September 15th, 2011 
Alexander Glaser 
Internal Control and Cash Internal Control- organizational plan and all the related measures that are designed to safeguard assets, encourages employees to follow company policies, promote operational efficiencies, ensure accurate and reliable accounting records. Safeguard assets- protecting its assets Encourage employees to follow the company policies- allows results to be measured effectively [...]
Posted in Accounting Methods 
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No Comments » September 4th, 2011 Alexander Glaser 
Merchandising Operations Merchandising- buying and selling products rather than services Merchandisers have additional items on balance sheet and income statement - Balance Sheet- inventory (asset) - Income Statement- sales revenue/sales, cost of goods sold (expense) Operating Cycle of Merchandising Business Company purchases inventory from vendor Sells inventory to customer Collects cash from [...]
September 1st, 2011 Alexander Glaser 
Cash Flow Statement Operations: Income statement, current assets, Current Liabilities Investing: Long term assets such as equipment and property Financing: Long term liability and equity such as dividends and notes payable Interest is operation Direct – preferred by FASBE Lists receipts and disbursements Indirect- starts with net income Reconciles to cash [...]
August 28th, 2011 Alexander Glaser 
The Adjusting Process Adjusting the books: updating accounts at the end of a period Adjusting journal entries: journal entries needed to adjust the books Two ways to do accounting: Accrual Accounting- records the effect of each transaction as it occurs Cash-Basis Accounting- records upon actual payment Liquidation: Process of going out of [...]
August 25th, 2011 Alexander Glaser 
Account: basic summary device of accounting. An account is the detailed record of all the changes that occurred in an individual asset, liability or equity during a time period Journal: chronological record of transactions. Where transactions are first recorded Ledger: book of accounts. Where transactions from a journal are posted/copied Trial Balance: [...]
August 24th, 2011 Alexander Glaser 
Accounting- information system that measures business activity , processes the data into reports, communicates the results to decision makers Financial Statements- report on a business in monetary terms Accounting can be divided into 2 fields: Financial and Managerial Financial Accounting-provides information for external decision makers Managerial Accounting- provides information for internal decision makers Governing [...]
August 23rd, 2011 Alexander Glaser 
Financial accounting – external Managerial Accounting – internal Private vs. public Public Accounting : CPA for public, public company (stocks) Private accounting: working for a company, private company(no public stocks) Accounting Rules: GAAP – General Accepted Accounting Principals –Written by FASB- Financial Accounting Standards Board IFRS – International Financial Reporting Standards –Written by IASB- [...]
