ACTG 1P91 Lecture Notes - Income Statement

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skydolphin204

2 Nov 2011

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ACTG 1P91 Full Course Notes

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Looking at the balance sheet and the relationship to income statements. For example: if 100% certain m incoming. If 95% certain meaning 5% wont pay then possible m incoming. Methods of accounting - bad debt: direct write off - does not meet with matching and conservatism principle. Percentage of people that will not pay increases as we go along using industry, economy, company averages. However, if money is received after it is written off then use recovery on uncollectible. You do not know who will no be able to pay you back hence, allowance for doubtful.

Related Questions

For each item described: Identify the type of account (Asset,Liability, Equity, Revenue or Gain, Expense or Loss), normalbalance (Debit, Credit), financial statement (Balance Sheet, IncomeStatement), and whether the account is closed at the end of theperiod (Yes, No) by selecting the letter that best describes thoseattributes. If an account is a contra account, the answer will showthe account type in parentheses. Answer items may beused once, more than once, or not at all.

-	Sales & Services
-	Allowance to for Doubtful Accounts
-	Office Salaries Paid
-	Notes Payable
-	Cash
	Sales Returns & Allowances

1.	Expense or Loss, Debit, Income Statement, Yes
2.	Revenue or Gain, Credit, Income Statement, Yes
3.	Asset, Debit, Income Statement, Yes
4.	Liability, Credit, Income Statement, Yes
5.	Revenue, Credit, Balance Sheet, No
6.	(Asset), Credit, Balance Sheet, No
7.	(Revenue or Gain), Credit, Income Statement, Yes
8.	Asset, Debit, Balance Sheet, No
9.	Asset, Debit, Balance Sheet, No

raspberrytoad680

The five products of financial accounting and the result of theeighth step of the accounting process are:

	a.)	Income Statement, Business Progress Statement, Balance Sheet,Statement of Cash Flows, Asset and Liability Statement
	b.)	Income Statement, Notes to the Income Statement, Statement ofRetained Earnings, Notes to the Retained Earnings Statement,Balance Sheet.
	c.)	Income Statement, Statement of Retained Earnings, Balance Sheet,Statement of Cash Flows, Statement of Stockholders Equity
	d.)	Income Statement, Statement of Retained Earnings, Balance Sheet,Statement of Cash Flows, Notes to the Financials