By Duane R. Milano
REA's necessities offer fast and straightforward entry to serious info in a number of diverse fields, starting from the main uncomplicated to the main complicated. As its identify implies, those concise, entire research courses summarize the necessities of the sector lined. necessities are beneficial whilst getting ready for tests, doing homework and may stay an enduring reference resource for college students, academics, and pros. Accounting I contains accounting ideas, the accounting cycle, adjusting entries, last entries, worksheet tactics, accounting for a promotion operation, inner regulate and really expert journals, money, receivables, stock, estate, crops and gear, and long term resources.
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Extra info for Accounting I Essentials
5 REPLACEMENT COST All of the methods discussed so far deal with historical costs. Within the accounting establishment, there is strong support for using the concept of replacement cost. This is sometimes referred to as next-in, first-out, or NIFO. Currently, replacement cost is not allowed within generally accepted accounting principles or GAAP. 4 COMPARISON OF COST METHODS Remembering that the sum of ending inventory and cost of goods sold is equal to the total cost of goods available for sale, it is clear that a difference in ending inventory will have a like effect on cost of goods sold.
6 TRADE DISCOUNTS Trade discounts are price concessions made to certain buyers where the actual price charged is less than the list price. No entries are required since sales are recorded at actual price, not the list price. 7 SALES DISCOUNTS Cash discounts are deductions allowed to customers to encourage them to pay their bills in a timely manner. These discounts are usually stated as: 2/10; n/30. This means a discount of 2% is available if paid within 10 days, but after that time, the customers must pay the full amount.
All bank accounts should be reconciled monthly. 6. A petty cash fund should be set up to make minor disbursements. It should be reconciled monthly. 3 BANK ACCOUNT RECONCILIATIONS Usually the major amount of the cash assets of a firm is in the form of deposits with banks or other financial institutions. Realize that a debit (asset) to the bank is a credit (liability) to you. Likewise, when the bank says a credit, this will be a debit on the firms’ books. This reversal in accounting terms that occurs when dealing with bank accounts often causes problems.
Accounting I Essentials by Duane R. Milano