Accounting"IF it's legal , it's ethical "{Jokes In Accounting}

17/05/2017

Who has an internal audit book and is studying it now

16/12/2016

When preparing common-size statements, items on the Balance Sheet are generally stated as a percentage of __________ and items on the Income Statement are generally stated as a percentage of __________.
A- total assets; net income.
B- total shareholders' equity; net income.
C- total shareholders' equity; net sales.
D- total assets; net sales.

16/12/2016

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24/01/2016

The main classifications of centers, listed in order of the most fundamental (or basic) to the most complex, are:
A Cost Center is responsible only for the incurrence of costs. A cost center does not earn any revenue and therefore generates no profit.
A Revenue Center is the opposite of a cost center in that it is responsible only for revenues.
A Profit Center is a department responsible for both revenues and expenses.
An Investment Center is responsible for profit (revenues and costs) and for providing a return on the capital that has been invested into it by the larger organization to which it belongs. Because it is responsible for a return-on-investment, this type of department is the most like a regular and complete business by itself. However, it is still part of a larger organization.
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24/01/2016

Anyone will you to take CMA exam part 1 this month ?
So we can participate the experience.

10/06/2015

Financial instruments are tradable assets of any kind. They can be cash, evidence of an ownership interest in an entity, or a contractual right to receive or deliver cash or another financial instrument.

11/03/2015

your true wealth is your time and freedom.

20/02/2015

Sometimes, the collection of receivables involves a high level of risk. If there is a high degree of uncertainty regarding collectibility then a company must defer the recognition of revenue. There are three methods which deal with this situation:
Installment sales method allows recognizing income after the sale is made, and proportionately to the product of gross profit percentage and cash collected calculated. The unearned income is deferred and then recognized to income when cash is collected.[1] For example, if a company collected 45% of total product price, it can recognize 45% of total profit on that product.
Cost recovery method is used when there is an extremely high probability of uncollectable payments. Under this method no profit is recognized until cash collections exceed the seller's cost of the merchandise sold. For example, if a company sold a machine worth $10,000 for $15,000, it can start recording profit only when the buyer pays more than $10,000. In other words, for each dollar collected greater than $10,000 goes towards your anticipated gross profit of $5,000.
Deposit method is used when the company receives cash before sufficient transfer of ownership occurs. Revenue is not recognized because the risks and rewards of ownership have not transferred to the buyer.

20/02/2015

The revenue recognition principle is a cornerstone of accrual accounting together with matching principle. They both determine the accounting period, in which revenues and expenses are recognized. According to the principle, revenues are recognized when they are realized or realizable, and are earned (usually when goods are transferred or services rendered), no matter when cash is received. In cash accounting – in contrast – revenues are recognized when cash is received no matter when goods or services are sold.

01/11/2014

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01/11/2014

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29/10/2014

A fine is a tax for doing wrong. A tax is a fine for doing well.