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Bonds are a form of long-term debt in which the issuing corporation promises to pay the principal amount at a specific date. Stocks pay dividends to the owners, but only if the corporation declares a dividend. Dividends are a distribution of a corporation’s profits. Bonds pay interest to the bondholders. Generally, the bond contract requires that a fixed interest payment be made every six months. Every corporation has common stock. Some corporations issue preferred stock in addition to its common stock.
Many corporations do not issue bonds. The stocks and bonds issued by the largest corporations are often traded on stock and bond exchanges. Stocks and bonds of smaller corporations are often held by investors and are never traded on an exchange.
Answer : The provision for bad debts might refer to the balance sheet account also known as the Allowance for Bad Debts, Allowance for Doubtful Accounts, or Allowance for Uncollectible Accounts. In this case Provision for Bad Debts is a contra asset account an asset account with a credit balance. It is used along with the account Accounts Receivable in order to report the net realizable value of the accounts receivable.
In this situation, the Provision for Bad Debts reports the credit losses that pertain to the period shown on the income statement. Answer : An accrual occurs before a payment or receipt. A deferral occurs after a payment or receipt. There are accruals for expenses and for revenues. There are deferrals for expenses and for revenues.
An accrual of an expense refers to the reporting of an expense and the related liability in the period in which they occur, and that period is prior to the period in which the payment is made. An example of an accrual for an expense is the electricity that is used in December, but the payment will not be made until January. An accrual of revenues refers to the reporting of revenues and the related receivables in the period in which they are earned, and that period is prior to the period of the cash receipt.
An example of the accrual of revenues is the interest earned in December on an investment in a government bond, but the interest will not be received until January.
A deferral of an expense refers to a payment that was made in one period, but will be reported as an expense in a later period. An example is the payment in December for the six-month insurance premium that will be reported as an expense in the months of January through June. A deferral of revenues refers to receipts in one accounting period, but they will be earned in future accounting periods.
For example, the insurance company has a cash receipt in December for a six-month insurance premium. However, the insurance company will report this as part of its revenues in January through June. Answer : The sum of the years’ digits, often referred to as SYD, is a form of accelerated depreciation. A more common form of accelerated depreciation is the declining balance method used in tax depreciation. The sum of the years’ digits method will result in greater depreciation in the earlier years of an asset’s useful life and less in the later years.
However, the total amount of depreciation over an asset’s useful life should be the same regardless of the depreciation method used. The difference is in the timing of the total depreciation. Let’s use the formula to check our calculation above. What Is A Trial Balance? Answer : A trial balance is a bookkeeping or accounting report that lists the balances in each of an organization’s general ledger accounts.
Accounts with zero balances will likely be omitted. The debit balance amounts are listed in a column with the heading “Debit balances” and the credit balance amounts are listed in another column with the heading “Credit balances.
Today, bookkeeping and accounting software has eliminated those clerical errors. This means that the trial balance is less important for bookkeeping purposes since it is almost certain that the total of the debit and credit columns will be equal. However, the trial balance continues to be useful for auditors and accountants who wish to show 1 the general ledger account balances prior to their proposed adjustments, 2 their proposed adjustments, and 3 all of the account balances after the proposed adjustments.
These final balances are known as the adjusted trial balance, and these amounts will be used in the organization’s financial statements. Neither the unadjusted trial balance nor the adjusted trial balance is a financial statement and neither trial balance is distributed to anyone outside of the accounting and auditing staff.
In other words, the trial balance is an internal document. Answer : Depreciation on the income statement is the amount of depreciation expense that is appropriate for the period of time indicated in the heading of the income statement.
The depreciation reported on the balance sheet is the accumulated or the cumulative total amount of depreciation that has been reported as expense on the income statement from the time the assets were acquired until the date of the balance sheet.
