sample
Haven't found the Essay You Want?
GET YOUR CUSTOM ESSAY SAMPLE
For Only $12.90/page

Liability Essay Topics & Paper Examples

Accounting Equation Paper

The basic accounting equation is: Assets = Liabilities + Stockholders’ Equity. When looking at the balance sheet one can assume that assets must balance out each transaction and balance the claims to the assets (Kimmel, 2010). A balance sheet provides Assets of the company first and foremost, then Liabilities and Stockholders’ Equity and last retained earnings. This shows the companies incoming money, outgoing payments, and the money left or retained at the end of each time period being documented on the balance sheet. The components of the accounting equation affect each other in many ways. For example, when cash assets are received the company is making profit only as long as it is making more revenue than the liabilities owed….

Assertions and Audit evidence

1. The allowance for doubtful accounts is fairly presented in amount. * Valuation or allocation assertion 2. All accounts payable owed as of the balance sheet date are included in the financial statements. * Existence or occurrence assertion 3. All purchase returns recorded in the general ledger are valid. * Existence or occurrence assertion 4. The allowance for doubtful accounts is fairly presented in amount. * Valuation or allocation assertion 5. All accounts payable owed as of the balance sheet date are included in the financial statements. * Completeness assertion 6. All purchase returns recorded in the general ledger are valid. * Existence or occurrence assertion 7. A retail client values its inventory using the retail method of accounting. *…

Susan Wong’s Budget

Introduction Section I: Problem Description Susan Wong graduated from State University and was hired by a computer firm in the Washington, D.C. area. In college, her parents provided money for Susan’s gas, telephone, and credit cards. Susan’s mother and father created a bank account to address her financial needs. Susan never had to be concerned about health, car, life, homeowners’ insurance; utilities; driver’s license and car license; magazine subscriptions; and other financial matters. As a student, Susan did not spend more that her monthly allotment, but she was not prepared to manage staggered bill payments common to working adults (Taylor, 2004). “In some months Susan’s bills would be modest and she would spend accordingly, only to be confronted the next…