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Force gurkha pictures, see interior & exterior force, Find new force gurkha car pictures in india. Following the conceptual explanation of income measurement, the chapter illustrates how this is put into practice via numerous specific examples. Purchase the 2016-2017 Edition of the Financial Accounting Textbook (Chapters 1 through 16 including problem sets) for $89.95 here.
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In recent years, however, accounting rules around the globe have increasingly reflected greater acceptance of fair value measurements for selected financial statement elements. Thus, it may be more precisely said that income is equal to Revenues + Gains - Expenses - Losses. Although accounting income will typically focus on recording transactions and events that are exchange based, some items must be recorded even though there is not an identifiable exchange between the company and some external party. In the alternative, a fiscal year may be adopted, running from any point of beginning to one year later.
Also consider that internal reports may be prepared on even more frequent monthly intervals.
Correctly assigning revenues and expenses to time periods is pivotal in the determination of income.
Before moving away from the periodicity assumption, and its accounting implications, there is one important factor to note.
For a manufactured product, should revenue be recognized when the item rolls off of the assembly line? As one may well imagine, a great deal of judgment is needed to apply this general framework to case specific situations. Systematic and rational allocation: In the absence of a clear link between a cost and revenue item, other expense recognition schemes must be employed.
Immediate recognition: Last, some costs cannot be linked to any production of revenue, and do not benefit future periods either. It is important to note that receiving or making payments are not criteria for initial revenue or expense recognition. In the previous chapter, tentative financial statements were prepared directly from a trial balance. There is simply no way to catalog every potential adjustment that a business may need to make. As a general representation of this process, assume that one prepays $300 on June 1 to receive three months of lawn mowing service. As a result of the above entry and adjusting entry, the income statement for 20X1 would report insurance expense of $3,000, and the balance sheet at the end of 20X1 would report prepaid insurance of $6,000 ($9,000 debit less $3,000 credit).
In the illustration for insurance, the adjustment was applied at the end of December, but the rent adjustment occurred at the end of March.
There is a moral to this: adjustments should be made every time financial statements are prepared, and the goal of the adjustments is to correctly assign the appropriate amount of expense to the time period in question (leaving the remainder in a balance sheet account to carry over to the next time period(s)). Long-lived assets like buildings and equipment will provide productive benefits to a number of periods. As one can see on each year's balance sheet, the asset continues to be reported at its $150,000 cost. Another type of adjusting journal entry pertains to the accrual of unrecorded expenses and revenues.
Before moving on to the next topic, consider the entry that will be needed on the next payday (January 9, 20X9). Many businesses provide services to clients with an understanding that they will be periodically billed for the hours (or other units) of service provided. The preceding discussion of adjustments has been presented in great detail because it is imperative to grasp the underlying income measurement principles.
Keep in mind that the trial balance introduced in the previous chapter was prepared before considering adjusting entries. The mechanics of accounting for prepaid expenses and unearned revenues can be carried out in several ways. Accounting for unearned revenue can also follow a balance sheet or income statement approach. The income statement approach does have an advantage if the entire prepaid item or unearned revenue is fully consumed or earned by the end of an accounting period. The cash and accrual techniques may be merged together to form a modified cash-basis system. The information from this spreadsheet was used to prepare the following cash-basis income statement. The $9,000 deposit on April 7 was an advance payment for work to be performed equally during April, May, and June.
The $11,788.45 deposit on April 20 was collection of an account for which the work was performed during January and February.
The accounting firm prepared the following accrual-basis income statement and calculations in support of amounts found in the statement. Cash-basis statements are significantly influenced by the timing of receipts and payments, and can produce periodic statements that are not reflective of the actual economic activity of the business for the specific period in question. Such notions of income capture operating successes, as well as good fortune from holding assets that may increase in value. Whether and when accounting should measure changes in value has long been a source of debate. Be aware that in some countries revenues is an all-inclusive term, including both revenues and gains. What types of nonexchange events logically should be recorded to prepare correct financial statements? An annual reporting period may follow the calendar year by running from January 1 through December 31. Fiscal years often attempt to follow natural business year cycles, such as in the retail business where a fiscal year may end on January 31 (allowing all of the holiday rush, and corresponding returns, to cycle through).
As a general rule, the more narrowly defined a reporting period, the more challenging it becomes to capture and measure business activity. It goes without saying that reported income is of great concern to investors and creditors, and its proper determination is crucial. If accounting did not require periodic measurement, and instead, took the view that one could report only at the end of a process, measurement would be easy.
Revenue recognition normally occurs at the time services are rendered or when goods are sold and delivered.

Revenues are recognized at the point of sale, whether that sale is for cash or a receivable.
