A.The portion of the cost of a fixed asset deducted from revenue of the period is debited to Depreciation Expense. The reduction in the fixed asset account is recorded by a credit to Accumulated Depreciation rather than to the fixed asset account.
- The pilot with whom Brian is riding to the north has a heart attack and the plane crashes off course.
- Flashcards are typically two-sided, with the prompt on one side and the information about the prompt on the other.
- Traditionally, the lowest point of business activity for general merchandisers will be near the end of January and the beginning of February.
- While Brian is cutting the branch for his bow and arrow, he hears a noise.
- By the end of Chapter 11, Brian has decided to make a spear in order to fish.
- This helps you to spend more time with what you remember the least.
He saves a cache of eggs, chops firewood, and recognizes that living in the wilderness has changed him in very concrete ways, such as heightening his senses. This sets the scene for Brian’s actions in Chapter 12. Taking this additional step forces you to ask yourself, “Which cards have something in common with others? ” Also, this serves as a form of chunking, which helps you to remember information together instead of separately. Browse over 1 million classes created by top students, professors, publishers, and experts. With Knowt you never have to switch between multiple apps to study or write your notes. Just select your note and we’ll create the flashcard set for you.
We jump around on the chapters
The natural business year is the fiscal year that ends when business activities https://accounting-services.net/ have reached the lowest point in the annual operating cycle.
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Long-term or relatively permanent tangible assets such as equipment, machinery, and buildings that are used in the normal business operations and that depreciate over time. Cash received for a future revenue that is initially recorded as a liability or cash paid for a future expense that is initially recorded as an asset. Property, plant, and equipment is composed of assets that are used in the business and that are of a permanent or relatively fixed nature. Explore Chapter 12 of ”Hatchet” by Gary Paulsen. Read the summary, see what Brian uses the hatchet for and his attempts to catch the fish, and study the quotes.
Manipulation of Financial Reporting
If not correct, put the card on the bottom of the pile to revisit again during that study session. This helps you to spend more time with what you remember the least. Personalize the cards to make them unique to YOU. Add cues that came to mind when reading actively or taking notes in class. Choose the category of information for your “deck” of flashcards.
- No, it is not customary for the balances of the two accounts to be equal in amount.
- The contra asset account credited when recording the depreciation of a fixed An account offset against another account.
- You can also add citations to your paper in MLS, APA, and Chicago styles.
- For example, one side of the card may say, “Augusta”, and the other side, “The capital of Maine”.
- The reduction in the fixed asset account is recorded by a credit to Accumulated Depreciation rather than to the fixed asset account.
- A concept of accounting in which expenses are matched with the revenue generated during a period by those expenses.
While in the woods, Brian nearly steps on a bird. Brian wonders if he could capture this type of bird, recognizing that this bird must not be very intelligent if he could have accidentally killed it by stepping on it.
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Flashcards are often part of spaced practice, and repetition helps you figure out what information you can remember easily and what needs additional effort. From a time management perspective, flashcards allow you to take advantage of short amounts of time that become available throughout the day or week, in addition to during planned study sessions. The journal entries that Accounting Discussion Questions Chapter 3 & 4 Flashcards bring the accounts up to date at the end of the accounting period. A concept of accounting in which expenses are matched with the revenue generated during a period by those expenses. In Chapter 12, Brian uses his hatchet to create a spear in order catch fish. When the fish spear does not work because the fish are too fast, Brian uses his hatchet to create a bow and arrow.
The end-of-period spreadsheet illustrates the flow of accounting information from the unadjusted trial balance into the adjusted trial balance and into the financial statements. In doing so, the spreadsheet illustrates the impact of the adjustments on the financial statements. Under cash-basis accounting, revenues are reported in the period in which cash is received and expenses are reported in the period in which cash is paid. Under accrual-basis accounting, revenues are reported in the period in which they are earned and expenses are reported in the same period as the revenues to which they relate. One of the main plot points of Hatchet is that Brian is stranded in the wilderness of Canada with only a hatchet.
Chapter 12 of Hatchet by Gary Paulsen
Course Hero is not sponsored or endorsed by any college or university. The liability created by receiving revenue in advance. When revenue has been earned or an expense has been incurred but has not been recorded. The concept that supports recording revenues when services have been performed or products delivered to customers. We brought real Experts onto our platform to help you even better! Ask study questions in English and get your answer as fast as 30min for free.
- When the plane leaves at the end of the chapter without seeing Brian and his signal, Brian loses hope and believes he will be lost in the wilderness forever.
- Statement increases the balance of a revenue account.
- His sense of loneliness is keen at this moment.
- Brian tries to make a signal fire using smoke.
- While in the woods, Brian nearly steps on a bird.
- In doing so, the spreadsheet illustrates the impact of the adjustments on the financial statements.
In Chapter 12 of Hatchet, Brian has just reached a level of acceptance about his life in the wild. By the end of Chapter 11, Brian has decided to make a spear in order to fish. When the fish spear does not work, Brian decides to make a bow and arrow to hunt the fish. Brian is chopping wood for a bow and arrow when he hears a sound. At first, Brian does not recognize the sound, but then he realizes it is an airplane. Brian believes this is a search plane that is out looking for him. He gets his hopes up and builds up a signal fire with smoke.
There are several websites that can be used to create flashcards. In addition to making physical cards, you also may choose to use a platform to make virtual cards. If you are taking a group approach, you can use Google Docs to construct the cards together. There are also apps for use on smartphones, which can be very convenient for accessing your flashcards from anywhere. Select the most important information within that category. This can be a great opportunity to predict which information will likely be on the exam, and think about what are the most critical ideas. Often there are hints about this, such as bolded terms in the textbook or concepts that your professor emphasized or repeated in class.
Hatchet is a young adult survival novel by author Gary Paulsen. Hatchet tells the story of Brian Robeson, who survives a plane crash while on the way to visit his father in the northern oil sands of Canada. The pilot with whom Brian is riding to the north has a heart attack and the plane crashes off course.
you have to have read chapter 1 and have done the homework
The contra asset account credited when recording the depreciation of a fixed An account offset against another account. Sometimes called the matching principle, requires expenses to be recorded in the same period as the related revenue. Revenue, expense, and dividends accounts are generally referred to as temporary accounts.
In Chapter 12 of Hatchet, Brian has decided to attempt to hunt fish using a spear. He uses his hatchet to craft a spear, but the spear does not work; the fish are too fast. Realizing that the fish are too fast and fishing with a spear will be futile, Brian decides he needs to craft a bow and arrow in order to hunt them. Below are the steps to create your flashcards, along with approaches to test memory and make meaning of the information as you go along. Flashcards are small note cards used for testing and improving memory through practiced information retrieval. Flashcards are typically two-sided, with the prompt on one side and the information about the prompt on the other. This may include names, vocabulary, concepts, or procedures.
Adjusting entries are necessary at the end of an accounting period to bring the ledger up to date. If you are logged in to your account, this website will remember which cards you know and don’t know so that they are in the same box the next time you log in. While Brian is out in the woods with his trusty hatchet looking for wood that would be suitable for a bow, he nearly steps on a bird. Brian suspects that he could have caught this bird had he been trying because the bird was obviously not very intelligent if it was nearly stepped on.
Increases the balance of a liability account. The justification for debiting Rent Expense is that when the ledger is summarized in a trial balance at the end of the month and statements are prepared, the rent will have become an expense. Hence, no adjusting entry will be necessary. Under this basis of account-ing, revenues and expenses are reported in the income statement in the period in which they are earned or incurred.