Acc/300

In: Other Topics

Submitted By topgun87
Words 316
Pages 2
Accrued Revenues Accrued revenues are used for transactions in which goods and services have been provided, but cash hasn't yet been received (Shanker, 2013). The most common accrued revenue situation is interest that has been earned but not yet received. When the interest is received, the entry is to debit cash, increasing it and adding it to the journal entree. The credit interest receivable will be marked by zeroing it out. The unrecorded revenues due to consumers not yet paying for the good or service accrues interest as time goes on. An example would be if a consumer had a 12% interest on a $25,000 loan. This loan continues to draw interest for as long as the loan has been established. Banks and other financial lenders do not mind if a consumer prolongs the debt because they are continuing to earn a significant amount of revenue just of the interest alone.
Accrued revenue is treated as an asset on the balance sheet rather than a liability (Investopedia, 2013). Accrued revenues show up on the accounts receivable area of the financial income statement. When a accounting cycle ends the net income amounts from the income statement will get transferred to the balance sheet ledger. The reflection of this transfer will either show a positive or negative loss of revenue based upon how the company did that year financially. Having too many open unpaid accounts could have a negative effect to the individual or firm that loaned the financial means. Accrued revenue will play a significant role on revenue either positive or negative and the adjustments accrued from the revenue will be implemented in the journal entry.

Reference
Shanker, S. (2013). Accrued vs. Deferred Revenue. Retrieved from online website: http://smallbusiness.chron.com/accrued-vs-deferred-revenue-22392.html
Investopidia. (2013). Accrued Revenue. Retrieved from online website:…...

Similar Documents

Acc 300

...Accounting Equation ACC 300 Accounting Equation The Accounting equation is Assets equaled to Liabilities plus Stockholders or Owner Equity. This equation can be simple or easy depending on how data is entered. This equation is used to observe business finances no matter the size of the business or what type of business it is. Many types of businesses including partnerships, corporations, limited liability or incorporated use the accounting equations to see the bottom line for profit and loss. Business assets may include the following; equipment, land, accounts receivable, cash, and investments. Business liabilities may include the following: income taxes, salaries, accounts payable, dividends, and loans. Businesses use the balance sheet to see where they stand in the profit and loss column. This sheet uses a two entry set for debit or credit and each transaction is affected by each new annotated entry. An example of this would be if a corporation receives a payment from a client this may increase the company’s cash flow assets. Another example would be accepting a loan this works in two ways it both increases liabilities and cash assets. Loans often affect how a business makes decisions on what to buy and what not to buy to keep overhead low. Companies owing less and spending money wisely keep liabilities low and assets high that keeps stockholders happy when profit dividends are allotted at the end of the year. . Balancing the accounting equation depends on proper......

Words: 377 - Pages: 2

Acc 300

...Problem Set I ACC 300 Problem Set I Chapter 1 P1-3A Income Statement Service revenue $7500 Expenses: Advertising expense $400 Supplies expense $1000 Maintenance and repairs expense $600 Utilities expense $300 Salaries and wages expense $1400 Total Expenses $3700 Net Income $3800 The total net income was $3800 and expenses totaled $3700. This resulted in a successful profit for the first month. Balance Sheet Assets: Cash $4600 Accounts receivable $4000 Supplies $2400 Equipment $26000 Total Assets $37000 Liabilities: Accounts payable $500 Notes payable $12000 Total Liabilities $12500 Stockholders' Equity Common stock $22100 Retained Earnings $2400 Total Stockholders' Equity $24500 Total Liabilities and Stockholders' Equity $37000 Statement of Retained Earnings Balance July 1 $0 Net Income $3800 Less: Dividends $1400 Balance June 30 $2400 Chapter 3 P3-5A LEDGER ACCOUNT | | |   | DATE | ACCOUNT | DEBIT ( + ) | CREDIT ( - ) | 1 | 4/1/2012 | Cash | 18000.00 |   |   |   | Exchanged for Common Stock |   | 18000.00 | 2 | 4/1/2012 | Hired Secretary | |   |   |   | $375 per week |   | | 3 | 4/2/2012 | Rent |  900.00 | |   |   | Paid Rent |   | | 4 | 4/3/2012 | Spring Green |  1300.00 | |   |   | Architectural Supplies |   |   | 5 | 4/10/2012 | Client | 1900.00 |   |   |   | Carport Blueprints |   |   | 6 |......

