The final term group discussion - Tài liệu tham khảo Accounting Information System (AIS23) | Đại học Hoa Sen

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T 22.1A - SCHOOL YEAR 2022 - 2023 ERM
SUBJECT: ACCOUNTING PRINCIPLES
COURSE CODE: KT204DV02 (2021_2233)
CLASS ID: 3300
REPORT
THE FINAL TERM GROUP DISCUSSION
Instructor: Ms. Đỗ Thị Lệ Thu
Group: 8
Students: Hoàng Minh Anh
Bùi Thanh Huyền
Nguyễn Lê Hoàng Khang
Phan Thu Ngân
Phạm Bảo Nhi
Nguyễn Vũ Như Quỳnh
Ho Chi Minh City, July 2023
Group Report Accounting Principles
Page ii
T 22.1A - SCHOOL YEAR 2022 - 2023 ERM
SUBJECT: ACCOUNTING PRINCIPLES
COURSE CODE: KT204DV02 (2021_2233)
CLASS ID: 3300
REPORT
THE FINAL TERM GROUP DISCUSSION
Instructor: Ms. Đỗ Thị Lệ Thu
Students:
List Of Students Who Made The Report
Student
ID
First & Last name
Work division
% of
Contribution
22205946
Hoàng Minh Anh
Part I - Case 2
Support Part III
100%
22202725
Bùi Thanh Huyền
Part II
Support Part III
100%
22205338
Nguyễn Lê Hoàng Khang
Part IV
Word Report
100%
22116980
Phan Thu Ngân
Part - Case 1 I
Word Report
100%
22203130
Phạm Bảo Nhi
Part . III c,d
100%
22202478
Nguyễn Vũ Như Quỳnh
Part . III a,b
100%
Semester 2233, 15 July 2023
th
Report submission date: 16/7/2023
Report recipient (signature & full name):
_________________________________
Group Report Accounting Principles
Page iii
TABLE OF CONTENTS
TABLE OF CONTENTS ..................................................................................... iii
PLEDGE STATEMENT ...................................................................................... iv
THANK YOU MESSAGES ................................................................................. v
OVERVIEW ......................................................................................................... vi
PART I. CASES .................................................................................................... 1
I.1. Case 1 .......................................................................................................... 1
I.2. Case 2 .......................................................................................................... 1
PART II. COSTING AND DEPRECIATION ...................................................... 3
PART III. ACCOUNTING CYCLES ................................................................... 4
PART IV. LEARNING OUTCOME .................................................................. 11
CONCLUSION ................................................................................................... 12
Group Report Accounting Principles
Page iv
PLEDGE STATEMENT
We declare that the entire content presented in this essay on Accounting
Principles is presented by our group, not copied from any documents. If it is not true,
we would like to take all responsibility before the teachers and the school.
Group Report Accounting Principles
Page v
THANK YOU MESSAGES
First of all, would like to express our sincere thanks to Hoa Sen University we
for introducing Accounting Principles subject into the curriculum, especially would we
like to express our deep gratitude to the lecturer of Accounting Principles subject
Ms. L Thu has taught and imparted valuable knowledge to us during the past Đỗ Th
study period. have received your care, help, and guidance very passionately. From We
the knowledge you conveyed, have been practicing, as well as gradually applying we
skills in study and work. That is not only useful in university student life but also helps
a lot in our future.
Perhaps knowledge is limitless, but each person s knowledge acquisition always
has certain limitations. Therefore, in the process of completing the project, it is
inevitable that there will be shortcomings. We look forward to receiving your
comments to improve our ort. rep
Wishing you health, happiness, and success in your teaching career path!
July 15, 2023
Group 8
Group Report Accounting Principles
Page vi
OVERVIEW
Accounting principles are fundamental guidelines and concepts that govern the
practice of accounting. They provide a framework for recording, summarizing, and
reporting financial transactions and events. So this report allows our group to share our
research findings and perspectives on accounting principles. It helps create a
comprehensive understanding of the subject matter by combining various viewpoints
and knowledge.
