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Debit Pension Benefit Asset
Credit Net Periodic Pension Cost
- What does this journal entry mean?
Debit Pension Benefit Asset
Credit Other Comprehensive Income
- What does this journal entry mean?
Debit Asset Retirement Cost
Credit Asset Retirement Obligation
- What does this journal entry mean?
Debit Accretion Expense
Credit Asset Retirement Obligation
- What does this journal entry mean?
Debit Asset Retirement Obligation
Credit Cash
- What does this journal entry mean?
Get yourselves into group. Each group is going to initiate a Partnership business. Discuss the product line of partnership business your group would like to commence.
You are required to include below details in your assignment:
a)Describe the main features of the partnership agreement
-Name of the Firm/Partner’s names
-Type of business and business address
-The amount of capital contributed by each partner
-Ratio of profit/loss allocation between partners
-Salary for active partners
-Interest on capital to each partner
-Interest on drawing for each partner
b)Prepare the partnership income statement and profit and loss appropriation account for your business.(must include the journal, ledger and Trial balance)
c)Prepare the partnership Statement of Financial Position for your business
Love Doddle is a gifting enterprise of Ms. Dorati. The enterprise generates inflows by arranging gift hampers for the customer's loved ones. The inflows arises from the sale of gift hampers Rs 505000 and from bank interest, dividend receipt Rs4200. Ms. Dorati is confused on how to record these inflows. She would like to understand from you about the concepts Revenue from operation and other income, so that she can record the information so as to prepare the profit and loss statement of the enterprise. Define, share examples, and elaborate on your understanding towards the terms Revenue from Operation and Other Income (10 Marks)
Debit Pension Benefit Asset
Credit Cash
- What does this journal entry mean?
Debit Pension Benefit Asset
Credit Other Comprehensive Income
- What does this journal entry mean?
Debit Other Comprehensive Income
Credit Pension Benefit Asset
- What does this journal entry mean?
Debit Compensation Expense
Credit Pension Benefit Asset
- What does this journal entry mean?
Debit Net Periodic Pension Cost
Credit Pension Benefit Asset
- What does this journal entry mean?
Debit Pension Benefit Asset
Credit Net Periodic Pension Cost
- What does this journal entry mean?
Debit Net Periodic Pension Cost
Credit Other Comprehensive Income
- What does this journal entry mean?
Debit Other Comprehensive Income
Credit Net Periodic Pension Cost
- What does this journal entry mean?
Q.1.3 for each of the following statements indicate if the statement is true or false.
Q.1.3.1. management accountants use IFRS to prepare financial statements
Q.1.3.2. one of the essential functions of management is controlling
Q.1.3.3. the general ledger is a table used to summarise similar transactions so as to facilitate fewer postings into the bookkeeping system
Q.1.3.4. according to the business entity rule, the books of account of a business may reflect the personal affairs or wealth of the owner outside of the business
Q.1.3.5. the formal bookkeeping system is always done manually by the owner of the business
Explain the concept of Activity Based Management and how it can shape continuous improvement in organisation.
Briefly explain the term "Volume Based Drivers"
Debit Cash Flow Hedge
Credit Other Comprehensive Income
- What does this journal entry mean?
Debit Cash
Credit Cash Flow Hedge
- Does this journal entry mean you purchased the asset (cash flow hedge)? Please correct me if it's needed.
Debit Other Comprehensive Income
Credit Gain on Cash Flow Hedge
- What does this journal entry mean?
Other Comprehensive Income is an Equity Account. Right?
Cash Flow Hedge = Is an asset? Right?
Debit Unearned Lease Rental Income
Credit Lease Receivable
- What does this journal entry mean?