However, a caution was issued about adjustments that may be needed to prepare a truly correct and up-to-date set of financial statements. What is required is a firm understanding of a particular business's operations, along with a good handle on accounting measurement principles. As shown in the following illustration, this transaction initially gives rise to a $300 asset on the June 1 balance sheet.
The remaining $6,000 amount would be transferred to expense over the next two years by preparing similar adjusting entries at the end of 20X2 and 20X3. By March 31, 20X1, half of the rental period has lapsed, and financial statements are to be prepared.
Every situation will be somewhat unique, and careful analysis and thoughtful consideration must be used to determine the correct amount of adjustment. For example, a magazine publisher may sell a multi-year subscription and collect the full payment at or near the beginning of the subscription period. The balance sheet at the end of an accounting period would include the remaining unearned revenue for those goods and services not yet delivered. Accruals are expenses and revenues that gradually accumulate throughout an accounting period. Suppose the total payroll on that date is $10,000 ($3,000 relating to the prior year (20X8) and another $7,000 for an additional seven work days in 20X9).
For example, an accounting firm may track hours worked on various projects for their clients.
Perhaps the single most important element of accounting judgment is to develop an appreciation for the correct measurement of revenues and expenses. No adjusting entry would be needed because the expense or revenue was fully recorded at the date of the original transaction. Under this method, revenues and expenses are recognized as earned or incurred, utilizing the various principles introduced throughout this chapter. The modified cash-basis results in revenue and expense recognition as cash is received and disbursed, with the exception of large cash outflows for long-lived assets (which are recorded as assets and depreciated over time). Ortiz provides web design services to a number of clients and has been using the cash basis of accounting. Mega has offered to buy Ortiz's business for a price equal to "100 times" the business's monthly net income, as determined under generally accepted accounting principles.
Although Ortiz was initially very interested in Mega's offer, he was very disappointed with the resulting accrual-basis net income and decided to reject the deal. The accrual basis does a much better job of portraying the results of operations during each time period.
In contrast, accounting income tends to focus on the effects of transactions and events that are evidenced by exchange transactions. This debate is ongoing, and rules that establish measurement principles will continually evolve. Just because it is time to turn a page on a calendar does not mean that all business activity ceases.
Annual periods are usually further divided into quarterly periods containing activity for three months.
This results because continuous business activity must be divided and apportioned among periods; the more periods, the more likely that ongoing transactions must be allocated to more than one reporting period. For example, if the software company were to report income for the three-year period 20X1 through 20X3, then revenue of $25,000 would be easy to measure.
The conditions for revenue recognition are (a) an exchange transaction, and (b) the earnings process being complete. Although production may be complete, the product has not been sold in an exchange transaction.
As a result the profession has moved to provide further guidance that should be instructive on how to account for more complex contracts.
Therefore, commission expense should be recorded in the same accounting period as the sale.
An example would be severance pay to a fired employee, which would be expensed when the employee is terminated.
This occurs because of multi-period items (revenue and expense items that relate to more than one accounting period) and accrued items (revenue and expense items that have been earned or incurred in a given period, but not yet entered into the accounting records). As each month passes, $100 is removed from the balance sheet account and transferred to expense (think: an asset is reduced and expense is increased, giving rise to lower income and equity).
What was not stated in the first illustration was an assumption that financial statements were only being prepared at the end of the year, in which case the adjustments were only needed at that time.
This results in expense on the income statement being equal to the amount of supplies used, while the remaining balance of supplies on hand is reported as an asset.
Such payments received in advance are initially recorded as a debit to Cash and a credit to unearned Revenue. Accrued expenses relate to such things as salaries, interest, rent, utilities, and so forth. In contrast, accrued rent relates to rent that has not yet been paid, even though utilization of the asset has already occurred. These hours are likely accumulated and billed each month, with the periodic billing occurring in the month following the month in which the service is provided.
This adjusted trial balance demonstrates the equality of debits and credits after recording adjusting entries. At right is the income statement approach, wherein the initial receipt is recorded entirely to a Revenue account.
However, to repeat, proper income measurement and strict compliance with GAAP dictates use of the accrual basis; virtually all large companies use the accrual basis.
The following spreadsheet is used by Ortiz to keep up with the business's cash receipts and payments. An accounting firm has been retained to prepare Ortiz's April income statement under the accrual basis. This illustration highlights the important differences between cash- and accrual-basis accounting. This is why it is very important to grasp the revenue and expense recognition concepts discussed in this chapter, along with the related adjusting entries that may be needed at the end of each accounting period. But, for purposes of measuring performance, it is necessary to draw a line in the sand of time. Once a measurement period is adopted, the accountant's task is to apply the various rules and procedures of generally accepted accounting principles (GAAP) to assign revenues and expenses to the reporting period.
