Download CliffsQuickReview accounting principles II by Elizabeth A Minbiole PDF

By Elizabeth A Minbiole

CliffsQuickReview direction publications disguise the necessities of your hardest periods. Get an organization grip on center strategies and key fabric, and try out your newfound wisdom with assessment questions.

From budgeting, rate accounting, and liabilities to partnerships and firms, CliffsQuickReview Accounting rules II might actually help comprehend and keep complex accounting thoughts. This consultant introduces each one subject, defines key phrases, and walks you thru every one pattern challenge step by step. very quickly, you will be able to take on different thoughts during this booklet such as

  • Long-term liabilities
  • Financial assertion analysis
  • Cost-volume-profit relationships
  • Flexible budgets and conventional costs
  • Capital budgeting

CliffsQuickReview Accounting rules II acts as a complement in your textbook and to lecture room lectures. Use this reference in anyway that matches your own kind for learn and overview — you opt what works most sensible together with your wishes. no matter if you learn the e-book from disguise to hide or specialize in choose issues, you usually get transparent, jargon-free motives of the basics, supplemented with equations, charts, and tables.

With titles to be had for the entire hottest highschool and faculty classes, CliffsQuickReview courses are a complete source that could assist you get the absolute best grades.

Show description

By Elizabeth A Minbiole

CliffsQuickReview direction publications disguise the necessities of your hardest periods. Get an organization grip on center strategies and key fabric, and try out your newfound wisdom with assessment questions.

From budgeting, rate accounting, and liabilities to partnerships and firms, CliffsQuickReview Accounting rules II might actually help comprehend and keep complex accounting thoughts. This consultant introduces each one subject, defines key phrases, and walks you thru every one pattern challenge step by step. very quickly, you will be able to take on different thoughts during this booklet such as

  • Long-term liabilities
  • Financial assertion analysis
  • Cost-volume-profit relationships
  • Flexible budgets and conventional costs
  • Capital budgeting

CliffsQuickReview Accounting rules II acts as a complement in your textbook and to lecture room lectures. Use this reference in anyway that matches your own kind for learn and overview — you opt what works most sensible together with your wishes. no matter if you learn the e-book from disguise to hide or specialize in choose issues, you usually get transparent, jargon-free motives of the basics, supplemented with equations, charts, and tables.

With titles to be had for the entire hottest highschool and faculty classes, CliffsQuickReview courses are a complete source that could assist you get the absolute best grades.

Show description

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Sample text

Each partner has a separate capital account for investments and his/her share ACCOUNTING PRINCIPLES II 47 PARTNERSHIPS of net income or loss, and a separate withdrawal account. A withdrawal account is used to track the amount taken from the business for personal use. The net income or loss is added to the capital accounts in the closing process. The withdrawal account is also closed to the capital account in the closing process. Asset contributions to partnerships When a partnership is formed or a partner is added and contributes assets other than cash, the partnership establishes the net realizable or fair market value for the assets.

Date General Journal Account Title Ref. and Description Debit Credit 20X1 July 1 Cash Bonds Payable 10,000 10,000 Issued bonds at par ACCOUNTING PRINCIPLES II 23 LONG-TERM LIABILITIES Date Dec. 31 Account Title and Description Ref. Interest Expense ($10,000 × 10% × 1 ⁄ 12) Debit Credit 500 Cash 500 Semiannual interest payment* 20X2 June 30 Interest Expense ($10,000 × 10% × 1 ⁄ 12) 500 Cash 500 Semiannual interest payment* * Assumes no adjusting entries to accrue interest were made on a monthly or quarterly basis as no formal financial statements were prepared.

Similarly, any existing accumulated depreciation accounts are not assumed by the partnership. The partnership establishes and records the equipment at its current fair market value and then begins depreciating the equipment over its useful life to the partnership. Income allocations The partnership agreement should include how the net income or loss will be allocated to the partners. If the agreement is silent, the net income or loss is allocated equally to all partners. As partners are the owners of the business, they do not receive a salary but each has the right to withdraw assets up to the level of his/her capital account balance.

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