accounting principles a business perspective financial

《accounting principles a business perspective financial》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。

1、9Receivablesandpayables9.1LearningobjectivesAfterstudyingthischapter,youshouldbeableto:•Accountforuncollectibleaccountsreceivableundertheallowancemethod.•Recordcreditcardsalesandcollections.•Defineliabilities,currentliabilities,andlong-termliabilities.•Definean

2、daccountforclearlydeterminable,estimated,andcontingentliabilities.•Accountfornotesreceivableandpayable,includingcalculationofinterest.•Accountforborrowingmoneyusinganinterest-bearingnoteversusanoninterest-bearingnote.•Analyzeandusethefinancialresults—accountsre

3、ceivableturnoverandthenumberofdays'salesinaccountsreceivable.9.2AcareerinlitigationsupportWhatislitigationsupport?Itdoesnotmeanworkinginanattorney'soffice.Itinvolvesassistinglegalcounselinattemptingtogainfavorableverdictsinacourtoflaw.Personsinvolvedinlitigatio

4、nsupportgenerallyworkforapublicaccountingfirm,aconsultingfirm,orasasoleproprietororinpartnershipwithothers.Anexperiencedlitigationsupportpersoncanexpecttoearnanincomewellintosixfigures.Litigationsupportinabroadsenseencompassesfraudauditing,valuationanalysis,inv

5、estigativeaccounting,andforensicaccounting.Thepracticeoflitigationsupportinvolvesassistinglegalcounselinsuchthingsasproductliabilitydisputes,shareholderdisputes,contractbreaches,andmajorlossesreportedbyentities.Theseinvestigationsrequiretheaccountanttogatherand

6、evaluateevidencetoassesstheintegrityanddollaramountssurroundingtheaforementionedsituations.Theaccountantcanbe,andoftenis,requestedtoserveasanexpertwitnessinacourtoflaw.Thisexperiencerequiresknowledgeofaccountingandauditinginadditiontopossessinggoodcommunication

7、skills,appropriatecredentials,relevant11experience,andcriticalinformationthatcouldresultinsuccessfulresolutionoftheissue.Whatkindofpersonpursueslitigationsupportasacareer?Ittakesaveryspecialindividual.Thepersonmustbepartaccountant,partauditor,partlawyer,andpart

8、skilledbusinessperson.Anundergraduateaccountingdegree,anMBA,andalawdegreewouldbetheperfecteducationalbackgroundneededforsuchacareer.ManyuniversitiesofferacombinedMBA/JDprogr