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Principal of Acounting
Principal of Acounting
I-READING
1-Please visit the following website:
a) International Accounting Standards Board (IASB)
http://www.iasb.org/
International Financial Reporting Standards (IFRS)
b) Financial Accounting Standards Board (FASB)
http://www.fasb.org/
Generally Accepted Accounting Principles (GAAP)
c) Pernyataan Standar Akuntansi Keuangan (PSAK)
http://iaiglobal.or.id
D-CHINA
-Vietnam
-Korea
-Timor leste
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A company’s development costs can be capitalized under IFRS, as long as certain
criteria are met. This allows a business to leverage depreciation on fixed assets. With
GAAP, development costs must be expensed the year they occur and are not allowed
to be capitalized.
6) Intangible Assets
When it comes to intangible assets, such as research and development or advertising
costs, IFRS accounting really shines as a principle-based method. It takes into
account whether an asset will have a future economic benefit as a way of assessing
the value. Intangible assets measured under GAAP are recognized at the fair market
value and nothing more.
7) Income Statements
Under IFRS, extraordinary or unusual items are included in the income statement and
not segregated. Meanwhile, under GAAP, they are separated and shown below the net
income portion of the income statement.
8) Classification of Liabilities
The classification of debts under GAAP is split between current liabilities, where a
company expects to settle a debt within 12 months, and noncurrent liabilities, which
are debts that will not be repaid within 12 months. With IFRS, there is no
differentiation made between the classification of liabilities, as all debts are
considered noncurrent on the balance sheet.
9) Fixed Assets
When it comes to fixed assets, such as property, furniture and equipment, companies
using GAAP accounting must value these assets using the cost model. The cost model
takes into account the historical value of an asset minus any accumulated
depreciation. IFRS allows a different model for fixed assets called
the revaluation model, which is based on the fair value at the current date minus any
accumulated depreciation and impairment losses.
10) Quality Characteristics
Finally, one of the main differentiating factors between IFRS and GAAP is the
qualitative characteristics to how the accounting methods function. GAAP works
within a hierarchy of characteristics, such as relevance, reliability, comparability and
understandability, to make informed decisions based on user-specific circumstances.
IFRS also works with the same characteristics, with the exception that decisions
cannot be made on the specific circumstances of an individual.
b-How do you understand the case of Indonesia? (Board, application, the documents, how do you
unders it?)
Conflict between large-scale oil-palm producers and local communities is widespread in palm-oil
producer nations. With a potential doubling of oil-palm cultivation in Indonesia in the next ten
years it is likely that conflicts between the palm-oil industry and communities will increase. We
develop and apply a novel method for understanding spatial patterns of oil-palm related conflicts.
We use a unique set of conflict data derived through systematic searches of online data sources and
local newspaper reports describing recent oil-palm land-use related conflicts for Indonesian
Borneo, and combine these data with 43 spatial environmental and social variables using boosted
regression tree modelling. Reports identified 187 villages had reported conflict with oil-palm
companies. Spatial patterns varied with different types of conflict. Forest-dependent communities
were more likely to strongly oppose oil-palm establishment because of their negative perception of
oil-palm development on the environment and their own livelihoods. Conflicts regarding land
boundary disputes, illegal operations by companies, perceived lack of consultation, compensation
and broken promises by companies were more associated with communities that have lower
reliance on forests for livelihoods, or are located in regions that have undergone or are undergoing
forest transformation to oil-palm or industrial-tree-plantations. A better understanding of the
characteristics of communities and areas where different types of conflicts have occurred is a
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fundamental step in generating hypotheses about why certain types of conflict occur in certain
locations. Insights from such research can help inform land use policy, planning and management
to achieve more sustainable and equitable development. Our results can also assist certification
bodies (e.g. the Roundtable for Sustainable Palm Oil-RSPO, and the Indonesian and Malaysian
versions, ISPO and MSPO), non-government-organisations, government agencies and other
stakeholders to more effectively target mediation efforts to reduce the potential for conflict arising
in the future.
2-Please provide for the definition of the following terms (if any example can be provided, that
is recommended): (please provide for the Indonesian version from your search)
English Version
Revenue
Revenue is the amount of money that a company actually receives during a specific
period, including discounts and deductions for returned merchandise. It is the top line
or gross income figure from which costs are subtracted to determine net income.
Net Revenue
Net revenue typically refers to a company's revenue net of discounts and returns.
Sometimes, though, the user is referring to net profit, which is sales net of all
expenses.
Let's assume restaurant chain XYZ sold $1 million worth of sales for the year.
