Inter. Acct

In: Business and Management

Submitted By termpapersurfer
Words 322
Pages 2
Some industries offer customers “the right to return a product to the seller under certain circumstances” (ASC 605-15-05-3). Since this directly affects inventory, returns impact year-end counts. In order to correctly value inventory, returns are to be matched properly. When a company sells its items with a right of return, revenue from the sales may be recognized at the time of the sale if certain conditions are met: the price must be fixed and the buyer must pay or commit to a payment, the seller should not have any future performance obligations that will directly bring about resale of the product by the buyer, and the amount of future returns must be reasonably estimated (605-15-25-1). Proper authoritative guidance allows returns to be made by either the direct customer or a party to which the goods were resold. However, there are reimbursement options for returned products. Some companies offer a refund of the purchase price, while others offer a credit or an exchange. However, it is not technically considered a return when the original customer exchanges an item for another of the same kind and price (605-15-15-2).
Authoritative guidance is important for companies who offer their customers’ the right to return. This gives them insight and allows them to see when a transaction is considered a return. In some industries returns are not usually permissible. Real estate and service companies are examples. Products under warranty are also treated differently; if the good is defective it would not be treated as a return since it may require further performance by the seller and its warranty provisions (605-15-15-3).
Although sales with high rates of return can ultimately cause inventory to be misstated, returns are allowed because there may be dissatisfaction with the product. Different industries should be able to make different types of return policies.…...

Similar Documents

Inter-Country

...Inter-Country Adoption Republic Act Number 8043 Inter-country Adoption • Refers to the socio-legal process of adopting a Filipino child by a foreigner or a filipino citizen permanently residing abroad where the petition is filed, the supervised trial custody is undertaken, and the decree of adoption is issued outside the Philippines Child • Means a person below fifteen (15) years of age unless sooner emancipated by law The phrase “unless sooner emancipated by law”- erroneous because RA 6809 which took effect on December 18, 1989, the age of emancipation is 18 years Authorized and accredited agency • Refers to the State welfare agency or licensed adoption agency in the country of the adopting parents which provide comprehensive social services and which is duly recognized by the Department Legally-free child • Means a child who has been voluntarily or involuntarily committed to the Department, in accordance with the Child and Youth Welfare Code • RA 6809 (December 18, 1989) Age of emancipation: 18 years Foreign Adoption Agency • Refers to the State welfare agency or the licensed and accredited agency in the country of the foreign adoptive parents that provides comprehensive social services an is duly recognized by the Department • Child-Caring Agency vs Child Placement Agency • Application –Homestudy report –Supporting documents Inter-country Adoption Board • The
Inter‐Country
Adop1on
Board
(ICAB) created by ......

Words: 2684 - Pages: 11

Acct

...ACCT 2105 Introductory Accounting Assignment - Semester 3, 2012 This assignment is designed to get you to locate the Annual Report for a company and become familiar with its contents, particularly the financial statements and the notes to the financial statements. While we have looked at very basic formats of the financial statements, the financial statements for a company contain more detail and information on some items you may not have been introduced to as yet. Pay particular attention to the information provided in the notes to the financial statements as you will find a lot of useful information in them that may help with some of the questions. REQUIRED: You are required to obtain the 2011 Annual Report for JB HI FI LIMITED (“JBH”) and then answer the questions that follow in Part A ------------------------------------------------- PART A – THE COMPANY (11 marks) Question 1 The directors of a company are responsible for the preparation of the financial report that gives a ………………………..view in accordance with Australian Accounting Standards and the……………………………………………….. (Fill in the missing words which are found in the Annual Report.) (1mark) Question 2 In conducting an audit of JBH and expressing an opinion the auditors must be …………………….. of JBH? (1mark) Question 3 What is the primary role of the JBH Board?.............................................................................................. (1 mark) Question 4 With reference to...

