RSM219H1- Final Exam Guide - Comprehensive Notes for the exam ( 32 pages long!)
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RSM219H1 Full Course Notes
Verified Note
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Nancial statements: 1. income statements (the performance, the sales&cost income) 10,000 every nancial transaction has two sides. equity: 1. investment 2. earnings (accumulative) retained earnings: opening rie, dividend, income, close retained sum up income statement = earnings = pro ts revenue increases equity (asset positive equity) expense decrease equity. <500> to increase an asset and only debit to decrease an asset and only credit (*everything at its proper position to imply a sign) food inventory supply inventory. *the performance sheet, about earnings, the process of operation is complete. Huge risk to the seller until she decides to keep it performance shall be determined using either the percentage of completion method or the completed contract method, whichever relates the revenue to the work accomplished. Such performance shall be regarded as having been achieved when reasonable assurance exists regarding the measurement of the consideration that will be derived from rendering the service or performing the long-term contract.
