same period. When you sell merchandise from the Merchandise Inventory account, you are generating revenue but are also giving up some merchandise you had to create that revenue. Thus the matching principle dictates that you match the cost of the inventory sold in the form of CostShow MoreRelatedFinancial Accounting And Managerial Accounting1613 Words   |  7 PagesIntroduction: Both financial accounting and managerial accounting provide important information about the business process. On the one hand, financial accounting provides only financial information to its internal users and external users. On the other hand, managerial accounting basically communicates about financial and non-financial information with internal users such as managers, employees and own ers of the company. In other words, managerial accounting provides information to managers who directRead MoreThe Financial Accounting Standards Board1346 Words   |  6 PagesEarnings per share is introduced by the Financial Accounting Standards Board as the functionality used to calculate an institutions’ earnings for the year-end financial statements. The institutions can be made of up a simple or complex capital structure. It must be calculated on a constant basis in order for reports to remain consistent. FASB provides a formula of â€Å"dividing income available to common stockholders by the weighted average number of common shares outstanding during the period† (FASBRead MoreAccounting Analysis On Financial Accounting1185 Words   |  5 PagesAccounting has many branches that it can be divided into. It can be divided into several areas of activities. Accountings main branches are financial accounting, Management accounting, Cost accounting, Auditing, Tax accou nting, Accounting systems, Fiduciary accounting and Forensic accounting. Financial accounting: This branch of accounting measure’s and records the transactions of a business. Financial accounting focuses on the preparation of the five basic financial statements namely statementsRead MoreFinancial and Managerial Accounting628 Words   |  3 PagesBoth financial and managerial accounting analyze economic data, however the major differences between the two strands include; user groups, information type, regulatory control and reporting frequency (Atrill and McLaney, 2012) User Groups: Financial accounting mostly provides information for external stakeholders such as shareholders, lending institutions, prospective investors and creditors, whereas managerial accounting mostly make available information for internal users such as managers andRead MoreFinancial Accounting Standards903 Words   |  4 PagesFASB IFRS Financial Accounting Standards The Financial Accounting Standards Board (FASB) has been around since 1973 and their organization’s duty and task is to set and provide effective and reliable financial accounting standards in the United States. The Financial Accounting Standards Board is also a private sector and is a not for profit organization, also recognized as U.S. Generally Accepted Accounting Principles (GAAP). The Securities and Exchange Commission (SEC) and The American InstituteRead MoreFinancial Accounting1203 Words   |  5 PagesBUSINESS AND LAW ACFI2002 – FINANCIAL ACCOUNTING SEMESTER 2, 2012 ASSIGNMENT 01 Student Name: Tran Thi Ngoc Hanh Student Number: C3173300 Part I: Accounting Standard AASB138 Intangible Assets provides guidelines for accounting treatment of research and development costs for financial reporting purposes. Answer the following questions based on AASB138 and ‘Framework for the Preparation and Presentation of Financial Statements’. (85 marks) Part I: Accounting Standard AASB138 Intangible AssetsRead MoreFinancial Accounting1609 Words   |  7 PagesFinancial Accounting Assignment 2 1 of 25 The credit term 2/10 n/30 means: that after 10 days 2% interest is charged. that there is a 10% discount if payment is received within 30 days. that there is a 2% discount if payment is received within 10 days. there is a 10% discount if paid immediately and 2% if paid within 30 days. 2 of 25 Family Food Stores purchased canned goods at an invoice price of $3,000 and terms of 2/10, n/30. Half of the goods had been mislabeled and were returned immediatelyRead MoreFinancial Accounting8263 Words   |  34 Pagesï » ¿1.  Accounting is an information and measurement system that:   A.  Identifies business activities. B.  Records business activities. C.  Communicates business activities. D.  Helps people make better decisions. E.  All of these.    2.  Technology   A.  Has replaced accounting. B.  Has not changed the work that accountants do. C.  Has closely linked accounting with consulting, planning, and other financial services. D.  In accounting has replaced the need for decision makers. E.  In accounting is onlyRead MoreInternational Accounting Standards Board And Financial Accounting1307 Words   |  6 PagesIt all began on October 2002 where the International Accounting Standards Board and Financial Accounting Board signed a memorandum of understanding that has come to be known as the â€Å"Norwalk Agreement†. Here the two boards met and decided to make their standards fully compatible and put it into practice and once they conquer their goal, they have to make sure it is maintained. But before I divulge into details regarding the future and presently achieved goals of the convergence, I would like to throwRead Morefinancial accounting2403 Words   |  10 Pagesï » ¿ 21. Generally accepted accounting principles c. derive their credibility and authority from general recognition and acceptance by the accounting profession. 22. A soundly developed conceptual framework of concepts and objectives should d. all of these. 23. Which of the following (a-c) are not true concerning a conceptual framework in account-ing? c. It should be based on fundamental truths that are derived from the laws of nature. S24. Which of the following is not a benefit associated

