What is the purpose of adjusting entries in accounting?

Before financial statements are prepared, additional journal entries, called adjusting entries, are made to ensure that the company’s financial records adhere to the revenue recognition and matching principles. Adjusting entries are necessary because a single transaction may affect revenues or expenses in more than one accounting period and also because all transactions have not necessarily been documented during the period.

Each adjusting entry usually affects one income statement account (a revenue or expense account) and one balance sheet account (an asset or liability account). For example, suppose a company has a $1,000 debit balance in its supplies account at the end of a month, but a count of supplies on hand finds only $300 of them remaining. Since supplies worth $700 have been used up, the supplies account requires a $700 adjustment so assets are not overstated, and the supplies expense account requires a $700 adjustment so expenses are not understated.

Adjustments fall into one of five categories: accrued revenues, accrued expenses, unearned revenues, prepaid expenses, and depreciation.

Accounting Transactions 8- Journal Entries 2

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Which career path is better, Public Accounting (Audit) or General Accounting??

I have an offer from a small public accounting firm specializing in government audit. I have gone through 3 interviews with an international, Fortune 500 construction/oil&gas company and an offer is likely.

I am a senior at a Big 4 firm, so naturally you would expect me to say go with the small public accounting firm! However, my boyfriend, who is also an auditor, worked for a public governmental firm for almost 2 years and absolutely hates his job. He simply did not like governmental audits. He quit about a year ago and is now an auditor for a public accounting firm that does a variety of audits (not for publicly traded companies though, but also not strictly governmental audits). Over the past few years with my current firm, the opportunities I have seen in public accounting are incredible! I actually like my job, which a lot of people can’t say. The benefits are great, the learning curve is steep, but so worth while, and I’m looking forward to a rewarding career.

I would encourage you to not limit yourself to the 2 options mentioned above. I think when the right opportunity presents itself, you will know that it is a good fit for you. Good luck!

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Can i open an investment account with e trade or Scottsdale if i am on chex system?

I want to buy some stocks and was wondering if i can open an account with these brokers if i am on chex system. i have no interest in doing banking with these guys. i just want an investment account or brokerage account.

I have no idea what the chex system is. You can open an account with either if your credit is not too bad. I would suggest Scottrade over e-trade for smaller non-day trading accounts. Cheaper. You do not have to do banking with either. You can do a direct bank transfer to/from either.

Do accounting software packages handle investment banking requirements

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Online Accounting degree from physical college?

I’ve looked over the questions relating to online accounting courses but most of them have to do with non-physical colleges. In the not too distant future I will have my B.A. from my local university, double-majoring in Philosophy and History. If I cannot raise the money for graduate school, I am considering an attempt at an Accounting degree. An actual university in my state is offering one with all courses performed online. My question:

I am a CPA. I do not think it will matter if you get an accounting degree from on-line or by physically going to the university. No employer is going to ask you if you went to Rutgers University or got you degree from Rutgers on-line. If you do pursue the accounting degree and since you are young I would suggest you try to take the CPA exam. www.nasba.org gives you information about what is needed in order to sit for the exam. The one thing I can guarantee you is that an accounting degree will always keep you employed because we are always in need.

An Online Accounting Degree for a Busy Life

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how to delete account history from sunpass?

I was wondering if anyone knew how to delete your internet account history off your sunpass?

Your history automatically drops off after 3 months. I think you can sign up for mail statements for an additional charge.

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Can you take CPA with an online accounting degree?

I am graduating with a double degree in accounting and finance from Drake University which is well known. However, I don’t have 30 accoutning hours but I plan on picking up an online masters degree through University of Phoenix Online for Accounting. Will I be able to take the GPA or do I have to go to another institution for additional accounting credits. Please help. Thank you!

Absolutely. As long at the credits are properly accredited, you are fine. Online is just a delivery method. Check with your state CPA society.

Online Accounting Degree

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Is it possible to get a double major in college in accounting and acting?

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Why not? Although it’s not a popular course, you should do what makes you happy.

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accounting treatment when an asset is lost or stolen?

depreation on an asset is continued every year, but if the asset is lost what is the accouting treatment & entry.

Same as if you’d sold it, just using $0 as the “sales” proceeds. (And yes, this can trigger depreciation recapture though that would be at least partially offset by the theft loss.)

Capital Asset Accounting

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I am doing an income statement for accounting class?

I would like to know if an account called “Loss on Sale of Equipment” would be part of Expenses (expenses such as Rent Expense, General Expense,etc.)

Depending on what class you are in you might be looking for a more in-depth answer.

If it is an introductory class, it is an expense.

