Chapter 1: The Accounting Environment – What is Accounting and Why is it Done? Accounting is a system for gathering data about an entity’s economic activity‚ processing and organizing the data and in turn‚ communicating that information to people who want to use it to make decisions. Data are unprocessed facts about an entity’s economic activity that is entered into an accounting system whereas information results from organizing and presenting the data in ways that make it useful for decision
Premium International Financial Reporting Standards Tax Business
Discussion Questions 1. Discuss some of the challenges facing business today. Does information technology play a role in these challenges? Explain. The business world and society in general are undergoing phenomenal and sometimes turbulent change. The “new economy” driven by the Internet has seen the rise of entirely new businesses like Amazon.com‚ Yahoo‚ eBay‚ and of course Google. While the “dot com bust” of 2000 saw the demise of thousands of Internet-oriented businesses‚ the fact remains that
Premium Balance sheet Economics Accounting software
LEARNING OUTCOMES/SPECIFICATIONS LANGUAGE CONTENT DATELINE WEEK/ DATE TOPIC/THEME LANGUAGE FOR INTERPERSONAL USE LANGUAGE FOR INFORMAIONAL USE LANGUAGE FOR AESTHETIC USE GRAMMAR SOUND SYSTEM EDUCATIONAL EMPHASIS VOCABULARY (Notify if unable to meet the dateline) 1 - 2 WHAT PEOPLE DO THEME : PEOPLE Talk about daily routines. Talk about friends. Write a simple account on one’s friend’s ambition. Write a letter to a friend on one’s ambition. Read and understand excerpts of brochures on job descriptions
Premium Critical thinking Past tense Grammatical tense
August 31‚ 2012 Ethical Situations in Business EST1 Task 2 Myself and two other individuals have decided to start a company that will provide management consulting services to nonprofit organizations. Our company will be small with about 15-20 total employees. Since many of our clients will be paying from funds provided by government sources‚ we have decided that it would be appropriate to have an ethics program in place before we start offering services. The ethical failures of many
Premium Ethics
Utilitarianism Utilitarianism is an ethical theory that assesses an action as morally right and just if it produces the most amount of net happiness. There are two forms of utilitarianism: act utilitarianism and rule utilitarianism. Act utilitarianism is the standard form‚ which considers all paths of the action that lead to immediate and long-term happiness‚ as well has the magnitude and how long the happiness will last. Furthermore‚ if all paths lead to the same amount of net happiness‚ each
Premium Ethics Utilitarianism Morality
Accounting Information System Overview a) Define Accounting Information System (AIS) (3 marks) An accounting information system is a collection of data and processing procedures that creates needed information for its users. It also can define as the information subsystem within an organization that accumulates and processes information from the entity’s various subsystems and communicates this information to the organization’s users. b) Compare and contrast between
Premium Accounting software Internal control Information systems
Ethical System of Inquiry Ethics in Management March 4‚ 2007 Ethical System of Inquiry "The Code of Business reaffirms what each Motorola employee stands for: Doing the right thing. Every day. No excuses” (Ethics and Code of Business Conduct‚ 2007). In developing a system of inquiry‚ I chose to use the ethics code for Motorola Corporation. Motorola’s Key Beliefs have been in existence for decades‚ and Motorola continues to have a strong culture of corporate ethics and citizenship.
Premium Ethics Business ethics Applied ethics
Traditional Accounting & Computerized Accounting by Sheila Shanker‚ Demand Media Traditional and computerized accounting are helpful to many businesses. Related Articles Difference Between Payables and Receivables in Accounting What Is the Difference Between Budgetary Basis Accounting & GAAP Accounting? The Advantages of Manual Vs. Computerized Accounting Advantages of a Computerized Accounting System The Difference Between Net Income & Pretax Accounting Income
Premium Accounting software Computer Hard disk drive
1. What are the three golden rules of accounting? Real Accounting: Dr - What comes in Cr - What goes out Examples of this kind of transaction include cash/bank and rent. Personal Accounting: Debit is the receiver. Credit is the giver. An example of this kind of transaction is Vendor/Customer relations. Nominal Accounting: All gains and income are credit. All losses and expenses are debit. An example of this kind of transaction is sales and/or purchases. 2.Balance Sheet DEFINITION OF
Premium Generally Accepted Accounting Principles Accounts receivable Balance sheet
Moffitt‚ PhD Course Name: ACCT 3001 v1.0 (Section 3) Module 1: Financial Accounting & Accounting Standards 1. Differentiate broadly between financial accounting and managerial accounting. -Financial accounting measures‚ classifies‚ and summarizes in report from those activities and that information which relate to the enterprise as a whole for use by parties both internal and external to a business enterprise. Managerial accounting also measures‚ classifies‚ and summarizes in report form enterprise
Premium Financial statements Balance sheet Income statement