Words: 296 - Pages: 2

Acc 300

...Verizon Wireless Corporation Outline Team Paper ACC 300 Verizon Communications Outline Introduction: Verizon Communications Inc., based in New York City and incorporated in Delaware, was formed on June 30, 2000, with the merger of Bell Atlantic Corp. and GTE Corp. The mergers that formed Verizon were among the largest in U.S. business history, culminating in a definitive merger agreement, dated July 27, 1998, between Bell Atlantic, based in New York City, and GTE. Verizon was launched on April 3, 2000, and the wireless venture began operations as Verizon Wireless on April 4. GTE's wireless operations became part of Verizon Wireless; creating the nation's largest wireless company. Verizon today is a global leader in delivering broadband and other wireless and wireline communications services to mass market, business, government and wholesale customers. 1) How are Verizon’s debt securities reported? A. Definition of debt security B. How is utilized on their financial statement? C. What did their financial statement reveal? 2) How are Verizon’s stock investments reported on their financial statement? A. Definition of stock investment B. How is it utilized on their financial statement C. What did their statements reveal about their stock investments 3) Why does Verizon invest in stocks and debt securities? A. To fund network expansion and modernization, repay external financing, pay dividends, repurchase Verizon common stock from...

Words: 308 - Pages: 2

Acc 300

...Working with Financial Statements Team Paper ACC/300 Accounting is the lifeline to any successful business trying keep up with the competition. Accounting is used to record items that over a period of time a business pays for or receives. Accounting provides a tool for businesses to continue thriving and maintain sustainability, without these tools a business will fail and people will out put out of work. Proper accounting record keeping is obtained so management can review data and information regarding business expenses and daily revenue so proper insight can be given on how the direction of the company should move forward. This data is needed to not only inform the employees of the business, but also the investing parties of that business as well. Success in business is equated to being accountable of all aspects of revenue and expenses. To help aid in the understanding of the practice of accounting, Team C will discuss the subjects of revenue and expense recognition principles. We will also discuss the importance of journal adjustments that are prepaid, unearned, and accrued for both revenues and expenses over time. Each section this team will discuss aids in providing and maintaining the integrity for financial statements to become properly completed. Providing information is correctly entered permits businesses to see a clear and precise accounting picture of the efforts to maintain a company. The revenue recognition principle requires the company to only......

Words: 1672 - Pages: 7

Acc 300

...Week 4 Weekly Reflection ACC 300 Team Member 1 For any organization, household, or business it is vital to maintain internal controls on procedures and records. Maintaining control of these principles once put in place permits activities to get the larger picture. Internal control principles include independent internal investigations or surprise inspections that are conducted by an outside source with no hidden agenda to the company. These inspectors follow procedures to reduce fraud and misuse and enhance accounting accuracy by examining documents of transactions received and performed. To balance accounting records bank reconciliation and adjusting entries are a necessary process to aid in identifying errors. The possibility of miscalculations deliberately or inadvertently can be distressing without the skill or the expertise to conduct proper control measures for a household or company. This week’s objectives can be easily understood providing managers apply applicable control types and keep the business accounting principles flowing correctly. Team Member 2 In the first three weeks we have about a lot. How important we are required to follow GAAP instead of IFRS. Also we learn how to prepare certain statements to be accurate with our reports and records of financial statement. What these statement does give you an overall view of how much a company or yourself reporting for the year. Debit on the right, Credit on the left of T accounts. We prepared a few...

