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Accrual Accounting

Accrual Accounting. Class Announcements. Assignment #3 due January 27th; available on-line Assignment #4 due February 3rd Next class (January 27 th) Research Paper (in Lab SCHW 252 for both sections 9:00-9:45am) ; Guest: Rita Campbell , Liaison Librarian, Business Administration

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Accrual Accounting

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  1. Accrual Accounting

  2. Class Announcements • Assignment #3 due January 27th; available on-line • Assignment #4 due February 3rd • Next class (January 27th) Research Paper (in Lab SCHW 252 for both sections 9:00-9:45am); Guest: Rita Campbell, Liaison Librarian, Business Administration • The Leaders Summit @ X: Developing the Great Traits, January 24 and 25, 2014 • Keynote address: 7:30 p.m. on Jan. 24 at the StFX Schwartz Auditorium by Olympians Mark Tewksbury and Debbie Muir

  3. Class Objectives • Applying concepts integrated into the accounting conceptual framework to a situation • GAAP • Accrual Accounting • Measurement • Etc.

  4. The Sheepherders • In the high mountains of Chatele, two sheepherders, Deyonne and Batonne, sit arguing their relative positions in life, an argument which has been going on for years. Deyonne says that he has 400 sheep while Batonne has only 360 sheep. Therefore, Deyonne claims, he is much better off. Batonne, on the other hand, argues that he has 30 acres of land while Deyonne has only 20 acres; then too, Deyonne’s land was inherited while Batonne had given 35 sheep for 10 acres of land 10 years ago, and this year he gave 40 sheep for 10 acres of land. Batonne also observes that of Deyonne’s sheep 35 belong to another man and he merely watches over them. Deyonne counters that he has a large one-room cabin that he built himself. He claims that he has been offered three acres of land for the cabin. Besides these things, he has a plow, which was a gift from a friend and is worth a couple of goats; two carts which were given him in trade for a poor acre of land; and an ox which he had acquired for five sheep. • Batonne goes on to say that his wife has orders for five coats to be made of homespun wool, and that she will receive 25 goats for them. His wife has 10 goats already, 3 of which have been received in exchange for 1 sheep just last year. She has an ox which she acquired in a trade for three sheep. She also has one cart which cost her two sheep. The Batonne’s two-room cabin, even though smaller in dimensions than Deyonne’s, should bring him two choice acres of land in a trade. Deyonne is reminded by Batonne that he owes Tyrone three sheep for bringing up his lunch each day last year.

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