Financial Accounting 1 Summary VALIX

FINANCIAL ACCOUNTING VOL1 SUMMARY _VALIX jkycpa 63. An #9a)p*# o& t$a'#-o&& ,#t;##n $#*#%anc# an' $#*a,*ty " ;+#n #ntty $#po$t" (uot#' #(uty n"t$u)#nt" at 65. . In&o$)aton " $#*#%ant ,ut not $#*a,*#. On t+# ot+#$ +an'/ & #ntty $#po$t" an n"t$u)#nt n"t$u)#nt at co"t/ n&o$)aton " $#*a,*# ,ut )ay not ,# $#*#%ant. 65. In"ta**)#nt )#t+o'- $#%#nu# " $#co!n0#' at t+# pont o& co**#cton. R#%#nu# " '#t#$)n#' ' #t#$)n#' ,y )u*tp*yn! t+# !$o"" p$o&t ,y a)ount o& co**#cton 66. I))#'at# $#co!nton o& #9p#n"#- $#&*#ct" con"#$%at") o$ p$u'#nc#. R#%#nu# #9p#n'tu$# 67. Fnanca* p#$&o$)anc# " '#t#$)n#' u"n!  app$oac+#"D a. capta* )ant#nanc#- n#t nco)# occu$" o ccu$" & capta* " )antan#'"n!*# #nt$y2  ,. t$an"acton app$oac+- t$a'tona* p$#pa$aton o& nco)# "tat#)#nt 68.  conc#pt" o& capta* )ant#nanc#D a. &nanca* capta*- ,a"#' on +"to$ca* +o"t  ,. p+y"ca* capta*-cu$$#nt co"t Cash and cash equivalents 1. Ca"+ not ju"t ju"t nc*u'# nc*u'# cu$$#ncy cu$$#ncy an' con" con" ,ut a*"o a*"o t+o"# t+o"# t+at a$# a$# acc#pta,*# acc#pta,*# ,y ,ank &o$ &o$ '#po"t '#po"t o$ ))#'at# #nca"+)#nt "uc+ a" c+#ck"/ ,ank '$a&t" an' )on#y o$'#$". . Ca"+ " )#a"u$# )#a"u$#' ' at &ac# %a*u#. %a*u#. Ca"+ n &o$#!n &o$#!n cu$$#ncy cu$$#ncy " " )#a"u$#' )#a"u$#' at cu$$#nt cu$$#nt #9c+an!# #9c+an!# $at# $at# 3. I& t+# &nanca* &nanca* n"ttut n"ttuton on +o*'n! +o*'n! t+# &un'" o& an #ntty " n ,ank$uptcy ,ank$uptcy o$ &nanca* &nanca* '&&cu*t '&&cu*ty y/ ca"+ "+ou*' ,# ;$tt#n 'o;n to #"t)at#' $#a*0a,*# %a*u# & t+# a)ount $#co%#$a,*# " #"t)at#' to ,# *o;#$ t+an &ac# %a*u# 5. #9c#"" ca"+ "+ou*' "+ou*' ,# ,# n%#"t#' n%#"t#' n n $#%#nu#-#a$ $#%#nu#-#a$nn! nn! n%#"t n%#"t)#nt )#nt 6. '#po"t" '#po"t" n &o$#!n n%#"t) n%#"t)#nt #nt ;+c+ a$# "u,j#ct "u,j#ct to &o$#!n &o$#!n #9c+an!# $#"t$ct $#"t$cton/ on/ & )at#$a*/ )at#$a*/ "+ou*' "+ou*' ,# c*a""&#' "#pa$at#*y a)on! noncu$$#nt a""#t" an' t+# $#"t$cton c*#a$*y n'cat#'. 7. @#ta*" @#ta*" co)p$"n co)p$"n! ! ca"+ an' ca"+ #(u%a*#nt #(u%a*#nt"" "+ou*' ,# '"c*o"#' '"c*o"#' n t+# t+# not#" to &nanca* &nanca* "tat#)# "tat#)#nt" nt" 8. t+# c$#'t c$#'t ,a*anc# ,a*anc# n t+# ca"+ ca"+ n ,ank account account $#"u*t" $#"u*t" &$o) &$o) t+# ""uanc ""uanc## o& c+#ck" n n #9c#"" o& t+# t+# '#po"t"Ho%#$'$a&t :. O%#$'$ O%#$'$a&t a&t " " not p#$) p#$)tt# tt#' ' n t+# +* +*pp ppn#" n#" > account account"" ;t+ '#,t ,a*anc#" ,a*anc#" a$# a$# c*a""&#' c*a""&#' a" cu$$#nt cu$$#nt a""#t". a""#t". 5. Sp#ca* Sp#ca* '#po"t" '#po"t" on cont$act cont$act ,'" no$)a**y no$)a**y a$# c*a""& c*a""&#' #' a" ot+#$ noncu$$#n noncu$$#ntt a""#t" 6. Fnanca* Fnanca* a""#t" a""#t" "+a** ,# $#co!n0#' $#co!n0#' nta**y nta**y at &a$ %a*u# %a*u# p*u" t$an"acton t$an"acton co"t" co"t" t+at a$# '$#ct*y '$#ct*y att$,uta,*# to t+# ac(u"ton. Fa$ %a*u# " u"ua**y t+# t$an"acton p$c# / &a$ %a*u# o& t+# con"'#$aton !