In addition, this group discussion fosters collaboration and teamwork among us.
It provides an opportunity to exchange ideas, brainstorm, and work together to develop
a well-rounded report on accounting principles.
In brief, the final term group discussion on the Accounting Principle report
plays an important role in many aspects and skills, it also contributes to the production
of a well-informed and comprehensive report on accounting principles.
Group Report Accounting Principles
Page 1
PART I CASES .
I.1. Case 1
In 2022, Apache transfers the land to the buyer and revenue is recognized at
this point. Gross profit is calculated as the difference between the selling price and the
book value of the land. The selling price agreed upon between Apache (the seller) and
the construction company (the buyer) is $3,000,000. The book value of the land on
Apache's books is $1,200,000.
The gross profit recognized in 2022 is calculated as the selling price minus the
book value:
Gross Profit 2022 = Selling Price Book Value
Gross Profit 2022 = $3,000,000 $1,200,000
Gross Profit 2022 = $1,800,000
Apache will recognize a gross profit of $1,800,000 in 2022.
In 2023, the terms of the sale require a down payment of $150,000 and 19
annual payments of $150,000 plus interest at an appropriate interest rate due on each
July 1 beginning in 2023.
Since Apache recognizes revenue at the point of delivery, no additional gross
profit will be recognized in 2023. The gross profit of $1,800,000 was recognized in
2022.
Apache will not recognize any additional gross profit in 2023.
I.2. Case 2
1. AuctionCo.com purchases the used bicycle for $20 from a supplier and takes If
control before the sale, the company would recognize revenue of $30.
In this case, AuctionCo is a principal because it takes control of this used bicycle
before sale. Therefore, AuctionCo would recognize revenue of $30.
2. The customer pays $30 to AuctionCo.com, and AuctionCo.com pays $20 to the
supplier for the bicycle. AuctionCo.com's revenue would be the difference
between the amount received from the customer and the amount paid to the
supplier. So, the revenue recognized by AuctionCo.com would be $10 ($30 -
$20).
Group Report Accounting Principles
Page 2
In this case, AuctionCo is an agent because it does not take control of this used
bicycle before sale. Therefore, AuctionCo would recognize revenue of $10
(commission fees)
Group Report Accounting Principles
Page 3
PART II COSTING AND DEPRECIATION .
Determine the cost of equipment and complete the table of depreciation from
2019 to 2024 using the straight-line method:
Year
Depreciable
amount
Depreciation
Expenses
Accumulated
Depreciation
Book value
2019
450
15
15
500
2020
450
90
105
485
2021
450
90
195
395
2022
450
90
285
305
2023
450
90
375
215
2024
450
75
450
140
Group Report Accounting Principles
Page 4
PART III. ACCOUNTING CYCLES
Require a:
We have:
Total Assets = Cash + Supplies + Equipment + Merchandise inventories
Accumulated Depreciation + Accounts receivable
Total Assets = 5.693.363.362 + 345.723.100 + 4.894.263.600 + 791.530.000
843.959.400 + X
= 10. .920.662 + X Total assets 880
We have:
Total Capital = Salary P s Notes Payable + Payable + Owner's ayable + Account
C Earnings apital + Retained
Total Capital = 312.417.546 + 2.200.000.000 + 675.300.000 + 8.000.000.000 +
252.160.116
Capital = 11.439.877.662 Total
So we have: Assets = Total C Total apital
10.880.920.662 + X = 11.439.877.662
X = 558.957.000
Require b:
Record the transactions to the General Journal
Date
Account Title
REF NO.
