Textbook Notes (368,666)
Canada (162,055)
Accounting (533)
ACC 100 (214)
Else Grech (70)
Chapter 4

Chapter 4.docx

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Department
Accounting
Course
ACC 100
Professor
Else Grech
Semester
Fall

Description
Chapter 4 Accrual Accounting Adjusting Entries and Accounting Cycle Recognition is the process of including an item in the financial statements of an entity Recognition consists of the addition of the amount involved into statement totals together with a narrative description of the item e g inventory sales or donations in a statement Measurement of an item in financial statements requires that two choices be made First the accountant must decide on the attribute to be measured Second a scale of measurement or unit of measure must be chosen Historical cost The amount paid for an asset and used as a basis for recognizing it on the balance sheet and carrying it on later balance sheets Realizable value is the amount of cash or its equivalent that could be received currently from the sale of the asset For the companys piece of property realizable value is the estimated selling price of the land reduced by any commissions or other fees involved in making the sa
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