Words: 1208 - Pages: 5

Acct

...Acct 322 chapter 6 1. Manufacturing overhead costs in a budget should not include: a. direct materials costs. b. supervision costs. c. depreciation costs. d. fixed overhead costs. e. variable overhead costs. 2. Wyoming Co. has budgeted sales revenues as follows: July $200,000 August $160,000 September $200,000 October $180,000 November $200,000 December $188,000 Wyoming expects cash collections to be: 60% of sales collected in the month of sale; 25% of sales collected in the month following the sale; 10% of sales collected in the second month following the sale; 5% of sales uncollectible How much in total is the cash collected in the month of September? a. $121,000. b. $182,400 c. $180,000 d. $192,000 e. none 3. Furniture, Inc. manufactures mattresses. The estimated number of mattresses for the first three months is as follows: January’s sales 5,000 units; February’s sales 8,000 units; March’s sales 6,500 units Finished goods inventory at the end of December is 1,500 units. Ending finished goods are equal to 40 percent of next month's sales. April sales are expected to total 8,000 units. What will be the number of mattresses produced in January? a. 6,700 mattresses b.5,600 mattresses c. 6,500 mattresses d. 7,100......

Words: 1290 - Pages: 6

Acct

...Exercise 3-2 2/10/13 8:46 PM Print by: HERNAN LIBERATO Acct. 201, 06 / Chpt 3 Homework *Exercise 3-2 Your answer is correct. Delmont Company entered into these transactions during May 2012. 1. 2. 3. 4. 5. 6. 7. 8. Purchased computers for office use for $30,000 from Dell on account. Paid $4,000 cash for May rent on storage space. Received $12,000 cash from customers for contracts billed in April. Provided computer services to Lawton Construction Company for $5,000 cash. Paid Southern States Power Co. $8,000 cash for energy usage in May. Stockholders invested an additional $40,000 in the business in exchange for common stock of the company Paid Dell for the computers purchased in (1). Incurred advertising expense for May of $1,300 on account. Using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-3 for example.) Assets Accounts Receivable $ = + Equipment = Liabilities Accounts Payable $ 30,000 + + Stockholders’ Equity Common + Retained Earnings Stock Revenues–Expenses $ $ $ -4,000 -12,000 5,000 -8,000 40,000 -30,000 1,300 $ -12,000 $ 30,000 = $ 1,300 $ 40,000 -1,300 $ 5,000 $ -13,300 Cash + (1) (2) (3) (4) (5) (6) (7) (8) $ 15,000 $ -4,000 12,000 5,000 -8,000 40,000 30,000 ...

Words: 319 - Pages: 2

Acct

...ACCT 201 Chapter 1 group 1 Exercise 1.2 a. A pension fund is pretty much to be a potential investor in Boeing. They need to know whether the company is financially sound or not, in order to decide whether to invest in it or not. As a pension fund invests other people's money, it is even more important that they make a good decision, so they will need to examine all of the information. b. The airline is actually a current or potential customer of Boeing's. As airplane orders usually take several years to fulfill, it is a very long-term relationship. In addition, you have to train your employees to be able to service Boeing airplanes, for example, send them for training about Boeing parts. As a result, the customer needs to know that Boeing will not only continue to survive in the future, but will continue to develop better and better planes in the future. c. The real estate investor is gambling on the future prosperity of the Seattle area. As Boeing is a major employer, their plans will have a great impact on the area. If they continue to grow, more people will move to Seattle or need nicer houses there. If they decline, people will move out, may become unemployed. Therefore the investor needs to have some idea of what Boeing will do in the future, as this will heavily impact the real estate market there. d. Boeing's management needs to see the information to decide how to improve and move forward. Is it worthwhile to develop a new kind of plane specifically to...

Words: 672 - Pages: 3

Inter-Process Communication (Ipc)

...1. Inter-process Communication (IPC) Introduction Inter-Process Communication, which in short is known as IPC, deals mainly with the techniques and mechanisms that facilitate communication between processes. Now, why do we need special separate mechanisms or techniques for communicating between processes? Why isn't it possible to have information shared between two processes without using such special mechanisms? Let us start from something primitive. Imagine you have two glasses completely filled with water. One glass contains hot water and the other contains cold water. What can you do to make the temperature of water in both the glasses equal? The simplest answer will be to mix the water from both the glasses in a glass with much bigger capacity. Once water is mixed, the temperature becomes equal after some time. If one can remember, this will be framed as a problem with some numerical data in a High-School Physics examination. If we go by principles, then the phenomenon here is conduction. If we go by our topic of IPC, then we can say that since the two glasses were full, we had to use another glass with a larger capacity to mix the contents in order to balance their heat energy. We know that some medium or other is required for communication between different processes. Similarly, when it comes to computer programs, we need some mechanism or medium for communication. Primarily, processes can use the available memory to communicate with each other. But then, the......

