![]() Otherwise, it would be impossible to make comparisons between Final Accounts from different firms based in different countries. In other words, Final Accounts ought to be based on the same basic concepts. It is important for accountants all over the world to follow the same accounting principles. Let’s take a look at very basic foundations of the accounting practice. FINAL ACCOUNTS – PROFIT AND LOSS ACCOUNT. ![]() DIFFERENT TYPES OF BUSINESS ORGANIZATIONS.Return instructions and a free of charge return shipping label are available at go/returnlabel. Upon completion of the review period, please return the evaluation copy to Wiley. These copies are licensed and may not be sold or transferred to a third party. Evaluation copies are provided to qualified academics and professionals for review purposes only, for use in their courses during the next academic year. The publishers will gladly receive any information that will enable them to rectify any erroneous reference or credit line in subsequent editions. Care has been taken to trace ownership of copyright material contained in this text. ![]() For an Access Copyright Licence, visit or call toll-free, 1-80. Any request for photocopying, recording, taping, or inclusion in information storage and retrieval systems of any part of this book shall be directed to The Canadian Copyright Licensing Agency (Access Copyright). No part of this work covered by the copyrights herein may be reproduced, transmitted, or used in any form or by any means- graphic, electronic, or mechanical-without the prior written permission of the publisher. For more information, please visit our website: Copyright © 2019 John Wiley & Sons Canada, Ltd. Among the issues we are addressing are carbon impact, paper specifications and procurement, ethical conduct within our business and among our vendors, and community and charitable support. In 2008, we launched a Corporate Citizenship Initiative, a global effort to address the environmental, social, economic, and ethical challenges we face in our business. Our company is built on a foundation of principles that include responsibility to the communities we serve and where we live and work. has been a valued source of knowledge and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. ∞ Founded in 1807, John Wiley & Sons, Inc. This book was set in 9.5/12 STIX Two by Aptara®, Inc. Tim Stookesberry Michael McDonald Zoë Craig Megan Joseph Daleara Hirjikaka Karen Staudinger Anita Osborne Dorothy Sinclair Valerie Vargas Wiley Joanna Vieira/Wiley Smartphone © prasit2512/Shutterstock. To our students-past, present, and future VICE PRESIDENT, EDUCATION DIRECTOR, BUSINESS, ACCOUNTING, AND FINANCE EXECUTIVE EDITOR EDITORIAL ASSISTANT ASSOCIATE PRODUCT DESIGNER PRODUCT DESIGN MANAGER SENIOR MARKETING MANAGER SENIOR CONTENT MANAGER SENIOR PRODUCTION EDITOR II DESIGN COVER DESIGN COVER PHOTOGRAPHS Operating Line of Credit and Bank OverdraftĪPPENDIX A Specimen Financial Statements: Aritzia Inc.ĪPPENDIX C Subsidiary Ledgers and Special JournalsĪccounting Principles Eighth Canadian Edition Retirement of Property, Plant, and EquipmentĮxchanges of Property, Plant, and Equipmentĭeterminable (Certain) Current Liabilities Steps in Recording Disposals of Property, Plant, and Equipment ![]() Statement Presentation and Management of ReceivablesĪccelerating Cash Receipts from Receivablesĭetermining the Cost of Property, Plant, and EquipmentĬhanges in Depreciation Method, Estimated Useful Life, or Residual Valueĭisposal of Property, Plant, and Equipment Periodic System-First-In, First-Out (FIFO) Presenting Inventory in the Financial StatementsĪppendix 6A: Inventory Cost Formulas in Periodic Systems Valuing Inventory at the Lower of Cost and Net Realizable Value Summary of Merchandising Entries in a Perpetual Inventory SystemĬomparison of Entries-Perpetual versus PeriodicĪppendix 5B: Recording Sales of Merchandise-Contract-Based Approach Recording Sales of Merchandise-Earnings Approach Preparing Financial Statements from a Work SheetĪccounting with and Without Reversing Entriesĥ Accounting for Merchandising Operations Using the Information in the Financial Statements Getting a Good “Handle” on Accounting Information The Adjusted Trial Balance and Financial Statements Summary Illustration of Journalizing and PostingĪdvance Sports Revenue Is Just the Ticket The Accounting Cycle and Steps in the Recording Process Understanding the Information in the Financial Statements Accounting Keeps Aritzia Fashionably in the Black
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