The Most Important Ingredient Of A Good Commander

Presidents from generation to generation order and send soldiers to war to stand and fight for the American people. Just ordering them to perform a mission does not establish them as a good Commander-in-Chief. A president should possess a military background in the actual field to understand the importance of soldier’s lives, familiarity of military tactics, and earning a soldier’s trust through the President’s positive attitude, knowledge and boldness. Life is the most important ingredient in a man and woman, without life people are dead and useless. Inevitably in today’s age war comes and goes while death rides war like a raging bull in a ring. According to Lafta, Riyadh â€Å"For intentional injuries, the fatality rate was 39.1% and the disability rate 56.0%. Gunshots where the major cause of injury through 2006 when blasts/explosions became the most common cause and remained so through 2014.† It seems like presidents want to cross a river with no way to cross it. Risking their men’s life by crossing the river without thinking of the possible dangers that may lurk in the waters, alligators, pythons, piranhas, etc. Unless the president himself crosses the river there will not be an understanding of what the soldiers may encounter. Once the president gains the knowledge and experiences the danger first hand, he will be more cautious and tread lightly to assure that his soldiers survive. Furthermore, the knowledge and experience allows the president to bond with his soldiersShow MoreRelatedMission Elements Of Mission Command Essay1030 Words   |  5 Pages Reflection of Mission Command Mission Command is one of the foundations of Unified Land Operations that uses a philosophy, a methodology executed throughout the authority and direction of the commander using mission command warfighting functions that incorporated mutually supported task that is enable by a mission command systems. This paper will provide my reflection about mission command, and how I will incorporate principles of mission command such as build cohesive teams through mutualRead MoreLeadership Theory Of The Western World1606 Words   |  7 Pagescommunities glance affinity with the approach of cultures, signal the inevitability of a process of interaction between the organization and leadership. Leadership concept has been one of the most popular concept of the western world during XX. Century era. The most dominant reason for leadership to be more important was the growing world economy after the industrial revolution. Management and it`s problems of organizations which began after the industrial revolution; has brought to the stage that periodRead MoreA Brief Note On Sweden And Finland And Norway1128 Words   |  5 Pagesmanagers tend to act more as a coach than a commander. Swedish companies are known to have a small power distance, giving people shared responsibilities (Smorgasbord, n.d). While the United States has a small power distance, it is not as low as Sweden’s (Clearly Cultural, n.d). In Sweden, many people call coworkers by their first name. Employees usually have high autonomy and are able to make their own decisions about their work. Managers should be good listeners who are able to deal with mattersRead MoreGreat Builders of Rome Essay596 Words   |à ‚  3 Pagesconsidered to most advanced civilization of their time. With beautiful statues, well designed buildings, and some of the greatest philosophers came from Rome. One of the most noticeable characteristics of Roman society and culture is the impact of the Greeks. Greek civilization played an increasing role in Roman culture. Greek ambassadors, merchants, and artists traveled to Rome and spread Greek thought and practices. After Romes conquest of the Hellenistic Kingdoms, Roman military commanders shippedRead MoreThe Reign of Bush-Obama and their Power Essay1386 Words   |  6 Pages Many argue that the most powerful branch in government is the Executive Branch. The President is considered as the most influential and the most important position in the U.S. government. However, the powers granted to Presidents and the prerogative they have exerted are not listed in the Constitution but instead have been adapted and expanded upon by each President. Although the Constitution does not define the powers of the President, it has defined Presidential powers in terms of peace, war,Read MoreWhy Following Orders in the Army Is Important1568 Words   |  7 