1 Federal Deposit Insurance Corporation th Street NW, Washington, D.C Financial Institution Letter FIL October 16, 2008 IDENTITY THEFT RED FLAGS, ADDRESS DISCREPANCIES, AND CHANGE OF ADDRESS REGULATIONS Examination Procedures Summary: The FDIC has issued the attached examination procedures on identity theft red flags, address discrepancies, and change of address requests. Distribution: FDIC-Supervised Banks (Commercial and Savings) Suggested Routing: Chief Compliance Officer Chief Information Security Officer Related Topics: FIL , Identity Theft Red Flags, November 15, 2007 FIL , Identity Theft, FDIC s Supervisory Policy on Identity Theft, April 11, 2007 FIL , Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice, April 1, 2005 FIL , Guidelines Requiring the Proper Disposal of Consumer Information, February 2, 2005 FIL , Guidelines Establishing Standards for Safeguarding Customer Information, March 14, 2001 Attachment: Identity Theft Red Flag, Address Discrepancies, and Change of Address Examination Procedures Contacts: Jeffrey Kopchik, Senior Policy Analyst, at or (202) ; or Richard Schwartz, Counsel, at or (202) Note: To receive FILs electronically, please visit FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA ( or ). Highlights: The exam procedures are intended to assist financial institutions in implementing the Identity Theft Red Flags, Address Discrepancies, and Change of Address Regulations, reflecting the requirements of Sections 114 and 315 of the Fair and Accurate Credit Transactions Act of The regulations require o financial institutions and creditors to implement a written identity theft prevention program; o card issuers to assess the validity of o change of address requests; and users of consumer reports to verify the identity of the subject of a consumer report in the event of a notice of address discrepancy. The regulations and guidelines took effect on January 1, 2008, and compliance is required by November 1, Risk management examiners will examine institutions for compliance with the red flags regulation (12 CFR ) during risk management examinations. Compliance examiners will examine institutions for compliance with the address discrepancies and change of address regulations (12 CFR and ) during compliance examinations.
2 Risk Management Examiners Introduction to Red Flags Examination Procedures Section 615(e) requires the federal banking agencies and the NCUA (the Agencies) as well as the FTC to prescribe regulations and guidelines for financial institutions and creditors 1 regarding identity theft. On November 9, 2007, the Agencies published final rules and guidelines in the Federal Register implementing this section. (72 FR 63718) Definitions (12 CFR (b). The following regulatory definitions pertain to the regulations regarding identity theft red flags: 1. An account is a continuing relationship established by a person with a financial institution to obtain a product or service for personal, family, household or business purposes. An account includes a. an extension of credit, such as the purchase of property or services involving a deferred payment; and b. a deposit account. 2. The board of directors includes, for a branch or agency of a foreign bank, the managing official in charge of the branch or agency and, for any other creditor that does not have a board of directors, a designated employee at the level of senior management. 3. A covered account is: a. an account that a financial institution offers or maintains, primarily for personal, family, or household purposes, that involves or is designed to permit multiple payments or transactions, and b. any other account offered or maintained by the financial institution for which there is a reasonably foreseeable risk to customers or the safety and soundness of the financial institution from identity theft, including financial, operational, compliance, reputation or litigation risks. 4. A customer is a person that has a covered account with a financial institution. 5. Identity theft means a fraud committed or attempted using the identifying information of another person without authority. Identifying information means any name or number that may be used alone or in conjunction with any other information to identify a specific person. (16 CFR 603.2) 6. A red flag is a pattern, practice or specific activity that indicates the possible existence of identity theft. 1 For purposes of these examination procedures, financial institutions and creditors are referred to jointly as financial institutions. 2
3 7. A service provider is a person that provides a service directly to a financial institution. Periodic identification of covered accounts (12 CFR (c)). Each financial institution must periodically determine whether it offers or maintains covered accounts. As part of this determination, the financial institution must conduct a risk assessment to determine whether it offers or maintains covered accounts taking into consideration a. the methods it provides to open its accounts, b. the methods it provides to access its accounts, and c. its previous experiences with identity theft. Establishment of an identity theft prevention program (Program) (12 CFR (d)). A financial institution must develop and implement a written Program designed to detect, prevent, and mitigate identity theft in connection with the opening of a covered account or any existing covered account. The Program must be tailored to the financial institution s size and complexity and the nature and scope of its operations and must contain reasonable policies and procedures to: a. identify red flags for the covered accounts the financial institution offers or maintains and incorporate those red flags into the Program; b. detect red flags that have been incorporated into the Program; c. respond appropriately to any red flags that are detected to prevent and mitigate identity theft; and d. ensure the Program (including the red flags determined to be relevant) is updated periodically to reflect changes in risks to customers and to the safety and soundness of the financial institution from identity theft. Administration of the Program (12 CFR_ (e)). A financial institution must provide for the continued administration of the Program by: a. obtaining approval of the initial written Program by the board of directors or an appropriate committee of the board; b. involving the board of directors, a committee of the board, or an employee at the level of senior management in the oversight, development, implementation, and administration of the Program; c. training staff, as necessary, to implement the Program effectively; and d. exercising appropriate and effective oversight of service provider arrangements. Guidelines (12 CFR (f)). Each financial institution that is required to implement a Program also must consider the guidelines in Appendix J of the regulation and include in its 3
4 Program those guidelines that are appropriate. The guidelines are intended to assist financial institutions in the formulation and maintenance of a Program that satisfies the regulatory requirements. A financial institution may determine that a particular guideline is not appropriate to incorporate into its Program; however, the financial institution must have policies and procedures that meet the specific requirements of the rules. A financial institution may incorporate into its Program, as appropriate, its existing policies, procedures, and other arrangements that control reasonably foreseeable risks to customers and to the safety and soundness of the financial institution from identity theft. Illustrative examples of red flags are located in Supplement A to Appendix J of the regulation. A financial institution is not required to use the examples, nor will it need to justify its failure to include in its Program a specific red flag from the list of examples. However, the financial institution must be able to account for the overall effectiveness of its Program that is appropriate to its size and complexity and the nature and scope of its activities. Red Flags Examination Procedures (12 CFR ) 1. Verify that the financial institution periodically identifies covered accounts it offers or maintains. 3 Verify that the financial institution: included accounts for personal, family and household purposes, that permit multiple payments or transactions; and conducted a risk assessment to identify any other accounts that pose a reasonably foreseeable risk of identity theft, taking into consideration the methods used to open and access accounts, and the institution s previous experiences with identity theft. (12 CFR (c) 2. Review examination findings in other areas (e.g., Bank Secrecy Act, Customer Identification Program and Customer Information Security Program) to determine whether there are deficiencies that adversely affect the financial institution s ability to comply with the Identity Theft Red Flags Rules (Red Flag Rules). 3. Review any reports, such as audit reports and annual reports prepared by staff for the board of directors 4 (or an appropriate committee thereof or a designated senior 2 2 The risk assessment and identification of covered accounts is not required to be done on an annual basis. This should be done periodically, as needed. 3 A covered account includes: (i) an account primarily for personal, family, or household purposes, such as a credit card account, mortgage loan, auto loan, checking or savings account that permits multiple payments or transactions, and (ii) any other account that the institution offers or maintains for which there is a reasonable foreseeable risk to customers or the safety and soundness of the institution from identity theft. 12 CFR (b)(3). 4 The term board of directors includes: (i) in the case of a branch or agency of a foreign bank, the managing official in charge of the branch or agency, and (ii) in the case of any other creditor that does not have a Board of Directors, a designated employee at the level of senior management. 4