Words: 471 - Pages: 2

Acc 300

...ACC 300 Final Exam Correct 28 of 30 Question #2 and #26 were scored as wrong answers but #26 should be correct but needs further investigating Correct answers have XXX in front of them 1) Which of the following statements is true? A. Publicly traded U.S. companies must provide an annual report to their shareholders only when operating conditions change significantly. B. An unqualified independent auditor’s report must be included in the annual report. C. Notes to the financial statements do not need to be included in the annual report because that information is only for internal users. XXX D. A Management Discussion and Analysis section is required in annual reports to shareholders even when financial results are positive. 2) Notes to the financial statements include which of the following: XXX ? A. An independent auditors report. B. Explanations of uncertainties. C. Short-form Income Statement D. Subsidiary ledger for Accounts Receivable 3) Which of the following financial statements is divided into major categories of operating, investing, and financing activities? A. The income statement. B. The balance sheet. C. The retained earnings statement. XXX D. The statement of cash flows. 4) If the retained earnings account increases from the beginning of the year to the end of the year, then A. net income is less than dividends. B. a net loss is less than dividends. C. additional investments are less than net losses. XXX D. net......

Words: 1622 - Pages: 7

Acc 300

...Verizon Global Environments ACC 300 Verizon Global Environment Verizon Communications Inc. (Verizon) is a communications services provider. The company offers a range of broadband, wireless, and wire line services to business, government and wholesale customers. The company’s service include wireless voice, data services and other and voice, internet access, broadband video and data, Internet protocol network services, network access and other services. Verizon provides converged communications, information and entertainment services across the US through its fiber-optic network. Verizon offers business solutions to customers in about 150 countries across Americas, Europe, the Middle East, Africa and Asia Pacific. Verizon Communications Inc. (Verizon) was formed on June 30, 2000, with the $52 billion merger of Bell Atlantic Corp and GTE Corp., two of the world’s largest telecommunications companies. Government regulation and high infrastructure costs largely shaped the evolution of the telecommunications industry, necessitating mergers and acquisitions for sustainable growth. During this merger between Bell Atlantic and GTE, Bell Atlantic and London-based Vodafone Group announced their agreement to create a new wireless business, Verizon Wireless. With the acquisition of MCI in 2006 for $8.6 billion, Verizon became a leading provider of advanced communications and information technology solutions to large-business and government customers worldwide. In addition to......

Words: 1185 - Pages: 5

Acc 300 Entire Course

...ACC 300 Entire Course To Purchase this Tutorial Copy And Paste Below Link In Your Browser http://www.homework-bank.com/downloads/acc-300-entire-course/ For Any Information or Any Class Which you Did not find on Our Website , Just Hit US Email On below address Email Address: hworkbank@gmail.com Visit Our Website : http://www.homework-bank.com/ ACC 300 Entire Course ACC 300 Week 1 Accounting Equation Paper ACC 300 Week 1 Discussion Questions DQs ACC 300 Week 1 Individual Assignment Chapter 2 Brief Exercises ACC 300 Week 2 Discussion Questions DQs Ver 2 ACC 300 Week 2 Discussion Questions DQs ACC 300 Week 2 Learning Team Assignment ACC 300 Week 2 Problem Set 1 ACC 300 Week 2 Team Reflection ACC 300 Week 3 Discussion Question DQs Ver 2 ACC 300 Week 3 Discussion Questions DQs ACC 300 Week 3 Individual Assignment Part I ACC 300 Week 3 Individual Assignment Part II ACC 300 Week 3 Individual Assignment Part III ACC 300 Week 3 Individual Assignment Part IV ACC 300 Week 3 Individual Assignment Part V ACC 300 Week 3 Learning Team Assignment Landrys ACC 300 Week 3 Team Problem P4 2A ACC 300 Week 3 Team Reflection ACC 300 Week 3 Working with Financial Statements Team Week3 ACC 300 Week 4 Discussion Question DQs Ver 2 ACC 300 Week 4 Discussion Questions DQs ACC 300 Week 4 Individual Assignment Financial Statement Analysis Landrys ACC 300 Week 4 Individual problem set II P2 6A and P13 2A ACC 300 Week 4 Learning Team Assignment Managerial and Financial......