Let’s illustrate the difference with an example. The asset is expected to have a useful life of 10 years and no salvage value. The company uses straight-line depreciation on its monthly financial statements. What Is Depreciation? Answer : Depreciation is the assigning or allocating of a plant asset’s cost to expense over the accounting periods that the asset is likely to be used.
The amounts can vary depending on the method and assumptions. Since the adjusting entries do not involve cash, depreciation expense is referred to as a noncash expense. Answer : Reversing entries are made on the first day of an accounting period in order to remove certain adjusting entries made in the previous accounting period. Reversing entries are used in order to avoid the double counting of revenues or expenses and to allow for the efficient processing of documents.
Reversing entries are most often used with accrual-type adjusting entries. To illustrate reversing entries, let’s assume that a retailer uses a temporary help service from December 15 – The temp agency will bill the retailer on January 10 and the retailer agrees to pay the invoice by January If the retailer’s accounting year ends on December 31, the retailer will make an accrual-type adjusting entry for the estimated amount.
This adjusting entry assures that the retailer’s income statement and balance sheet as of December 31 will include the temp service expense and obligation. When the actual invoice arrives from the temp agency on January 11, the retailer can simply debit the invoice amount to Temp Service Expense.
The credit from the reversing entry and the debit from the invoice entry. Thanks to the reversing entry, the retailer did not have to stop and consider whether the invoice amount pertains to December or January. This insignificant amount is acceptable since the adjusting entry amount was an estimate. What Is Deferred Revenue?
Answer : Deferred revenue is not yet revenue. It is an amount that was received by a company in advance of earning it. The amount unearned and therefore deferred as of the date of the financial statements should be reported as a liability.
The title of the liability account might be Unearned Revenues or Deferred Revenues. When the deferred revenue becomes earned, an adjusting entry is prepared that will debit the Unearned Revenues or Deferred Revenues account and will credit Sales Revenues or Service Revenues. What Are Adjusting Entries? Answer : Adjusting entries are usually made on the last day of an accounting period year, quarter, month so that the financial statements reflect the revenues that have been earned and the expenses that were incurred during the accounting period.
A common characteristic of an adjusting entry is that it will involve one income statement account and one balance sheet account. The purpose of each adjusting entry is to get both the income statement and the balance sheet to be accurate. Answer : I would use the liability account Accounts Payable for suppliers’ invoices that have been received and must be paid. As a result, the balance in Accounts Payable is likely to be a precise amount that agrees with supporting documents such as invoices, agreements, etc.
I would use the liability account Accrued Expenses Payable for the accrual type adjusting entries made at the end of the accounting period for items such as utilities, interest, wages, and so on. The balance in the Accrued Expenses Payable should be the total of the expenses that were incurred as of the date of the balance sheet, but were not entered into the accounts because an invoice has not been received or the payroll for the hourly wages has not yet been processed, etc.
The amounts recorded in Accrued Expenses Payable will often be estimated amounts supported by logical calculations. What Is The Accounting Cycle? Answer : The accounting cycle is often described as a process that includes the following steps: identifying, collecting and analyzing documents and transactions, recording the transactions in journals, posting the journalized amounts to accounts in the general and subsidiary ledgers, preparing an unadjusted trial balance, perhaps preparing a worksheet, determining and recording adjusting entries, preparing an adjusted trial balance, preparing the financial statements, recording and posting closing entries, preparing a post-closing trial balance, and perhaps recording reversing entries.
Cycle and steps seem to be a carryover from the days of manual bookkeeping and accounting when transactions were first written into journals. In a separate step the amounts in the journal were posted to accounts. At the end of each month, the remaining steps had to take place in order to get the monthly, manually-prepared financial statements.
Today, most companies use accounting software that processes many of these steps simultaneously. The speed and accuracy of the software reduces the accountant’s need for a worksheet containing the unadjusted trial balance, adjusting entries, and the adjusted trial balance. The accountant can enter the adjusting entries into the software and can obtain the complete financial statements by simply selecting the reports from a menu.