5 management employee) on compliance with the Red Flag Rules, including reports that address: the effectiveness of the financial institution s Identity Theft Prevention Program (Program), significant incidents of identity theft and management s response, oversight of service providers that perform activities related to covered accounts, and recommendations for material changes to the Program. Determine whether management adequately addressed any deficiencies. (12 CFR (f); Guidelines, Section VI) 4. Verify that the financial institution has developed and implemented a comprehensive written Program designed to detect, prevent, and mitigate identity theft in connection with the opening of a covered account or an existing covered account. The Program must be appropriate to the size and complexity of the financial institution and the nature and scope of its activities. (12 CFR (d)(1)) Verify that the financial institution considered the guidelines in Appendix J to the regulation (Interagency Guidelines on Identity Theft Detection, Prevention, and Mitigation) in the formulation of its Program and included those that are appropriate. (12 CFR (f)) Determine whether the Program has reasonable policies, procedures and controls to effectively identify and detect relevant Red Flags and to respond appropriately to prevent and mitigate identity theft. (12 CFR (d)(2)(i)-(iii)) Financial institutions may, but are not required to, use the illustrative examples of Red Flags in Supplement A to the Guidelines to identify relevant Red Flags (12 CFR (d)(2); Guidelines, Sections II, III and IV) Determine whether the financial institution uses technology to detect Red Flags. If it does, discuss with management the methods by which the financial institution confirms the technology is working effectively to detect, prevent, and mitigate identity theft. Determine whether the Program (including the Red Flags determined to be relevant) is updated periodically to reflect changes in the risks to customers and the safety and soundness of the financial institution from identity theft. (12 CFR (d)(2)(iv)) Verify that (i) the board of directors (or appropriate committee thereof) initially approved the Program, and (ii) the board (or an appropriate committee thereof, or a designated senior management employee) is involved in the oversight, development, implementation and administration of the Program. (12 CFR (e)(1) and (2)) 5
6 5. Verify that the financial institution trains appropriate staff to effectively implement and administer the Program. (12 CFR (e)(3)) 6. Determine whether the financial institution exercises appropriate and effective oversight of service providers that perform activities related to covered accounts. (12 CFR (e)(4)) Conclusion: On the basis of examination procedures completed, form a conclusion about whether the financial institution has developed and implemented an effective, comprehensive written Program designed to detect, prevent and mitigate identity theft. Compliance Examiners Introduction to Address Discrepancy Examination Procedures Section 605(h)(1) requires that, when providing a consumer report to a person that requests the report (a user), a nationwide consumer reporting agency (NCRA) must provide a notice of address discrepancy to the user if the address provided by the user in its request substantially differs from the address the NCRA has in the consumer s file. Section 605(h)(2) requires the federal banking agencies and the NCUA (the Agencies) and the FTC to prescribe regulations providing guidance regarding reasonable policies and procedures that a user of a consumer report should employ when such user has received a notice of address discrepancy. On November 9, 2007, the agencies published final rules in the Federal Register implementing this section. (72 FR 63718) Definitions 1. Nationwide consumer reporting agency. Section 603(p) defines an NCRA as one that compiles and maintains files on consumers on a nationwide basis and regularly engages in the practice of assembling or evaluating and maintaining the following two pieces of information about consumers residing nationwide for the purpose of furnishing consumer reports to third parties bearing on a consumer s credit worthiness, credit standing, or credit capacity: a. Public record information and b. Credit account information from persons who furnish that information regularly and in the ordinary course of business. 2. Notice of address discrepancy (12 CFR (b)). A notice of address discrepancy is a notice sent to a user by an NCRA (section 603(p)) that informs the user of a substantial difference between the address for the consumer that the user provided to request the consumer report and the address(es) in the NCRA s file for the consumer. 6
7 Requirement to form a reasonable belief (12 CFR (c)). A user must develop and implement reasonable policies and procedures designed to enable the user to form a reasonable belief that the consumer report relates to the consumer whose report was requested, when the user receives a notice of address discrepancy in connection with a new or existing account. The rules provide the following examples of reasonable policies and procedures for forming a reasonable belief that a consumer report relates to the consumer whose report was requested: 1. Comparing information in the consumer report with information the user: a. has obtained and used to verify the consumer s identity as required by the Customer Identification Program rules (31 CFR ); b. maintains in its records; or c. obtains from a third party; or 2. Verifying the information in the consumer report with the consumer. Requirement to furnish a consumer s address to an NCRA (12 CFR (d)). A user must develop and implement reasonable policies and procedures for furnishing to the NCRA an address for the consumer that the user has reasonably confirmed is accurate when the user a. can form a reasonable belief that the report relates to the consumer whose report was requested; b. establishes a continuing relationship with the consumer (i.e., in connection with a new account); and c. regularly furnishes information to the NCRA that provided the notice of address discrepancy. A user s policies and procedures for furnishing a consumer s address to an NCRA must require the user to furnish the confirmed address as part of the information it regularly furnishes to the NCRA during the reporting period when it establishes a continuing relationship with the consumer. The rules also provide the following examples of how a user may reasonably confirm an address is accurate: 1. Verifying the address with the consumer whose report was requested; 2. Reviewing its own records; 3. Verifying the address through third-party sources; or 4. Using other reasonable means. 7
8 Address Discrepancy Examination Procedures (12 CFR ) 1. Determine whether a user of consumer reports has policies and procedures to recognize notices of address discrepancy that it receives from a nationwide consumer reporting agency (NCRA) 5 in connection with consumer reports. 2. Determine whether a user that receives notices of address discrepancy has policies and procedures to form a reasonable belief that the consumer report relates to the consumer whose report was requested. (12 CFR (c)) See examples of reasonable policies and procedures to form a reasonable belief in 12 CFR (c)(2). 3. Determine whether a user that receives notices of address discrepancy has policies and procedures to furnish to the NCRA an address for the consumer that the user has reasonably confirmed is accurate, if the user: a. can form a reasonable belief that the report relates to the consumer, b. establishes a continuing relationship with the consumer, and c. regularly furnishes information to the NCRA. (12 CFR (d)(1)) See examples of reasonable confirmation methods in 12 CFR (d)(2). 4. Determine whether the user s policies and procedures require it to furnish the confirmed address as part of the information it regularly furnishes to an NCRA during the reporting period when it establishes a relationship with the consumer. (12 CFR (d)(3) 5. If procedural weaknesses or other risks requiring further information are noted, obtain a sample of consumer reports requested by the user from an NCRA that included notices of address discrepancy and determine: a. how the user established a reasonable belief that the consumer reports related to the consumers whose reports were requested, and b. if a consumer relationship was established: i. whether the institution furnished a consumer s address that it reasonably confirmed to the NCRA from which it received the notice of address discrepancy; and ii. whether it furnished the address in the reporting period during which it established the relationship. 5 A NCRA compiles and maintains files on consumers on a nationwide basis. As of the effective date of the rule (January 1, 2008) there were three such consumer reporting agencies: Experian, Equifax, and TransUnion. Section 603(p) of FCRA (15 USC 1681a). 8
9 Conclusion: On the basis of examination procedures completed, form a conclusion about the ability of user s policies and procedures to meet regulatory requirements for the proper handling of address discrepancies reported by an NCRA. Introduction to Change of Address Examination Procedures Section 615(e)(1)(C) requires the Agencies and the FTC to prescribe regulations for debit and credit card issuers regarding the assessment of the validity of address changes for existing accounts. The regulations require card issuers to have procedures to assess the validity of an address change if the card issuer receives a notice of change of address for an existing account, and within a short period of time (during at least the first 30 days) receives a request for an additional or replacement card for the same account. On November 9, 2007, the Agencies published final rules in the Federal Register implementing this section. (72 FR 63718) Definitions (12 CFR (b)). The following definitions pertain to the rules governing the duties of card issuers regarding changes of address: 1. A cardholder is a consumer who has been issued a credit or debit card. 2. Clear and conspicuous means reasonably understandable and designed to call attention to the nature and significance of the information presented. Address validation requirements (12 CFR (c)). A card issuer must establish and implement policies and procedures to assess the validity of a change of address if it receives notification of a change of address for a consumer s debit or credit card account and, within a short period of time afterwards (during at least the first 30 days after it receives such notification), the card issuer receives a request for an additional or replacement card for the same account. In such situations, the card issuer must not issue an additional or replacement card until it assesses the validity of the change of address in accordance with its policies and procedures. The policies and procedures must provide that the card issuer will: 1. a. Notify the cardholder of the request for an additional or replacement card (i) at the cardholder s former address; or (ii) by any other means of communication that the card issuer and the cardholder have previously agreed to use; and 1. b. Provide to the cardholder a reasonable means of promptly reporting incorrect address changes; or 2. Assess the validity of the change of address according to the procedures the card issuer has established as a part of its Identity Theft Prevention Program (12 CFR ). 9
