------------------------------------------------- 2) The purchase of treasury stock A. decreases common stock authorized B. decreases common stock issued C. decreases common stock outstanding D. has no effect on common stock outstanding ------------------------------------------------- 3) Marsh Company has other operating expenses of $240‚000. There has been an increase in prepaid expenses of $16‚000 during the year‚ and accrued liabilities are $24‚000 lower than in the prior period. Using the direct method of reporting cash flows from
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Lecture 2: Study Week 2 The Accounting Equation & the Double Entry System Objectives for today 1. Analyzing transactions using the Accounting Equation 2. Next Week: How do firms actually measure Income?: Accrual vs. Cash Accounting g 3. Next Week: Determine when a company should record revenues and Expenses: The Matching Principle The Operating Cycle Start with cash and end with more cash Collect cash from customers Purchase inventory Make sales to customers The Recording
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Accounting Principles The general rules and concepts that govern the Accounting filed are referred to as the Principles of Accounting. The Financial Accounting Standards Board (FASB) using the groundwork of principles and guidelines has formulated these rules. They lay the foundation for sound and ethical accounting practices. The GAAP (Generally accepted accounting principles or "GAAP") consists of three important sets of rules: • The underlying accounting principles • The rules and standards
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the following: A) the present value of future dividends to be paid. B) the total par value of common stock. C) retained earnings. D) B and C‚ but not A. 3. A corporate charter specifies that the company may sell up to 20 million shares of stock. The company sells 12 million shares to investors and later buys back 3 million shares. Of the 3 million shares bought back‚ the company cancels 2 million and holds 1 million. The number of authorized shares after these
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QUESTIONS by Adekoya Ayodele OBJECTIVE The objective of this project is to enable student to record transactions into the accounting cycle. The second objective is to enable them record adjustments and post them to the General Ledger The third Objective is to enable them prepare accurate Income Statements and Balance Sheets. INSTRUCTIONS: Each group is required to 1. Journalize the transactions 2. Post the transactions from journal to ledgers. 3. Prepare a trial balance 4
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The role of accounting is to allow business owners to make informative decisions. The main objectives of accounting are to maintain a record of business transactions‚ calculate profit and loss and depiction of financial position. Recording business transactions accurately is essential in accounting. If proper and complete records are kept‚ it will make it easier to find and correct any errors made. Different officials can also use records for different decision-making purposes. A balance sheet
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PRINCIPLES OF ACCOUNTING(POA)/ACCOUNTING FOR MANAGERS(AFM) Basic Accounting Concepts & Terminologies ACCOUNTING- DEFINITION Accounting means the various technical activities performed by accountants‚ including financial accounting‚ bookkeeping and management accounting. Accounting is considered to be as old as money. However in 1494 Lucas Fra Pacoili‚ an Italian Merchant is universally regarded as the father of modern system of accounting or double entry system of accounting. Accounting has
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UNIVERSITY OF LONDON 279 0025 ZA 996 D025 ZA BSc degrees and Diplomas for Graduates in Economics‚ Management‚ Finance and the Social Sciences‚ the Diploma in Economics and Access Route for Students in the External Programme Principles of Accounting Wednesday‚ 5 May 2010 : 10.00am to 1.15pm Candidates should answer FOUR of the following SEVEN questions: QUESTION 1 of Section A‚ QUESTION 2 of Section B‚ ONE question from Section C and ONE further question from either Section B or
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Running head: ACCOUNTING PRINCIPLES Generally Accepted Accounting Principles P G HCS 571 June 5‚ 2013 Generally Accepted Accounting Principles Generally accepted accounting principles (GAAP)‚ are standards and guidelines for financial accounting‚ and reporting‚ (Office of Financial Management‚ 2012). There are guidelines in effect for most organizations; GAAP ensures that the finances of an organization are correct. According to Cleverly‚ Song‚ and Cleverly (2011)‚ GAAP describes the “body
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112: PRINCIPLES OF ACCOUNTING 1 ACCOUNTING THEORY NOTES (a) International Accounting Standards and International Financial Reporting Standards. The foreword to accounting standards defines Accounting Standards as Authoritative statements of how particular types of transaction and other events should be reflected in financial statements. Accounting Standards are developed to achieve comparability of financial information between and among different organizations. International Accounting Standards
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