Words: 2437 - Pages: 10

Inter Office Dating

...| Inter-Office dating | [Type the document subtitle] | | | | | Many organizations have adopted the policy that does not allow the dating or marriage of two employees. This topic is always a heavily debated subject by the employees of these companies, as they do not feel these will be any conflict of interest or drama brought into the office. I will be addressing the possibility of what kind of reaction a spouse or partner will have when the other person is promoted past the other. I will also be expressing the companies’ concerns of what can happen in the workplace between couples, some of these are sexual harassment issues that happen during and after the relationship. The companies’ rights to prevent its employees from coming together, and what the law says they can do. I am going to also present the side of these employees and how this rule can affect an employee’s moral and work performance when they have such strong feelings for another. The final topic is the ethical decision that surrounds the whole subject of inter-office dating. These ethics involve the questions that are presented to the two employees that are breaking the rule, should they tell their supervisor about their feelings for each other or should one of them quit their job, and if so, which one is going to quit? There are also the friends of the couple that know it is against company policy, but do they get their friends in trouble just because they know it is ethically right......

Words: 2955 - Pages: 12

Inter-Office Memo

...SALEM, OREGON INTER-OFFICE MEMORANDUM To: All Departments, and Officer Employees From: Colonel Pat Bacon, Director of the State Police Department Date: May 21, 2014 Subject: Planting Evidence, Perjury, and Falsifying Police Reports It has come to the attention of this department that there have been reports of questionable conduct from some of our officer employees. Police officers that are supposed to enforce the law, at times become more aggressive than the criminals themselves. How much corruption there is and knowing its characteristics are important steps to understanding corruption and then being able to successfully control corruption without illegal means is what is done. We uphold the laws, not bend them or break them to apprehend suspects, and criminals, “the bad guys.” Because of these reports, there is a serious threat to our law enforcement, which could compromise the values of our profession and our high ethical standards, and it is called “Noble Cause Corruption.” Noble Cause Corruption Noble cause corruption policing can be thought of as “doing something bad that will have a good end.” Peter Northouse This happens a lot when good police officers care too much about their job and the people of the community, and in order to get criminals off the streets they begin to do bad things because they truly believe that the overall “outcome will be good or justify the means.” Peter Northouse Examples of noble cause corruption can...

Words: 1525 - Pages: 7

Acct

...ACCT 301 – intermediate Accounting 1 Case Study Due date: December 3, 2015 Objectives of the Case: This case gives students the opportunity to apply the guidance in ASC 350 to determine: • What goodwill impairment indicators should be evaluated. • Whether an interim period step 1 impairment test should be performed Applicable Professional Pronouncements: ASC 350-20, Intangibles — Goodwill and Other: Goodwill (ASC 350-20) ASC 820, Fair Value Measurement (ASC 820) Research Databases: Use the FASB Accounting Standards Codification Database to research the authoritative literature (FASB pronouncements) relevant to the issues in question. The web link and login information of the database is available on D2L. Instructions: a) Your name, class section, and responses must be typed on this document. b) Write your answer right below each question using ARIAL font size 11 unless specified otherwise. c) Your responses must be clear, concise, supported with persuasive arguments, and free from grammatical and spelling errors. d) There is no limit on the length of your response. e) Two submission formats are required: (1) an electronic version must be submitted via designated D2L drop box, and (2) a hard copy version must be submitted at the beginning of the class on the due date. Late submission will not be accepted (no exceptions). f) For hard copy submission, only print the cover page and the pages containing your responses. It must......

Words: 2665 - Pages: 11

Acct.