10 Alternative timing of address validation (12 CFR (d). A card issuer may satisfy the requirements of these rules prior to receiving any request for an additional or replacement card by validating an address when it receives an address change notification. Form of notice (12 CFR (e)). Any written or electronic notice that a card issuer provides to satisfy these rules must be clear and conspicuous and provided separately from its regular correspondence with the cardholder. Change of Address Examination Procedures (12 CFR ) 1. Verify that the card issuer has policies and procedures to assess the validity of a change of address if: it receives notification of a change of address for a consumer s debit or credit card account; and within a short period of time afterwards (during at least the first 30 days after it receives such notification), the card issuer receives a request for an additional or replacement card for the same account. (12 CFR (c)) 2. Determine whether the policies and procedures prevent the card issuer from issuing additional or replacement cards until it: notifies the cardholder at the cardholder s former address or by any other means previously agreed to and provides the cardholder a reasonable means to promptly report an incorrect address (12 CFR (c)(1)(i)-(ii)); or uses other reasonable means of evaluating the validity of the address change. (12 CFR (c)(2)). In the alternative, a card issuer may validate a change of address request when it is received, using the above methods, prior to receiving any request for an additional or replacement card. (12 CFR (d)) 3. Determine whether any written or electronic notice sent to cardholders for purposes of validating a change of address request is clear and conspicuous and is provided separately from any regular correspondence with the cardholder. (12 CFR (e)) 4. If procedural weaknesses or other risks requiring further information are noted, obtain a sample of notifications from cardholders of changes of address and requests for additional or replacement cards to determine whether the card issuer complied with the regulatory requirement to evaluate the validity of the notice of address change before issuing additional or replacement cards. 10
11 Conclusion: On the basis of examination procedures completed, form a conclusion about whether a card issuer s policies and procedures effectively meet regulatory requirements for evaluating the validity of change of address requests received in connection with credit or debit card accounts. 11
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2 Who We Are The multidisciplinary team at The Recovery Place is what sets our treatment center apart. We are people who genuinely care and take pride in providing the best help for people struggling with alcohol and chemical dependency, prescription drug abuse, and mental health issues. With our compassionate, individualized approach we have great success at treating those who are initially resistant to treatment. Our team of highly skilled clinicians, psychiatrists, psychologists and nurses includes people who have fought for their own recovery so they know the challenges that face someone making the decision to change their life forever. The Recovery Place is a day/night treatment facility licensed by the Department of Children and Families. Our programs are accredited by the Joint Commission on Accreditation of Healthcare Organizations for compliance to the highest national standards for safety and quality of care. As an integral part of treatment, clients participating in any of our full day programs return to a beautiful community housing facility steps away from our treatment center and right next to the beautiful beaches of Fort Lauderdale - the gem of Florida s East Coast.
3 Treatment Programs Our philosophy at The Recovery Place is to help people gain insight into their disease while acquiring critical life saving skills to keep them from returning to a life of dependency and destruction. We provide the most comprehensive set of treatment programs available in one treatment center in order to achieve this goal. Detox We work with a number of specialized Detox Centers in the area supporting a client s recovery experience from the very beginning. Dual Diagnosis The term dual diagnosis is used to describe the combination of multiple conditions of a person considered to be suffering from a mental illness and a substance abuse problem. The goal of our Dual Diagnosis treatment is to help our clients achieve and sustain longterm management over these psychological symptoms and maintain long term sobriety. Our Dual Diagnosis treatment provides comprehensive, structured programming for adults and takes place daily. Psychiatric evaluation, individual and group therapy, and medication management services are all included, as well as transportation, grocery shopping, and community activities. The results of this program allows the clients to avoiding hospitalization by stabilizing symptoms, developing positive coping skills and modifying troublesome behaviors in a structured and supportive setting. During the course of treatment, problems are identified, strengths and weaknesses established, and specific problem areas targeted. With the direction of our staff psychiatrist, and the support of our clinical team, clients develop individualized treatment plans with timelimited, achievable objectives. There are many different forms of cooccurring disorders when the different types of psychiatric illnesses and different patterns of substance abuse are taken into account. In terms of recovery, the treatment for co-occurring disorders must address both psychiatric illness and the substance abuse in the same encompassing program to ensure recovery from both. Alcohol & Drug Rehabilitation For the individual seeking traditional addiction treatment in Florida, The Recovery Place offers a 12-step based medical model program. The traditional day/night treatment program with community housing is highly structured and individualized treatment providing a combination of treatment and recovery based services 24 hours a day, seven days a week. As with all of our treatment programs, the traditional addictions program is overseen by a group of professionals who are highly experienced in the field. This level of care is ideal for addicted individuals who are resistant to treatment, those who may be prone or have a history of relapse, impulsive individuals, or addicts who lack social and emotional support in their daily life. (continues to next page)
4 Alcohol & Drug Rehabilitation (continued from previous page) Our goal at The Recovery Place is to help the individual with effective group therapy, medication management, psychiatry, individual counseling, psycho-educational groups, addictions education, drug treatment, step-work, coping skills, relapse prevention and family therapy. Our safe, structured, therapeutic environment is the ideal transitional environment for lasting change and freedom from addiction. Intensive Outpatient Programs The Intensive Outpatient Program (IOP) is recommended when an addicted person can be ensured of safe living conditions and a daily structure that is supportive for recovery. This is designed to encourage our clients to function in their community while participating in a more intensive form of drug treatment than traditional outpatient settings can offer.
5 Family Programs Alcohol and drug addiction is a disease that affects the entire family. When you are living with someone in active addiction or you are a loving parent living thousands of miles away, your life is severely affected. Our experience is that once a family is educated, they cannot only increase the quality of their lives, but they can enhance the addicted person s chances for success in treatment. When we work with families, we make sure there is engagement throughout the treatment process by regular face-to-face family sessions with the treating clinician. For those out of the area who are unable to visit, we utilize telephonic conferencing. Additionally, every week our family education program provides an evening full of valuable information to families who are often confused about the treatment process. We understand that those closest to the addict often make well-intentioned, but uninformed decisions that may actually prolong or worsen the severity of the disease Our Family Program is designed to empower families and provide support while their loved one experiences the benefits of treatment. Family Weekends enhance the recovery process for everyone involved. Treatment Phases All of our treatment programs are geared toward giving a person the ability to gradually decrease the intensity and level of care while continually increasing personal responsibility and self-sufficiency. This approach is coupled with a structured, safe and comfortable living environment throughout the continuum of care. This extend formula of support is not common in most other treatment programs and reinforces autonomous functioning and independence. Once a client has completed all of their individual treatment plan goals in any of our full day treatment programs, they are encouraged to continue their treatment at a less intensive level of care. The Recovery Place provides intensive outpatient programming, outpatient treatment and aftercare services to address this need. Progressively less intense settings allow the client to return to his or her daily life, knowing that there is a group of dedicated professionals behind them to overcome their individual challenges. treatment phases: From Residential Care to... Day/Night Community Housing to... Intensive Outpatient Program to... Outpatient Program to... Aftercare to... Alumni to... Life!
6 Insurance Providers The Recovery Place accepts most major insurance providers. We have extensive experience working with Aetna, Humana, Cigna, Blue Cross and Blue Shield, United Health Care, and Value Options Behavioral Health Care, allowing their members to utilize their in network and out of network benefits to cover their stay at The Recovery Place. Additionally we are able to accept private pay funds and work with other insurance carriers.
