Principlesofaccounting.com All Coupons

Allowance Method For Uncollectibles

Offer Details: Writing Off Accounts. When an allowance method is used, how are individual accounts written off? The following entry would be needed to write off a specific account that is finally deemed uncollectible: Notice that the entry reduces both the Allowance account and the related Receivable, and has no impact on the income statement.

› Verified 9 days ago

› Url: https://www.principlesofaccounting.com/chapter-7/approaches-for-uncollectibles/ Go Now

• Get more: Gaap accounting for couponsGo Deal Now

The Accounting Cycle And Closing Process

Offer Details: The accounting cycle is completed by capturing transaction and event information and moving it through an orderly process that results in the production of useful financial statements.

› Verified Just Now

› Url: https://www.principlesofaccounting.com/chapter-4/the-accounting-cycle-and-closing-process/ Go Now

› Get more:  coupon codesGo Deal Now

Income Statement Enhancements

Offer Details: Despite the plunge in sales, Liu may actually be better off. Although this is a dramatic example to make the point, even the slightest shift in business circumstances can change the relative relationships between revenues and costs. A smart manager or investor will always keep a keen eye on business trends revealed by the shifting of gross

› Verified 9 days ago

› Url: https://www.principlesofaccounting.com/chapter-5/income-statement-enhancements/ Go Now

› Get more:  coupon codesGo Deal Now

Basic Elements Of Revenue Recognition

Offer Details: To recognize an item is to record it into the accounting records. Revenue recognition normally occurs at the time services are rendered or when goods are sold and delivered. The conditions for revenue recognition are (a) an exchange transaction, and (b) the earnings process being complete.. For a manufactured product, should revenue be recognized when the item rolls off of the assembly line?

› Verified 9 days ago

› Url: https://www.principlesofaccounting.com/chapter-3/revenue-recognition/ Go Now

› Get more:  coupon codesGo Deal Now

Break-Even And Target Income

Offer Details: CVP analysis is used to build an understanding of the relationship between costs, business volume, and profitability. This analysis will drive decisions about what products to offer and how to price them. CVP is at the heart of techniques used to calculate break-even, volume levels necessary to achieve targeted income levels, and similar computations.

› Verified 9 days ago

› Url: https://www.principlesofaccounting.com/chapter-18/break-even-and-target-income/ Go Now

› Get more:  coupon codesGo Deal Now

The Adjusting Process And Related Entries

Offer Details: These adjustments typically occur at the end of each accounting period, and are akin to temporarily cutting off the flow through the business pipeline to take a measurement of what is in the pipeline. This is consistent with the revenue and expense recognition rules.

› Verified 7 days ago

› Url: https://www.principlesofaccounting.com/chapter-3/adjusting-process/ Go Now

› Get more:  coupon codesGo Deal Now

CVP For Multiple Products

Offer Details: However, the company is better off when Product B is sold, because it has a higher contribution impact ($30 vs. $20). As a result, when a business manager considers its program of compensation for its sales staff, care should be given to align the interests of the sales force and the company. For the preceding example, it may make better sense

› Verified 2 days ago

› Url: https://www.principlesofaccounting.com/chapter-18/cvp-multiple-products/ Go Now

› Get more:  coupon codesGo Deal Now

Accounting For Actual And Applied Overhead

Offer Details: Overhead is applied based on a predetermined formula, after careful analysis of the appropriate cost drivers for the allocation. An account called “Factory Overhead” is credited to reflect this overhead application to work in process.