However, the chain also offered $30,000 worth of discounts throughout the year to
senior citizens, student groups and people who redeemed a certain coupon. It also
refunded $5,000 to unhappy customers for the same period. As a result, restaurant
chain XYZ's net revenue is:
$1 million - $30,000 - $5,000 = $965,000
Typically, the company records the discounts and refunds near the top of the income
statement, just under the gross revenue number.
Sales
Sales are activities related to selling or the number of goods or services sold in a
given time period.
Net Sales
Net sales are the sum of a company's gross sales minus its returns, allowances, and
discounts. Revenues reported on the income statement often represent net sales.
Profit
Profit is a financial benefit that is realized when the amount of revenue gained from a
business activity exceeds the expenses, costs and taxes needed to sustain the activity.
Any profit that is gained goes to the business's owners, who may or may not decide to
spend it on the business. Profit is calculated as total revenue less total expenses.
Gross Profit
Gross profit is the profit a company makes after deducting the costs associated with
making and selling its products, or the costs associated with providing its services.
Income
Income is the revenue a business earns from selling its goods and services or the
money an individual receives in compensation for his or her labor, services, or
investments.
Net Income
Net income - NI is equal to net earnings (profit) calculated as sales less cost of goods
sold, selling, general and administrative expenses, operating expenses, depreciation,
interest, taxes and other expenses. This number appears on a company's income
statement and is an important measure of how profitable the company is.
Earning After Tax
Earnings after tax (EAT) is the measure of a company’s net profitability. It is
calculated by subtracting all expenses and income taxes from the revenues the
business has earned. For this reason EAT is often referred to as “the bottom line.”
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Earning
Earnings typically refer to after-tax net income, sometimes known as the bottom line,
or a company's profits. Earnings are the main determinant of a company's share price,
because earnings and the circumstances relating to them can indicate whether the
business will be profitable and successful in the long run. Earnings are perhaps the
single most important and most studied number in a company's financial statements,
because they show profitability compared with analyst estimates and company
guidance. They can also be used to compare a company's performance over time and
relative with its competitors and industry peers. Companies typically report earnings
on both a quarterly and annual basis, and earnings reported that deviate from analysts'
expectations can have large impacts on stock price. For instance, if analysts on
average estimate that earnings will be $1 per share and they come in at just $0.80 per
share, the price of the stock is likely to fall on that miss.
Indonesian Version
Pendapatan (Revenue)
Pendapatan adalah seluruh penerimaan baik berupa uang maupun berupa barang yang
berasal dari pihak lain maupun hasil industri yang dinilai atas dasar sejumlah uang
dari harta yang berlaku saat itu. Pendapatan merupakan sumber penghasilan
seseorang untuk memenuhi kebutuhan sehari – hari dan sangat penting artinya bagi
kelangsungan hidup dan penghidupan seseorang secara langsung mau pun tidak
lagsung (Suroto, 2000).
Pendapatan Bersih (Net Revenue)
Pendapatan bersih biasanya mengacu pada pendapatan perusahaan setelah dikurangi
diskon dan pengembalian. Namun, kadang-kadang, pengguna mengacu pada laba
bersih, yang merupakan penjualan bersih dari semua pengeluaran.
Mari kita asumsikan rantai restoran XYZ menjual penjualan senilai $ 1 juta untuk
tahun ini. Namun, rantai tersebut juga menawarkan diskon senilai $ 30.000 sepanjang
tahun kepada warga senior, kelompok mahasiswa dan orang-orang yang menebus
kupon tertentu. Itu juga mengembalikan $ 5.000 kepada pelanggan yang tidak puas
untuk periode yang sama. Akibatnya, pendapatan bersih rantai restoran XYZ adalah:
$ 1 juta - $ 30.000 - $ 5.000 = $ 965.000
Biasanya, perusahaan mencatat diskon dan pengembalian uang di dekat bagian atas
laporan laba rugi, tepat di bawah angka pendapatan kotor.
Penjualan (Sales)
Penjualan (sales) adalah aktivitas atau bisnis menjual produk atau jasa. Dalam proses
penjualan, penjual atau penyedia barang dan jasa memberikan kepemilikan
suatu komoditas kepada pembeli untuk suatu harga tertentu. Penjualan dapat
dilakukan melalui berbagai metode, seperti penjualan langsung, dan melalui agen
penjualan.
Penjualan Bersih (Net Sales)
Penjualan bersih atau penjualan netto (net sales) adalah total pendapatan penjualan
dikurangi faktor-faktor pengurang seperti retur, komisi dan diskon.