After reviewing the financial statements, the accountant can make additional adjustments and almost immediately obtain the revised reports. The software will also prepare, record, and post the closing entries. Answer : At the end of an accounting period month, year, etc.
When an adjusting entry is used, the related income statement account will be a cost of goods sold account. Textbooks often change the balance in the account Inventory under the periodic method through closing entries. One closing entry removes the amount of beginning inventory and one closing entry records the cost of the ending inventory. We believe that an adjusting entry is more logical and efficient, especially when monthly and year-to-date financial statements are prepared using accounting software.
What Is Bad Debts Expense? Answer : Bad debts expense often refers to the loss that a company experiences because it sold goods or provided services and did not require immediate payment. The loss occurs when the customer does not pay the amount owed. In other words, bad debts expense is related to a company’s current asset accounts receivable.
The direct write-off method requires that a customer’s uncollectible account be first identified and then removed from the account Accounts Receivable. This method is required for U.
The allowance method anticipates that some of the accounts receivable will not be collected. In other words, prior to knowing exactly which customers or clients will not be paying, the company will debit Bad Debts Expense and will credit Allowance for Doubtful Accounts for an estimated, anticipated amount. The Allowance for Doubtful Accounts is a contra asset account that when combined with Accounts Receivable indicates a more realistic amount that will be turning to cash.
Many believe that the allowance method is the better method since 1 the balance sheet will be reporting a more realistic amount that will be collected from the company’s accounts receivable, and 2 the bad debts expense will be reported on the income statement closer to the time of the related credit sales. Answer : Since insurance premiums are usually paid prior to the period covered by the payment, it is common to debit Prepaid Insurance and to credit Cash for the amount paid. Prepaid Insurance is a current asset and is reported on the balance sheet after inventory.
As the prepaid amount expires, the balance in Prepaid Insurance is reduced by a credit to Prepaid Insurance and a debit to Insurance Expense.
This is done with an adjusting entry at the end of each accounting period e. One objective of the adjusting entry is to match the proper amount of insurance expense to the period indicated on the income statement. The income statement should report the amount of insurance that has expired during the period indicated in the income statement’s heading.
Another objective is to report on the balance sheet the unexpired amount of insurance as the asset Prepaid Insurance. If you can arrange for your insurance payments to be the amount applicable to each accounting period, you can simply debit Insurance Expense and credit Cash.
Answer : Revenues received in advance are reported as a current liability if they will be earned within one year. The accounting entry is a debit to the asset Cash for the amount received and a credit to the liability account such as Customer Advances or Unearned Revenues. As the amount received in advance is earned, the current liability account will be debited for the amount earned and the Revenues account reported on the income statement will be credited.
This is done through an adjusting entry. What Is Bad Debts? Answer : The term bad debts usually refers to accounts receivable or trade accounts receivable that will not be collected. However, bad debts can also refer to notes receivable that will not be collected.
The bad debts associated with accounts receivable is reported on the income statement as Bad Debts Expense or Uncollectible Accounts Expense. When the allowance method is used, the journal entry to Bad Debts Expense will include a credit to Allowance for Doubtful Accounts, a contra account and valuation account to the asset Accounts Receivable. The allowance method anticipates the losses and therefore requires the use of estimates.
Under the direct write-off method, the Allowance for Doubtful Accounts is not used. Rather, Bad Debts Expense will be debited when an account receivable is actually written off.
The credit in this entry will be to the asset Accounts Receivable. What Is The Monthly Close? Answer : In accounting the monthly close is the processing of transactions, journal entries and financial statements at the end of each month. Under the accrual method of accounting, it is imperative that the financial statements reflect only the transactions and journal entries having relevance to the current month’s revenues and expenses, and end-of-the-month assets and liabilities.
Expressed another way, the monthly close must achieve a proper cutoff of each month’s financial activities. To ensure that the monthly financial statements are accurate and timely, companies will use standard journal entries, recurring journal entries, and checklists for the tasks that must be completed. If a company has inventories, its monthly close will be more challenging as it will have to be certain that the costs are recorded in the same month as the goods are added to the inventories.
