Accounting

For this assignment you will submit a draft of the revenue recognition and accounting methods, summarizing the following critical elements: I. Memorandum, sections B, C, and D, and II. Conclusion, section C.You will determine revenue recognition and the economic impact of the client’s financial situation. Based on your decision, determine the potential tax liability, keeping […]

Due Thursday As the full-time bookkeeper, your job is to make sure all transactions are recorded properly. If there is an error, each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease.1.    What are some examples of transactions that would need to be recorded or journalized? […]

Please write one page to analysis about the income statement and the common size of the income statement. The time period is from 2017to 2019. For more information on Income Statement read this: https://en.wikipedia.org/wiki/Income_statement         So much stress and so little time? We’ve got you covered. Get your paper proofread, edited or […]

Class, accounting argues that opportunity costs should not be considered when evaluating alternatives. Economics believes that opportunity costs should always be considered. With which of these statements do you agree? Why? For more information on Opportunity Costs read this: https://en.wikipedia.org/wiki/Opportunity_cost         So much stress and so little time? We’ve got you covered. […]

The Annual Report Project will be completed in sections over the duration of this course. You will submit each section individually, as assigned, and then submit the completed comprehensive assignment in Topic 8. Obtain the most recent Form 10-K of a U.S. corporation traded on the New York Stock Exchange (NYSE) or National Association of […]

Effective financial reporting depends on sound ethical behavior. Financial scandals in accounting and the business world have resulted in legislation to ensure adequate disclosures and honesty and integrity in financial reporting. A sound economy is contingent on truthful and reliable financial reporting. Instructions: Read the following scenario. Answer the questions that follow. This will be […]

You have been assigned to train new consultants on the impact of the Sarbanes-Oxley Act of 2002 on financial reporting. Prepare a 12-15 slide PowerPoint presentation for use in a training session with the new consultants. Include an explanation of what the Sarbanes-Oxley Act is. Include an explanation of the impact it has on the […]

Variance Analysis: Write an analytical summary of your learning outcomes from chapters 9 and 10. In addition to your analytical summary, address the following: As a manager, discuss how you would use or have used the concepts presented in chapters 9 and 10. Why might managers find a flexible-budget analysis more informative than static-budget analysis? […]

Describe the company you researched in 1–2 paragraphs. Discuss how an Activity-Based Costing (ABC) system can be implemented in the company you researched and the benefits that the use will yield to the business performance. Assess how using an ABC system can provide a competitive advantage to the company in the e-commerce marketplace for which […]

Answer the questions below and explain your answer with numbers, computations, or a sentence or two. background source principlesofaccounting.com 1.Explain the term cost of sales in your own words. Is likely that the balance sheet of this company includes inventory? 2.Gross profit (margin) is a key piece of financial information. Why is it so important? 3.Explain operating expenses? What does the term mean? 4.Does ABC Company have any employees? Explain. 5.There is an error in the income statement. Property taxes are overstated by $10,000. How is the income statement affected by a correction of property taxes? 6.What happens to net income if the company hires a new manager at a salary of $80,000? 7.Does the company own any equipment? Is it informative to also check the balance sheet to answer this question? Explain. 8.Does the company have debt? How much debt? Explain how the income statement and balance sheet provide answers to the questions? 9.How do we know that ABC Company is using the accrual basis of accounting? Hint: Do not forget to look at the balance sheet from the prior module. 10.What happens to income statement at the end of the period? Is it continuous or does it close (terminate)?