Chapter 2 Transaction Analysis Short Exercises (5 min.) Horton’s payment was not an expense. Horton acquired an asset, Equipment, because the computer is an economic resource…

ACCOUNTING FUNDAMENTAL BY: Bayani D. Edlagan Ma. Cecilia S. Mercado INTRODUCTION This presentation covers the concepts and practice of accounting fundamental. From the concepts…

Question 1 Entry 1 Thompson invested a total of $165,000 as a business owner ($65,000 own funds, $100,000 via bank loan) 2 Thompson paid rent for the month of September in…

Chapter 8 Long-Term Obligations Questions for Review and Discussion 1. Unlike businesses, governments have the power to tax and, at least in theory, their available resources…

2011 ANNUAL REPORT BENIHANA INC. RESTAURANT LOCATIONS 2011 97 Company Owned Restaurants BENIHANA ANCHORAGE, AK CHANDLER, AZ SCOTTSDALE, AZ ANAHEIM, CA BURLINGAME, CA CARLSBAD,…

1. FORMAL FINANCIAL STATEMENTS Income statement Statement of stockholders’ equity Retained earnings Balance sheet Statement of cash flows 2. INCOME STATEMENT Statement…

1. Topic 3: Accounting System and Control 2. Coverage 3.1 Development of Accounting System Factors Procedures: Principles, Phases, Computerised/manu al Charts of accounts…

Introduction y Principle Involved: Periodicity- entity s life can be subdivided into equal time periods for reporting purposes. y Problems: 1. Users need timely information…

Chapter 19 - Accounting for Estates and Trusts Chapter 19 Accounting for Estates and Trusts Multiple Choice Questions 1. When a person dies without leaving a valid will,…

LEASING POONAM G. NAIK ROLL NO.: 25-2009 25- DEFINITION OF LEASING Leasing is defined as ³A contract that allows the use or occupation of property for a specific period…