Laba (Profit)
Laba atau keuntungan dapat didefinisikan dengan dua cara, yang pertama Laba dalam
ilmu ekonomi murni didefinisikan sebagai peningkatan kekayaan seorang investor
sebagai hasil penanam modalnya, setelah dikurangi biaya-biaya yang berhubungan
dengan penanaman modal tersebut (termasuk di dalamnya, biaya kesempatan).
Sementara itu, laba dalam akuntansi didefinisikan sebagai selisih antara harga
penjualan dengan biaya produksi.
Laba Kotor (Gross Profit)
Gross Profit Margin atau Marjin Laba Kotor adalah rasio profitabilitas yang
digunakan untuk menghitung persentase kelebihan laba kotor terhadap pendapatan
penjualan. Gross Profit atau Laba Kotor yang dimaksud disini adalah pendapatan
Penjualan yang dikurangi dengan Harga Pokok Penjualan (HPP).
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Penghasilan (Income)
Jumlah uang yang didapat dari hasil penjualan dalam jangka waktu tertentu yang
telah kurangi dengan harga pokok penjualan (HPP), beban dan biaya-biaya lainnya.
Penghasilan lebih menitik beratkan pada pengertian pendapatan bersih (net income).
Penghasilan Bersih (Net Income)
Pendapatan Bersih adalah net income yaitu selisih positif dari total pendapatan
(operasional dan non-operasional) dengan total biaya (operasional dan non-
operasional) dalam satu periode setelah dikurangi dengan taksiran pajak pendapatan.
Penghasilan Sesudah Pajak (Earning After Tax)
Jumlah penghasilan yang tersisa setelah dipotong oleh pajak penghasilan.
Penghasilan (Earning)
Penghasilan adalah setiap tambahan kemapuan ekonomis yang diterima atau
diperoleh yang dapat digunakan untuk konsumsi dan menambah kekayaan, baik dari
Indonesia maupun dari luar Indonesia dalam bentuk nama dan bentuk apapun.
3-Similarly to (please provide for the Indonesian version from your search)
a-expense, = Expenditure = Pengeluaran
b-cost, = charge = biaya
c-price = cost = harga
d-charge, = cost = biaya
e-freight = cargo = kargo
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(a) €1,500. (b) €1,000. (c) €2,500. (d) €2,000
7. During 2014, Gibson Company’s assets decreased $50,000 and its liabilities decreased $90,000. Its
equity therefore:
(a) increased $40,000. (c) decreased $40,000.
(b) decreased $140,000. (d) increased $140,000.
11. Payment of an account payable affects the components of the accounting equation in the following
way:
(a) decreases equity and decreases liabilities.
(b) increases assets and decreases liabilities.
(c) decreases assets and increases equity.
(d) decreases assets and decreases liabilities.
13. Which of the following items are liabilities of Designer
Jewelry Stores?
(a) Cash. (f) Equipment. (b) Accounts payable. (c) Dividends. payable.
(d) Accounts receivable. (e) Supplies. (g) Salaries and wages (h) Service revenue.
(i) Rent expense.
BE1-1 Presented below is the basic accounting equation (in thousands). Determine the
missing amounts.
Assets = Liabilities + Equity
BE1-4 Use the accounting equation to answer each of the following questions.
(a) The liabilities of Alli Company are £90,000. Share capital—ordinary is £150,000;
dividends are £40,000; revenues, £450,000; and expenses, £320,000. What is the amount
of Alli Company’s total assets?
Assets = Liabilities + Equity
Assets = £90,000 + (£150,000 +(£450,000 - £320,000 - £ 40,000))
Assets = £90,000 + (£150,000 + £90,000)
Assets = £90,000 + £240,000
Assets = £330,000
(b) The total assets of Planke Company are £57,000. Share capital—ordinary is £23,000;
dividends are £7,000; revenues, £50,000; and expenses, £35,000. What is the amount
of the company’s total liabilities?
Assets = Liabilities + Equity
£57,000 = Liabilities + (£23,000 + (£50,000 - £35,000 - £7,000))
£57,000 = Liabilities + £31,000
£57,000 - £31,000 = Liabilities
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£26,000 = Liabilities
(c) The total assets of Thao Co. are £600,000 and its liabilities are equal to two-thirds of
its total assets. What is the amount of Thao Co.’s equity?
Assets = Liabilities + Equity
£600,000 = £400,000 + Equity
£600,000 - £400,000 = Equity
£200,000 = Equity
BE1-5 Indicate whether each of the following items is an asset (A), liability (L), or part of
equity (E).
BE1-8 Classify each of the following items as dividends (D), revenue (R), or expense (E).