You have collected some raw data from the concerned department heads and tabulated them as follows: a) The following are sales for the nine month period are as follows: Sales Forecast Month Estimated Sales Units January 250‚000February255‚000March264‚000April290‚000May315‚000June340‚000July365‚000August270‚000September 257‚000October310‚000 The estimated selling price per special component is $5.00. The collections for the above sales forecast are as follows: i
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different costing techniques • To understand the meaning of cost sheet In order to determine and take a dispassionate view about what lies beneath the surface of accounting figures‚ a financial analyst has to make use of different management accounting techniques. Cost techniques have a precedence over the other techniques since accounting treatment of cost is often both complex and financially significant. For example‚ if a firm proposes to increase its output by 10%‚ is it reasonable to expect total
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considerable time with Pat Frazer‚ the Manager of Marketing‚ putting together a sales forecast for the next budget year (July 2008 to June 2009). Unfortunately‚ their collaboration worked so well they eloped to Las Vegas‚ were married by an Elvis impersonator‚ and settled down somewhere in the desert. Prior to their departure they e-mailed letters of resignation and a cryptic sales forecast to the President of ToyWorks. Their sales forecast consisted of these few lines: • For the year ended June
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expense account. b. is a liability account. c. is a regular asset account. d. is an asset contra-account. At the end of last year‚ the company’s assets totaled $860‚000 and its liabilities totaled $740‚000. During the current year‚ the company’s total assets increased by $58‚000 and its total liabilities increased by $24‚000. At the end of the current year‚ stockholders’ equity was a. $154‚000. b. $120‚000. c. $34‚000. d. $178‚000. In the U.S.‚ generally accepted accounting principles
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Development of A General Accounting Theory – A Scientific Approach? Accounting Theory Development can be defined as ‘a piecemeal process of trial and error in response to changing social and economic forces’. (Underdown and Taylor‚ 1985‚ p2). Therefore‚ it is clear that a general frame of reference is needed‚ however not one that would upset the ‘accounting system’. Accounting theory cannot be narrowed to a certain approach‚ which is the definitive article. In fact‚ accountancy is one
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Introduction to Accounting Instructor : M. Morshed (MDM) Senior Lecturer‚ School of Business. Semester : FALL Year : 2012 Submitted by Robiul Hassan Labib ID – 1220296030. | | | | Question 1: Explain using various examples‚ how the major accounting concepts
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Discuss the accounting principles and concepts that were violated in the case. Explain the appropriate accounting treatments that should be used. Accounting is a systematic recording of business transactions and statements relating to assets‚ liabilities and summarizes the financial events that occur in a business. There are certain accounting principles and concepts to preparing reports on financial statements. These accounting principles and concepts are usually referred to as General Accepted
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between accrual-basis accounting and cash-basis accounting? The variation between accrual basis accounting and cash basis accounting‚ is how cash is documented. Cash basis is an accounting basis that is used when expenses and revenue are paid out or received. This is when the transaction will be recorded. In accrual-basis accounting‚ transactions are recorded when they actually happen. Payment does not need to be made for the transaction to be recognized in accrual-basis accounting unlike cash-basis
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8 Accounting theory and conceptual frameworks After studying this chapter you should be able to: & explain what accounting theory is & describe the main attempts at constructing an accounting theory & appraise current developments in the area & describe and discuss the contents of the IASB Framework & appraise the quality and usefulness of the IASB Framework in the context of its self-declared purposes & describe and discuss the parts of IAS 1 relating to accounting concepts and policies & appraise
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Project Paper on the Title “Auditors Professional Responsibilities and Legal Liability with Regard to Private Auditors in Ethiopia”: For the Fulfillment of M.Sc Program in Accounting and Finance Adviser: Johannes Kinfu (Prof) By: Muluneh Beyene Addis Ababa University School of Gradate Studies Department of Accounting and Finance July‚ 2007 Addis Ababa Statement of Certification This is to certify that Muluneh Beyene has carried out his research work on the topic entitled “The
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