In short, the accrual of expenses becomes immensely important when goods are received and are sold. Another important step in the monthly close is to compare the amounts and percentages on the current financial statements to those of earlier months. Often the comparison of the balance sheet amounts to those of earlier months will provide insight as to unusual amounts shown on the income statement. What Is A Deferred Expense?
Answer : The term “deferred expense” is used to describe a payment that has been made, but it won’t be reported as an expense until a future accounting period.
Again, the deferral was necessary to achieve the matching principle. As you can see from our examples, the word “deferred” overpowers the word “expense. As it is expiring, it will be moving from the balance sheet to the income statement where it will be reported as an expense. The entries involving deferred expenses are called adjusting entries. What Is Interest Expense? Answer : Interest expense is the cost of debt that has occurred during a specified period of time.
Since interest on debt is not paid daily, a company must record an adjusting entry to accrue interest expense and to report interest payable. Using our example above, at December 31 no interest was yet paid on the loan that began on December However, the company did incur one-half month of interest expense.
What Are Balance Sheet Accounts? Answer : Balance sheet accounts are one of two types of general ledger accounts. Income statement accounts make up the other type.
Balance sheet accounts are used to sort and store transactions involving assets, liabilities, and owner’s or stockholders’ equity. Balance sheet accounts are described as permanent or real accounts because at the end of the accounting year the balances in these accounts are not closed. Instead, the end-of-the-accounting-year balances will be carried forward to become the beginning balances in the next accounting year. This is different from the income statement accounts, which begin each accounting year with zero balances.
The balances in the balance sheet accounts are presented in a company’s balance sheet, which is one of the main financial statements. It will be helpful to keep in mind that every adjusting entry will require at least one balance sheet account and one income statement account. Answer : You need to adjust the balance in the contra asset account Allowance for Doubtful Accounts to be your best estimate of the amount in Accounts Receivable which are not collectible.
In other words, adjust the credit balance in the allowance account to become the amount of the receivables that is not expected to turn to cash. The allowance account appearing on the balance sheet might be titled Allowance for Uncollectible Accounts, Provision for Bad Debts, or some combination of these. The income statement account might have a title such as Uncollectible Accounts Expense, Doubtful Accounts Expense, etc. Answer : The units of production method of depreciation is based on an asset’s usage, activity, or parts produced instead of the passage of time.
Under the units of production method, depreciation during a given year will be very high when many units are produced, and it will be very low when only a few units are produced.
The units of production method is also referred to as the units of activity method, since the method can be used for depreciating airplanes based on air miles, cars on miles driven, photocopiers on copies made, DVDs on number of times rented, and so on. Answer : The depreciation of assets such as equipment, buildings, furnishing, trucks, etc. This occurs through an accounting adjusting entry in which the account Depreciation Expense is debited and the contra asset account Accumulated Depreciation is credited.
The amount of the annual depreciation that is reported on the financial statements is an estimate based on the asset’s 1 cost, 2 estimated salvage value, and 3 useful life. Depreciation should be thought of as an allocation of the asset’s cost to expense and not as a valuation technique. In other words, the accountant is matching the cost of the asset to the periods in which revenues are generated from the asset.
The amount of the annual depreciation reported on the U. Since depreciation is a deductible expense for income tax purposes, the corporation’s taxable income and associated tax payments will be reduced by its tax depreciation expense. In any one year, the depreciation expense for taxes will likely be different from the amount reported on the financial statements. It should be noted that depreciation is viewed as a noncash expense.
That is, the corporation’s cash balance is not changed by the annual depreciation entry. Often the corporation’s cash is reduced for the asset’s entire cost at the time the asset is acquired. What Is Accrued Interest? Answer : Accrued interest is the amount of loan interest that has already occurred, but has not yet been paid to the lender by the borrower.