...Acct. Questions Exam 1 Which of the following is not an objective of managerial accounting? A. To prepare external reports for investors, creditors, government agencies, and other outside users. B. TO provide information for costing of services, products, and other objects of interest to management C. To provide information for planning, controlling, evaluating and continuous improvement D. To provide information for decision making Total Quality management emphasizes A. Zero effects B. Continuous improvement C. Elimination of waste D. All of these are correct Concam Inc. manufactures television sets. Last month direct materials (electronic components, etc.) costing $500,000 were put into production. Direct Labor of $800,000 was incurred, overhead equaled $450,000, and selling and administrative costs totaled $360,000. The company manufactured 8,000 television sets during the month. Assume that there were no beginning or ending work in process balances. What was the amount of cost of goods manufactured last month? A. 1,750,000 B. 1,250,000 C. 1,300,000 D. 2,110,000 In July, Econo Company purchased materials costing $21,000 and incurred direct labor cost of $18,000. Overhead totaled $32,000 for the month. Information on inventories was as follows: July 1 July 31 Materials $6,200 $7,100 Work In Process $ 700 ...

Words: 978 - Pages: 4

Acct

...ACCT 504 ACCT 504 Entire Course + Final Exam ACCT 504 Week 3 Case Study 1 Flower Landscaping Corporation ACCT 504 Week 5 Case Study 2 Internal Control LJB Company ACCT 504 Week 5 Course Project Draft Spreadsheet ACCT 504 Week 6 Case Study 3 Cash Budgeting LBJ Company ACCT 504 Week 7 Course Project JCP Kohls ACCT 504 Final Exam (3 different sets) + Discussions Financial Reporting Environment and GAAP Details of Financial Statements and Ratios Accounting EquationAccounting Cycle Accrual Accounting and Adjusting Entries Merchandising Operations and Income Statements Inventory Cost-Flow Assumptions Understanding Internal Control and Reporting Cash Accounting for and Reporting Receivables Plant Assets and Intangibles Accounting for Liabilities Accounting for and Reporting Equity Statement of Cash Flows Issues in Income Reporting Different Tools for Financial Analysis ACCT 504 Final Exam (3 different finals) ACCT 504 Week 1-7 Discussion Question ACCT 504 Week 3 Case Study 1 Flower Landscaping Corporation ACCT 504 Week 5 Case Study 2 Internal Control LJB Company ACCT 504 Week 5 Course Project Draft Spreadsheet ACCT 504 Week 6 Case Study 3 Cash Budgeting LBJ Company ACCT 504 Week 7 Course Project JCP Kohls ACCT 505 Week 7 Capital Budgeting Course Project (DEVRY) ACCT 505 Entire Course (DEVRY) ACCT 505 Week 1-7 All Discussion Questions Cost Terms, Classifications, and Behavior Research and......

Words: 631 - Pages: 3

Acct

... |Hours | |ACCT 2101 |Principles of Financial Acct. | 3 | |Area D1 |Natural Science I | 3 | |Area D1 Lab |Natural Science Lab | 1 | |CRIT 1101 |Critical Thinking | 3 | |Area C 1 |Literature, Philosophy, Foreign | 3 | | |Language 2001 or 2002 | | |BLAW 2106 |Legal Environment of Business | 3 | |TOTAL | | 16 | Sophomore Year – 2nd Semester |Course |Title |Hours | |ACCT 2102 |Principles of Managerial Acct. | 3 | |Area D 1 |Natural Science II | 3 | |ECON 2106 |Microeconomics | 3 | |Area E 3 |Capstone Course | 3 | |Area E 2 |Behavior Science | 3 | |CPTG 2201 |Advance Computer Appl. | 3 | |Total | | 18 | Junior Year – 1st Semester |Course |Title |Hours | |MGMT 3101 |Principles of Management | 3 | |ACCT 3110 |Managerial Cost Acct. | 3 | |ACCT 3351 |Intermediate Fin. Acct. I | 3 | |MKTG 3101 ...

