PPT-Chapter 2 Accounting for Accruals and Deferrals

Copyright 2013 by The McGrawHill Companies Inc All rights reserved McGrawHillIrwin 2 1 Cash Basis vs Accrual Accounting Recognition Realization Formally recording an economic item or event in the. ucsfedufinsystemshbsasp Monthly vs Bi Weekly Accruals Component Monthly Bi Weekly Calculation Based on total hours worked time on pay stat us in calendar month Because each month has variable number of working hours monthly leave accrual will vary Ba Golden rule . We only include items of expense and revenue that apply to the accounting period when preparing the trading profit and loss account. Accounting period = the time frame associated with the account being prepared . In order to be compliant with GAAP (Generally Accepted Accounting Principles), the University must include in its financial statements all expenses that are incurred during the year, as well as all in Revised: 4 - 1 CHAPTER 4.ACCRUAL ACCOUNTING Section 1.0 General This chapter sets forth basic principles, requirements, and techniques for Commerce accounting on an accrual basis, whereby financial t Revised March 2011. Presented by. :. Rick . Grunewald. Budget Office. Recording date of this workshop is . March 25, 2011.. Some of the rules and procedures discussed in this workshop are subject to change.. Mark Fielding-Pritchard. mefielding.com. 1. Principle. Sally moves to New York from London. She goes to work by metro. On 1 January . 2016 . she buys a one year metro/subway/underground ticket paying in cash $1200. The ticket allows unlimited travel all year, . IFRS 2nd . Edition. Kieso, Weygandt, and Warfield. . 20. Use a worksheet for employer’s pension plan . entries.. Explain . the accounting for past service . costs.. Explain . the accounting for . remeasurements.. Payment Deferrals:. Get . it now, pay later. !. Includes software, services and maintenance. Available for all Cisco technologies . Deferred interest is included in remaining payments. 36, 48 or 60 months term including the deferral period . 16th . Edition. Kieso . ●. . Weygandt . ●. . Warfield. . Identify . types of accounting changes and understand the accounting for changes in accounting principles. .. Describe . the accounting for changes in estimates and changes in the reporting entity.. Revised March 2011. Presented by. :. Rick . Grunewald. Budget Office. Recording date of this workshop is . March 25, 2011.. Some of the rules and procedures discussed in this workshop are subject to change.. 16th . Edition. Kieso . ●. . Weygandt . ●. . Warfield. . Explain . the nature, economic substance, and advantages of lease transactions. .. Describe . the accounting for leases by lessees.. LEARNING OBJECTIVES. Accruals. Made to record:. . Revenues earned and . . OR. Expenses incurred . in the current accounting period that have not been recognized through daily entries.. Adjusting Entries for Accruals. TAXATION LAWWhat is TOFA and how will it affect you Senior Associate Corrs Chambers Westgarth Lawyers Detailed planning required for new Review of tax and accounting policiesessential to choose most a How to Use This Template. Review the template and take note of slides that require customization based on your process with your outside law firms. Add / update slides with your company’s information and process.