Accrued interest is likely to require adjusting entries by both the borrower and the lender prior to issuing their financial statements. Answer : Accrued expenses are reported in the current liabilities section of the balance sheet. Accrued expenses reported as current liabilities are the expenses that a company has incurred as of the balance sheet date, but have not yet been recorded or paid. Typical accrued expenses include wages, interest, utilities, repairs, bonuses, and taxes.
Accrued revenues are reported in the current assets section of the balance sheet. The accrued revenues reported on the balance sheet are the amounts earned by the company as of the balance sheet date that have not yet been recorded and the customers have not yet paid the company.
Accrued expenses and accrued revenues are also reflected in the income statement and in the statement of cash flows prepared under the indirect method. However, these financial statements reflect a time period instead of a point in time. What Is Prepaid Insurance? Answer : Prepaid insurance is the portion of an insurance premium that has been paid in advance and has not expired as of the date of the balance sheet. This unexpired cost is reported in the current asset account Prepaid Insurance.
As the amount of prepaid insurance expires, the expired cost is moved from the asset account Prepaid Insurance to the income statement account Insurance Expense. This is usually done at the end of each accounting period through an adjusting entry. Answer : If the dollar amount of supplies is significant, the amount of unused supplies as of the balance sheet date should be reported in the asset account Supplies or Supplies on Hand.
The supplies that have been used during the accounting period should be reported in the income statement account Supplies Expense. Basically, supplies are assets until they are used. When they are used, they become an expense. When the dollar amount of supplies is not significant, many companies will simply debit Supplies Expense when the supplies are purchased. They will report no supplies on hand or a small constant amount. This less-than-perfect accounting treatment of an insignificant amount is allowed because of an accounting concept known as materiality.
Answer : Some people use Provision for Doubtful Debts to mean the contra-asset account reported on the balance sheet. Others use Provision for Doubtful Debts to mean the expense reported on the income statement. If the expense is associated with extending credit outside of a company’s main selling activities, the credit loss will be reported as a nonoperating expense.
To avoid the confusion with the use of the word “provision”, the accounting textbooks often refer to the contra-asset account associated with accounts receivable as Allowance for Doubtful Accounts. The current period expense pertaining to accounts receivable is referred to as Bad Debt Expense, an operating expense. What Are Income Statement Accounts? Answer : Income statement accounts are one of two types of general ledger accounts.
Balance sheet accounts make up the other type. Income statement accounts are used to sort and store transactions involving revenues, expenses, gains, and losses. The income summary account is also an income statement account. The number of income statement accounts used at a large company could be in the thousands. Income statement accounts are described as temporary accounts because at the end of each accounting year the balances in the income statement accounts will be closed.
This means that the balances will be combined and the net amount will be transferred to a balance sheet equity account. In the case of a corporation, the equity account is Retained Earnings. In the case of a sole proprietorship it is the owner’s capital account. The closing of the income statement accounts at the end of an accounting year means that the income statement accounts will begin the subsequent year with zero balances.
As a result, the balances in the income statement accounts will be the year-to-date amounts. It will be helpful to remember that every adjusting entry will require at least one income statement account and at lease one balance sheet account. Answer : A prepaid expense might be recorded initially as 1 an expense, or 2 as an asset.
This cost covers the six month period of December 1 through May Let’s also assume that the company did not have any insurance prior to December 1. Usually there would be insurance coverage prior to December 1. In that case the year-to-date balance in the expense account should be equal to the expired insurance cost during the year-to-date period.
If there is a conflict between getting the prepaid asset balance to be correct and the expense balance to be correct, make certain that the prepaid asset balance is correct. What Is A Noncash Expense? Answer : A noncash expense is an expense that is reported on the income statement of the current accounting period, but there was no related cash payment during the period.
A common example of a noncash expense is depreciation. Answer : Costs should be expensed when they are used up or have expired and when they have no future economic value which can be measured. For example, the August salaries of a company’s marketing team should be charged to expense in August since the future economic value of their August salaries cannot be determined.