%#n 7. AR " "u,"#(u#nt "u,"#(u#nt*y *y )#a"u$#' )#a"u$#' at n#t $#a*0a $#a*0a,*# ,*# %a*u# o$ o$ #"t)at#' #"t)at#' $#co%#$a,* $#co%#$a,*## a)ount 8. a""#t" a""#t" "+a** "+a** not ,# ca$$#' ca$$#' at at a,o%# t+#$ $#co%#$a,*# $#co%#$a,*# a)ount a)ount :. &$#!+t &$#!+t co**#ct co**#ct )#an" )#an" &$#!+t &$#!+t c+a$!# c+a$!# on t+# !oo'" !oo'" "+pp#' "+pp#' " not y#t y#t pa'. ?uy#$ ?uy#$ pay" &o$ &o$ t " "+a$# o& *o""#" o& an a""ocat# a""ocat# #(ua*" o$ #9c##'" t+# ca$$yn! ca$$yn! a)ount o& an n%#"t)#nt/ n%#"to$ '"contnu#" $#co!n0n! t" "+a$# o& &u$t+#$ *o""#". T+# n%#"t)#nt " $#po$t#' at n* o$ 0#$o %a*u# =. T+# ca$$yn! a)ount o& t+# n%#"t)#nt n a""ocat# a*"o nc*u'#" ot+#$-*on! ot+#$-*on! t#$) nt#$#"t" n an a""ocat#/ "uc+ a" *on!-t#$) $#c#%a,*#"/ *oan" an' a'%an c#". o;#%#$/ t$a'# $#c#%a,*#" an' any *on!t#$) $#c#%a,*#" &o$ ;+c+ a'#(uat# co**at#$a* #9"t"/ "uc+ a" "#cu$#' *oan"/ a$# #9c*u'#' &$o) t+# ca$$yn! a)ount o& t+# n%#"t)#nt n a""ocat# 1. I& t+# a""ocat# "u,"#(u#nt*y "u,"#(u#nt*y $#po$t" nco)#/ t+# n%#"to$ n%#"to$ $#"u)#" nc*u'n! t" "+a$# o& "uc+ nco)# a&t#$ t" "+a$# o& nco)# #(ua*" t+# "+a$# o& *o""#" not $#co!n0#'.

FINANCIAL ACCOUNTING VOL1 SUMMARY _VALIX jkycpa . T+# $#co%#$a,*# a)ount " )#a"u$#' a" t+# +!+#$ ,#t;##n &a$ %a*u# *#"" co"t" to "#** an' %a*u# n u"# 3. T+# $#co%#$a,*# a)ount " a""#""#' a""#""#' &o$ #ac+ n'%'ua* a""ocat#/ un*#"" an n'%'ua* a""ocat# a""ocat# 'o#" not !#n#$at# ca"+ n&*o;" &$o) contnun! u"# t+at a$# *a$!#*y n'#p#n'#nt o& t+o"# &$o) ot+#$ a""#t" o& t+# $#po$tn! #ntty 5. K+#n an a""ocat# +a" out"tan'n! out"tan'n! cu)u*at%# p$#&#$#nc# "+a$#/ t+# n%#"to$ "+a** co)put# t" "+a$# "+a$# o& #a$nn!" o$ *o""#" a&t#$ '#'uctn! t+# p$#&#$#nc# '%'#n'"/ ;+#t+#$ o$ not "uc+ '%'#n'" a$# '#c*a$#'. ' #c*a$#'. 6. K+#n an a""ocat# +a" out"tan'n! out"tan'n! noncu)u*at%# p$#&#$#nc# "+a$# / t+# n%#"to$ "+a** co)put# t" "+a$# o& #a$nn!" a&t#$ '#'uctn! t+# p$#&#$#nc# '%'#n'" on*y ;+#n '#c*a$#'. 7. ;+#n t+# $#po$tn! 'at#" o& t+# n%#"to$ an' t+# n%#"t## a$# '&&#$#nt/ t+# a""ocat# a""ocat# "+a** p$#pa$# &o$ t+# u"# o& t+# n%#"to$/ &nanca* "tat#)#nt" a" o& t+# "a)# 'at# a" t+# &nanca* "tat#)#nt" o& t+# n%#"to$/ un*#"" t " )p$actca,*# to 'o "o. In any ca"#/ t+# '&&#$#nc# ,#t;##n t+# $#po$tn! 'at# o& t+# a""ocat# an' t+at o& t+# n%#"to$ "+a** ,# no n o )o$# t+an 3 )ont+" 8. I& an a""ocat# u"#" accountn! po*c#" ot+#$ t+an t+o"# o& t+# n%#"to$/ n%#"to$/ a'ju"t)#nt" "+a** ,# )a'# to con&o$) t+# a""ocat# accountn! po*c#" to t+o"# o& t+# n%#"to$. :. $o&t" an' *o""#" $#"u*tn! &$o) up"t$#a) up"t$#a) an' 'o;n"t$#a) t$an"acton" t$an"acton" ,#t;##n an n%#"to$ an' an a""ocat# a$# $#co!n0#' n t+# n%#"to$>" &nanca* "tat#)#nt" on*y to t+# #9t#nt o& t+# un$#*at#' n%#"to$"> nt#$#"t" n t+# a""ocat# . t+# n%#"to$>" "+a$# n t+# a""ocat#>" a""ocat#>" p$o&t" an' *o""#" $#"u*tn! &$o) t+#"# t$an"acton" " #*)nat#'. 