Debit
C redit
1/1/2023
Cash
111/112
1.201.000.000
Notes Payable
341
1.201.000.000
5/1/2023
Merchandise
Inventories
156
400.000.000
(=5.000*80.000)
Cash
111/112
400.000.000
7/1/2023
Cash
111/112
245.200.000
Account
Receivable
131
245.200.000
7/1/2023
Rent Expense
641
20.000.000
Cash
111/112
20.000.000
10/1/2023
Cash
111/112
1.680.000.000
(=12.000*140.000)
Group Report Accounting Principles
Page 5
Service
Revenue
511
1.680.000.000
COGS
632
951.530.000
(=10,000*79,153)
Merchandise
Inventories
156
951.530.000
12/1/2023
Accounts
Payable
331
452.430.000
Cash
111/112
452.430.000
15/1/2023
Merchandise
Inventories
156
724.500.000
(=9.000*80.500)
Accounts
Payable
331
724.500.000
18/1/2023
Cash
111/112
300.000.000
Owner's
Investment
Capital
411
300.000.000
20/1/2023
Utility
Expense
642
107.812.000
Cash
111/112
107.812.000
25/1/2023
Cash
111/112
450.000.000
Accounts
Receivable
131
300.000.000
Service
Revenue
511
750.000.000
(=5.000*150.000)
COGS
632
401.000.000
(=3.000*80.000+2.000*
80.500)
Merchandise
Inventories
156
401.000.000
31/1/2023
Employees
Salary
Expense
641
75.483.000
Administration
Salary
Expense
642
128.540.000
Salary
Expense
334
204.023.000
31/1/2023
Accrued
Depreciation
Expense At
The Selling
641
55.000.000
Group Report Accounting Principles
Page 6
Division
Accrued
Depreciation
Expense At
The
Administration
Division
642
140.000.000
Depreciation
Of Fixed
Assets
214
195.000.000
31/1/2023
Interest
Expenses
635
12.010.000
Cash
111/112
12.010.000
31/1/2023
Selling
Expenses
641
12.000.000
Cash
111/112
12.000.000
31/1/2023
Service
Revenue
511
2.430.000.000
Determine
Business
Performance
911
2.430.000.000
Determine
Business
Results
911
1.903.375.000
COGS
632
1.352.530.000
Financial
Expenses
635
12.010.000
Selling
Expenses
641
162.483.000
Enterprise
Cost
Management
642
376.352.000
Cost Of
Corporate
Income Tax
821
105.325.000
(526.625.000*20%)
Compulsory
Tax
333
105.325.000
Determining
Business
Performance
911
105.325.000
Cost Of
Corporate
821
105.325.000
Group Report Accounting Principles
Page 7
Income Tax
Determining
Business
Performance
911
421.300.000
Retained
Earnings
421
421.300.000
Transfer the data to the T accounts
Dr.
Cash
Cr.
Dr.
Account Receivable
Cr.
5.693.363.362
558.957.000
1.201.000.000
400.000.000
300.000.000
245.200.000
245.200.000
20.000.000
1.680.000.000
452.430.000
300.000.000
107.812.000
450.000.000
12.010.000
300.000.000
245.200.000
12.000.000
613.757.000
3.876.200.000
1.004.252.000
8.565.311.362
Dr.
Supplies
Cr.
345.723.100
Dr.
Merchandise Inventories
Cr.
791.530.000
400.000.000
951.530.000
724.500.000
401.000.000
-
-
345.723.100
1.124.500.000
1.352.530.000
Group Report Accounting Principles
Page 8
563.500.000
Dr.
Fixed Assets
Cr.
Dr.
Account Payable
Cr.
4.894.263.600
675.300.000
452.430.000
724.500.000
-
-
452.430.000
724.500.000
4.894.263.600
947.370.000
Dr.
Accumulated Depreciation
Cr.
Dr.
Salary Expense
Cr.
843.959.400
312.417.546
195.000.000
204.023.000
-
195.000.000
-
204.023.000
1.038.959.400
516.440.546
Dr.
Notes Payable
Cr.
Dr.
Retained Earnings
Cr.