7 On Your Way To Treatment Things To Bring: Insurance Card, Prescription Card, Photo I.D. Money for: co-payments, deductibles, snacks, cigarettes, personal needs, etc. Current prescription medications Clothing and toiletries: daytime clothes, jacket, beach wear, beach towel, gym clothes, etc. Laundry soap and if desired, powder bleach and fabric softener Writing supplies Your own blanket and pillow if you prefer Pictures of family and friends ipod, Walkman or other portable device to listen to music Things To Leave Behind: Products with any alcohol content or caustic chemicals, i.e. mouthwash, red wine vinegar, perfume, nail polish, nail polish remover, or flammable products. Food and items with excessive caffeine like espresso strength coffee and/or caffeinated energy drinks, i.e. Red Bull and the like. Aerosols of any kind, glue, candles, incense Cell phones, electronics with wireless connectivity, computer systems or game systems. Inappropriate or provocative clothing: halter tops, short skirts an dresses, or tank tops. Any clothing depicting alcohol, drugs, gang and/or racial words/pictures Sexually explicit materials: magazines, books, posters, clothing Weapons of any kind, including pocket knives Alcohol, illegal substances and over-thecounter medications Plans of care aren t rigid or overstructured to the point that they make the patient fit the treatment. Instead, we create a plan and atmosphere that meets the needs of each specific situation.
8 My experience here was very rewarding. I was nervous when I first arrived but I instantly felt comfortable with the community. Everyone is such a close family and the staff here are awesome and really work hard for their clients. -B. F.
Life Changing Treatment For The Real World Who We Are The multidisciplinary team at The Recovery Place is what sets our treatment center apart. We are people who genuinely care and take pride in providing
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1 UNITED NATIONS Distr. GENERAL FCCC/KP/CMP/2009/5 12 June 2009 Original: ENGLISH CONFERENCE OF THE PARTIES SERVING AS THE MEETING OF THE PARTIES TO THE KYOTO PROTOCOL Fifth session Copenhagen, 7 18 December 2009 Item X of the provisional agenda Proposal from the Philippines for amendments to the Kyoto Protocol Note by the secretariat 1. Article 20, paragraph 1, of the Kyoto Protocol states that any Party may propose amendments to this Protocol. Article 20, paragraph 2, of the Kyoto Protocol stipulates that amendments to this Protocol shall be adopted at an ordinary session of the Conference of the Parties serving as the meeting of the Parties to this Protocol. The text of any proposed amendment to this Protocol shall be communicated to the Parties by the secretariat at least six months before the meeting at which it is proposed for adoption. The secretariat shall also communicate the text of any proposed amendments to the Parties and signatories to the Convention and, for information, to the Depositary. 2. Article 21, paragraph 2, of the Kyoto Protocol states that any Party may make proposals for an annex to this Protocol and may propose amendments to annexes to this Protocol. Article 21, paragraph 3, of the Kyoto Protocol provides that annexes to this Protocol and amendments to annexes to this Protocol shall be adopted at an ordinary session of the Conference of the Parties serving as the meeting of the Parties to this Protocol. The text of any proposed annex or amendment to an annex shall be communicated to the Parties by the secretariat at least six months before the meeting at which it is proposed for adoption. The secretariat shall also communicate the text of any proposed annex or amendment to an annex to the Parties and signatories to the Convention and, for information, to the Depositary. 3. In accordance with these provisions, the Philippines, by a letter dated 11 June 2009, transmitted to the secretariat the text of a proposal for amendments to the Kyoto Protocol and a draft decision of the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol for the adoption of the proposed amendments. Pursuant to Article 20, paragraph 2, and Article 21, paragraph 3, of the Kyoto Protocol, the secretariat will send a note verbale containing the text of the proposed amendments and the draft decision to all National Focal Points for climate change and Permanent Missions to the United Nations by 17 June In accordance with the same provisions, the secretariat will also communicate the proposed amendments to the Parties and signatories to the Convention and, for information, to the Depositary. 4. The Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol is invited to consider this proposal for amendments to the Kyoto Protocol at its fifth session. GE
2 Page 2 Letter dated 11 June 2009 from the Philippines proposing amendments to the Kyoto Protocol By virtue of Article 21, paragraph 2 and Art. 20, par. 1, the Republic of the Philippines, as Party to the Kyoto Protocol, submits the attached proposed amendments thereto pursuant to Art. 3, par. 9 thereof, for consideration and adoption by Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol in its Fifth session to be held in Copenhagen. In accordance with Art. 20, the Philippines requests the secretariat to communicate to the Parties to the Kyoto Protocol the attached proposed amendments at least six months before the Fifth session of the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol. (signed) Hon. Heherson T. Alvarez Head of Delegation Office of the Presidential Adviser on Global Warming and Climate Change
3 Page 3 Draft CMP Decision (Preamble) 1. Decides to adopt the Amendments to Annex B of the Kyoto Protocol to the United Nations Framework Convention on Climate Change, annexed hereto; 2. Requests the Secretary-General of the United Nations to be the Depository of this Amendment to the Protocol and to open it for signature in New York from 16 March 2010 until 15 March Invites all Parties to the Protocol to sign the Amendments to Annex B on 16 March 2010 or at the earliest opportunity thereafter, and to deposit instruments of ratification, acceptance or approval, or instruments of accession where appropriate, as soon as possible; 4. Further invites States that are not parties to the Convention to ratify or accede to it, as appropriate, without delay, so that they may become Parties to the Protocol; 5. Encourages Parties to the Convention that have not yet ratified the Protocol to do so in line with the ultimate objective of the Convention as stated in Article 2 thereof.
4 Page 4 Amendment to Annex B of the Kyoto Protocol The Parties to this Amendment, Proposed by the Republic of the Philippines Being Parties to the Kyoto Protocol to the United Nations Framework Convention on Climate Change, hereinafter referred to as the Protocol Pursuant to Article 3, paragraph 9 thereof in the establishment of commitments for subsequent periods for Parties included in Annex I in accordance with the provisions of Article 21, paragraph 7, Guided by Article 2 and recalling Article 4 of the Convention, Have agreed as follows: Article 1 1. Annex B of the Protocol is hereby amended to include commitments for additional subsequent periods 2013 to 2017 and 2018 to 2022 for Parties included in Annex I: Annex B Quantified emission limitation or reduction commitment Party (percentage of base year or period) for the following commitment periods Australia Austria Belarus Belgium Bulgaria* Canada Croatia* Czech Republic* Denmark Estonia* European Community Finland France Germany Greece Added to Annex B by an amendment adopted pursuant to 10/CMP.2. This amendment has not yet entered into force.
5 Hungary* Iceland Ireland Italy Japan Latvia* Liechtenstein Lithuania* Luxembourg Monaco Netherlands New Zealand Norway Poland* Portugal Romania* Russian Federation* Slovakia* Slovenia* Spain Sweden Switzerland Turkey Ukraine* United Kingdom United States of America * Countries that are undergoing the process of transition to a market economy. FCCC/KP/CMP/2009/5 Page 5 2. Consequential to the above amendment, the following changes to Article 3 of the Protocol are hereby adopted: (a) Addition of paragraph 1 bis The Parties included in Annex I shall, individually or jointly, ensure that their aggregate anthropogenic carbon dioxide equivalent emissions of the greenhouse gases listed in Annex A do not exceed their assigned amounts, calculated pursuant to their quantified emission reduction commitments inscribed in Annex B, as amended, and in accordance with the provisions of this Article, with the objective of reducing their overall emissions of such gases by at least 30 per cent below 1990 levels in the commitment period 2013 to 2017, by at least 50 per cent below 1990 levels in the commitment period 2018 to 2022, and by at least 95 per cent below 1990 levels by Has not yet ratified the Kyoto Protocol.
