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Financial Accounting by Robert Libby, Patricia Libby, Frank eBook - librolovers Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. This step is called posting. Posting makes it possible to accumulate the effects of journalized transactions on individual accounts. The three activities would be recorded as follows: 1. No entry because no transaction has occurred. DO IT! An account shows increases and decreases in the item it relates to.
An account has a left, or debit side, and a right, or credit side. Debit Credit Jan. Debits Credit Oct. Increase the asset Cash, increase the liability Notes Payable. Increase the asset Equipment, decrease the asset Cash. Increase the asset Supplies, increase the liability Accounts Payable. Rent Expense Accounts Receivable The accounts in the general ledger are arranged in financial statement order: first the assets, then the liabilities, common stock, retained earnings, dividends, revenues, and expenses.
The general ledger is not a book of original entry; transactions are first recorded in the general journal, then in the general ledger. Debit Credit Apr. Common Stock Issued shares of stock for cash 10, 10, 12 Cash Service Revenue Received cash for services provided 15 Salaries and Wages Expense Paid salaries to date 25 Accounts Payable Paid creditors on account 1, 1, 29 Cash Received cash in payment of account 30 Cash Unearned Service Revenue Received cash for future services 1, 1, Debit Credit Sept.
Accounts Payable Debit Credit Balance Sept. The sphere of profit relates to financial performance and business strategies of the entities. The coach of the local football team was trying to motivate the team before a big match. Do you agree with the coach? Explain your position. The management of a sporting team must have goals, e. In order to plan team performance, the coach would need some relevant available information to plan performance, develop a game plan, direct play during the match, and gather information so that an analysis of the game may lead to improved future performance.
Some discussion could take place on how a team would operate without such management principles being used. Analyse why the cash received from the sale of a good is income yet the cash contributed by the owner is not income. In other words, for an item to be classified as income, there must be increases in economic benefits which result in increases in equity, and the increases in economic benefits must not come from owners.
Both cash from sale of a good and cash contributed by owner are increases in economic benefits which increase equity. However, cash contributed by the owner is not income as it is a form of contributions from equity participants i. Discuss whether an asset needs to be legally owned to be recorded as an asset on the balance sheet. That is, to be recorded as assets, the entity must have the ability to benefit from the use of the assets and deny access of others to the benefits i.
Although, in most cases, legal ownership will give the entity control over an asset, certain types of lease arrangements can result in the entity controlling the asset.
For example, finance leases transfer the risks and benefits of ownership to the lessee, which means the leased asset is now controlled by the lessee. Furthermore, following the qualitative characteristics of faithful representation in the Conceptual Framework, it is important that the economic substance rather than the legal form of the transaction is reported. In a finance lease, legal title to the leased asset still remains with the lessor until the end of the relevant lease term when the lessee has made all lease payments.
However, the lessee has use of and earns economic benefits from the leased asset for this time period i. In summary, an asset does not need to be legally owned by the entity to be recorded as an asset on the balance sheet.
A local football club has won the premiership for the past four years. Accordingly, the club has a very strong supporter base. Rationalise if the players would be regarded as an asset of the business to be recognised on the balance sheet. To be recognised as an asset on the balance sheet, an item must satisfy definition and recognition criteria specified in the Conceptual Framework. An asset is defined in the Framework as a resource controlled by the entity as a result of past events and from which future economic benefits will flow to the entity.
It could be argued that the football club does not have sufficient control over its players. Although the players might have signed a contract with the club, they can still leave the club and play somewhere else. Since the football club does not have control over its players, there is no past transaction that gives rise to control. It can be argued that future economic benefits as mentioned above are likely to flow to the club as a result of players using their skills.
In this case, there is no reliable system that can be applied to measure how much players are worth. Each player is unique, and hence it is very difficult to assign an objective value to each player.
To be recorded on the financial statements, all criteria must be satisfied. From the explanation above, it can be seen that players do not satisfy the definition and recognition criteria of assets.
Subsequently, they cannot be recorded as assets on the balance sheet. It should be noted that it is not necessary to work through the recognition criteria if it is determined that the item does no satisfy the definition criteria. All aspects of the definition and recognition criteria must be satisfied for the item to be recognised on the balance sheet.
AASB Land Under Roads prescribes that an entity may elect to recognise subject to the satisfaction of asset recognition criteria or not to recognise as an asset land under roads acquired before the end of the first reporting period ending on or after 31 December The final decision of whether to recognise or not shall be made effective as at the first day of the next reporting period following the end of the first reporting period ending on or after 31 December Assuming the Council has a reporting period ending 30 June, AASB mandates that the Council is required to choose whether it would recognise or not land under roads acquired on or before 30 June The person is to commence duty on 1 February.
The contract remains unperformed by both parties until the work is completed by the employee. Under the accounting entity assumption, the entity is considered a separate entity distinguishable from its owner and from all other entities.