2.200.000.000
252.160.116
1.201.000.000
421.300.000
-
1.201.000.000
-
421.300.000
3.401.000.000
673.460.116
| 1/18

Preview text:

TER
M 22.1A - SCHOOL YEAR 2022 - 2023
SUBJECT: ACCOUNTING PRINCIPLES
COURSE CODE: KT204DV02 (2021_2233) CLASS ID: 3300 REPORT
THE FINAL TERM GROUP DISCUSSION Instructor: Ms. Đỗ Thị Lệ Thu Group: 8 Students: Hoàng Minh Anh Bùi Thanh Huyền Nguyễn Lê Hoàng Khang Phan Thu Ngân Phạm Bảo Nhi Nguyễn Vũ Như Quỳnh Ho Chi Minh City, July 2023 Group Report Accounting Principles TER
M 22.1A - SCHOOL YEAR 2022 - 2023
SUBJECT: ACCOUNTING PRINCIPLES
COURSE CODE: KT204DV02 (2021_2233) CLASS ID: 3300 REPORT
THE FINAL TERM GROUP DISCUSSION Instructor: Ms. Đỗ Thị Lệ Thu Students:
List Of Students Who Made The Report Student First & Last name Work division % of ID Contribution 22205946 Hoàng Minh Anh Part I - Case 2 100% Support Part III 22202725 Bùi Thanh Huyền Part II 100% Support Part III
22205338 Nguyễn Lê Hoàng Khang Part IV 100% Word Report 22116980 Phan Thu Ngân Part I - Case 1 100% Word Report 22203130 Phạm Bảo Nhi Part III. c,d 100%
22202478 Nguyễn Vũ Như Quỳnh Part III. a,b 100% Semester 2233, 15th July 2023
Report submission date: 16/7/2023
Report recipient (signature & ful name):
_________________________________ Page ii Group Report Accounting Principles TABLE OF CONTENTS
TABLE OF CONTENTS ..................................................................................... i i
PLEDGE STATEMENT ...................................................................................... iv
THANK YOU MESSAGES ................................................................................. v
OVERVIEW ......................................................................................................... vi
PART I. CASES .................................................................................................... 1
I.1. Case 1 .......................................................................................................... 1
I.2. Case 2 .......................................................................................................... 1
PART II. COSTING AND DEPRECIATION ...................................................... 3
PART III. ACCOUNTING CYCLES ................................................................... 4
PART IV. LEARNING OUTCOME .................................................................. 11
CONCLUSION ................................................................................................... 12 Page iii Group Report Accounting Principles PLEDGE STATEMENT
We declare that the entire content presented in this essay on Accounting
Principles is presented by our group, not copied from any documents. If it is not true,
we would like to take al responsibility before the teachers and the school. Page iv Group Report Accounting Principles THANK YOU MESSAGES
First of al , we would like to express our sincere thanks to Hoa Sen University
for introducing Accounting Principles subject into the curriculum, especial y we would
like to express our deep gratitude to the lecturer of Accounting Principles subject –
Ms. Đỗ Thị Lệ Thu has taught and imparted valuable knowledge to us during the past
study period. We have received your care, help, and guidance very passionately. From
the knowledge you conveyed, we have been practicing, as wel as gradual y applying
skil s in study and work. That is not only useful in university student life but also helps a lot in our future.
Perhaps knowledge is limitless, but each person’s knowledge acquisition always
has certain limitations. Therefore, in the process of completing the project, it is
inevitable that there wil be shortcomings. We look forward to receiving your
comments to improve our report.
Wishing you health, happiness, and success in your teaching career path! July 15, 2023 Group 8 Page v Group Report Accounting Principles OVERVIEW
Accounting principles are fundamental guidelines and concepts that govern the
practice of accounting. They provide a framework for recording, summarizing, and
reporting financial transactions and events. So this report al ows our group to share our
research findings and perspectives on accounting principles. It helps create a
comprehensive understanding of the subject matter by combining various viewpoints and knowledge.
