day 15 cost of sales 2009 spring v3

day 15 cost of sales 2009 spring v3 - CostofSalesandExpense:

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Cost of Sales and Expense:  Recognition and Estimation Dr. James Gong
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Agenda What are expenses Cost of sales and periodic expenses  Expense recognition principle Matching:  Cost of sales and periodic expenses Conservatism: bad debt expense (next session) Fair value accounting? Expenses Restructuring charges Presentation of cost of sales and expenses Manipulation of cost of sales and expenses
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Expenses Definition: Expenses are outflows or other using up of  assets or incurrence of liabilities from  delivering or producing goods, rendering  services, or other activities that constitute the  entity’s ongoing major or central operations
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Expense Recognition Principle Matching principle Conservatism Expected future losses are recognized immediately while  expected future gains are deferred until realized 
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Direct Cost and Cash  Expenses Direct cost Cost of goods sold
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day 15 cost of sales 2009 spring v3 - CostofSalesandExpense:

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