6 Page 6 (b) Amendment of the 1 st sentence of paragraph 7, to read: In every quantified emission reduction commitment period, the assigned amount for each Party included in Annex I shall be equal to the percentage inscribed for it in Annex B, as amended, of its aggregated anthropogenic carbon dioxide equivalent emissions of the greenhouse gases listed in Annex A in 1990, or the base year or period determined in accordance with paragraph 5 above, multiplied by five. (c) Amendment of the 2 nd sentence of paragraph 9, to read: The Conference of the Parties serving as the meeting of the Parties to this Protocol shall initiate the consideration of such commitments at least seven years before the end of the last commitment period indicated in Annex B, as amended. Article 2 1. This Amendment shall enter into force for those Parties having accepted it on the ninetieth day after the date of receipt by the Depositary of an instrument of acceptance by at least three fourths of the Parties to this Protocol. This Amendment shall enter into force for any other Party on the ninetieth day after the date on which that Party deposits with the Depository its instrument of acceptance of this amendment. For the purposes of this Article, any instrument deposited by a regional economic integration organization shall not be counted as additional to those deposited by member States of such organizations
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1 appears Office of Research Scott D. Jackson, Commissioner FOR IMMEDIATE RELEASE July 2016 Data CT Unemployment Rate = 5.7% US Unemployment Rate = 4.9% State unemployment rate declines to 5.7% in July; nonfarm jobs up 1,700 WETHERSFIELD, August 18, 2016 Preliminary Connecticut nonfarm job estimates from the business survey administered by the US Bureau of Labor Statistics (BLS) show the state added 1,700 jobs (0.10%) during July 2016 to a level of 1,693,000, seasonally adjusted. Since July 2015, nonagricultural employment in the state has grown by approximately 20,200 positions (1.21%, 1,683 jobs per month). June s originally released job gain of 7,900 (0.47%) was revised down to 5,800 (0.34%). Year-to-date seasonally adjusted job growth is 13,000 through July. Connecticut s unemployment rate for July 2016 was calculated at 5.7%, seasonally adjusted (based on the CPS - Current Population Survey and statistical models). This is down one-tenth of a percentage point from the revised June 2016 rate of 5.8% but higher by three-tenths of a percentage point from a year ago (5.4%). The number of the state s unemployed declined by 1,904 (-1.7%) in July. There is uniformly good news in our employment surveys last month, said Andy Condon, Director of the Office of Research. Payroll jobs grew. Our labor force grew and we saw our unemployment rate decline for the first time since August of last year. Nonfarm Jobs Detail (business establishment survey) July 2016 preliminary seasonally adjusted nonfarm job estimates reveal a 1,700 (0.10%) monthly job gain, as five of the ten major industry supersectors added jobs. Since July 2015, the state has increased nonagricultural employment by 20,200 positions (1.21%) with all ten major industry supersectors contributing to job gains. Private sector employment in the state, at 1,453,700, was up by 3,000 (0.21%) in July and higher by 20,100 jobs (1.40%, 1,675 jobs per month) over the year. The government supersector lost 1,300 jobs (-0.54%, 239,300) last month but still remains slightly positive over the year (100, 0.04%). Five of the ten major industry supersectors increased nonfarm jobs in July 2016 and five declined on a seasonally adjusted basis. Leisure and hospitality (1,700, 1.1%, 154,600 jobs) and the trade, transportation & utilities (1,700, 0.6%, 298,200 jobs) added the most jobs last month. Restaurants and accommodations (1,500, 1.2%, 125,700 jobs) boosted leisure while retail trade (1,300, 0.7%, 182,200 positions) rebounded in trade and transportation, after declining two months in a row. Leisure and hospitality (3,900, 2.6%) now leads in numeric job growth over the year. The professional and business services supersector (1,200, 0.5%, 219,400) added positons as well, on the strength in administrative services (1,800, 2.0%, 90,300 jobs). Smaller job gains came from the other services (400, 0.6%, 67,500 jobs) and the manufacturing (300, 0.2%, 159,900 positions) supersectors. The small other services supersector leads the ten major industry supersectors in percentage growth over the year (3,500, 5.5%). The government (-1,300, -0.5%, 239,300) supersector led all declining employment industry supersectors in July. Local (-1,000, -0.7%, 151,300 jobs) and state (-300, -0.4%, 70,300 positions) government were both lower while the federal government was unchanged. The private education and health services (-900, -0.3%, 328,400 jobs) supersector posted the next largest monthly job decline. The construction and mining (-600, -1.0%, 58,600 jobs) industry supersector was also lower for the second month in a row. Smaller job losses also arose from the information (-500, -1.5%, 33,500) and the financial activities (-300, -0.2%, 133,600) supersectors. Recession recovery: Connecticut has now recovered 98,800 positions, or 83.0% of the 119,100 seasonally adjusted total nonfarm jobs that were lost in the state during the March February 2010 employment recession. The state needs to reach the 1,713,300 seasonally adjusted job mark to enter an employment expansion. This will require 20,300 additional nonfarm jobs to be created. Connecticut s nonfarm jobs recovery is now 77 months old and is averaging roughly 1,283 jobs per month since February 2010.
2 2 Connecticut s private sector has reclaimed employment at a better pace, recovering 107,200 (96.0%, about 1,392 jobs per month) of the 111,700 private sector positions that were lost during that same employment downturn. The government supersector has lost another 8,400 positions since the employment recovery began in February 2010, in addition to the 7,400 jobs the sector lost in the recession (Native American employment on reservations, including casinos, are calculated in local government in Connecticut). Connecticut Labor Market Areas (LMAs): Nonfarm employment gains were calculated in three of the four Connecticut labor market areas (LMA s, NECTA s in England - England City and Town Areas) that are seasonally adjusted by the BLS, while the Norwich- London-Westerly LMA was unchanged at 128,800. The largest Connecticut labor market area, the Hartford-West Hartford-East Hartford LMA (1,900, 0.3%, 575,100 jobs) posted the best regional employment gain last month, while the Bridgeport-Stamford-Norwalk LMA (700, 0.2%, 415,200) and the Haven LMA (200, 0.1%, 284,400 jobs) exhibited smaller monthly job gains as well. Over the year, the Haven LMA (5,100, 1.8%, 284,400 jobs) now leads in yearly percentage job growth (1.8%) while the Hartford-West Hartford-East Hartford LMA (6,600, 1.2%, 575,100) now leads in numeric job growth (6,600). All four of these seasonally adjusted NECTA s are adding jobs over the year. Note: Six major Connecticut LMAs are estimated independently from the statewide data by the BLS and cover more than 90% of the nonfarm employment in the state. Thus estimates will not fully sum to the statewide total. Only four of the six BLS estimated labor markets are seasonally adjusted. The Danbury LMA and the Waterbury LMA are not seasonally adjusted at this time due to a recent geography change. Hours and Earnings: The private sector workweek, not seasonally adjusted, averaged 33.6 hours in July 2016, up two-tenths of an hour from the same month a year ago (0.6%). Average hourly earnings at $30.15, not seasonally adjusted, were up $1.35, or 4.7%, from the July 2015 hourly earnings estimate ($28.80). The resultant average private sector weekly pay amounted to $1,013.04, up $51.12, or 5.3% higher than a year ago. Note: Other data sources do not support this aggressive level of wage growth. The 12-month percent change in the Consumer Price Index for All Urban Consumers (CPI-U, U.S. City Average, not seasonally adjusted) in July 2016 was 0.8%. Information for the manufacturing production workweek and earnings can be found in the table section of this release under the Hours and Earnings data category. Current all-employee private sector hours and earnings estimates can be volatile due to fluctuating sample responses. Labor Force Data (residential household survey) The July 2016 unemployment rate for Connecticut was estimated at 5.7% (seasonally adjusted), down one-tenth of a percentage point