Pagesmany reasons why a soldier should follow all of the orders they are given because every one of them is important in any circumstance. An order is a task given to a soldier that has to be done in a certain period of time in an efficient manner. There are three main reasons of why it’s important for a soldier to follow the orders they are given: To be disciplined, an effective combat, and be a good soldier and love your job. When a soldier doesn’t follow the orders they were given it doesn’t only affectRead MorePersonal Statement : True North1682 Words   |  7 Pagesand leadership philosophy. As he has had a tremendous impact on my life and career, this paper will first convey my interview with him, followed by my analysis and it will conclude with my personal leadership philosophy . I knew that VFA-213 had a good reputation when I first joined in June, 2013. It was considered to be an above average squadron; it certainly was not the best, but it was far from the worst. The specific tour of duty I chose to analyze was my second with the same squadron. BeingRead MoreCosmetology Is The Professional Skill Or Practice Of Beautifying The Face, Hair, Nails, And Skin892 Words   |  4 Pagesbut has anyone ever really wondered where it all comes from. Cosmetology is the professional skill or practice of beautifying the face, hair, nails, and skin. â€Å"The term cosmetology is derived from the greek word kosmetikos† (De Soto-Fitzgerald 25). Most historians believe that some forms of cosmetology were practiced as early as the ice age, but know it was first recorded in ancient egypt. Other forms of cosmetology were performed during the renaissance and victorian age. The 20th century probablyRead MoreWhat Is a Well Spent Semester? Essay1048 Words   |  5 Pageswi llingness to be curious is his personal choice and his actions are based on his personal reasonings. In his essay, â€Å"What is Enlightenment?†, Immanuel Kant, one of the greatest philosophers of all time, calls the Enlightenment an important stage of human history, which marked a fundamental change in the relationship of humanity to the inherent ability of reasoning. Kant believes that freedom of thought is natural and an inalienable human right given to him by nature. An individualRead MoreI Believe That My Job As A Leader Is To Set A Goal, Create1801 Words   |  8 Pagesprinciples of the leader with the organization that he belongs. I believe that passion is an essential ingredient for leadership, since it means that the leader is self-motivated and truly enjoys the activity he is performing day after day. Moreover, the proposed aim is a good indicator of the amount of effort that a person is ready to offer and to demand from his subordinates. Nevertheless, it is important to establish limits to the passion and here is where the principles of the leader are necessary to

The Settings of the Scarlet Letter free essay sample

She is having flashbacks to earlier times and feeling guilty for what she had done. The scaffold is a platform used for redemption and a symbol of the harsh Puritan code. Hesters punishment for her sin of adultery is to wear the letter A on the outside of her dress and stand on the scaffold in front of the whole town to see her and her baby. By using the scaffold as a place where Hester is sentenced to stand for punishment and a place for repentance the author symbolizes the importance of this setting. The forest is a representation of how deception and secrecy can be destructive. The forest is a symbol of darkness and despair where evil is. In Puritan times, the forest is evil and nothing good can come from it. The forest is a sense of freedom that the people could not find in the town. We will write a custom essay sample on The Settings of the Scarlet Letter or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The strict codes of the Puritans is not allowing the people to do what they want, so instead of breaking the law in public they go to the forest and be free from all laws. The forest is a place where the people do as they pleased. Hester and Dimmesdale meet in the forest and devise a plan to escape the town and move to England. This is an important event in this setting because it would mean that Hester, Dimmesdale, and Pearl could live a normal happy life in England away from their sin. This means that Dimmesdale would not confess his sin, and confessing his sin is the only thing that can save him. Another important symbol in the forest is the brook. The brook that runs through the forest is a symbol for many things. The brook represents a wall. Pearl exclaims that she will not cross the brook because Hester is not wearing her letter. Pearl is not recognizing her mother without the letter. This makes Pearl not cross the brook. As soon as Hester puts the letter back on, Pearl crosses the brook. To Dimmesdale the brook becomes a boundary between two worlds, a world of peace and freedom and a world of lies and guilt. Across the brook lies freedom from his sin. The brook represents Pearl. The brook has an unknown source, and Pearl also has an unknown source. This means that most people do not know where the brook or Pearl came from. Another similarity between the two is