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Question:An accountant must be familiar with the concepts involved in determining earnings of a company. The amount of earnings reported for a company is dependent on the proper recognition, in general, of revenue and expense for a given time period. In some situations costs are recognized as expenses at the time of product sale; in other situations guidelines have been developed for recognizing costs as expenses or losses by other criteria.
1) Explain the rationale for recognizing costs as expenses at the time of product sale.
2) What is the rationale underlying the appropriateness of treating costs as expenses of a period instead of assigning the costs to an asset? Explain.
3) Some expenses are assigned to specific accounting periods on the basis of systematic and rational allocation of asset cost. Explain the underlying rationale for recognizing expenses on the basis.
Answers:Using my own words
1) Matching Cost against Revenue principles stipulate that a revenue generated must have an associated cost to it. As & when a revenue is
recognized, so does the cost.
2) A cost might be incurred specific for the period and can't be put to assets because its purpose ends at the time of the spend. Some however needs to be accumulated in an asset account because its purpose hasn't ends. A raw material purchase for processing is not period cost but rather an asset, same thing for a merchandise inventory. It will only become an expense when it;s sold.
3) Cost for which you have enjoy the benefits of/ have incurred because the purpose of it have been exercised have to be recognized in the same period. For example, if you paid a rental for the office building in Jan for a period of 1 year. At the end of the January, 1/12 portion of the cost needs to be charged in Jan because you have enjoyed the space provided/ the rental for Jan have expired.
Question:Hello everyone. I will be attending CSUN for the Fall '09 semester as an accountancy major. I've just recently finished all of my prerequisites for admission to the accountancy program. I've been curious about this for sometime now but I don't currently know any accounting majors personally. To get to the point, I took Financial Accounting I during the fall '06 semester (did well and received an A), however, I'm afraid that I've forgotten most of it since its been a pretty LONG two years for me. I took managerial/cost accounting this semester as well and also received an A. Basically my question is for anyone who is in or has completed an accounting program at a university. What are the Intermediate Financial Accounting courses like and what are the tests like? Are the tests in these intermediate accounting courses open book/note? I'm taking a few real estate and investing courses next semester since I applied too late for the Spring '09 semester. I will definitely have time to review my Financial Accounting I text pretty thoroughly. Would anyone out there who's been in my position recommend this? Also, if you can, please tell me what your intermediate accounting tests have been like with regard to format and content. Thank you very much.
Answers:I didnt find the intermediate accounting hard at all, however, I had to help many of my classmates through.
In my experience, as long as you know basic accounting principles, intermediate just builds off of them, youll be fine. By basic I mean, and understanding of debits and credits, and what accounts make up what sections of the financial statements, and how basic entries impact each.
Question:I am an accounting major with a 3.98GPA. I had no problem with Principles of Financial Accounting, Principles of Managerial Accounting, or Cost Accounting 1. I just started Intermediate Financial Accounting 1 and am terrified.....
Everyone says it's a weed out class. So far, I absolutely understand the concepts. I am wondering what other accounting majors/accountants/CPAs thought of this course? Is it really THAT much more difficult than the others?
Answers:Well, 35 years ago when I was in college working on my accounting degree; I received an "A" grade in every accounting class I took; except Intermediate Accounting 1. I earned a "B" in that course. It is a course that tends to weed out the people who really don't understand the nuances of the accounting field. But with a 3.98 GPA, you are plenty smart, and you should not have any problem with the class. If getting an "A" in it is important to you, make sure you stay on top of the homework and the concepts, and don't be afraid to ask the professor for some help if you find you need it. A tutor might be useful too - if you find yourself falling behind. But I really think you'll be fine without one.
Question:I tried taking this class last year, but it was so hard for me that I dropped out. I took Beginners Accounting 1 & 2 over again and now I am trying the Intermediate level class for the second time. Im very nervous does anyone have any advice that would help me?
Answers:First off, relax. You'll pick up on the discussions much more easily if you are in a good mood. Remember that you've prepared for this class by taking the prerequisites....
Read each chapter covered in the class as soon as you can afterwards... If anything is still a little fuzzy take advantage of the instructor's 'office hours' and ask for help...
Intermediate Accounting 5/ Bond Accounting :Ken Boyd, owner of St. Louis Test Preparation (www.stltest.net) presents part 5 of his course on Understanding Intermediate Accounting. Boyd points out that students can have success with Intermediate Accounting concepts by making connections to actual examples from business. As a former CPA, College Accounting professor and Auditor, Ken has a wealth of experience to bring to the subject.
Intermediate Accounting 4/ Bond Accounting :Ken Boyd, owner of St. Louis Test Preparation (www.stltest.net) presents part 4 of his course on Understanding Intermediate Accounting. Boyd points out that students can have success with Intermediate Accounting concepts by making connections to actual examples from business. As a former CPA, College Accounting professor and Auditor, Ken has a wealth of experience to bring to the subject.