University of Phoenix
Internal Controls are essential part of any organization's financial and business policies and
procedures. Internal controls are designed to help companies and org
Financial accounting are the means of collecting, summarizing and reporting
financial information on investors, creditors, and other users.
An internal user would be a person who reviews financial data and makes decisions
for a company. An example wo
Regulatory Bodies & Functions
The Internal Revenue Services (IRS) purpose is to manage and enforce the internal revenue
law. The Internal Revenue Service is responsible for the collection of taxes.
The Securities and Exchange Commissions (SEC) purpose is
Closing Entries and a Post-closing Trial Balance
Journalize Closing Entries
Use this template to journalize the closing entries for Goode Company at April 30, 2008.
Closing Entries at April 30, 2008
ACCOUNT TITLE AND E
Enron was a major market middleman for energy that dominated the trading of energy
contracts. An executive who worked for Enron and called most of the shots enlisted the help of
sharp banking and finance consultants. The executive who called most of the s
Adjusting Entries, Posting, and Preparing an Adjusted Trial Balance
Use this General Journal to record adjusting entries on June 30, 2008 for Masasi Company, Inc. The first few lines are completed for you.
Preparing a Financial Statement Worksheet
Complete the 10-column worksheet for Briscoe Company. Your totals will be verified.
For the Month Ended June 30, 2008
What are the advantages of the four different special journals? When would you use each type?
Special Journals are designed to facilitate the process of journalizing and posting transactions. Special
Journals are used for the most frequent transactions in
Journalizing, Posting, and Preparing a Trial Balance
Journalizing the Transactions
Use this template to journalize the transactions for Jane Kent, Inc. The first two lines are completed for you. You might not require all the
Debits and Credits
Consider the information presented in PhxKlips Debits and Credits. Pay particular
attention to the meaning of debits and credits and their effects on accounts. Then follow
the instructions below.
1. Write a response to the fo
The general goal of financial reporting is to exibit functional information to users who use
financial statement so that correct decisions can be made. All figures that are illustrated should
be all understandable and complete so that a good understanding
Write an explanation of the function of each element in the accounting equation, using 100 to
There are many different rules, regulations and requirements in accounting. However it does
not matter how complex an area of accounting may look bec
The first assumptions of accounting are economic entity it is also known as separate
business entity principles. The business is considered as "a separate and distinct entity apart
from the owner." The business records should be separated and distinct fro
Revenue or expense accounts are referred to as a temporary account because those
accounts are closed at the end of each accounting period to make sure the permanent
accounts (asset, liability, and equity) are properly stated and reflect the results.
At a beginning of each accounting period, accountants some times use reversing entries to
cancel out adjusting entries that were made to accrue revenues and expenses at the end of the
previous accounting period.
There are two parts to a reversing ent
The Revenue Recognition Principle and Matching Principle go hand in hand. If one is removed
the balance would never be true. Revenue Recognition Principle and Matching Principle
determine the accounting period, in which revenues and expenses should b
Cash basis recognizes the income or expense when a payment is paid or when
money is received.
Accrual basis expenses are recognized in the period they occur regardless of whether
a cash transaction has occurred.
Both methods are different only in the
There are four basic financial statements companies use. The income, balance, cash flow and
shareholders equity statements. All four statements function the same but are used by different
The income statement which shows a summary of incom