from June 2016 (5.8%). This is the first outright decline in the state s unemployment rate since August 2015 when the jobless rate went from 5.4% to 5.3%. The state s jobless rate is still three-tenths of percentage point higher than a year ago (5.4%). The US unemployment rate was calculated at 4.9% in July, unchanged from June 2016, but is down four-tenths of a percentage point from the July 2015 rate (5.3%). Unemployment: Based on the Local Area Unemployment Statistics model (LAUS - a statistical model applying the CPS the Current Population Survey residential data), the number of Connecticut unemployed residents, seasonally adjusted, decreased by 1,904 (-1.7%) over the month to 108,596 in July Over the year, the number of the state s jobless residents has increased by 7,056 (6.9%). The state s labor force increased marginally (309, less than 0.1%) over the month, but is expanding moderately over the year (15,092, 0.8%). The July 2016 seasonally adjusted average weekly initial unemployment claims for first-time filers in Connecticut decreased by 1,225 claimants (-25.0%) to 3,671 from June 2016 (4,896), and were also down by 227 claims (-5.8%) from the July 2015 level of 3,898. The large claims decline last month seemed to offset the larger education-related increase in June. The nonfarm employment estimate, derived from a survey of businesses, is a measure of jobs in the state; the unemployment rate and labor force estimates are based on a household survey, and measure the work status of people who live in Connecticut. Overall, as the national and state economies recover, volatility in monthly numbers
3 3 can be expected. Job and employment estimates are best understood in the context of their movement over several months rather than observed changes in a single month s value. Next Connecticut Labor Situation release: Monday, September 19, 2016 (August 2016 data) Contact: Communications Office (860) Labor market information is available on the Internet at Folly Brook Boulevard, Wethersfield, CT An Equal Opportunity/Affirmative Action Employer
5 UNEMPLOYMENT Persons Unemployed - by Place of Residence CONNECTICUT AND THE UNITED STATES - Seasonally Adjusted July 2016 P July 2015 R Change June 2016 R Number Rate Number Rate Number Points Number Rate CONNECTICUT Unemployed 108, , , , Labor Force 1,900,900 1,885,800 15,100 1,900,600 UNITED STATES Unemployed 7,770, ,249, , ,783, Labor Force 159,287, ,115,000 2,172, ,880, U.S. AND CONNECTICUT UNEMPLOYMENT RATES - Seasonally Adjusted Percent Unemployed US CT 4.0 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D 2014 LABOR MARKET AREAS - Not Seasonally Adjusted July 2016 P July 2015 R Change June 2016 R Number Rate Number Rate Number Points Number Rate Bridgeport-Stamford 26, , , Danbury 5, , , Danielson-Northeast* 2, , , Worcester NECTA 2, , , Hampton Enfield 2, , , Hartford 36, , , Haven 18, , , Norwich- London 8, , , Torrington-Northwest** 2, , , Torrington NECTA 1, , , Litchfield Waterbury 7, , , CONNECTICUT 109, , , , UNITED STATES 8,267, ,805, , ,144, P = Preliminary R = Revised Labor force data included in this publication are developed in cooperation with the U.S. Department of Labor, Bureau of Labor Statistics. * Worcester NECTA, CT part and Hampton LMA are combined ** Torrington Micropolitan NECTA and Litchfield LMA are combined
7 T R E N D S Seasonally Adjusted Nonfarm Total Unemployment Employment (000s) Rate 2015 Jan 1, Feb 1, Mar 1, Apr 1, May 1, Jun 1, Jul 1, Aug 1, Sep 1, Oct 1, Nov 1, Dec 1, Thousands 1, , , , , , , , ,655.0 Nonfarm Employment SA 3 MMA 2016 Jan 1, Feb 1, Mar 1, Apr 1, May 1, Jun 1,691.3 R 5.8 R Jul 1,693.0 P 5.7 P Aug Sep Oct Nov Dec Percent Total Unemployment Rate Avg Weekly All Employee Initial Claims Weekly Hours* 2015 Jan 4, Feb 4, Mar 4, Apr 4, May 3, Jun 4, Jul 3, Aug 4, Sep 3, Oct 3, Nov 3, Dec 3, Jan 3, Feb 3, Mar 3, Apr 3, May 4, Jun 4, R Jul 3, P Aug Sep Oct Nov Dec Average Weekly Initial Claims 5,000 4,800 4,600 4,400 4,200 4,000 3,800 3,600 3,400 3,200 3,000 All Employee Weekly Hours * Not seasonally adjusted P = Preliminary R = Revised ** Labor-management dispute
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Assets=Liabilities + Owner s Equity. Owner s Equity= Owner s Capital (Investments) Drawings + Profit OR Loss
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1 Chapter 1~3 Important formulas Assets=Liabilities + Owner s Equity An expansion: Owner s Equity= Owner s Capital (Investments) Drawings + Profit OR Loss [Note: Owner s capital includes investments by the owner of the company. For example, when the owner is putting his personal money or equipment etc. into the business, that is considered as an Owner s investment Drawings account is used when the owner is taking out money from the business for his/her personal use.] Assets=Liabilities + Owner s Capital Drawings +Profit OR Loss Financial Statements: Prepare Income Statement and calculate for profit or loss. Prepare Statement of Owner s equity. Beginning Owner s Capital + investments + profit drawings loss = Ending Owner s Capital [Note: In the same period of time, the company can have either profit or loss. The two cannot happen at the same time.] Prepare Balance Sheet Remember that total assets have to equal total liabilities + total owner s equity We use the ending amount of owner s capital calculated from the Statement of Owner s Equity in the Balance Sheet. Cash Flow Statement may be prepared separately, but the ending balance of cash has to be the same as the cash amount in the Balance Sheet. March.30, 2012 Page 1
2 Account Classifications Assets: Cash, Accounts Receivable, Notes Receivable, Interest Receivable, Supplies, Equipment, Prepaid Insurance, Land, Building, Machinery, Furniture and fixtures Liabilities: Accounts Payable, Notes Payable, Interest Payable, Unearned Revenue Owner s Equity: Owner s name, capital [Note: Owner s capital includes profit OR loss, owner s investments and drawings. Profit OR loss= revenues expenses] Tips for Journalizing Transactions 1. When the owner invests his/her personal asset such as cash into the business, it is a credit for owner s name, capital account. 2. When the owner withdraws money from the company for his/her personal use, it is a debit for owner s name, drawings account. 3. Billed, on account or on credit means no cash transaction was made yet so either you didn t pay other people or other people didn t pay you so you ll have to use a receivable account or payable account. 4. Accounts Payable will increase when the amount you owe other people increases. Therefore, you ll have a credit for Accounts Payable. Accounts Payable will decrease when you pay back money therefore you ll incur a debit for Accounts Payable. 5. Accounts Receivable will increase when the amount other people owe you increases. Therefore, you ll have a debit for Accounts Receivable. Accounts Receivable will decrease as you collect money from those people. Thus, you ll have a credit for Accounts Receivable. 6. When question states Paid $ that means cash has been paid and therefore will result in a credit for Cash. 7. When question states Received $ that means cash was received and thus results in a debit for Cash. March.30, 2012 Page 2
3 8. Rent paid for the current month is a Rent Expense but rent paid for more than the current period is a Prepaid Rent. For example, rent payment for the entire year is a Prepaid Rent and it s an asset account because it brings us benefits for the future. [Note: the benefit is that we don t have to pay monthly rent for the entire year since we already paid for it right now.] We record Rent Expense after each month as we use it up. 9. If the question did not ask us to use Cash Basis, assume Accrual Basis of Accounting is being used. 10. Under Accrual Basis of Accounting, Revenue is recorded whenever services are performed. Thus, if question states Performed services or Provided services we need to record as revenue. Thus, it will be a credit in Sales Revenue, Revenue or Fees Earned. T accounts (Pattern Memorization Tip) Debit is always on the left side and Credit is always on the right. Recall the formula: Assets = Liabilities + Owner s Equity Notice how Assets is by itself on the left side of the equation and Liabilities and Owner s Equity are together on the right side of the equation. Furthermore, Owner s Equity can be divided up into four categories with a positive sign before Owner s Capital and Revenues and a negative sign before Drawings and Expenses. If we move Drawings and Expenses to the left side of the equation, we would have the following formula: Assets + Drawings + Expenses = Liabilities + Owner s Capital + Revenues [Note: the formula above is only used to help you to memorize the T account patterns faster. It should not be used in any other case.] Look at the equation above. The accounts on the left side have the same T account pattern and the accounts on the right side have the same T account pattern. March.30, 2012 Page 3