In addition, this group discussion fosters col aboration and teamwork among us.
It provides an opportunity to exchange ideas, brainstorm, and work together to develop
a wel -rounded report on accounting principles.
In brief, the final term group discussion on the Accounting Principle report
plays an important role in many aspects and skil s, it also contributes to the production
of a wel -informed and comprehensive report on accounting principles. Page vi Group Report Accounting Principles PART I. C ASES I.1. Case 1
In 2022, Apache transfers the land to the buyer and revenue is recognized at
this point. Gross profit is calculated as the difference between the sel ing price and the
book value of the land. The sel ing price agreed upon between Apache (the sel er) and
the construction company (the buyer) is $3,000,000. The book value of the land on Apache's books is $1,200,000.
The gross profit recognized in 2022 is calculated as the sel ing price minus the book value:
Gross Profit 2022 = Sel ing Price – Book Value
Gross Profit 2022 = $3,000,000 – $1,200,000
Gross Profit 2022 = $1,800,000
→ Apache wil recognize a gross profit of $1,800,000 in 2022.
In 2023, the terms of the sale require a down payment of $150,000 and 19
annual payments of $150,000 plus interest at an appropriate interest rate due on each July 1 beginning in 2023.
Since Apache recognizes revenue at the point of delivery, no additional gross
profit wil be recognized in 2023. The gross profit of $1,800,000 was recognized in 2022.
→ Apache wil not recognize any additional gross profit in 2023. I.2. Case 2
1. If AuctionCo.com purchases the used bicycle for $20 from a supplier and takes
control before the sale, the company would recognize revenue of $30.
→ In this case, AuctionCo is a principal because it takes control of this used bicycle
before sale. Therefore, AuctionCo would recognize revenue of $30.
2. The customer pays $30 to AuctionCo.com, and AuctionCo.com pays $20 to the
supplier for the bicycle. AuctionCo.com's revenue would be the difference
between the amount received from the customer and the amount paid to the
supplier. So, the revenue recognized by AuctionCo.com would be $10 ($30 - $20). Page 1 Group Report Accounting Principles
→ In this case, AuctionCo is an agent because it does not take control of this used
bicycle before sale. Therefore, AuctionCo would recognize revenue of $10 (commission fees) Page 2 Group Report Accounting Principles PART II. C OSTING AND DEPRECIATION
Determine the cost of equipment and complete the table of depreciation from
2019 to 2024 using the straight-line method:
Depreciable DepreciationDepreciation Accumulated Year amount Rate
Expenses Depreciation Book value 2019 450 20% 15 15 500 2020 450 20% 90 105 485 2021 450 20% 90 195 395 2022 450 20% 90 285 305 2023 450 20% 90 375 215 2024 450 20% 75 450 140 Page 3 Group Report Accounting Principles PART III. ACCOUNTING CYCLES • Require a: We have:
Total Assets = Cash + Supplies + Equipment + Merchandise inventories –
Accumulated Depreciation + Accounts receivable
→ Total Assets = 5.693.363.362 + 345.723.100 + 4.894.263.600 + 791.530.000 – 843.959.400 + X
 Total assets = 10.880.920.662 + X We have:
Total Capital = Salary Payables + Notes Payable + Account Payable + Owner's Capital + Retained Earnings
→ Total Capital = 312.417.546 + 2.200.000.000 + 675.300.000 + 8.000.000.000 + 252.160.116
