Preparing Business Acc Unt U Ing The Accru L Account Ng Method

Preparing Business Acc_unt_ U_ing The Accru_l Account_ng Method

by

Kenton Casimaty

Accru_l accounting i_ pr_paring th_ bus_ness accounts using th_ accrual accounting concept, wh_ch is one of the fundam_ntal accounting principl_s. The objective behind a__rual accounting is _mat_hing_, wh_ch is basically ensuring that _ll revenue_ _nd all _xp_nditur_s are recorded in th_ accounting per_od t_ whi_h they r_lat_, i.e. t_ the a__ounting period in whi_h the r_v_nu_ was e_rned _r the expense incurred. It d__sn_t matter if th_ revenue wasn_t _ctu_lly r_c__v_d _n th_ _ccounting per_od, n_r do_s it m_tter if th_ expense w__n_t actually p_id in th_ account_ng period, th_ imp_rtant th_ng i_ to ensure the transaction __ _ompletely and accuratel_ recorded.

Accrued _x__ns_s and pr_paym_nts are th_ m_st __mm_n accounting adjustments t_ make _ure the accounts adhere to ___ru_l accounting re_uirements, and th___ adjustments are b_st ex_lained by way of an exam_le. Let_s suppose a bus_ness has a D_c_mb_r accounting period _nd. In the March _ft_r the a__ounting peri_d end the busin_ss

receives

a w_ter b_ll for $300, whi_h cover_ December, Januar_ and Febru_ry. Since part of the wat_r b_ll relates to our period end the _ccru_l a__ounting principl_s state we need to include a _r___rti_n _f the w_t_r bill _n our accounts. If we do not have a precise amount the only way we can qu_ntify the expen_e is to equall_ a__ortion it, therefore in th__ _cenario w_ will include a $100 accrued expense ($300 x 1/3) by debiting the w_ter r_tes account in th_ pr_fit and l___ a__ount and _rediting the a__rual_ account in the balan__ sheet.

[youtube]http://www.youtube.com/watch?v=wJXESrb7GUU[/youtube]

Th_r_ are m_ny different ty_es of ex_en_e_ that will straddle tw_ accounting periods, all of which _r_ tre_ted _n this w_y und_r the accrual account_ng _rinci_les. In additi_n to ex_enses th_t str_ddle two a__ounting period_ _t __ n_t uncommon to receive supplier purchas_ invoices l_t_. You may mak_ many purchas_s dur_ng the per_od to th_ end of D___mb_r, i.e. b_f_r_ the end _f the accounting period, but the supplier m_y not a_tually issue the invoi_e until after th_

accounting

period end. Even th_ugh the inv_ices _r_ received and settled aft_r the end _f the accounting period th_ ex_ense st_ll relates t_ the accounting per_od _nd and under the accrual account_ng _rinci_les th_ _xp_ns_ n__d_ to be rec_rded _n our acc_unting per_od end. In _nother _xam_l_ we w_ll assume the same December accounting _eriod _nd, as above. The business rents _ut a property for $12,000 per annum, whi_h i_ paid qu_rterly _n advance in F_bruary, May, Augu_t _nd N_v_mb_r. The p_yment _n November c_vers November, D___mb_r and Januar_, wh_ch is after _ur accounting per_od end. T_ re_ord th_ entire $3,000 payment would not be in accordanc_ with ___ru_l acc_unting principles sin_e th_ expense for J_nu_r_ relates to th_ n_xt acc_unting per_od. In th__ sc_nario w_ h_ve a prep_yment (i.e. a payment in advanc_) and, under the a__rual accounting principl_s, we need to r_cognis_ this f_ct. Th_ _mount _f th_ pr_paym_nt _s $1,000 ($3,000 x 1/3) _nd is posted to the general l_dg_r by deb_t_ng the prepayment_ account on the balance _heet and crediting the r_nt ex_ense in the profit and lo__ _ccount.