More in-depth answer: It’s a non-operating expense meaning it shows up under its own heading on the income statement. General expenses usually relate to core business operations and are considered operating expenses. You can look at the income statement like this:

Operating Section:
Revenue
+Sales
+Etc.
Expenses
-Bad Debt
-Etc.
=Operating Income

Non-Operating Section:
Other Revenue
+Gain on Sale of Land
+Etc.
Other Expenses
-Loss on Sale of Equipment
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=Non-operating Income

Operating Income + Non-Operating Income = Net Income Before Taxes

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How should the performance of the Public Company Accounting Oversight Board be evaluated?

Start with ethics. Maybe they are not trustworthy and should be ousted. Martha Stewart paid her dues, maybe they should too if there is any wrong doings.

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What kind of jobs can you go into with a Finance /business/ or accounting degree?

I’m looking into college. I’m thinking this is something i might want to do. I’m not sure what I can do with degrees like Finance /business/ or accounting. I’m not even sure this is the degree Im seeking.
I know for sure I want to Own my own business later. I want to do something with finance and business. Could you help me a little???

I would say if you want to own your own business accounting is the way to go. I think the jobs are pretty much limitless. You can work in public accounting as an auditor or tax consultant. That starts off as working a lot of hours but gaining a lifetime of experience. You can also work as a staff accountant in pretty much any company. Once you have a few years experience you can work up to controller and then CFO. A great number of CEO’s have had time as CPA’s and CFO’s. So, I think it’s probably pretty important.

I started a business and didn’t know a thing about accounting. After two years we closed shop in debt and discouraged. Main reason we failed: money problems brought on by a lack of financial control. I wanted to find out why we failed. I went back to school and started studying accounting.

Accounting teaches you how to communicate the language of a business. You learn to look at everything involved in a business and how it relates to each other. You can really get an idea for how much things ultimately cost and how much money you’re making. Ultimately in later classes and internship/ professional experiences you’ll learn about auditing which focuses on reliability of a companies financial reporting, interactions with other companies/industries, overall economy, etc.

Finance is not bad either. Though I think finance people need the accountants to plug their information to come to their conclusions. And ultimately, if you double major in accounting and finance you’re pretty much a jack of all (important) trades.

Management…. with a good mentor I think anyone can learn that. I really don’t hold majoring as an undergrad in that area as being worth your time. You can always do an MBA and learn the important stuff. I truly believe in experience and mentoring for the management end. But hey, to each his own. Integrated Supply Management majors are also highly sought after.

I think your best bet is, since you seem like you’re starting out is to start with the prerequisite business courses. They usually require accounting 1 and 2. When you take those classes, really study hard and try to learn what accounting is all about. Also, look into the accounting/ finance club at your school. Beta Alpha Psi is an organization on most campuses that will hold weekly meetings. It’s a good way to learn about the accounting profession.

One thing though… accounting requires a lot of commitment. You want to get the best grades you can. That means studying twice as much for your accounting classes than you would for a normal class. The firms and companies hiring graduating accountants want the best. That means GPA 3.5+. They’ll pay you for it though. Many of the firms will hire auditors at 50K before you even have a CPA.

If you want to get your CPA, that usually means getting either a masters or accumulating an additional 30 hrs to have a total of 150 credit hours (one more year’s worth of school). I don’t know what’s better. I’ve heard an equal number of arguments. I had majored in education before switching. I had about 30 “wasted” hours until I found out they would count for my CPA hour requirement. Most states require you have 150 credit hours.

So in a nutshell: Major in accounting, gain 30 additional credit hours by double majoring in another area of interest or getting your MBA or MSA, work in public accounting for a few years, make and save some money, start your own company.

Study hard, keep that grade point up! C’s get degrees, but A’s get you the raise.

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Can anyone tell me if the Master degree is necessary for an Accounting major student or CPA is enough?

I don’t think it is necessary to have a master degree as an Accounting major student if I can be a Certified Public Accountant with my BS Degree. The reason is pass CPA is everything for an Accounting student and CPA is what employers are looking for.Can some one tell me whether it is true or not?

depends on what you want to do with your education. if you want to go into accounting with a small business a CPA should be enough to get you started. if you want to go with one of the big four firms or get into consulting a MBA and CPA would be better especially if your undergrad is not from a top school.

Become an Accountant : How to Pass the CPA Exam

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Is change in goodwill accounting permission to cheat on Balance Sheets?

REGULATORS PROPOSE RELAXING ‘GOODWILL’ CAPITAL RULES

yes they need that change…

Goodwill in Accounting Part 2

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What method of accounting does Home Depot use in their annual report. And where is this information found?

Here is a link to Home Depot’s 2005 Form 10-K that was filed with the SEC.

Page 40 of the document shows the audit opinion from KPMG and it indicates that the financial statements are in conformity with with U.S. generally accepted accounting principles (”GAAP”). The accrual method of accounting is required under GAAP.

Page 48 of the document is Note 1 of the financial statements which describes the accounting presentation and methods used to account for specific items of income and expense and the measurement of assets and liabilities on the balance sheet.

Bits & Bytes – Home Accounting

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