 Total Capital = 11.439.877.662
So we have: Total Assets = Total Capital
 10.880.920.662 + X = 11.439.877.662  X = 558.957.000 • Require b :
Record the transactions to the General Journal Date Account Title REF NO. Credit Debit 1/1/2023 Cash 111/112 1.201.000.000 Notes Payable 341 1.201.000.000 5/1/2023 Merchandise 156 400.000.000 Inventories (=5.000*80.000) Cash 111/112 400.000.000 7/1/2023 Cash 111/112 245.200.000 Account 131 245.200.000 Receivable 7/1/2023 Rent Expense 641 20.000.000 Cash 111/112 20.000.000 10/1/2023 Cash 111/112 1.680.000.000 (=12.000*140.000) Page 4 Group Report Accounting Principles Service 511 1.680.000.000 Revenue COGS 632 951.530.000 (=10,000*79,153) Merchandise 156 951.530.000 Inventories 12/1/2023 Accounts 331 452.430.000 Payable Cash 111/112 452.430.000 15/1/2023 Merchandise 156 724.500.000 Inventories (=9.000*80.500) Accounts 331 724.500.000 Payable 18/1/2023 Cash 111/112 300.000.000 Owner's 411 300.000.000 Investment Capital 20/1/2023 Utility 642 107.812.000 Expense Cash 111/112 107.812.000 25/1/2023 Cash 111/112 450.000.000 Accounts 131 300.000.000 Receivable Service 511 750.000.000 Revenue (=5.000*150.000) COGS 632 401.000.000 (=3.000*80.000+2.000* 80.500) Merchandise 156 401.000.000 Inventories 31/1/2023 Employees 641 75.483.000 Salary Expense Administration 642 128.540.000 Salary Expense Salary 334 204.023.000 Expense 31/1/2023 Accrued 641 55.000.000 Depreciation Expense At The Sel ing Page 5 Group Report Accounting Principles Division Accrued 642 140.000.000 Depreciation Expense At The Administration Division Depreciation 214 195.000.000 Of Fixed Assets 31/1/2023 Interest 635 12.010.000 Expenses Cash 111/112 12.010.000 31/1/2023 Sel ing 641 12.000.000 Expenses Cash 111/112 12.000.000 31/1/2023 Service 511 2.430.000.000 Revenue Determine 911 2.430.000.000 Business Performance Determine 911 1.903.375.000 Business Results COGS 632 1.352.530.000 Financial 635 12.010.000 Expenses Sel ing 641 162.483.000 Expenses Enterprise 642 376.352.000 Cost Management Cost Of 821 105.325.000 Corporate (526.625.000*20%) Income Tax Compulsory 333 105.325.000 Tax Determining 911 105.325.000 Business Performance Cost Of 821 105.325.000 Corporate Page 6 Group Report Accounting Principles Income Tax Determining 911 421.300.000 Business Performance Retained 421 421.300.000 Earnings
Transfer the data to the T accounts Dr. Cash Cr. Dr. Account Receivable Cr. 5.693.363.362 558.957.000 1.201.000.000 400.000.000 300.000.000 245.200.000 245.200.000 20.000.000 1.680.000.000 452.430.000 300.000.000 107.812.000 450.000.000 12.010.000 300.000.000 245.200.000 12.000.000 613.757.000 3.876.200.000 1.004.252.000 8.565.311.362 Dr. Supplies Cr. 345.723.100 Dr. Merchandise Inventories Cr. 791.530.000 400.000.000 951.530.000 724.500.000 401.000.000 - - 345.723.100 1.124.500.000 1.352.530.000 Page 7 Group Report Accounting Principles 563.500.000 Dr. Fixed Assets Cr. Dr. Account Payable Cr. 4.894.263.600 675.300.000 452.430.000 724.500.000 - - 452.430.000 724.500.000 4.894.263.600 947.370.000 Dr. Accumulated Depreciation Cr. Dr. Salary Expense Cr. 843.959.400 312.417.546 195.000.000 204.023.000 - 195.000.000 - 204.023.000 1.038.959.400 516.440.546 Dr. Notes Payable Cr. Dr. Retained Earnings Cr. 2.200.000.000 252.160.116 1.201.000.000 421.300.000 - 1.201.000.000 - 421.300.000 3.401.000.000 673.460.116 Page 8