Und_r the accrual accounting concepts there ma_ be other types _f _m_tching_ adjustm_nts such __ pr_viding for deferred and a__ru_d income. D_f_rr_d income __ in_ome relating t_ the n_xt accounting _eriod but is re_eived _n th_ current accounting period, _.e. the customer p_ys _n advan_e or u_front. Und_r th_ accrual a__ounting prin_iples we need to d_bit the in_ome acc_unt _n the _r_fit _nd loss _cc_unt _nd _redit the deferred in_ome _ccount in th_ balance sheet. Accrued income i_ income that rel_tes t_ the current peri_d that is not r_c_iv_d until the following account_ng period. Under th_ accrual accounting pr_nc_ples we have to _dju_t for th__ by d_biting the a__ru_d income account _n the balance sheet and crediting the sales a__ount in th_ _rofit and loss account.

Once the current accounting p_riod h_s been finalised _nd th_ general ledger accounts closed down, the ___ru_l a__ounting c_ncept requires u_ to reverse the adjustments, h_nc_ m_t_hing them t_ th_ c_rr_ct acc_unting period. All _et_ of _ccounts and financial stat_m_nts are r_quir_d to b_ prepared using th_ accrual accounting _on_ept. It do_sn_t matter wh_th_r the accounts are for a s_l_ tr_de, a partnership, a limited liabilit_ partnersh_p, a limited l__b_l_ty compan_ or a _ublic comp_ny _ll statutor_ and published account_ have t_ be prep_red using accrual accounting. A__ounts that are produced for _nternal purposes, such as for manag_m_nt reporting, do n_t have to b_ _r__ar_d using accrual accounting but in the real world even intern_l m_n_gement _ccounts th_t are _nl_ go_ng to be u__d by the business owners are prepared using accrual acc_unting principles. A__ru_l acc_unting _s the standardised and accepted m_th_d _nd that is what _ll organisations us_. M_ny people find th_ accrual accounting _on_ept d_ff__ult to gra_p at f_rst, but _f y_u take a st__ back and th_nk about _t accrual account_ng is logi_al and _t will soon f_ll in to pla_e.

Pr_paring accounts and f_n_nc__l statements using the _ccru_l accounting c_ncepts _s not difficult, however _t will require a bit of thought. In the real world it __ th_ accrual_ accounting concept that _revents accounts and fin_nci_l stat_m_nts being prepared the d_y _ft_r the end of the a__ounting period. B_f_r_ the _ccounting period l_dg_r_ can be closed and the accounts prep_red you need t_ en_ure that _ll inv_ices relating t_ th_ _eriod end have been received. Many suppliers take tw_ t_ three w__k_ t_ ___ue purchase invoice_, so _f the business acquir_d good_ and services close t_ th_ year end the purchase _nvo_ce w_n_t be re_eived until th_ middl_ t_ th_ end of January, th_r_for_ the l_dg_rs cannot be clos_d d_wn until th_ end _f the first month _mmed_ately after the a__ounting p_riod end.

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Four dead, at least 15 injured after gunman opens fire at fitness center in Bridgeville, Pennsylvania

Wednesday, August 5, 2009

Four people have been shot and killed and at least 15 wounded when a gunman opened fire inside a LA Fitness center in Bridgeville, Pennsylvania. The gunman was among the dead.

Reports say the man walked into a dance room where an all-female Latin dance class was in session, turned off the lights and began to shoot people. CNN reports that the gunman was a “middle-aged white male.” One witness said he was carrying a duffel bag, which he put down before shooting into the crowd. After opening fire, he turned the gun on himself. At least 30 people are reported to have been in the room at the time of the shooting.

Allegheny County police Superintendent Charles Moffatt said, “I’ve never seen nothing quite like this. It was very chaotic. […] There’s a good belief that the shooter is deceased.”

Collier Township Police Chief Tom Devin stated that the police, “believe the shooter committed suicide at the scene but we’re not positive.” Police report that the shooter’s motive may have been a domestic dispute with one of the exercisers.

Mike Hentosz, a witness who was inside the gym, said, “I feel like it’s a dream. I don’t know what to think of it.” A woman participating in the class, Nicole, said that 10 minutes into the class, “a middle-aged white male walked into the class. He had a big gym bag. […] He looked out of place in a class full of women.” When he began firing, she reported, she ran out of the gym and escaped in passerby’s car.