› Verified Just Now

› Url: https://www.principlesofaccounting.com/chapter-19/accounting-overhead/ Go Now

› Get more:  coupon codesGo Deal Now

Accounting For Uncollectible Receivables

Offer Details: Direct Write-Off Method. A simple method to account for uncollectible accounts is the direct write-off approach. Under this technique, a specific account receivable is removed from the accounting records at the time it is finally determined to be uncollectible. The appropriate entry for the direct write-off approach is …

› Verified 5 days ago

› Url: https://www.principlesofaccounting.com/chapter-7/uncollectible-receivables/ Go Now

› Get more:  coupon codesGo Deal Now

Business Liquidity And The Operating Cycle

Offer Details: If Classy wished to increase its current ratio, it could just pay off a little debt. For instance, if it paid off $50,000 of accounts payable with cash, then current assets and current liabilities would each decline by $50,000, and the revised current ratio would “improve” to 4:1 (($450,000 -$50,000)/($150,000 – …

› Verified 8 days ago

› Url: https://www.principlesofaccounting.com/chapter-4/business-liquidity/ Go Now

› Get more:  coupon codesGo Deal Now

Preparing Financial Statements

Offer Details: The previous chapter presented adjustments that might be needed at the end of each accounting period. These adjustments were necessary to bring a company’s books and records current in anticipation of calculating and reporting income and financial position.

› Verified Just Now

› Url: https://www.principlesofaccounting.com/chapter-4/preparing-financial-statements/ Go Now

› Get more:  coupon codesGo Deal Now

Tracking Job Costs Within The Corporate Ledger

Offer Details: Thus far, the illustrations of job costing have focused on methods to accumulate job cost information. In a sophisticated electronic environment, that information can be seamlessly transferred to a company’s general ledger system.

› Verified 9 days ago

› Url: https://www.principlesofaccounting.com/chapter-19/tracking-job-costs/ Go Now

› Get more:  coupon codesGo Deal Now

Planning, Directing, And Controlling

Offer Details: What are managerial accounting functions? Managing requires numerous skill sets. Among those skills are vision, leadership, and the ability to procure and mobilize financial and human resources.

› Verified 9 days ago

› Url: https://www.principlesofaccounting.com/chapter-17/planning/ Go Now

› Get more:  coupon codesGo Deal Now

Notes Payable Issued at a Discount

Offer Details: Notes Payable Issued at a Discount General Journal Entry. Account Types. Typical financial statement accounts with debit/credit rules and disclosure conventions

› Verified 3 days ago

› Url: https://www.principlesofaccounting.com/illustrative-entries/notes-payable-discount/ Go Now

› Get more:  coupon codesGo Deal Now

Held-To-Maturity Securities

Offer Details: Held-to-maturity securities are normally accounted for by the amortized cost method. Certain types of financial instruments have a fixed maturity date; the most typical of such instruments are "bonds."

› Verified 7 days ago

› Url: https://www.principlesofaccounting.com/chapter-9/held-to-maturity-securities/ Go Now

› Get more:  coupon codesGo Deal Now

Allowance For Uncollectible Accounts

Offer Details: Allowance For Uncollectible Accounts general journal entries. Account Types. Typical financial statement accounts with debit/credit rules and disclosure conventions

› Verified 3 days ago

› Url: https://www.principlesofaccounting.com/illustrative-entries/allowance-uncollectible-accounts/ Go Now

› Get more:  coupon codesGo Deal Now

I-07.03 Journal entries and analysis of receivables and

Offer Details: Also during the year, accounts written off (not including the Windy Point transaction) were $123,000. At year's end, a detailed analysis of accounts receivable was performed, and it was concluded that the allowance ac - count should contain a balance of $475,000. (a) Prepare summary journal entries: To record the write-off of the Windy Point

› Verified 3 days ago

› Url: https://www.principlesofaccounting.com/chapter7/problems/I-07.03/I-07.03Problem.pdf Go Now

› Get more:  coupon codesGo Deal Now

Accounting for notes receivable B-07

Offer Details: Prepare journal entries for each of the following transactions: On December 1, 20X5, Musaka received a 10%, 1-year, note receivable from Lambert.

› Verified 3 days ago

› Url: https://www.principlesofaccounting.com/chapter7/problems/B-07.11/B-07.11Problem.pdf Go Now

› Get more:  coupon codesGo Deal Now

Related topics