Merchandise- is Goods that a company acquires to resell to customers.
Merchandiser- earns net income by buying and selling merchandise. merc
Cost of Goods Sold- the expense of buying and preparing the merchandise.
Gross Margin- equals Net sale
RUNNING HEAD: WILLS AND ESTATES - MONTANA
Many people do not consider the need for a will and so die intestate. As each state has
slightly different rules about this type of estate, examining the laws specific to the state of
residence is necessary. Mon
Time Value of Money
Present Value of a single Amount- P= Present Value (PV), F= Future Value (FV), I= Rate of interest per period and
N= number of periods.
we need $220 one period from today. We want to know how much we must invest now, for one period,
Chapter 2 Notes
Prepaid-always an asset
Receivable- always an asset
Payable- always a liability
Unearned-always a liability
Debits always go First
1. Asset Accounts- are resources owned or controlled by a company and have expected future benefits.
or Dr. Liabilities
Cr Assets or Cr Liabilities
Cr. Revenues=Must have credit Balances
Dr. Expenses=Always have Debit Balances
When Adjusting Assets or Liabilities you must a
Chapter 11 Corporate Reporting and Analysis:
Corporations: entity created by law that is separate from its owners, advantages include
Page | 1 Legal Entity
Limited Liability of stockholders
Transferable ownership rights
Lack of mu
Accounting for Long-Term Liabilities:
Bond- is an issuers written promise to pay back an amount identified as the par value
(Face Value) on a specific date in the future.
Advantages of Bonds:
Bonds do not affect owner control. Equity financing reflects
Chapter 5 Notes
Goods in Transit- are Part of inventory if they are FOB Shipping point and FOB Destination good are not part
of inventory until they arrive at their destination.
Goods on Consignment- Consignor is the owner and consignee is the person that
Chapter 12: Reporting Cash Flows
Statement of cash flows- if to report cash receipt (inflows) and cash payments
(outflows) during a period.
Measurement of Cash Flows- include both cash and cash equivalents, explains the
difference between the beginning an
Liability- is a future payment of assets or services that a company is presently obligated
to make as a result of a past transactions or events.
A past transaction or event
A present obligation
A future payment of assets or services
Chapter One Notes Acct. 211
Measurement - or cost principle is usually accounting information based on actual Cost. Cost is measured by a
cash or equal to cash basis.
Revenue Recognition- (Sales) is the amount received form selling products and
Internal Control System: is used to control business activities and consist of policies and
procedures managers use to
Ensure reliable accounting
Promote efficient operations
Adhere company policies.
Theses controls can prevent
Chapter 7: Accounting for Receivables
Receivable: is an amount due from another party like amounts due from
customers for credit sales.
Credit Sales: are recorded by debiting (increasing) accounts receivable.
Credit sale require a company to maintain a
Chapter 8 Notes: Long Term Assets
Plant Assets: tangible assets used in a companys operations like the equipment to
make cookies, and have a useful life of more than one accounting period. These assets
are recorded at cost when acquired.
Machinery and E
RUNNING HEAD: GA CAFR MD&A
The four most interesting pieces of information found while reading the Managements
Discussion and Analysis (MD&A) section of the State of Georgias Comprehensive Annual
Financial Report (CAFR) for the year ending June 30, 2015