MGAB01H3 Chapter Notes - Chapter 7: Cash Management, Bank Reconciliation, Financial Statement

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Published on 21 Mar 2016
School
UTSC
Department
Financial Accounting
Course
MGAB01H3
Professor

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 
FOB destination point  
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o

0, principal, ,
 7maturity date
.,
8 ,, ,
current non-current, )

%
8)

8
o()
o,

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Document Summary

Reporting and interpreting sales revenue receivables, and cash. Revenue principle requires that revenues be recorded when certain conditions are met (chapter 3) Point at which ownership changes hands is determined by shipping terms. When goods are shipped fob (free on board) shipping point, title changes hands at shipment, and buyer normally pays for shipping. When shipped fob destination point, title changes hands on delivery, and seller normally pays for shipping. Revenues from goods sold fob shipping point are normally recognized at shipment. Revenues from goods sold fob destination point are normally recognized at delivery. Cash or credit card (mainly visa, mastercard, and american express) Credit card company charges fee for service it provides, which is credit card discount. A sales (or cash) discount is a cash discount offered to encourage prompt payment of a trade account receivable. Reduction of gross sales revenues for return of or allowances for unsatisfactory goods.

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