🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
HomeClass Notes1,200,000CA670,000

ACC 100 Lecture Notes - Accounts Receivable, Accounts Payable, Aror

54 views19 pages
sangriawombat306
15 Oct 2012
School
Ryerson University
Department
Accounting
Course
ACC 100
Professor
Ron Babin

For unlimited access to Class Notes, a Class+ subscription is required.

Document Summary

Learning objectives: apply the revenue recognition principle (master, apply the matching principle to recognize expenses (master, describe the basic format and the content of the income statement. (understand) Identify the differences between service and merchandising companies. (scan: prepare entries for purchases under a perpetual inventory system. (master, prepare entries for sales under a perpetual inventory system. (master) Learning objective 1: apply the revenue recognition principle. (master) Learning objective 2: apply the matching principle to recognize expenses. (master) Learning objective 3: describe the basic format and the content of the income statement. (understand) Read pages 204 - 210 (before net sales on page: in the textbook: financial accounting, the impact on. In a merchandising company, the primary source of revenues is the sale of merchandise, referred to as sales revenue or sales. Unlike expenses for a service company, expenses for a merchandising company are divided into two categories: Operating expenses - expenses that are incurred in the process of earning.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents

ACC 100 Chapter Notes - Chapter 5: Accounts Receivable, Accounts Payable, Perpetual Inventory
tealswan614
ACC 100 Lecture Notes - Lecture 5: Aror, Perpetual Inventory, Accounts Payable
lemonbuffalo253
ACC 100 Chapter Notes - Chapter 5: Accounts Payable, Accounts Receivable, Gross Profit
blackraccoon425

Related Questions

In your own words.

1) Identify the differences between service and merchandisingcompanies

2) Explain the recording of purchases under a perpetualinventory system

3) Explain the recording of sales revenues under a perpetualinventory system

4) Explain the steps in the accounting cycle for a merchandisingcompany

5) Distinguish between a multi-step and a single-step incomestatement

20. The principle which holds that all of the expenses incurred in earning revenue should be identified with the revenue recognized and reported for the same period is the A. revenue principle. B. liability principle. C. cost principle. D. matching principle.

Which statement is correct? The use of the cash-basis of accounting violates both the revenue recognition and expense recognition principles. The cash-basis of accounting is objective because no one can be certain of the amount of revenue until the cash is received. As long as management is ethical, there are no problems with using the cash-basis of accounting. As long as a company consistently uses the cash-basis of accounting, generally accepted accounting principles allow its use.