ACC 100 Chapter Notes - Chapter 4: Deferral, Cash Flow, Financial Statement

96 views7 pages
16 Oct 2011
Department
Course
Professor

Document Summary

Understanding of all economic transactions (accrual accounting: 2. To know how a company manages their cash (cash accounting: cash vs. Accrual basis: the time period that we record the transactions in. Means that information must be provided on a timely basis to be relevant. Means that information must be provided on time at the end of every period. Post journal entries to general ledger: 4. Record and post adjusting journal entries: 5. Chapter 5/6: revenue recognition principle, revenue is recognized when earned. Collection assured: applications of revenue recognition principle, manufactured goods and merchandise, long-term contracts, franchises, commodities, installment sales. When readily convertible to cash: rent and interest. Fob destination point: freight is paid by the shipper (supplier/seller) Fob shipping point: freight is paid by the buyer (purchaser, credit terms, in order to encourage early payment of accounts, some companies provide terms , these terms relate to how much needs to be paid and when, example.

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

Related Questions