expenses incurred but not yet paid in cash or recorded
Why make closing entries?
1. All I/S accounts must be taken to zero balances
2. To adjust R.E. ending balance
close out revenue and expense accounts to and then Retaine
Tax Law Creation
Supposed to always originate in the House of Representatives.
Senators can overcome this Constitutional provision by attaching "tax law" amendments to other bills
under Senate consideration.
Cosponsoring tax bills i
similar between GAAP and IFRS
Qualitative Characteristics and Basic Elements
Recognition, Measurement, and Disclosure Concepts
Objectives of FR
provide useful information in invest
changes in estimates
changes made prospectively
all changes in shareholder wealth should be reflected on the.
other comprehensive income
Changes in net asset values representing unrealized gains and losses, which are not included in net
Recognition of revenues and expenses is tied to the financial benefits and obligations accruing to an
entity over the reporting period
Revenue- cash received
Incurred (matched to revenue)- cash paid
Why use accrual acc?
It is a present obligation that will be settled within the next year or operating cycle, whichever is longer
It will result in the use of current assets or cause current liabilities to be incurred
Examples of current liabilities
the identification, measurement and combination of financial information about economic entities to
Why do we need financial accounting?
By providing relevant and representative financial information, financial acco
Consists of 9 Judges
All other courts have to follow rule of Supreme Court
"Unit of Certiorari" - "Cert. Granted or Denied"
US Court of Appeals (Regional Circuit)
US Court of Appeals (Federal Circuit)
US Court of Appeals (Fe
value of life insurance
notes payable (due next year)
property, plant, and equipment
bond sinking fund
Internal Revenue Code (IRC)
How can you tell the difference between a Code citation and a
The Regulation Citation will place a number before the code section that it is explaining.
Earnings per Share (EPS)
Earnings (i.e., N.I.) - Preferred dividends/Weighted average number of shares outstanding
Per share info
Income from continuing operations
(Discontinued operations, net of tax)
Income before extraordinary items