Accounting and Control Systems: Purchasing and Expenditure Cycle The employee prepares a purchase requisition and has a supervisor approve it. The supervisor retains Copy 2 of the pre-numbered purchase requisition for the department‚ sends Copy 1 to the Purchasing Department and Copy 3 to Accounts Payable. When the Purchase Department receives the purchase requisition‚ they search the approved vendor list and consult the listed prices for the goods desired for each vendor. Once a vendor has
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1 What is an Asset? An asset is an item that a company owns. Assets are divided into three basic groups: capital assets‚ current assets and intangible assets. Capital assets are typically owned for the long term and include buildings‚ land‚ vehicles and manufacturing equipment. Current assets are items that can quickly be converted to cash‚ such as actual cash‚ accounts receivable‚ inventory and investments such as bonds and stocks. Intangible assets are items that cannot be physically touched‚
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Performance objective Candidates must demonstrate the ability to identify documents used by an organisation and develop templates according to information requirements. Assessment description You are required to review the scenario and sample policy and procedure documents provided‚ identify the forms required by MacVille‚ and produce template documents for the forms identified. Procedure Review the scenario provided in Appendix 1 of this Assessment Task. Review the policy and procedure documents
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MODULE 1 ASSIGNMENT Note: Before you begin the assignment for Module 1‚ please click the Module 1 assignment link in the online course navigation pane for instructions on how to complete and submit your responses for marking. Part A: Multiple-choice questions Note: For multiple-choice questions‚ select the best answer. Answer each item by giving the number of your choice. Incorrect answers will be marked as zero. Please include your answers to the Part A multiple-choice questions with your answer
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Name:___________________________________________ Net ID:_____ True/False: If the statement is FALSE‚ you must explain why or correct it to get credit (1 point each) Example: New York City is the capital of the United States of America. 255198292710Washington D.C. TrueFalse(circle one) Questions: 1.Under accrual basis accounting‚ revenues are recognized when earned and expenses are recognized when incurred. TrueFalse(circle one) If false‚ explain below or correct above: 2.Expenses are decreases in assets or increases in liabilities
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|MBA 502A--Financial Accounting: Accounting Cycle Project (KidKare‚ Inc. 2011) | | |General Journal | | |G15 | |Date |Account Titles & Explanations |Ref |Debit |Credit | |Dec30 |Childcare Exp.
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ASHFORD UNIVERSITY | Rising Medical Expenses | Are “Sin Taxes” the answer? | ENG122: English Composition IIInstructor: Laura Crittenden | Cory Pelisek | 6/23/2013 | When I think of taxes‚ it reminds me of a quote from one of our greatest presidents in United States history‚ Calvin Coolidge‚ he stated that “Collecting more taxes than is absolutely necessary is legalized robbery.” Raising taxes from one individual to pay for another individual is taking away from our Fifth Amendment
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1.1.1 Health Expense Coverage Health expense coverage can be included by basic health insurance‚ major medical insurance‚ and miscellaneous coverage. Basic health insurance has less cost-sharing provisions and it can be known as three parts: hospital insurance‚ surgical insurance‚ and regular medical expense insurance. 1) Hospital insurance is one of health insurance plan that offering restriction coverage for hospital confinement due to illness‚ accidents‚ and intensive care of convalescence.
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A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100‚000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation‚ double declining balance method‚ or an alternative method? This concept is to "observe the service life of the equipment with a professional judgment and
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(Unaudited) Prior year Forecast Current Year Revenue and Expense: Sales (net) $9‚000‚000 $9‚900‚000 $9‚720‚000 Cost of Goods Sold 6‚296‚000 6‚926‚000 7‚000‚000 Gross Margin 2‚704‚000 2‚974‚000 2‚720‚000 General Expense 2‚044‚000 2‚000‚000 2‚003‚000 Depreciation 300‚000 334‚000 334‚000 Operating Income $360‚000 $640‚000 $383‚000 Interest Expense 60‚000 110‚000 75‚000 Income Taxes (40%) 120‚000 212‚000 123‚200 Net Income $180‚000 $318‚000 $184‚800 Assets: Cash $600
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