Words: 326 - Pages: 2

Acc 300 Entire Course

...ACC 300 Entire Course To Purchase this Tutorial Copy And Paste Below Link In Your Browser http://www.homework-bank.com/downloads/acc-300-entire-course/ For Any Information or Any Class Which you Did not find on Our Website , Just Hit US Email On below address Email Address: hworkbank@gmail.com Visit Our Website : http://www.homework-bank.com/ ACC 300 Entire Course ACC 300 Week 1 Accounting Equation Paper ACC 300 Week 1 Discussion Questions DQs ACC 300 Week 1 Individual Assignment Chapter 2 Brief Exercises ACC 300 Week 2 Discussion Questions DQs Ver 2 ACC 300 Week 2 Discussion Questions DQs ACC 300 Week 2 Learning Team Assignment ACC 300 Week 2 Problem Set 1 ACC 300 Week 2 Team Reflection ACC 300 Week 3 Discussion Question DQs Ver 2 ACC 300 Week 3 Discussion Questions DQs ACC 300 Week 3 Individual Assignment Part I ACC 300 Week 3 Individual Assignment Part II ACC 300 Week 3 Individual Assignment Part III ACC 300 Week 3 Individual Assignment Part IV ACC 300 Week 3 Individual Assignment Part V ACC 300 Week 3 Learning Team Assignment Landrys ACC 300 Week 3 Team Problem P4 2A ACC 300 Week 3 Team Reflection ACC 300 Week 3 Working with Financial Statements Team Week3 ACC 300 Week 4 Discussion Question DQs Ver 2 ACC 300 Week 4 Discussion Questions DQs ACC 300 Week 4 Individual Assignment Financial Statement Analysis Landrys ACC 300 Week 4 Individual problem set II P2 6A and P13 2A ACC 300 Week 4 Learning Team Assignment Managerial and Financial......

Words: 326 - Pages: 2

Acc 300 Entire Course

...ACC 300 Entire Course To Purchase this Tutorial Copy And Paste Below Link In Your Browser http://www.homework-bank.com/downloads/acc-300-entire-course/ For Any Information or Any Class Which you Did not find on Our Website , Just Hit US Email On below address Email Address: hworkbank@gmail.com Visit Our Website : http://www.homework-bank.com/ ACC 300 Entire Course ACC 300 Week 1 Accounting Equation Paper ACC 300 Week 1 Discussion Questions DQs ACC 300 Week 1 Individual Assignment Chapter 2 Brief Exercises ACC 300 Week 2 Discussion Questions DQs Ver 2 ACC 300 Week 2 Discussion Questions DQs ACC 300 Week 2 Learning Team Assignment ACC 300 Week 2 Problem Set 1 ACC 300 Week 2 Team Reflection ACC 300 Week 3 Discussion Question DQs Ver 2 ACC 300 Week 3 Discussion Questions DQs ACC 300 Week 3 Individual Assignment Part I ACC 300 Week 3 Individual Assignment Part II ACC 300 Week 3 Individual Assignment Part III ACC 300 Week 3 Individual Assignment Part IV ACC 300 Week 3 Individual Assignment Part V ACC 300 Week 3 Learning Team Assignment Landrys ACC 300 Week 3 Team Problem P4 2A ACC 300 Week 3 Team Reflection ACC 300 Week 3 Working with Financial Statements Team Week3 ACC 300 Week 4 Discussion Question DQs Ver 2 ACC 300 Week 4 Discussion Questions DQs ACC 300 Week 4 Individual Assignment Financial Statement Analysis Landrys ACC 300 Week 4 Individual problem set II P2 6A and P13 2A ACC 300 Week 4 Learning Team Assignment Managerial and Financial......