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Not A Wine Connoisseur? 3 Questions To Ask When Visiting A Wine Shop In The Hamptons For The First Time

byAlma Abell

Buying wine can be a fun experience for anyone, especially those looking for something new to try. But how do you know where to start if you’re not participating in a wine tasting with an experienced wine connoisseur? By asking the right questions, you can find the right bottle of wine to enjoy, and impress friends and family with your new found knowledge. Start by visiting a Wine Shop in the Hamptons with these important questions in mind.

What Varietals Does This Wine Shop Specialize In?Embrace your local wine culture and ask for wines that come straight from that area. Not only are you supporting local winemakers, you are also getting a unique experience with each varietal. Winemakers will have a special preparation method, and the wine will vary slightly from well-known brands. The term varietal can easily be confused with the word variety; both describe wine but are not the same things. A variety is the vine or grape whereas a varietal is the wine produced by the variety. So when asking this question remember you are asking which wine the shop specializes in, not the grape.

What Food Pairs Best With This Wine?Wine and food always go great together and while it isn’t wrong to drink any bottle of wine with food, having a bottle that pairs well with whatever you’re serving for dinner can make the experience that much better. When asking this question, you’re asking which flavors in certain foods will be accentuated more with your wine. It becomes a balance of complementing and contrasting where either the food or the wine intensifies the other. This question doesn’t have to be about pairing wines with fancier foods either. There are many varietals that pair excellently with burgers or barbecue.

What is the Best Way to Store This Wine?This question can include others such as can it be kept in the kitchen or does it need to be in a cellar? Or how long can this bottle of wine be kept shelved before it’s opened? Keeping the wine in a place that is too cool or not cool enough can age the wine or dry out the corks making the wine undrinkable. Be sure to ask a professional at a Wine Shop in the Hamptons about this when considering storage options. And for a vast selection of wines as well as wine lists, visit Townecellarswines.com.

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Convicted double murderer executed by electric chair in Tennessee, US

Sunday, November 4, 2018

At 7:26 p.m. local time on Thursday, the state of Tennessee, United States executed Edmund Zagorski. Zagorski had been convicted of killing two people in 1983. Mere minutes before his execution, the United States Supreme Court declined to hear his case.

Zagorski asked for execution by electric chair instead of lethal injection, which made his case unusual. Tennessee had last used the electric chair method for the 2007 execution of Daryl Holton.

“Faced with the choice of two unconstitutional methods of execution, Mr. Zagorski has indicated that if his execution is to move forward, he believes that the electric chair is the lesser of two evils,” his legal counsel, Kelley Henry, said prior to the execution. Zargorski was convicted of luring two people into the woods and shooting them and slitting their throats under pretense of selling marijuana to them.

With Zagorski, Tennessee has executed 134 people since 1916; two this year, following Billy Ray Irick.

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How To Lose Weight The Right Way

By Chris Johansen

Weight maintenance and weight loss is often seen as a chore or, for some, almost impossible. However, with the media feeding people with twisted visions of beauty, a lot of people lose weight for unhealthy reasons. While weight loss is a personal decision, these reasons drive people to resort to drastic measures and far-fetched expectations. Most people who want to lose weight as fast as possible end up yo-yo dieting and causing more damage to their body over time. And while some are able to achieve and maintain their target weight, other aspects of their lives are compromised just to be socially accepted. Here are some tips on how to lose weight, the right way.

The first step in learning how to lose weight is to have the proper mindset. Ideally, losing weight should be towards achieving a healthy lifestyle altogether. Our bodies need to maintain a certain level of fat and going above or below that level can be harmful to our body. Also, the process with which someone tries to lose weight should be healthy and safe and it will have a lot of benefits for the body. Weight loss is just the beginning but it should be about a lifestyle change for the better.

While there is nothing with wanting to fit in a smaller dress size, it is important that you accept your body first. It is extremely unadvisable to try to lose weight thinking that you are unattractive and unacceptable while you still carry the pounds. You just need to acknowledge that you need to do something about it without letting your self-esteem drop. People who start with the ‘I’m so ugly’ mindset often lead them to extreme measures so they can lose weight as fast as possible. Aside causing more harm to your body, weight loss is short term and it will be hard to maintain.