It is assumed that each entity controls its assets and incurs its liabilities. The records of assets, liabilities and business activities of the entity are kept completely separate from those of the owner of the entity as well as from those of other entities. The accounting entity assumption is important since it leads to the derivation of the accounting equation. Hence, financial statements report not only on cash transactions but also on obligations to pay cash in the future and on resources that represent receivables of cash in future.
It is argued in the Conceptual Framework that accounting on an accrual basis provides significantly better information about the transactions and other events for the purpose of decision making by users of financial statements than does the cash basis. When management plans the sale or liquidation of the entity, the going concern assumption is then set aside and the financial statements are prepared on the basis of estimated sales or liquidation values.
The statements should identify clearly the basis upon which asset values are determined — going concern? Or liquidation? Hence, the financial performance of the entity can be determined for a given time period, and the financial position of the entity can be determined on the last day of that reporting period.
As a result of this assumption, profit determination involves a process of recognising the income for a period and deducting the expenses incurred for that same period. Together, the period assumption and accrual basis assumption lead to the requirement for making end-of-period adjustments on the last day of the reporting period. These adjustments will be considered in chapter 4. List and define the fundamental and enhancing characteristics of financial information. For example, the information may help users to predict future events, such as future cash flows, from alternative courses of action under consideration.
Also, information is relevant if it is able to help decision makers evaluate past decisions. The information may confirm that a previous decision was correct, or it could show that the results of a previous decision were undesirable and that a new decision is necessary. Thus, relevant information is said to play a predictive role and a confirmatory or feedback role. In addition, financial information that faithfully represents an economic phenomenon should depict the economic substance of the underlying transaction, event or circumstances, rather than its legal form.
For financial information to be comparable, users need to be able to compare information of an entity over time, and between entities at one time and over time. If there is undue delay in reporting the information to users, then the information will lose its capacity to influence decisions i. Distinguish between the concepts of consistency and comparability and discuss if the same accounting method should always be applied consistently in financial statements.
Consistency refers to use of the same accounting policies and procedures, either from period to period within an entity or in a single period across entities. The Exposure Draft argues that comparability is the goal, and that consistency of policies and procedures is a means to an end that helps to achieve the goal. However, it is not satisfactory for policies and procedures to be applied consistently if the information that they produce is no longer relevant or a faithful representation of economic reality.
Your doctor knows that you are studying accounting. He has recently received the annual report for a company in which he is a shareholder. The financial report within the annual report is lengthy and your doctor requests your advice as to whether he should contact the company to complain that the financial information is not understandable. Advise your doctor. According to the Conceptual Framework, understandability is the quality of information which enables users who have a reasonable knowledge of business and economic activities and financial accounting, and who study the information with reasonable diligence, to comprehend its meaning.
It should be clear that, even though it is desirable for financial statements to be expressed in simple language, relevant information should not be excluded merely because it may be too complex or difficult for some untrained users to understand.
Understandability does not mean simplicity. If users cannot understand the information contained in financial statements, they should seek the help of a trained adviser. Therefore, it is advised that the doctor should not contact the company to complain that the financial report is not understandable. Instead, he should seek help from his accountant or financial planner to help him understanding the information in the financial report. Provide an example of activity in each of these three categories.
Discuss the rationale for this change. For example, some focus on verifiability or free from material error to the virtual exclusion of the faithful representation aspect of reliability. On the contrary, to others reliability apparently refers primarily to precision. Because the meaning of reliability was not clear to constituents, the IASB proposed that it should be replaced by the concept of faithful representation.
Accordingly, faithful representation encompasses all of the qualities that the previous frameworks included as aspects of reliability. Faithful representation is the depiction in financial reports of the economic phenomena they purport to represent. Prepare a balance sheet similar to the one in figure 2. Note that a major item is missing in the list. Reformat the statement to present it in narrative form as in figure 2.
Required A. Prepare an income statement for the year for Skilled Services. Skilled Services is a sole proprietor. Compare the liability or a sole proprietor with that of a company shareholder.
In other words, the liability of shareholders to contribute to the assets of the company is limited to the amount unpaid on the shares held in the company.
She keeps her accounting records for business activities completely separate from her records for personal activities.
Capital Contributions and Drawings are nil for the year. For those items included in the statement of cash flows, indicate whether the item relates to operating activities, investing activities, or financing activities. The reporting of accounting information should be free from personal bias. The cost of stationery is not shown separately in the income statement. Services provided by a business entity are recorded before the receipt of cash.
Machinery held by the business under a long-term lease arrangement is recorded by the business as its own asset. Assets are not recorded at liquidation prices. Consistent accounting policies and methods are used in the preparation of financial statements from one year to another. Increase an asset and increase a liability 2.
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