4 (The following space is left blank for you to make your own coloured T- accounts. ) Adjusting Entries Adjusting Entries are made at each year end to make sure expenses and revenues are recorded in the correct period. 4 types of adjusting entries -Prepaid Expense: expenses paid and were recorded as a Prepaid Expense asset account. Now some parts need to be converted into expense. Usually, it s a Debit of Expense and credit of Prepaid. For example, debit Insurance Expense and credit Prepaid Insurance - Accrued Expense: expenses incurred but not yet recorded. Usually, it s a debit of Expense and a credit of Payable. For example, debit Interest Expense and credit Interest Payable. -Unearned Revenues: Cash was received before services were provided by us. Thus, it was recorded as a liability in Unearned Revenues account. Once we have provided the service we convert it into revenue. Usually, it s a debit of Unearned Revenue and a credit of Service Revenue. -Accrued Revenues: We have already provided the service however cash is not yet received or we haven t recorded the transaction yet. Usually, it s a debit of Accounts Receivable and a credit of Service Revenue. March.30, 2012 Page 4
5 Additional Practice Question The following Balance Sheet is given. Note that ABC Corporation s year end is on June 30 th and it prepares financial statements on a yearly basis. ABC Corporation Balance Sheet Year Ended June 30, 2010 Assets Cash $22,533.2 Accounts Receivable 5,000 Interest Receivable 175 Note Receivable 10,000 Prepaid Insurance 6000 Supplies 6,700 Equipment 9,902 Less: Accumulated depreciation equipment Building 100,000 Less: Accumulated depreciation-building 10,000 90,000 Land 18,500 Total assets 167,820 Liabilities Liabilities and Owner s Equity Accounts Payable $8714 Interest Payable 160 Note Payable 15,000 March.30, 2012 Page 5
6 Unearned Service Revenue 9890 Total liabilities Owner s equity Y.Yang, Capital 134,056 Total Liabilities and owner s equity 167,820 Additional Information: 1. March 15/2010, lent $10,000 to BestWishes Organization and signed a 4 month note with a 6% interest. Interest and principal due on maturity. 2. June 30/2010, purchased one year insurance for $ Jan.1/2010, borrowed $8000 from AceExams Corporation and signed an 8 month note with 4% interest. Interest and principal due at maturity. 4. June 30/2010, borrowed $7000 from MagicPower Limited and signed a 1 year note with 2% interest. Interest and principal due on maturity. 5. June 29/2010, received $9890 from Pure Blue organization for services to be provided in the following month. 6. By the end of the fiscal year, ABC Corporation has $500 supplies left on hand. 7. Equipment and building both have 10 years of useful life with no residual value. The company is using straight line method. Transactions: 1. July 15, collected principal and interest due from BestWishes. 2. Jul. 18 provided service for $105,588 cash 3. July 20, provided services for Pure Blue organization. 4. July 30, purchased new equipment from GoldenRing Co. for $4000, paid $1000 cash and signed a $3000, 3.5% note payable due in 2 months. Interest and principal due on maturity. 5. Sept. 1, paid back AceExams interest and principal 6. Sept. 30, paid back GoldenRing Co. amount owing. 7. Oct. 2, purchased $700 of supplies on account. 8. Oct. 31 purchased 1 year $6780 insurance for equipment purchased from GoldenRing Co. 9. Nov. 1 paid for supplies purchased on Oct.2 March.30, 2012 Page 6
12 ABC Corporation Income Statement Year Ended June 30, 2011 Revenues Service Revenue $ Interest Revenue 25 Total revenues Expenses Interest expense Insurance expense Supplies expense 6900 Depreciation expense-equipment Depreciation expense- building Total expenses Profit $ ABC Corporation Statement of Owner s Equity Year Ended June 30, 2011 Y. Yang, capital, June 30, 2010 $ Add: Profit Y. Yang, capital, June 30, 2011 $ March.30, 2012 Page 12
14 Chapter 4 Completion of the Accounting Cycle Temporary Accounts and Permanent Accounts Temporary accounts include owner s drawings account and Income Statement accounts such as revenues and expenses. Balance Sheet accounts are permanent accounts. By the end of the accounting period, all the temporary accounts will be closed into the permanent account Owner s Capital. Closing Entry Steps 1. Close revenue accounts into Income Summary. When Revenue has its normal balance of credit we close it by debiting Revenue and crediting Income Summary. 2. Close expense accounts into Income Summary. When Expense has its normal balance of debit we close it by crediting Expense and debiting Income Summary. 3. Close Income Summary into Owner s Capital. -If the company has profit then its Income Summary would have a credit balance. In this case to close Income Summary we need to debit Income Summary and Credit Owner s Capital. -If the company has a loss then its Income Summary would have a debit balance. Thus, to close Income Summary we need credit Income Summary and debit Owner s Capital. 4. Close Drawings into Owner s Capital. When Drawings has its normal balance of debit we close it by crediting Drawings and debiting Owner s Capital. [Tip: Closing the account means turning the ending balance of the account into 0. Therefore, if the account has a debit balance we would credit it by the same number. For example, Service Revenue has an ending balance of $15000 credit. To close it, we debit Service Revenue by $15000 and credit Income Summary by $15000.] March.30, 2012 Page 14
15 The Difference between Trial Balance, Adjusted Trial Balance and Post- Closing Trial Balance - Trial Balance is prepared at the end of the period before adjusting entries are done. - Adjusted Trial Balance is prepared after the adjusting entries are done. - Post-Closing Trial Balance is prepared after the adjusting entries and closing entries are done. It only includes permanent accounts and their balances. Correcting Entries We need to record correcting entries only when error occurs in our previous transactions. Two Methods in correcting an error: Correct the error by first reversing the incorrect entry that was previously recorded then put in the correct entry. Directly correct the error without reversing the incorrect entry. Example 1: annual depreciation on equipment of $6000 was debited to Depreciation Expense and credited to Equipment. Method 1: Using the first method, we need to reverse the error first. Reversing the error means the account that was recorded as a debit before needs to be credited. Also, the previously recorded credit should be debited. Equipment 6000 Depreciation Expense 6000 After that, we need to put in the correct entry (what should have been recorded in the first place). Depreciation Expense 6000 Accumulated Depreciation - Equipment 6000 March.30, 2012 Page 15
16 Method 2: In this method, we correct the error without reversing the incorrect entry. Thus, we need to combine the entries from method 1 into one entry. Equipment 6000 Accumulated Depreciation Equipment 6000 [Note: In Method 1, we have debited and credited Depreciation Expense by the same amount. Therefore, it cancels each other.] Example 2: The accrual of wages of $865 was debited to Wages and credited to Cash. Method 1: Method 2: Cash 865 Wages 865 Wages Expense 865 Wages Payable 865 Cash 865 Wages Expense 865 Wages 865 Wages Payable 865 Example 3: Purchased $906 of Supplies was recorded as a debit to supplies of $609 and credit to cash of $609. Method 1: Cash 609 Supplies 609 Supplies 906 Cash 906 March.30, 2012 Page 16
17 Method 2: Supplies 297 Cash 297 In method 2 we combine the two entries from method 1 together as shown in the following T accounts. Supplies Cash Therefore, we end up with a debit of 297 for Supplies and a credit of 297 for cash. March.30, 2012 Page 17
