QuickBooks Online 2021 managing users, let’s get into it with Intuit QuickBooks Online 2021. Here we are in our get great guitars practice file, we’re going to go up to the user settings, which is up in the cog in the upper right hand side. So we’ll select the cog, we’re in the your company area or the your company section, we want to go down to the Manage Users. So then within the Manage Users, you can basically break them out first into two categories, one being the user category.
Posts with the included tag
Consolidation – Interim Acquisition
Advanced financial accounting PowerPoint presentation. In this presentation we will discuss consolidation and interim acquisition. In other words, we have a parent subsidiary relationship that parent owning a controlling interest over 51%. However, that controlling interest took place for a purchase of the common stock of the subsidiary that happened in the middle of the year. So prior to this, we’ve been talking about situations where we are doing consolidations for an entire year. And you may have question probably popped up in your head at some point in time as well what would happen if the purchase took place in the middle of the year now we have that mid year kind of purchase worse, especially concerned with that first year where the consolidation didn’t really happen. I mean, there wasn’t a consolidated ownership until sometime in the middle of the year, get ready to account with advanced financial accounting. So we’re talking about a situation where we have a consolidation but the consolidation happened in the middle of the years. We’re thinking about that first year, primarily What would happen? Well, if the consolidation didn’t take place in January in other words, the parent didn’t purchase the controlling interest in the subsidiary at the beginning of the year but happened at some point in the middle of the year what’s going to be the impact on the year in consolidation, which typically happens for the entire year? Well, the subsidiary is seen as being part of the consolidated entity from the time the stock is acquired, even if acquired in the middle of the year.
Other Foreign Operations Issues
Advanced financial accounting PowerPoint presentation. In this presentation we will discuss other foreign operations issues, get ready to account with advanced financial accounting, other foreign operations issues. So we’re going to start off with an issue related to the parent company having a foreign subsidiary. Typically when that is the case, they’re going to have to consolidate. In other words, you’re going to have to get the foreign subsidiary books in some way to the US dollar and then do the consolidation process. However, you might have a situation where that wouldn’t take place under certain conditions. So, parent generally consolidates a foreign subsidiary except when certain conditions are so severe that the US company owning the foreign company may not be able to exercise the necessary level of economic control. So notice when we think about the consolidation process, we’ll typically think about, we need to consolidate the entities if there’s control right over the 51% is that going to be a general rule but the overarching concept is that there is control. Now if there are certain conditions even though it’s the ownership is over the 51%, we would think there would be control, but there are certain conditions in the foreign subsidiary that are restricting that economic control, then then they might not meet you know that condition and therefore in that situation you might not have the consolidation process. So in that situation then you might have a parent company that has basically a controlling interest you would think in terms of the stock, the stock but you’re not having a consolidation due to the due to one of these factors limiting the actual economic control. So, those include restrictions on foreign exchange in foreign country. So severe strict restrictions, there could be one of the items that would stop the basically consolidation process possibly restrictions on transfers of property in foreign country.
Threshold Tests for Segment Reporting
Advanced financial accounting PowerPoint presentation. In this presentation we will discuss threshold tests for segments reporting, get ready to account with advanced financial accounting threshold tests for segment reporting separate supplemental disclosures that need to be made for separately reportable operating segments. So we’ve got these separately reportable operating segments, we have to then determine what type of reporting needs to be taking place for them. determining if a segment needs separately reported information. There are 310 percent quantitative rules FA SB specifies separate disclosure is needed for any segment that meets at least one of the three tests that follow. So we have the segment we got to think about Okay, do we need separate disclosure for this segment, and in order to determine that we’re going to use these 310 percent tests, they only need to meet one of these tests in order for the separate disclosure to be necessary that being 10% revenue test 10% profit or loss test and 10% assets tests. We’re going to go into more detail on each of these tests. Now some we’re going next slides we’ll be focusing in on these three items. So we’re going to start of course with the 10% revenue test. If an operating segments revenue, including both external sales and intersegment sales or transfers is 10% or more of total revenues from external sales plus intersegment. transactions of all operating segments, then segment is separately reported and supplemental disclosures must be provided for it in the annual report so that we have the 10% of revenue basically top line of course on the income statement to determine if the segment is separately reportable. Then we have the 10% of profit and loss. So now the next test now looking at the bottom line, of the income statement, as opposed to The top line if the absolute value of the segments profit or loss or absolute value, so, if we have a income or loss is 10% or more of the higher in absolute value of a the total profit of all operating segments that did not report a loss or be total loss of all operating segments that did report a loss, then the segment is separately reportable and supplementary disclosures must be provided for it in the annual report. So, you can think about these tests you got the 10% of the top line of the income statement, the revenue, basically 10% of the bottom line, profit or loss on the income statement. Now, we’re looking at the balance sheet 10% of assets tests. If these segments assets are 10% or more of the total assets of all operating segments, then the segment is separately reportable and supplementary disclosures must be provided for it in the annual report.