that the brook travels through a dark and often evil forest, yet it never stops traveling. This is true for Pearl also for throughout her whole life she has been unwillingly placed into the evil and sorrow that her mother deals with and just as the brook, she keeps on going. The prison is a symbol of isolation and alienation. The prison is a representation of a punishment for sin. The Puritans have a strict code and they do not allow adultery to be unpunished. This causes them to put Hester in prison and also they make her wear the scarlet letter. The prison is a foreshadowing about the life that Hester and the others involved with this sin will live even after she leaves the prison. While Hester lives in the prison of alienation, Dimmesdale lives in the prison of his secret sin, and Chillingworth imprisons himself by his revenge. The one good thing about the prison is the rose bush, which is growing across from the prison. This rose bush represents nature and all its beauty. It shows that nature even in dark and sad times can still shine and continue to provide hope to those who need it. The rose bush also in a way represents Hester in that she came from a dark place, yet everyone is admiring her beauty instead of thinking about the sin she is now representing. The final important setting in The Scarlet Letter is Hester’s cottage. The cottage represents that the recognition of our own weakness may make us ultimately stronger and more sympathetic to the weakness of others. Hester is now isolating herself from the Puritan society because of her sin. She even has a chance to leave Boston and escape her sin, but she is either drawn to the fact that a great event in her life had happened here or that her secret lover still lived in Boston. The cottage is also an escape from the harsh town’s people that continue to judge her. Since she is living away from the Puritan society, she is living in peace. She also begins to gain strength because of her sin. This leads to Hester changing her weakness of adultery to the strength of being able to help out others. All of these settings represent different things. The scaffold shows that secret sins will be found out in the end, either in life or death. The forest shows that there is much temptation in the world and there is always a place where it seems safe to preform those sins and never get caught. The prison shows that sin will be found out and a punishment will be dealt. Finally, the cottage shows that everyone needs a place to get away from society to think about the sins that have be committed.

Silent City free essay sample

Evaluate a significant experience you have faced and its impact on you: Ramsay Hall, in London, England, was flanked by hospitals. I became used to the screeching sirens. On Thursday, July 7, 2005, I didn’t find it unusual to hear so many. It wasn’t until that night when the city was silent and no sound drifted into my room that something felt wrong. Just two weeks earlier I had flown thousands of miles with half of the Teen Ink London Summer Writing Program. Eight hours later we met the rest of the girls at Heathrow Airport. Together we were 29 young women taking part in a two-week writing program housed at University College London. We called Ramsay Hall home. We spent our mornings in creative-writing classes and our afternoons finding inspiration in the city. At night we tiptoed to each other’s rooms to watch London nightlife from our windows. We became fast friends: the girls, London, and me. We will write a custom essay sample on Silent City or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page City life was different from the rural Georgian life I was accustomed to, and at first my small-town senses were overwhelmed. I grew to love London, though, with its hustle and bustle. On July 7th, things didn’t seem any busier, louder, or more frantic than usual. Sirens wailed as we trudged to class. We had just settled down when a chaperone appeared at our classroom, panting. She and our teacher stepped into the hall. We weren’t overly concerned. But then we were ushered quickly from the classroom, down the street, and back into Ramsay Hall. We returned to our rooms and were told not to leave the floor. In bits and pieces we heard the story. The Tube. Bombs. Busses. Death. Though nothing appeared to be amiss from our windows, we knew that around the corner a bus had been blown to pieces, people hurt, and the city was scared. I wasn’t afraid until that night. After a day filled with alarms and uncertainty, the city was silent. It was the quiet before the storm, but the storm had already come. The city that had been so full of life was dead. Eventually I heard a hollow sound coming from the road below, accompanied by voices. Out my window I could see two men in suits chatting and kicking an empty bottle. Their voices echoed and filled the silence. The thunk of the bottle reverberated in my chest. Their inaudible conversation swam in my head. I realized then that the city was only momentarily dormant. I knew it would tentatively resurrect. I knew, too, how fragile life and peace were. At any instant they could be threatened, blown apart, and fall with a thunk to the ground.