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General Accounting Discussions: Need answer if anyone knows it

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    • CommentAuthorbkilgore
    • CommentTimeNov 5th 2007
     
    When determining a project’s cashflows, __________ does not represent an actual expenditure of funds in arriving at income.

    Any help would be greatly appreciated!
    • CommentAuthorCounter
    • CommentTimeNov 5th 2007
     
    Depreciation is one answer.
    • CommentAuthorJillian
    • CommentTimeNov 8th 2007
     
    I am the financial clerk for a small music store. The business owner recently reviewed the annual financial statements I prepared and sent me an e-mail stating that he thinks I overstated net income. He explains that although he has invested a great deal in security, he is sure shoplifting and other forms of inventory shrinkage have occurred, but he does not see any deduction for shrinkage on the income statement. The store uses a perpetual inventory system.

    How should I respond to the owner's concerns?
    • CommentAuthorabril
    • CommentTimeNov 8th 2007
     
    1st. depreciation, amortization etc etc.. any item that does not represent an ACTUAL cash.

    2nd. I think maybe you should ask your boss' help or ask an accountant's advice in estimating the net realizable value of your inventory.

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