We're Open
+44 7340 9595 39
+44 20 3239 6980

Finance Accounting Assignment: Product vs Period Expense

  100% Pass and No Plagiarism Guaranteed

Finance Accounting Assignment: Product vs Period Expense

Finance Accounting Assignment: Product vs Period Expense

INSTRUCTIONS:

The income statement measures the success of the company. It shows how much revenue a company earned over a defined time period (a year or less). Costs and expenses incurred to generate revenues are subtracted to show how the company’s net income or loss. Income or loss is not the same as cash flow. A company can be profitable, but have poor cash flow or vice versa.

It may be fairly simple to prepare an income statement for a one-person company providing only one service and all payments are in cash. However, for large corporation there are many complications and issues to consider in preparing an income statement that fairly reflects the success of the company.

Required Materials

Read the appropriate chapters in one of the following text(s):

Edwards, J.D. & Hermanson, R.H. (2007) Accounting Principles: A Business Perspective. First Global Text Edition, Volume 1. Financial Accounting, pp. 250 – 271. Retrieved from http://dl.dropbox.com/u/31779972/Accounting%20Principles%20Vol.%201.pdf

or

Walther, L.M. (2010). Principles of Accounting: A Complete Online Text, chapter 3. Retrieved from http://www.principlesofaccounting.com/

and

Whitehead, G. (2008). Success in principles of accounting. Hodder Education. (read units 5 and 6). Retrieved from EBSCO.

Apple Investor Relations (n.d.) retrieved from http://investor.apple.com/

Samsung Investor Relations (n.d.) retrieved from http://www.samsung.com/us/aboutsamsung/ir/newsMain.do

SEC (2007). Beginner`s Guide to Financial Statements. Retrieved from http://www.sec.gov/investor/pubs/begfinstmtguide.htm

CONTENT:

Accounting- Income statement Name Institution Date Part I Revenue recognition Revenue recognition focuses on the timing and measurement of revenues, and transactions are identified as recording revenues and related expenses based on the revenue recognition basis (Gibson, 2010). Under the accrual basis, revenue is recognized when it is earned, and the income is matched with the expenses (Edwards, Hermanson, Ivancevich, & Pearlman, 2013). The revenue recognition approach recognizes all the earnings earned and expenses in the financial year, to provide a clearer picture of the company’s financial position. Proper revenue recognition reflects the profitability of a reporting entity, and stakeholders make decisions based on financial performance, and especially for the investors. Revenues increase net assets, and this is distinguished from other assets that do not generate net assets. The exchange of goods and services for the assets, which occur as part of business or core operations is considered revenues. Similarly, a loss that decreases the net assets a

...

100% Plagiarism Free & Custom Written,
Tailored to your instructions


International House, 12 Constance Street, London, United Kingdom,
E16 2DQ

UK Registered Company # 11483120


100% Pass Guarantee

STILL NOT CONVINCED?

View our samples written by our professional writers to let you comprehend how your work is going to look like. We have categorised this into 3 categories with a few different subject domains

View Our Samples

We offer a £ 2999

If your assignment is plagiarised, we will give you £ 2999 in compensation

Recent Updates

Details

  • Title: Finance Accounting Assignment: Product vs Period Expense
  • Price: £ 99
  • Post Date: 2021-09-17T06:34:03+00:00
  • Category: Essays
  • No Plagiarism Guarantee
  • 100% Custom Written

Customer Reviews

Finance Accounting Assignment: Product vs Period Expense Finance Accounting Assignment: Product vs Period Expense
Reviews: 5

A masterpiece of assignment by , written on 2020-03-12

Writing is not my field. I take help from this website for my accounting assignment. The work is good and I scored good grades in it. Thank you from the bottom of my heart.
Reviews: 5

A masterpiece of assignment by , written on 2020-03-12

My psychology assignment just came on time and the overall quality is good. It’s also free from errors. I simply loved it!