Words: 569 - Pages: 3

Italy During Inter

...Italy During the Inter-War Years Italy had joined World War 1 on the side of the Allies after the promises at the secret Treaty of London signed in 1915. Via this treaty, Italy was promised large sections of the Adriatic Sea region – Istria, Dalmatia and Tyrol. During the war came the disaster of Caporetto. Italians -forced to fight the entire Austrian army and 7 German divisions- lost a total of 300,000 men. The defeat impacted heavily on the psychology of the Italian populace. By the end of the war, Italy was fewer by more than a million men and had spent more than it had in the last 50 years. The only consolation would be the achievement of the territories that had brought Italy to war in the first place. After the victory, Italy sent its delegation to the Treaty of Versailles. Along with the promised territories, Italy also aimed to gain lands such as Fiume, which had a majority Italian population. Disaster struck when Italy’s demands were ignored by the Big Three. The promises of the Treaty of London were not kept -indeed Winston Churchill refused to even recognize the Treaty. The Italian government was humiliated in front of its public, as the public was dismayed at all the war costs amounting to nothing. It was this feeling that led to a rise in irredentism in Italy and collected support for the notion of a ‘mutilated victory’. The public desired for Italy to rank alongside the Big Three powers. It was with this feeling that nationalist poet Gabriele D’Annunzio led......

Words: 982 - Pages: 4

Inter Country Adoption India

...Inter-country Adoption: A Brief Background and Case Study Inter-country adoption (ICA) is a practice that has gained popularity over the years, and there is every reason to believe this trend will continue. For couples (or individuals) whose country of residence has few healthy babies available for adoption, going outside the country for a child is a desirable option. It is also desirable from the perspective of the child, who usually comes from a country with more available children than potential adoptive parents. Right away, these seem to be two very compelling reasons to support the idea of inter-country adoption, and work toward its best model. The purpose of this paper is to give an overview of inter-country adoption using India as a case study. The paper will give a brief background of ICA and the main problems it both addresses and raises, then look at the case of India in particular, and, finally, provide some directions for policy and further research. Background on ICA ICA began in earnest as a response by North American countries to the post-WWII devastation. At that point, it was a humanitarian reaction to the needs of the newly-orphaned children in Europe. Since that time, ICA has shifted its focus to become a means for individuals in the developed world to have children. In most Western nations, the number of healthy infants available for adoption has been steadily decreasing, due to a number of social and economic factors including......

Words: 11072 - Pages: 45

Inter Business

...Indicators; Myanmar, Multiple Indicators Cluster Survey, 2003 Dept. of Health; Philippines, NSO APIS; Singapore, Public Utilities Board; Thailand National Statistics Office. 60 ASEAN Community in Figures 2011 09 ASEAN social development Table 53 ASEAN: Population with access to sanitation facilities (in percent) for periods indicated Country Brunei Darussalam Cambodia Indonesiaa Lao PDR Malaysia Myanmar Philippinesa Singapore Thailand Viet Nam 2003 80 22c 98 90 86 100 97b 2005 23 80 30c 98 83 86 100 98c 61c 2006 28 80 48 94 82 78 100 90 65 2010 80 42 51 49 90 100 99 - a Percentage of households; b 2002 data; c 2004 data. Note : ‘ - ‘ no data available. Sources : Brunei Darussalam, Dept. of Statistics; Cambodia, Cambodia Inter-censal Population Survey; Indonesia, BPS-Statistics Indonesia; Lao PDR, UNDP, HDR 2006; Malaysia, UN Statistics Division, MDG Indicators; Myanmar, National Sanitation Week, Dept. of Health; Philippines, NSO APIS; Singapore, Public Utilities Board; Thailand National Statistics Office. ASEAN Community in Figures 2011 61 09 ASEAN social development Table 54 ASEAN: Protected Areas (PA) as percentage of Total Land Area Country Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar Philippines Singapore Thailand Viet Nam ASEAN # * Land Area (km2) 5,765 181,035 1,890,754 236,800 330,252 676,577 300,000 710 513,120 329,315 4,464,328 Total PAs as of 2008 (km2) 1047* 42,592 247,269 36,992 22,178 49456*#......

Words: 18508 - Pages: 75