Financial Accounting Exam Tutorial: liabilities _5_ financial and accounting guidance

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					Financial Accounting Exam Tutorial: liabilities (5) Financial Accounting Guidance

  financial accounting test counseling debt
  income, expenses and profit
  chapter review tips
. In this chapter the status of the examination: the examination of this chapter
occupies a very important position, there must Oita title almost every year, scores
about 10 points. This chapter focuses on sales of goods and construction contract
revenue recognition and measurement of the formation and distribution of profits.
. This chapter changed greatly.
  Section income in accordance with the Accounting Standards for Enterprises No. 14
- Income guidelines for writing;
  construction contract in accordance with the Accounting Standards for Enterprises
No. 15 - Construction contracts written;
  section VII of the income tax in accordance with enterprise Accounting Standards
No. 18 - Income Guidelines to write.
. This chapter review method: income accounting and related party transactions
should be combined with the accounting; operating income, operating expenses and
inventory should be abnormal loss of fixed assets disposed of, the sale of intangible
assets, debt restructuring, combined with review of non-monetary transactions; Profit
Formation and distribution should be combined with the preparation of review
reports.
  first quarter revenue
  1. Revenue Overview
  income, is the company formed in daily activities, will lead to the increase in
owner's equity, has nothing to do with the owner of the invested capital the total
inflow of economic benefits.
  income guidelines related to income, including the sale of goods income, labor
income and transferring assets to provide the right to use income.
  2. Sales of goods account
. Sales of goods identified four conditions for
  business sales of goods, if the same time meet the following five conditions, revenue
is recognized:
  (1) The enterprise has a major ownership of the goods transferred to share risks and
rewards cargo;
  (b) the enterprise retains neither is usually associated with ownership to management,
but also did not have effective control over the goods sold;
  (c) the amount of revenue can be reliably measured :
  (d) of the associated economic benefits may flow to the enterprise;
  (5) have been related to the costs incurred or to be reliably measured.
. Sales of goods accounted for should be of concern
  (1) business sales of goods in quality, variety, size and so does not meet contract
requirements, it is not under proper safeguards to make up, so is still responsible.
Business income can not be confirmed at this time, revenue should be deferred to a
meeting requested by the buyer and the buyer has committed to payment
confirmation.
  (2) in the consignment cases, client side should be entrusted with the goods sold, and
obtained the agency for the list provided by trustee when the revenue is recognized.
  (3) enterprises have not yet completed the installation or inspection of goods sold,
work, and the installation or inspection task is an important part of the contract of sale,
installed and tested only after passing to confirm income. However, if the setup is
relatively simple, or the test is to determine the contract price for the eventual need for
the program, you can send the goods, or in the shipment of goods is recognized when
the revenue.
  (4) the sales contract provided for a specific reason because the terms of the buyer
the right to return, while the company can not determine the possibility of return. At
this point only when the buyer accepts the goods or return to the expiry of revenue is
recognized. If the company can return in accordance with past experience on the
possibility of making a reasonable estimate, shall be issued when the goods will not
happen return of part of the estimated revenue is recognized, it is estimated some
possible return, no recognition of income.
  (5) in the way of installment sales, the company shall be the date of receipt of the
contract-period income. All sales by commodity costs and total sales revenue at the
rate of the current cost of sales should be carried over.
  (6) after-sales buy-back, essentially a financing act, usually income should not be
recognized. Business sales of goods in the way of repurchase agreements with, issue
the actual cost of goods and related taxes and sales price difference between the "to be
transferred stock merchandise spread" is subject calculation, no revenue is recognized.
Required to be paid, inter-related with the sale of goods other than VAT taxes, debit
"spread stock merchandise to be transferred," and credit the "tax payable", "Other
payables" and other subjects.
  if the repurchase price is greater than the original price, sale and repurchase should
be scheduled during the period accrued interest expense, provision for interest costs
are included in the current financial cost. Provision for interest charges, the debit
"finance charges" and credit the "to be transferred stock merchandise spread" subjects.
Business in the future to re-purchase the goods, by purchasing materials processing;
the same time, with the purchase of goods related "to be transferred stock
merchandise spread" account balance recorded as a reduction or increase in cost of
goods purchased.
  sale repurchase refers to the sale of goods at the same time, the seller agrees that it
will re-buy these goods should normally be treated as a finance act, is not recognized
revenue.
  [cases of] the enterprises building, which houses the original value of 10 million
yuan, has provided one million yuan depreciation; January 1, 2002 the sale price of 11
million yuan, has been deposited with banks. According to the contract, two years
after the sale to buy back, repurchase price of 13 million yuan. Assumption does not
consider related taxes.
  buy-back behavior of the real sale is in the building as collateral to obtain loan 11
million yuan; two years later with the return of 13 million yuan with interest, of which
11 million yuan of principal, interest, 200 million yuan.
  002 on 1 January sale:
  by: accumulated depreciation 100
  Disposal of fixed assets 900
  loans: fixed assets by 1000
: 1100% D% of bank deposits A Loan: Disposal of fixed assets 900
  transfer of assets to be post 200
  002 12 31, accrued interest:
  by: Finance costs 100 ((1300-1100) / 2)% D % A Loan: transfer of assets to be post
100
  003 12 31, accrued interest:
  by: Finance costs 100 ((1300-1100) / 2)
  loans: to be transferred assets Spread 100
  004 on Jan. 1 to buy back again when:
  by: fixed 900

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