Words: 326 - Pages: 2

Acc 300 Entire Course

...ACC 300 Entire Course Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser http://hwguiders.com/downloads/acc-300-entire-course/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) ACC 300 Week 1 Accounting Equation Paper ACC 300 Week 1 Discussion Questions DQs ACC 300 Week 1 Individual Assignment Chapter 2 Brief Exercises ACC 300 Week 2 Discussion Questions DQs Ver 2 ACC 300 Week 2 Discussion Questions DQs ACC 300 Week 2 Learning Team Assignment ACC 300 Week 2 Problem Set 1 ACC 300 Week 2 Team Reflection ACC 300 Week 3 Discussion Question DQs Ver 2 ACC 300 Week 3 Discussion Questions DQs ACC 300 Week 3 Individual Assignment Part I ACC 300 Week 3 Individual Assignment Part II ACC 300 Week 3 Individual Assignment Part III ACC 300 Week 3 Individual Assignment Part IV ACC 300 Week 3 Individual Assignment Part V ACC 300 Week 3 Learning Team Assignment Landrys ACC 300 Week 3 Team Problem P4 2A ACC 300 Week 3 Team Reflection ACC 300 Week 3 Working with Financial Statements Team Week3 ACC 300 Week 4 Discussion Question DQs Ver 2 ACC 300 Week 4 Discussion Questions DQs ACC 300 Week 4 Individual Assignment Financial Statement Analysis Landrys ACC 300 Week 4 Individual problem set II P2 6A and P13 2A ACC 300 Week 4 Learning Team Assignment Managerial and Financial Accounting Paper ACC...

Words: 5440 - Pages: 22

Acc 300 Entire Course

...ACC 300 Entire Course Follow the link below to purchase http://www.homeworkarena.com/acc-300-entire-course Visit Website: http://www.homeworkarena.com/ Please contact us for more Tutorial & Help (climaxbegin@gmail.com) ACC 300 Complete Class Week 1-5 ACC 300 Week 1 Accounting Equation Paper ACC 300 Week 1 Discussion Questions DQs ACC 300 Week 1 Individual Assignment Chapter 2 Brief Exercises ACC 300 Week 2 Discussion Questions DQs Ver 2 ACC 300 Week 2 Discussion Questions DQs ACC 300 Week 2 Learning Team Assignment ACC 300 Week 2 Problem Set 1 ACC 300 Week 2 Team Reflection ACC 300 Week 3 Discussion Question DQs Ver 2 ACC 300 Week 3 Discussion Questions DQs ACC 300 Week 3 Individual Assignment Part I ACC 300 Week 3 Individual Assignment Part II ACC 300 Week 3 Individual Assignment Part III ACC 300 Week 3 Individual Assignment Part IV ACC 300 Week 3 Individual Assignment Part V ACC 300 Week 3 Learning Team Assignment Landrys ACC 300 Week 3 Team Problem P4 2A ACC 300 Week 3 Team Reflection ACC 300 Week 3 Working with Financial Statements Team Week3 ACC 300 Week 4 Discussion Question DQs Ver 2 ACC 300 Week 4 Discussion Questions DQs ACC 300 Week 4 Individual Assignment Financial Statement Analysis Landrys ACC 300 Week 4 Individual problem set II P2 6A and P13 2A ACC 300 Week 4 Learning Team Assignment Managerial and Financial Accounting Paper ACC 300 Week 4 Problem Set 2 ACC 300 Week 4 Team Reflection ACC 300 Week 4 ur Questions ACC 300 Week......

Words: 304 - Pages: 2

Acc 300 , Acc 300 Complete Class

...ACC 300 COMPLETE CLASS To purchase this Click here: http://www.activitymode.com/product/acc-300-complete-class/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACC 300 COMPLETE CLASS 1. ACC 300 Week 1 - Individual Assignment - Chapter Two - Brief Exercises.doc 2. ACC 300 Week 2 - Learning Team Assignment.xlsx 3. ACC 300 week 2 dqs.doc 4. ACC 300 Week 2 Individual Assignment Accounting Equation paper.docx 5. ACC 300 Week 2 Individual Problem Set P1-3A and P3-5A.doc 6. ACC 300 Week 3 - Individual Assignment Part I.xlsx 7. ACC 300 Week 3 - Individual Assignment Part III.xlsx 8. ACC 300 Week 3 - Individual Assignment Part IV.doc 9. ACC 300 Week 3 - Individual Assignment Part V.xlsx 10. ACC 300 Week 3 - Learning Team Assignment - Landrys.doc 11. ACC 300 week 3 dqs.doc 12. ACC 300 Week 3 Learning Team Assignment Working With Financial Statements.docx 13. ACC 300 Week 3 Team Assignment problem 4-2A.doc 14. ACC 300 Week 3- Individual Assignment Part II.xlsx 15. ACC 300 Week 4 - Individual Assignment - Financial Statement Analysis Landrys.xlsx 16. ACC 300 Week 4 - Learning Team Assignment - Managerial and Financial Accounting Paper.doc 17. ACC 300 week 4 dqs.doc 18. ACC 300 Week 4 Individual Problem Set II P2-6A and P13-2A Correct.doc 19. ACC 300 Week 4 Individual Problem Set II P2-6A and P13-2A.doc 20. ACC 300 Week 5 Individual Assignment - Chapter Six.doc 21. ACC 300 Week 5 - Individual Assignment - Four Accounting Regulatory Bodies.doc 22. ACC 300 Week 5 -......