Other Foreign Operations Issues
Advanced financial accounting PowerPoint presentation. In this presentation we will discuss other foreign operations issues, get ready to account with advanced financial accounting, other foreign operations issues. So we’re going to start off with an issue related to the parent company having a foreign subsidiary. Typically when that is the case, they’re going to have to consolidate. In other words, you’re going to have to get the foreign subsidiary books in some way to the US dollar and then do the consolidation process. However, you might have a situation where that wouldn’t take place under certain conditions. So, parent generally consolidates a foreign subsidiary except when certain conditions are so severe that the US company owning the foreign company may not be able to exercise the necessary level of economic control. So notice when we think about the consolidation process, we’ll typically think about, we need to consolidate the entities if there’s control right over the 51% is that going to be a general rule but the overarching concept is that there is control. Now if there are certain conditions even though it’s the ownership is over the 51%, we would think there would be control, but there are certain conditions in the foreign subsidiary that are restricting that economic control, then then they might not meet you know that condition and therefore in that situation you might not have the consolidation process. So in that situation then you might have a parent company that has basically a controlling interest you would think in terms of the stock, the stock but you’re not having a consolidation due to the due to one of these factors limiting the actual economic control. So, those include restrictions on foreign exchange in foreign country. So severe strict restrictions, there could be one of the items that would stop the basically consolidation process possibly restrictions on transfers of property in foreign country.
Interim Financial Reporting Rules
Advanced financial accounting PowerPoint presentation. In this presentation we will take a look at interim financial reporting or rules get ready to account with advanced financial accounting. Interim financial reporting rules started off with interim report. So interim reports they will cover a time period of less than a single year. So when we’re thinking about the interim reports, when we’re thinking about interim information, we have the year in information when we think about financial statements, we often what pops into most people’s head most of the time are going to be for the year ended financial statements income statement covering January through December balance sheet covering the year end. If it’s a fiscal year calendar year in interim, then we’re going to be talking about the financial statements at some interim period typically quarterly, quarterly meaning first, second, third quarter and then you got the yearly information for the fourth quarter. Therefore, the interim reports they will cover a time period of less than a single year. The goal is to provide timely information about the company’s options. Throughout the year, so obviously more information is nice. We want timely information for the decision makers, we got the year end reports, it would be nice if we have the quarterly reports, which we have now, to give us more timely information as the year goes by. quarterly reports are required to be published for publicly held companies. So if you’re a publicly held company, that company’s stock is being traded on stock exchanges and whatnot, then people need current information. The market needs current information. Therefore, it’s a requirement to have the quarterly reporting for that timely information. The quarterly reports can generally be thought of as smaller versions of the annual report. So when we think about the annual reporting, what’s going to be included in it, the quarterly reports is, as you would kind of expect, right a smaller version of that as we’re doing the reporting for a timeframe that’s going to be less than the entire year. Here some type of interim reporting requirements form q 10 q or form 10 q sec s quarterly report.
Threshold Tests for Segment Reporting
Advanced financial accounting PowerPoint presentation. In this presentation we will discuss threshold tests for segments reporting, get ready to account with advanced financial accounting threshold tests for segment reporting separate supplemental disclosures that need to be made for separately reportable operating segments. So we’ve got these separately reportable operating segments, we have to then determine what type of reporting needs to be taking place for them. determining if a segment needs separately reported information. There are 310 percent quantitative rules FA SB specifies separate disclosure is needed for any segment that meets at least one of the three tests that follow. So we have the segment we got to think about Okay, do we need separate disclosure for this segment, and in order to determine that we’re going to use these 310 percent tests, they only need to meet one of these tests in order for the separate disclosure to be necessary that being 10% revenue test 10% profit or loss test and 10% assets tests. We’re going to go into more detail on each of these tests. Now some we’re going next slides we’ll be focusing in on these three items. So we’re going to start of course with the 10% revenue test. If an operating segments revenue, including both external sales and intersegment sales or transfers is 10% or more of total revenues from external sales plus intersegment. transactions of all operating segments, then segment is separately reported and supplemental disclosures must be provided for it in the annual report so that we have the 10% of revenue basically top line of course on the income statement to determine if the segment is separately reportable. Then we have the 10% of profit and loss. So now the next test now looking at the bottom line, of the income statement, as opposed to The top line if the absolute value of the segments profit or loss or absolute value, so, if we have a income or loss is 10% or more of the higher in absolute value of a the total profit of all operating segments that did not report a loss or be total loss of all operating segments that did report a loss, then the segment is separately reportable and supplementary disclosures must be provided for it in the annual report. So, you can think about these tests you got the 10% of the top line of the income statement, the revenue, basically 10% of the bottom line, profit or loss on the income statement. Now, we’re looking at the balance sheet 10% of assets tests. If these segments assets are 10% or more of the total assets of all operating segments, then the segment is separately reportable and supplementary disclosures must be provided for it in the annual report.
Inventory Costs
In this presentation we will discuss what will be included or should be included in inventory costs. So when considering inventory cost, clearly we have the cost of the inventory which would be included. But there are other components that we want to keep aware of. And keep in mind that could be included in the cost of inventory as we record that inventory cost that purchase price or the amount in dollars of inventory on the financial statements. One is going to be Do we have to pay for the shipping costs and that typically will have to do with the terms of fo B shipping point, or fob destination is going to be a common question that is asked and a common factor in practice that we need to consider.