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The next step is to choose the right foods and eat them in the right amounts. You do not have to deprive and starve yourself. Doing something that you can not commit to for a long time just to lose weight is not advisable. Instead, you will end up trapped in a cycle of deprivation and binging, which will lead you to put on weight. Load up on veggies, lean protein and whole weight fiber. Sinful desserts and treats can still be eaten, less frequently and in smaller servings. It is also important to eat only when you are hungry and stop a few minutes before you are full. Our body experiences a delay in processing when we are full. Sip a glass of water first. If you still feel hungry, then you can eat a few more bites and pause to see if you are full.

It is also important to engage in physical activity. Regular exercise improves cardiovascular health, strengthens muscles and bones and increases your range of movement. Aside from helping you burn fat, exercise can actually give you more energy and strength to help you perform your daily activities and do more of it. If you are busy, half an hour of jogging is fine. Throughout the day, make an effort to be more active like taking the stairs instead of the elevator or walking instead of taking a cab.

Learning how to lose weight does not have to be an overwhelming task. In fact, simple lifestyle changes that you can commit to for your whole life will give you the best results. Take it one step at a time. When you have adapted to the smaller changes, you can go on and increase your physical activity and eat healthier.

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Newspaper refuses to utilize leaked documents in article

Sunday, July 10, 2005

On Saturday, Doug Clifton, editor of the Cleveland Plain Dealer, said that the newspaper is trying to find a way to publish two “profoundly important” news stories, without the use of documents he states were illegally leaked to staff reporters. On legal advice, the newspaper was withholding the stories out of fear that reporters might be jailed. Clifton did not further characterize the subject of the investigative stories.

“Basically, we have come by material leaked to us that would be problematical for the person who leaked it,” Mr. Clifton said in a New York Times telephone interview. “The material was under seal or something along those lines.”

A newspaper industry trade journal quoted Mr. Clifton saying, “The reporters say, ‘Well, we’re willing to go to jail, and I’m willing to go to jail if it gets laid on me,'” he said, “but the newspaper isn’t willing to go to jail. That’s what the lawyers have told us. So this is a TIME Inc. sort of situation,” according to Editor & Publisher.

The TIME Inc. reporter Matt Cooper, who along with New York Times correspondent Judith Miller, both long held out against a contempt of court order to name their sources in the outing of Valerie Plame. Cooper agreed Wednesday to testify, but it is unclear if he has the consent of his source, and Miller was sentenced to jail for refusing to cooperate.

Although Time Inc. was not specifically pursued by special prosecutor Patrick J. Fitzgerald in the case, they agreed to release Cooper’s reporting notes.

The Plain Dealer has the highest circulation in Ohio and was listed last year as the nation’s 21st largest daily paper.

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Wikinews interviews Buddy Roemer, U.S. Republican Party presidential candidate

Sunday, October 30, 2011

U.S. Republican Party presidential candidate and former Governor Buddy Roemer of Louisiana took some time to answer a few questions from Wikinews reporter William S. Saturn.

Roemer served four terms in the U.S. House of Representatives in the 1980s as a member of the Democratic Party. He was elected governor as a Democrat in 1987 before switching to the Republican Party ahead of the 1991 election for governor. That year, he lost the party’s primary to state legislator David Duke. After his governorship, Roemer worked as CEO of Business First Bank in Baton Rouge.

Roemer announced his candidacy for president back in July after exploring a bid for several months. He has focused his campaign on the issue of campaign finance reform, refusing to accept money from political action committees (PACs) and limiting individual campaign contributions to $100. He raised a total of $126,500 in the third quarter of 2011, far short of the $14.2 million raised by former Massachusetts Governor Mitt Romney.

For his campaign, Roemer has adopted the slogan ‘Free to Lead’. He rails against corruption, special interests, and money in politics, and has expressed support for the Occupy Wall Street protests. Furthermore, he has taken issue positions in favor of fair trade, a balanced federal budget, and a strengthened national defense.

Roemer has not been invited to any national presidential debates. He has focused largely on the first-in-the-nation primary state of New Hampshire, and recently signed up to appear on the state’s primary ballot. However, a recent University of New Hampshire Survey Center poll shows him with less than one percent support in the state. Pearson Cross of the University of Louisiana at Lafayette commented, “If Buddy can exceed expectations in New Hampshire or even sneak in and steal third — that would give a boost that he could build on”.

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Affordable Houses For Sale

byadmin

Looking to move to a new place in Missouri? Why not consider some of the fine houses for sale in Lake of the Ozarks?

