Public Accounting and Auditing... |
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Page 7
One of these checks was included in the cash balance at the close of the fiscal
period. (b) In analyzing the account with Buildings, it was discovered that an end
wall of a concrete building had partly caved in. The cost of repairing the wall was
...
One of these checks was included in the cash balance at the close of the fiscal
period. (b) In analyzing the account with Buildings, it was discovered that an end
wall of a concrete building had partly caved in. The cost of repairing the wall was
...
Page 25
Once an account is considered uncollectible, or its collection as being doubtful, it
should immediately be charged off and should not be included as a current asset
without the proper depreciation being set up. - Accounts with creditors are ...
Once an account is considered uncollectible, or its collection as being doubtful, it
should immediately be charged off and should not be included as a current asset
without the proper depreciation being set up. - Accounts with creditors are ...
Page 28
Under the heading of Income should be included accounts representing
mercantile income, income from commissions, income from professional fees,
banking income, etc. The exact classification will depend upon the nature of the
business.
Under the heading of Income should be included accounts representing
mercantile income, income from commissions, income from professional fees,
banking income, etc. The exact classification will depend upon the nature of the
business.
Page 39
Note that securities are excluded from the list of “quick” assets, but included in the
list of current assets. This is in accordance with Federal Reserve practice, but
ordinarily no distinction is made between quick and current assets. No provision
...
Note that securities are excluded from the list of “quick” assets, but included in the
list of current assets. This is in accordance with Federal Reserve practice, but
ordinarily no distinction is made between quick and current assets. No provision
...
Page 57
After talking it over with the cashier, the proper entry was made, charging the
amount back to the customer's account, and the check was not included in the
cash balance. Verification of the cash receipts book and cash payments book
footings ...
After talking it over with the cashier, the proper entry was made, charging the
amount back to the customer's account, and the check was not included in the
cash balance. Verification of the cash receipts book and cash payments book
footings ...
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Common terms and phrases
ACCOUNTING PROBLEMS accounts payable accounts receivable accrued adjusting entries assets and liabilities auditor Bad Debts Balance Sheet audit bank Blank Manufacturing books of account buildings C. P. A. Ind Capital Stock cash book certificate charged client columns contract controlling account corporation cost price creditors current assets current liabilities customers debit deducted discount dividends double entry endorsement errors expenses fiscal period fixed assets included Income Tax Inst inventory investments invoices journal entries junior ledger accounts Liberty bonds machinery ment merchandise method mortgage negotiable instruments nominal accounts notes payable Notes Receivable paid par value payment person preferred stock premium prepared Profit and Loss purchased real accounts real estate record reserve for depreciation sales ledger securities selling single entry Sinking Fund statement statute stockholders subsidiary ledger Surplus trade transactions treasury stock Trial Balance usually verify voucher xx xxxx xxxxx
Popular passages
Page 76 - Where the instrument is addressed to a drawee he must be named or otherwise indicated therein with reasonable certainty.
Page 78 - But if any such instrument, after completion, is negotiated to a holder in due course, it is valid and effectual for all purposes in his hands, and he may enforce it as if it had been filled up strictly in accordance with the authority given and within a reasonable time.
Page 126 - The cost of incidental repairs which neither materially add to the value of the property nor appreciably prolong its life...
Page 126 - All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including a reasonable allowance for salaries or other compensation for personal services actually rendered...
Page 78 - And a signature on a blank paper delivered by the person making the signature in order that the paper may be converted into a negotiable instrument operates as a prima Jade authority to fill it up as such for any amount.
Page 77 - An instrument which contains an order or promise to do any act in addition to the payment of money is not negotiable. But the negotiable character of an instrument otherwise negotiable is not affected by a provision which: 1. Authorizes the sale of collateral securities in case the instrument is not paid at maturity; or 2.
Page 77 - Does not specify the place where it is drawn or the place where it is payable ; or 4.
Page 90 - A contract to sell goods is a contract whereby the seller agrees to transfer the property in goods to the buyer for a consideration called the price.
Page 172 - A bill is negotiated when it is transferred from one person to another in such a manner as to constitute the transferee the holder of the bill. (2) A bill payable to bearer is negotiated by delivery. (3) A bill payable to order is negotiated by the indorsement of the holder completed by delivery.
Page 185 - Debt expense" means all expenses in connection with the issuance and sale of evidences of debt, such as fees for drafting mortgages and trust deeds: fees and taxes for issuing or recording evidences of debt cost of engraving and printing bonds, certificates of indebtedness, and other commercial paper...
Bibliographic information
| Title | Public Accounting and Auditing... Volume 1 of Public Accounting and Auditing, John F. Sherwood |
| Author | John F. Sherwood |
| Publisher | South-western publishing Company, 1920 |
| Original from | the University of California |
| Digitized | 22 Oct 2007 |
| Export Citation | BiBTeX EndNote RefMan |