By Jerry J. Weygandt
Weygandt's Accounting rules introduces tough accounting suggestions with examples which are customary to accountants. the hot version has been up to date with the most recent IFRS/IASB criteria. extra insurance is integrated on foreign currencies translation and LCM. extra discussions specialize in danger administration as a result monetary obstacle. The examples additionally emphasize present examples with the intention to support accountants make the relationship to their daily lives.
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Extra info for Accounting Principles, 10th Edition
Indd Page 15 11/26/10 2:11:07 PM user-s146 /Users/user-s146/Desktop/Merry_X-Mas/New Using the Accounting Equation 15 Companies carry on many activities that do not represent business transactions. Examples are hiring employees, answering the telephone, talking with customers, and placing merchandise orders. Some of these activities may lead to business transactions: Employees will earn wages, and suppliers will deliver ordered merchandise. The company must analyze each event to find out if it affects the components of the accounting equation.
IFRS are the same. In practice, some format differences do exist in presentations commonly employed by GAAP companies compared to IFRS companies. indd Page 22 11/26/10 2:11:11 PM user-s146 22 /Users/user-s146/Desktop/Merry_X-Mas/New 1 Accounting in Action Illustration 1-9 Financial statements and their interrelationships Helpful Hint The heading of each statement identifies the company, the type of statement, and the specific date or time period covered by the statement. Softbyte Income Statement For the Month Ended September 30, 2012 Revenues Service revenue Expenses Salaries and wages expense Rent expense Advertising expense Utilities expense Total expenses $ 4,700 $900 600 250 200 1,950 $ 2,750 Net income 1 Softbyte Owner’s Equity Statement For the Month Ended September 30, 2012 Helpful Hint Note that final sums are double-underlined, and negative amounts (in the statement of cash flows) are presented in parentheses.
There are two broad groups of users of financial information: internal users and external users. INTERNAL USERS Internal users of accounting information are managers who plan, organize, and run the business. These include marketing managers, production supervisors, finance directors, and company officers. In running a business, internal users must answer many important questions, as shown in Illustration 1-2. Questions Asked by Internal Users ST ST RIK E ON RIK E r fai es Un ctic a r P playlist itunes Brien's L.