[youtube]http://www.youtube.com/watch?v=zDFw5p68h-A[/youtube]

Lakeside Life

Having your home by a lakeside can be quite an enjoyable experience. First, there is the beautiful view of the lakeside and the activities revolving around it. Housing areas by lakesides are often quite tranquil compared to housing areas near cities. It is sure to do your mind some good. Also, if you are up for it, having lakeside property also allows for an easily accessible boating experience. Those reasons and more spurred on the development of housing areas around the Lake of the Ozarks, where many houses are currently up for sale.

A Potential Investment

Buying property on good locations can also turn out to be quite an investment later on, especially if you add to the value through good remodeling work because the value of property typically rides on an upward trend since everyone needs a place to live. While getting a house on prime real estate can oftentimes turn out to be very costly, there are houses for sale in Lake of the Ozarks region that won’t break the bank, should you know where to look. Houses for sale in Lake of the Ozarks range from modest dwellings to decently-sized ones that can comfortably house a growing family.

For the full listing of the many lakeside houses for sale, one can drop by their website at www.janekelly.com. If you are in need of further assistance, you can chat live with a member of the team.

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Russian choreographer Igor Moiseyev dies at age 101

Friday, November 2, 2007

Igor Moiseyev, who has been widely acclaimed as the greatest 20th-century choreographer of folk dance, has died today after a long illness. He was 101 years old.

Born Igor Alexandrovich Moiseyev on January 21, 1906 in Kiev, Moiseyev graduated from the Bolshoi Theatre ballet school in 1924 and danced in the theatre until 1939. His first choreography in the Bolshoi was Footballer in 1930 and the last was Spartacus in 1954.

Since the early 1930s, he staged acrobatic parades on Red Square and finally came up with the idea of establishing the Theatre of Folk Art. In 1936, Vyacheslav Molotov put him in charge of the new dance company, which has since been known as the Moiseyev Ballet. Among about 200 dances he created for his company, some humorously represented the game of football and guerrilla warfare. After visiting Belarus he choreographed a Belarusian “folk” dance Bulba (“Potato”), which over the years indeed became a Belarusian folk dance. According to the Encyclopædia Britannica, Moiseyev’s work has been especially admired “for the balance that it maintained between authentic folk dance and theatrical effectiveness”.

Moiseyev was named People’s Artist of the USSR in 1953, Hero of Socialist Labor in 1976, received the Lenin Prize (1967, for the dance show A Road to the Dance), four USSR State Prizes (1942, 1947, 1952, 1985), Russian Federation State Prize (1996), was awarded numerous orders and medals of the Soviet Union, Spain, and many other countries. On the day of his centenary, Moiseyev became the first Russian to receive Order for the Merits before the Fatherland, 1st class — the highest civilian decoration of the Russian Federation.

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Canberra’s Sophie Lavers crowned Miss World Australia

Thursday, July 23, 2009

Sophie Lavers, a 24-year-old woman from Canberra, has been crowned Miss World Australia in Sydney. She defeated nineteen other finalists to take the prize and will represent Australia at the Miss World event in South Africa.

The entrants were judged based on several categories including best talent, healthy body image, sports and fitness and beauty with a purpose. An aspiring actress, she is completing an acting course and hopes to build a career in film and television. She is also a qualified fitness instructor and has worked as a Kings Cross waitress.

She has been described in the media as having an “amazing figure” and it has been rumoured that she has used this for modelling work. However, Lavers has said that her body has only been modelled for a good cause: “Some do think that, but I have only ever modelled for charity.”

She also doubts much will change for her, at least in the near future. “I’ll still get up and probably have peanut butter on toast for breakfast but after that I’m not sure what’s happening. I guess I won’t be going to work tomorrow.”

She explained that all the girls who entered were dedicated to making a difference. “I just think it’s like having little angels out there through the country helping in all different areas whether it’s with children, or blind people, or the homeless.” Lavers also complained that non-stop smiling for the event has left here mouth sore. “I’m not used to smiling for hours on end.”

Lavers is now set to head to Johannesburg for the December 12 global competition. “I’ve got to get a month of outfits ready and get a talent and another speech and everything. Oh goodness.”

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