Words: 1240 - Pages: 5

Acc 300 Complete Course

...ACC 300 COMPLETE COURSE To purchase this visit here: http://www.nerdypupil.com/product/acc-300-complete-course/ Contact us at: nerdypupil@gmail.com ACC 300 COMPLETE COURSE ACC 300 Week 2 Individual Assignment Accounting Equation paper ACC 300 Week 2 Individual Problem Set P1-3A and P3-5A ACC 300 Week 3 Learning Team Assignment Working With Financial Statements ACC 300 Week 3 Team Assignment problem 4-2A ACC 300 Week 4 Individual Problem Set II P2-6A and P13-2A ACC 300 Week 5 Final Exam Guide ACC 300 Week 5 Team Assignment Global Environments (McDonalds) ACC 300 Week 5 Team Assignment Problem Set PE-2, E7-5, E7-6, E7-9 Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 300 Complete Course in order to ace their studies. ACC 300 COMPLETE COURSE To purchase this visit here: http://www.nerdypupil.com/product/acc-300-complete-course/ Contact us at: nerdypupil@gmail.com ACC 300 COMPLETE COURSE ACC 300 Week 2 Individual Assignment Accounting Equation paper ACC 300 Week 2 Individual Problem Set P1-3A and P3-5A ACC 300 Week 3 Learning Team Assignment Working With Financial Statements ACC 300 Week 3 Team Assignment problem 4-2A ACC 300 Week 4 Individual Problem Set II P2-6A and P13-2A ACC 300 Week 5 Final Exam Guide ACC 300 Week 5 Team Assignment Global Environments (McDonalds) ACC 300 Week 5 Team Assignment Problem Set PE-2, E7-5, E7-6, E7-9 Home Work Hour aims to provide quality study notes and tutorials to......

Words: 835 - Pages: 4

Acc 300 Entire Course

...ACC 300 Entire Course   To purchase this Tutorial click below link :  http://homeworkgallery.com/index.php/product/acc-300-entire-course-2/   ACC 300 Week 1 – Individual Assignment – Chapter Two – Brief Exercises. ACC 300 Week 1 Individual Assignment Chapter 2: Brief Exercises BE2-8, BE2- 9, and BE2-10   ACC 300 Week 2 – Learning Team Assignment. In this excel file ACC 300 Week 2 Learning Team Assignment you will find overview of the following sheets: 1. Demonstration Case 2-1 2. Given Data DC2-1 3. Simplify with Spreadsheets 2-1 4. Given Data SS2-1 5. Coached Problem 2-1 6. Given Data CP2-1 7. Problem A 2-1 8. Given Data PA 2-1   ACC 300 week 2 dqs. What are the different bases of accounting? When would you use the cash basis? Accrual basis? Tax basis? Which one is better? Why? What are the financial statements? What does each one tell you? Which financial statement is more important? Why? How are the financial statements related? Why do these relationships exist? What is the impact of a miscalculation in the income statement on other financial statements? ACC 300 Week 3 – Individual Assignment Part I. In the work ACC 300 Week 3 Individual Assignment Part I you will find overview of the following parts: 1. Cash Basis – Income Statement 2. Accrual Basis – Income Statement ACC 300 Week 3 – Individual Assignment Part II. In this file ACC 300 Week 3 Individual Assignment Part II you will find overview of the following......

Words: 1163 - Pages: 5