Recent content by Jazzies

  1. J

    Canada Difference Between "Stated" and Market" Interest Rate

    Thank you so much everyone for the explanation! I was mainly asking how they got the numbers but I figured it out. They calculated Present value and the time value of money! All the explanations were accurate and correct thank you!
  2. J

    Canada Difference Between "Stated" and Market" Interest Rate

    I don't understand how my text book came up with these numbers. They were teaching my how to measure Interest Payable and Interest Expense on year end for example one. They didn't tell me what "P/A" and "P/F" is. Things to know on the attached file: Example one entailed that Lionel sold...
  3. J

    Canada [Help] Revenue Recognition - RETURNS

    Thank you for the reply kirby! I would like to develop a better understanding of these return accounts. Upon further research I see that Exhibit B entails some sort of "contract", but why is it more complicated than Exhibit A, and produces the same results? Exhibit A: Upon Purchase: Dr...
  4. J

    Canada [Help] Revenue Recognition - RETURNS

    Hello, I'm confused about something and I hope it's okay to ask for some more help. I always learned that a contra account to make up net sales is: sales returns and allowances. I've used this account for any returns. On my textbook, it's not saying I should use an account that either predicts...
  5. J

    Canada [Help] Cash Flow Statements (Operation Activities)

    Thank you Kirby, this helped me a lot! (There were no such clues)
  6. J

    Canada [Help] Cash Flow Statements (Operation Activities)

    Are they really cash transactions? Because my teacher told me to take all the "non-cash" transactions and adjust them from net income (like depreciation). If it is a cash transaction then that means he is correct not including it? (Thanks for the reply by the way!)
  7. J

    Canada [Help] Cash Flow Statements (Operation Activities)

    Hello, I'm doing some homework and I'm really stumped on something. My class did a practice question in class, I just don't understand this sections. I took Net Income, and I made the following adjustments to non-cash transactions (such as depreciation and gains/losses, interest expense...
  8. J

    Canada Do I need a university degree to take the CPA exam?

    I'm currently in college in Canada. I overheard some students in my class that they are going to take a few years in university before taking the CPA exam. I know there are probably going to be some thing in the CPA exam that I've never learned, but is another 3 years in University necessary...
  9. J

    What's up - just starting out

    Wanted to say hi to the community as I just started my accounting course a couple days ago. I'm currently learning the basics of financial statements - mainly looking at the balance sheet, journal entries & DR/CR ledger. I am a couple days in and I think I'm doing fair so far. I took the...
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