MGT 8803 WEEK 1-3 LECTURE NOTES ON OPERATIONS & SUPPLY CHAIN MANAGEMENT WITH
COMPLETE SOLUTIONS 100% CORRECT | NEW UPDATE
Step 1 of Accounting Cycle - (ANSWER)Analyze transactions
Step 2 of Accounting Cycle - (ANSWER)Record effects (journal entries)
Step 3 of Accounting Cycle - (ANSWER)Summarize by account (T-accounts)
Step 4 of Accounting Cycle - (ANSWER)Prepare reports (financial statements)
Double-entry accounting rule - (ANSWER)Every transaction has ‚â•1 debit + 1 credit
AED (Accounts that increase with debits) - (ANSWER)Assets, Expenses, Dividends
In double entry, Debit means... - (ANSWER)Left side
In double entry, Credit means... - (ANSWER)Right side
Cash-basis accounting - (ANSWER)Record when cash changes hands
Accrual-basis accounting - (ANSWER)Record when work done or cost incurred
Why accrual is better than cash basis - (ANSWER)Matches performance to correct periods
Revenue recognition rule - (ANSWER)Work done + Cash collected or probable
Revenue recognition: Prepaid service - (ANSWER)No revenue until work done
, MGT 8803 WEEK 1-3 LECTURE NOTES ON OPERATIONS & SUPPLY CHAIN MANAGEMENT WITH
COMPLETE SOLUTIONS 100% CORRECT | NEW UPDATE
Revenue recognition: Good customer, sold on account - (ANSWER)Record revenue now
Revenue recognition: Bridge half paid - (ANSWER)Record 50%, maybe rest if collection probable
Revenue recognition: Rent paid in advance - (ANSWER)Record gradually as time passes
Revenue recognition: Bad customer - (ANSWER)No revenue until collected
Revenue recognition: Long-term contract - (ANSWER)Record proportion of work done
Revenue recognition: Costco membership fee - (ANSWER)Recognize monthly, not upfront
Matching principle rule - (ANSWER)Expenses go in same period as related revenue
Default when can't match expense - (ANSWER)Recognize immediately
Expense example: Prepaid insurance - (ANSWER)Split across covered months
Expense example: December electricity (paid Jan) - (ANSWER)Record in December
Expense example: R&D - (ANSWER)Expense immediately
Expense example: December wages (paid Jan) - (ANSWER)Record in December
Expense example: Ford warranty repair - (ANSWER)Record in year car was sold
COMPLETE SOLUTIONS 100% CORRECT | NEW UPDATE
Step 1 of Accounting Cycle - (ANSWER)Analyze transactions
Step 2 of Accounting Cycle - (ANSWER)Record effects (journal entries)
Step 3 of Accounting Cycle - (ANSWER)Summarize by account (T-accounts)
Step 4 of Accounting Cycle - (ANSWER)Prepare reports (financial statements)
Double-entry accounting rule - (ANSWER)Every transaction has ‚â•1 debit + 1 credit
AED (Accounts that increase with debits) - (ANSWER)Assets, Expenses, Dividends
In double entry, Debit means... - (ANSWER)Left side
In double entry, Credit means... - (ANSWER)Right side
Cash-basis accounting - (ANSWER)Record when cash changes hands
Accrual-basis accounting - (ANSWER)Record when work done or cost incurred
Why accrual is better than cash basis - (ANSWER)Matches performance to correct periods
Revenue recognition rule - (ANSWER)Work done + Cash collected or probable
Revenue recognition: Prepaid service - (ANSWER)No revenue until work done
, MGT 8803 WEEK 1-3 LECTURE NOTES ON OPERATIONS & SUPPLY CHAIN MANAGEMENT WITH
COMPLETE SOLUTIONS 100% CORRECT | NEW UPDATE
Revenue recognition: Good customer, sold on account - (ANSWER)Record revenue now
Revenue recognition: Bridge half paid - (ANSWER)Record 50%, maybe rest if collection probable
Revenue recognition: Rent paid in advance - (ANSWER)Record gradually as time passes
Revenue recognition: Bad customer - (ANSWER)No revenue until collected
Revenue recognition: Long-term contract - (ANSWER)Record proportion of work done
Revenue recognition: Costco membership fee - (ANSWER)Recognize monthly, not upfront
Matching principle rule - (ANSWER)Expenses go in same period as related revenue
Default when can't match expense - (ANSWER)Recognize immediately
Expense example: Prepaid insurance - (ANSWER)Split across covered months
Expense example: December electricity (paid Jan) - (ANSWER)Record in December
Expense example: R&D - (ANSWER)Expense immediately
Expense example: December wages (paid Jan) - (ANSWER)Record in December
Expense example: Ford warranty repair - (ANSWER)Record in year car was sold