Likewise, the cost of inventory delivered to a customer should be expensed when the sale is recognized.

For example, a truck may last many years; determining how much cost is attributable to a particular year is difficult. Recall the earlier definitions of revenue and expense, noting that they contemplate something more than simply reflecting cash receipts and payments.
In other words, the ongoing business activity brings about changes in account balances that have not been captured by a journal entry. Another example of prepaid expense relates to supplies that are purchased and stored in advance of actually needing them.
In the second illustration, it was explicitly stated that financial statements were to be prepared at the end of March, and that necessitated an end of March adjustment. In other words, since $900 of supplies were purchased, but only $200 were left over, then $700 must have been used. For example, at December 31, 20X2, the net book value of the truck is $50,000, consisting of $150,000 cost less $100,000 of accumulated depreciation.
Unearned revenue is reported as a liability, reflecting the company's obligation to deliver product in the future.
Equally important, the reported revenue only reflects goods and services actually delivered. Accrued revenues might relate to such events as client services that are based on hours worked. For example, assume that office space is leased, and the terms of the agreement stipulate that rent will be paid within 10 days after the end of each month at the rate of $400 per month. As a result, money has been earned during a month, even though it won't be billed until the following month. Therefore, correct financial statements can be prepared directly from the adjusted trial balance. Subsequent end-of-period adjusting entries reduce Revenue by the amount not yet earned and increase unearned Revenue. The cash basis is not compliant with GAAP, but a small business that does not have a broad base of shareholders or creditors does not necessarily need to comply with GAAP. A periodicity assumption is made that business activity can be divided into measurement intervals, such as months, quarters, and years. In the alternative, if a customer ordered a product that was to be produced, would revenue be recognized at the time of the order?
This is what is meant by associating cause and effect, and is also referred to as the matching principle. In such cases, accountants may use a systematic and rational allocation scheme to spread a portion of the total cost to each period of use (in the case of a truck, through a process known as depreciation).
Much business activity is conducted on credit, and severe misrepresentations of income could result if the focus was simply on cash flow. Time brings about change, and an adjusting process is needed to cause the accounts to appropriately reflect those changes.
Critical thinking skills will then allow extension of these basic principles to most any situation.
At the time of purchase, such prepaid amounts represent future economic benefits that are acquired in exchange for cash payments. However, one simple approach is called the straight-line method, where an equal amount of asset cost is assigned to each year of service life.
In other words, accumulated depreciation is increased with a credit, because the associated asset normally has a debit balance. By the end of the asset's life, its cost has been fully depreciated and its net book value has been reduced to zero. Remember, revenue cannot be recognized in the income statement until the earnings process is complete. Employees worked three days the following week, but would not be paid for this time until January 9, 20X9. A business process rarely starts and stops at the beginning and end of a month, quarter or year – yet the accounting process necessarily divides that flowing business process into measurement periods.
The appropriate end-of-period adjusting entry establishes the Prepaid Expense account with a debit for the amount relating to future periods. The cash basis is much simpler, but its financial statement results can be very misleading in the short run. Even more challenging may be to consider the journal entry: debit a loss (losses are increased with debits since they are like expenses), and credit the asset account (the asset is gone and is reduced with a credit). Suffice it to say that one would need more information about the software company to answer their specific question. Two reasons: first, one might wait a long time for activities to close and become measurable with certainty, and second, investors cannot wait long periods of time before learning how a business is doing. These adjustments typically occur at the end of each accounting period, and are akin to temporarily cutting off the flow through the business pipeline to take a measurement of what is in the pipeline. Customarily the asset could then be removed from the accounts, presuming it is then fully used up and retired. As of the end of the accounting period, the company owes employees $3,000 (pertaining to December 29, 30, and 31). The offsetting credit reduces the expense to an amount equal to the amount consumed during the period. Under this easy approach, revenue is recorded when cash is received (no matter when it is earned), and expenses are recognized when paid (no matter when incurred). The deposits are spread to the revenue column (shaded in orange) and the checks are spread to the appropriate expense columns (shaded in yellow). Thus, accrual-basis accounting is reflective of measuring revenues as earned and expenses as incurred.
But, there are basic rules about revenue and expense recognition that should be understood, and they will be introduced in following sections. Note that Insurance Expense and Prepaid Insurance accounts have identical balances at December 31 under either approach.
Therefore, procedures and assumptions are needed to produce timely data, and that is why the periodicity assumption is put in play. This means that adjustments are needed to reduce the asset account and transfer the consumption of the asset's cost to an appropriate expense account.

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