back to normal... T___T

ACC 418:

we did learn about adjustment of account..hmmm.. it is really tough one.. waaaaaaaa!! i'm gonna cry.. i can't understant the concept..waaaaaaa!!! isk3!!! :(

Accrual accounting focuses on recognizing income and expenses in the period when they occur, not necessarily when you are paid for them or issue the payment. For example, you recognize the expense when you order a sign, not when you pay the invoice. You may pay for services in advance, such as an annual premium for your insurance policies. Post these transactions to your ledger properly to ensure that your financial reporting is as accurate as possible.

Recognizing Prepayments

• When you make advance payments, recognize the reduction in cash immediately because the payment reduces your cash account. For example, when you pay an annual premium in advance for an insurance policy, post the entire amount to your prepaid insurance expense account, and then credit your cash account to reflect the reduction in cash from the payment.

  
  

  Recognizing Expenses from Prepayment

  • Amortizing prepaid expenses properly ensures that you recognize the expenses for the month in which they apply. For example, when you prepay an annual insurance premium in the first month of the policy, recognize the first month's expense after you post the payment to the prepaid account. At the end of the month, post an adjusting entry to recognize one month's expense. Divide the total premium by 12 to obtain a monthly rate. Credit the prepaid insurance account and debit an insurance-expense account for the amount of the monthly premium. Repeat this during your closing entries each month until the premium is due for renewal.

    
    

    MGT 417

    
    

    we did learn about chapter 8 

    in chapter 8 is about Transaction processing system (TPS) monitors, collects, stores and processes data generated from all business transactions..Batch Processing is when the firm collects data from transactions as they occur, placing them in groups or batches, then prepares and processes the batches periodically (say, every night).Online Transaction Processing (OLTP) is when business transactions are processed online as soon as they occur.Source data automation involves collecting data from sensors (e.g., barcode scanners) and entering the data directly into a computer without human intervention.

  Functional area information Systems are designed to support a functional area by increasing its internal effectiveness and efficiency in the following areas:

  Accounting

  Finance

  Marketing

  Operations (POM)

  Human Resources Management

  •provide information mainly to lower- and middle-level managers in the functional areas via a variety of reports.

  
  

  
  

  
  

  
  

  MANDARIN

  TODAY WAS THE 2ND LISTENING TEST.. 

  ALHAMDULILLAH.. I CAN MAKE IT.. ;)