Costs should be capitalized or recorded as assets when the costs have not expired and they have future economic value. It will save making future payments of cash for insurance coverage. Answer : Without the balance sheet account, Allowance for Uncollectible Accounts, all of the accounts receivable are assumed to be collectible and there is no bad debt expense reported on the income statement until an account receivable is written off.
This approach is known as the direct write-off method. When an account is written off, the entry will be a debit to Bad Debt Expense and a credit to Accounts Receivable. When the account Allowance for Uncollectible Accounts is reported on the balance sheet, the company anticipates that some of its accounts receivable will not be collected.
In other words, without knowing specifically which account will not be collected, the company debits Bad Debt Expense and credits Allowance for Uncollectible Accounts. This results in an expense on the income statement sooner than would occur under the direct write-off method and a reduction of the current assets on the balance sheet. When an account is written off under the “allowance” method, the entry will be a debit to Allowance for Uncollectible Accounts and a credit to Accounts Receivable.
Why Are Loan Costs Amortized? Answer : When loan costs are significant, they must be amortized because of the matching principle. In other words, all of the costs of a loan must be matched to the accounting periods when the loan is outstanding. What Is Accrued Payroll? Answer : Accrued payroll would be wages, salaries, commissions, bonuses, and the related payroll taxes and benefits that have been earned by a company’s employees, but have not yet been paid or recorded in the company’s accounts.
For example, the accrued payroll as of December 31 would include all of the wages that the hourly-paid employees have earned as of December 31, but will not be paid until the following pay day perhaps January 5.
The employer’s portion of the FICA, unemployment taxes, worker compensation insurance, and other benefits pertaining to those wages should also be included as accrued payroll in order to achieve the matching principle of accounting.
Answer : Unearned income or unearned revenue occurs when a company receives money before the money is earned. This is also referred to as deferred revenues or customer deposits.
The unearned amount is recorded in a liability account such as Unearned Revenues, Deferred Revenues, or Customer Deposits. After the amount has been earned, the liability account is reduced and a revenue account is increased. Example 1. Since these are balance sheet accounts and since no work has yet been performed , no revenue is reported in March.
Example 2. No revenue is reported in December for this special order since the company did not perform any work. What Is Accrued Income? Answer : Accrued income is an amount that has been 1 earned, 2 there is a right to receive the amount, and 3 it has not yet been recorded in the general ledger accounts.
One example of accrued income is the interest earned on a bond investment. Previously I would just finish my document then do a spell check on the whole document when finished. Sometimes it works. Other times it tells me there are no spelling errors, even when I purposely put some in! Frustrating indeed. Can anybody please tell me how to fix this??? I use word processor a lot. I download Biblical scripture and it wants to correct words that are correct.
This is a first for any word that I have use. Apache open office does well for this, but it has its own quirks. Any suggestions??? Do you have any idea why this might be? Thank you very much! Zi: Place your cursor in the text and look at the Control panel or Character panel to see what language is applied to it.
If, for example, Ukranian or No Language is applied, then it may show up as correct even if it is not. Thanks very much for your reply. But it does not underline any misspelt words. Thank you! Also—there are red dotted lines in my doc showing what I deleted, notes of formatting.
How do I ghet back to normal? Normal to me means just plain letters on the screen in the size and color of my choice—and nothing else. Hi David, Thank you for explaining this. Every once in a while, I find something underlined with a squiggly green line.
Do you know what the green line means? Thanks, Julie. It hit me halfway thriugh an email impasible writing through outlook. Hala the email Washington fine, but in the second hala, i Washington having to return every secundaria sordo Rosa English ya, Everaldo second word to English, uh, Everaldo , oh, the whatever it is doesnt liar the word se Onda!
Seco d. Seco de. Do we hace virus that actual y screwy iStuff, todo? Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page. Advanced Search. Forgot Password? Join today. Not a member? Recommended For You. You can find more about David at 63p.
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