Dr. Rose Green
23 Dec 2013
1. Tax official, a tax collector is a person who collects unpaid taxes from other people
Finance, deal about how money works, and about financial instruments, stocks,
Overhead Cost Allocation under ABC:
Allocation for Tennis Racquet
Allocation for Badminton Racquet
Problem 1-19A (Solution)
The following horizontal financial statements model is not required in the problem. It is provided to show
the process of computation.
+ Invent. + Furn.*
Sales on account
Total budgeted sales
Schedule of Cash Receipts
Current cash sales
Plus collections from accounts receivable
Total budgeted collections
Chapter 1: GAAP Generally accepted accounting principles
Not advantage of corporate is unlimited personal liability
Sources of incr. to stock equity are add. Investments by owners
If retained earning account increases from beg to end of year
then net inco
1. The revenue recognition principle dictates that revenue should be recognized in the
a. when cash is received.
b. when the performance obligation is satisfied.
c. at the end of the month.
d. in the period that income taxes are paid.