18 Chapter 5 Accounting for Merchandising Operations Difference between the two Inventory Systems Perpetual inventory system keeps track of what happens to merchandise inventory after every purchase or sale. By the end of the period the actual number of inventory on hand should be the same as the one recorded in the company s books. If it s not the same, adjusting entries need to be made. Example: Ending inventory on books showed a balance of $6100. After a physical count, only $6000 is left on hand. Therefore, $100 of merchandise inventory is missing. To adjust for this number, we record: Cost of Goods Sold 100 Merchandise Inventory 100 Periodic inventory system do NOT keep track of what happens to merchandise inventory account after every purchase or sale. Instead, by the end of the period, the company will take a physical count and adjust for cost of goods sold. Formula: Beginning Inventory + Cost of Goods Purchased Ending Inventory = Cost of Goods Sold Shipping Payments(For Perpetual System) FOB Shipping Point Buyer pays for freight cost. When buyer pays for the shipping, it is considered as part of their inventory cost. The entry is shown as followed: Merchandise Inventory Cash FOB Destination Seller pays for freight cost. When the seller pays for the shipping cost it is not considered as part of the inventory cost but an expense for them. Freight Out Cash March.30, 2012 Page 18
19 Journal Entries (Perpetual System) If you are the Buyer Purchase merchandise on account Merchandise Inventory Accounts Payable Returned merchandise on account Accounts Payable Merchandise Inventory Paid for merchandise purchased on account within the discount period Accounts Payable Merchandise Inventory Cash [Note: If the company paid back within the discount period, the amount of discount is considered as a reduction of the cost of the merchandise that was originally purchased. For example: You purchased a pair of pants that were originally $70 and you have taken a 10% discount ($7) on it. Therefore, in total you only paid $63 so the pants are worth $63 for you, not $70. This is why we subtract the discount amount from Merchandise Inventory.] Paid for merchandise purchased on account after the discount period Accounts Payable Cash March.30, 2012 Page 19
20 If you are the Seller Sold merchandise on account Accounts Receivable Sales Cost of Goods Sold Merchandise Inventory Buyer returned merchandise to us Sales Return and Allowances Accounts Receivable If the merchandise is in good condition and can be sold to other customers then we need to record the following transaction. If not then the following transaction may be ignored. Merchandise Inventory Cost of Goods Sold Buyer paid us within the discount period Cash Sales Discounts Accounts Receivable [Note: Sales Return and Allowances and Sales Discounts are contra revenue accounts. They work in the opposite direction with Sales. Net Sales = Sales Sales Return and Allowances Sales Discounts If Sales Return and Allowances or Sales Discounts increase, Net Sales would decrease.] March.30, 2012 Page 20
22 If you are the Seller Sold merchandise on account Accounts Receivable Sales Buyer returned merchandise to us Sales Return and Allowances Accounts Receivable Buyer paid us within the discount period Cash Sales Discounts Accounts Receivable Income Statements For Single-Step Income Statement format please refer to your textbook on page 263. For Multi- Step Income Statement format under Perpetual System please refer to your textbook on page 266. For Multi-Step Income Statement format under Periodic System please refer to your textbook on page 274. March.30, 2012 Page 22
23 Chapter 6 Inventory Costing Three Inventory Cost Determination Methods Specific Identification FIFO (First-In, First-Out) Average For Specific Identification, the cost of goods sold can be tracked towards a specific inventory. This method is usually used for inventory with significant costs and which can be easily identified. FIFO and Average are used for inventories with insignificant costs and are not easily identified. FIFO (First-In, First-Out) Just as it sounds, First-In First-Out means the goods we purchased first should the ones that are sold first. Average Cost Under this method, average cost needs to be calculated after each purchase. Ratios Inventory Turnover = Days Sales in Inventory = March.30, 2012 Page 23
24 Jan.1 Purchased 200 units at $6 each FIFO & Average Cost Example Jan.15 Purchased 150 units at $7.5 each Jan. 19 Sold 300 units for $15 each Feb. 1 Purchased 100 units for $5 each FIFO Purchases Cost of Goods Sold Balance Date Units Cost Total Units Cost Total Units Cost Total Jan x6= Jan x7.5= Jan = Feb x5= Average Purchases Cost of Goods Sold Balance Date Units Cost Total Units Cost Total Units Cost Total Jan x6= Jan x7.5= = = = Jan = Feb x5= = 150 = = [Note: FIFO and Average Cost are methods used to determine costs. Therefore, for the January 19 transaction we do not use $15 in our chart. However, we will need to use $15 when calculating for Sales and Accounts Receivable.] March.30, 2012 Page 24
25 Chapter 7 Internal Control and Cash Debit Card, Credit Card Transactions Cash Debit Card Expense or Credit Card Expense Sales Petty Cash Fund Establishing the Fund Petty Cash Cash Making Payments from the Fund No accounting entry is made at this time but the payment should be documented on a pre-numbered petty cash receipt. It needs to be signed by both the custodian (the person who is responsible for the fund) and the person who receives the cash. Replenishing the Fund No cash shortage or overage Example: There was originally $100 in petty cash fund. $50 was used on Fright In, $40 was used on postage. Now there is $10 left in the petty cash fund. Merchandise Inventory 50 Postage Expense 40 Cash 90 March.30, 2012 Page 25
26 With cash shortage Example: There was originally $100 in petty cash fund. $50 was used on Fright In, $40 was used on postage. Now there is $8 left in the petty cash fund. With Cash Overage Merchandise Inventory 50 Postage Expense 40 Cash Over and Short 2 Cash 92 Example: There was originally $100 in petty cash fund. $50 was used on Fright In, $40 was used on postage. Now there is $12 left in the petty cash fund. Merchandise Inventory 50 Postage Expense 40 Cash Over and Short 2 Cash 88 [Note: Replenishing the fund does not change the balance in the fund. In the three examples above, we have used up $90 of the fund and the balance in the fund should be $100. In the first case, there is $10 left in the fund thus we just need to reimburse the $90 used. There is no shortage or overage. In the second case, there is only $8 left in the fund so we need to reimburse $92. The additional $2 is given for the shortage of cash. Notice Cash Over and Short is debited. It is reported in the Income Statement as Miscellaneous Expense. In the third case, there is $12 left in the fund so we only need to reimburse $88. We do not need to give the $2 because we had an overage of cash. Notice here the Cash Over and Short is credited. Therefore, it is reported as Miscellaneous Revenue in the Income Statement.] March.30, 2012 Page 26
27 To increase petty fund s balance Example: There was originally $100 in petty cash fund. $50 was used on Fright In, $40 was used on postage. Now there is $12 left in the petty cash fund. Company decides to increase petty cash s balance to $150. Bank Reconciliation Petty Cash 50 Merchandise Inventory 50 Postage Expense 40 Cash Over and Short 2 Cash 138 The balances on the company s books might be different from the bank. Therefore, bank reconciliation is required to make the two balances agree with each other. The difference between the balances might be caused by time lags or errors created by either party. Reconciling items per bank (adjusting bank s balance) Deposits in transit (+) Deposits in transit are recorded by the company but not yet recorded by the bank. It should be added to the balance per bank. Outstanding cheques (-) Outstanding cheques are money paid by the company but not yet cleared(recorded) by the bank. It should be deducted from the balance per bank because it is the amount of money paid by the company but not yet deducted on the bank s balance. Bank errors Adjust for any errors that the bank had made from balance per bank. Reconciling items per book (adjusting company s balance) March.30, 2012 Page 27
28 Credit memo and other deposits (+) Credit memos on the bank may include money that customers paid online from their bank to the company. This amount may be recorded in the bank but not yet recorded by the company. Therefore, this amount should be added to the balance per books. Debit memo and other payments (-) Debit memos might include money that bank already deducted from the company s balance but not yet recorded by the company such as bank service charges of the company. This amount should be deducted from the balance per books. Company errors Adjust for any errors that the company had made from balance per book. March.30, 2012 Page 28
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