Accounting 211: Chapter 1
Users of financial information:
Internal: Management, corporate officers and other employees.
External: Investors, creditors and government agencies.
Operating: Selling products and / or p
OF CENSUS DATA
GROUP PROJECT STATISTICS FOR BUSINESS GROUP
India has always been known as the land of paradox. Many
reports, insights and surveys have been published to make sense
of the great demographic diversity that we have.
CALIFORNIA STATE UNIVERSITY SAN BERNARDINO
DEPARTMENT OF ACCOUNTING & FINANCE
Accounting 211: Financial Accounting I
Office: JB 437 / Hours: MWF 9:40-10:40 & F 1:50 - 2:50
Phone: (909) 880-5722
Class meets in: J
Accounting 211: Chapter 11
Separate legal existence.
Limited liability of shareholders.
Ease of transferring ownership interest. (Ability to trade stock.)
Subject to government regulations and taxation.
Accounting 211: Chapter 9
1. Have physical substance
2 2. Have lives serving more than 1 period
3 3. Are not for sale.
Cost includes all needed expenditures to acquire the asset and ready it for intended use:
Accounting 211: Chapter 8
(SKIP pages 358 - 361 on accelerating cash receipts)
Accounts receivable valuation. Since less than 100% of receivables will be collected
AR is reported at net realizable value, the amount
Accounting 211: Chapter 7
We will not cover internal controls (pages 288 - 304)
Cash and cash equivalents are often reported on the balance sheet. Equivalents
include treasury bonds, short-term corporate notes (commerci
Accounting 211: Chapter 4
Revenue recognition principle
Revenue is recognized when earned. Revenue is earned when title to goods sold
is transferred from seller to buyer. Revenue is earned when services are provided
Accounting 211: Chapter 5
Perpetual inventory system. Inventory is increased when purchased and reduced when
sold. Cost of goods sold is recognized with each sale.
AP or cash
AR or cash
Accounting 211: Chapter 3
The accounting equation
TOTAL RESOURCES = CLAIMS TO TOTAL RESOURCES
Therefore ASSETS = LIABILITIES + OWNERS' EQUITY
And so ASSETS = LIABILITIES + PAID-IN CAPITAL + RETAINED EARNINGS
Of course net income incre
Accounting 211: Chapter 6
COGS in detail
Less: Purchase discounts
Purchase returns & allowances
Cost of purchases
Goods available for sale
Less: Ending inventory
Cost of good
Accounting 211: Chapter 2
Skip characteristics of useful information (pages 49 - 52)
Generally accepted accounting principles (GAAP)
Largely determined by rule -making institutions, especially the Financial
Accounting Standards Board
India produced 2.158 million tonnes of flowers during 2015-16, Minister of State for Agriculture &
Farmers Welfare Shri Parshottam Rupala.
Indian auto component industry to grow 5 times by 2026. Global auto component market is pegged to
be around $1.75 tr