Classmates‚ According to (Oster‚ 2014)‚ "Percentage of receivables and percentage of sales are two accounting allowance methods used to reconcile customer accounts deemed noncollectable. When allowed by generally accepted accounting principles (GAAP)‚ these two strategies are preferred over direct write-off of bad debt expenses. Percentage of receivables and percentage of sales provide a business with the ability to accurately estimate the expected bad debt losses they will have in each succeeding
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8/2/2012 Objective of Lecture 2 CLASSIFICATION OF ACCOUNTS & ACCOUNTING EQUATION • By end of lecture 2‚ all students should be able to:(a) Understand the five categories of accounts and able to classify them into the respective categories (b) Understand the accounting equation and the relationship between assets‚ liabilities and owner’s equity. Classifications of accounts • • 1. 2. 3. 4. 5. An account is used to record all information regarding an item. The five major
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ACCOUNTING SUBSTANCE OVER FORM Substance over form is an accounting concept where the entity is accounting for items according to their substance and economic reality and not merely their legal form. It is one of the key determinants of reliable information. For most transactions there will be no difference and in some cases however‚ the two diverge and the choice of how to present the transactions can give very different results. This differences occurs when an asset or liability is not recognized
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101-00128 Oct 2014 Accounting Accounting is the recording‚ measurement‚ and interpretation of financial information (Business 286). This financial information is used to evaluate the organization’s operations. To carry out these interpretations of financial information a public or private accountant is able to do this. To become a public accountant you must earn your CPA (certified public accountant) by passing a test and means you are certified by the state in which you provide accounting services where
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Islamic accounting is greatly discussed between the academician and professional personnel that have already did some research about the differences between conventional and Islamic accounting. Therefore‚ we can identify the differences with the article written by them. For example‚ Mohd Ibrahim (2001)‚ Baydoun and Willett (2000)‚ Toshikazu Hayashi and so forth. Thus‚ in their articles they have stated that there are several differences that can be spotted between both types of accounting are the
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P2 – Present complex internal business information using three different methods appropriate to user’s needs. This shows Tesco’s shares from the 1st of February 2010 to the 1st of February 2011. It shows share prices rise in the first couple months of 2010 and reached their highest‚ it then decreases very fast over the next few months as it went from 435 pence to 380 pence. It is now currently at 405 pence. | Date | Open | High | Low | close | Avg Vol | Adj Close* | 1 Feb 2011 | 404.05
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3 Adjusting Accounts and Preparing Financial Statements QUESTIONS 1. The cash basis of accounting reports revenues when cash is received while the accrual basis reports revenues when they are earned. The cash basis reports expenses when cash is paid while the accrual basis reports expenses when they are incurred (and matched with revenues they generated). 2. The accrual basis of accounting generally provides a better indication of company performance and financial condition than does
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ACCA P6 Advance Taxation SMART COMPENDIUM NOTES For Exams in June & December 2015 Syllabus Coverage 100% Marks Oriented (Exam Focused) Authenticity (Reviewed by top tutors) 40 Relevant (ICAEW‚ ACCA F6&P6) Time Saving: (Just on 40 pages) Pages only AZIZ UR REHMAN (ACCA) Contact: Mob: +923327670806 Emaiil: azizurrehman89@hotmail.com Contact: +923327670806 azizurrehman89@hotmail.com ACCA P6 (ADVANCE TAXATION) CONTENTS Chapter 1 Income tax computation‚ Trust income‚ Tax Reducer & Pension
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important recent development has been the challenge of globalization and the need for harmonization of financial reporting in facilitating the most efficient allocation of funds globally. Harmonization applies not only to the financial reporting standards applied in preparing financial statements but to the credibility attached by the audit process. In an increasingly complex world‚ the OAGP should be able to maintain confidence in its reputation for independence‚ objectivity‚ knowledge and understanding
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MAA103 & MAAP103 - Accounting for Decision Making ASSIGNMENT – TRIMESTER TWO‚ 2011 (Relates to Topic 4) Represents 20% of the assessment for this unit DUE DATE: ASSIGNMENT PLANNER: MONDAY 1 AUGUST‚ BY 5.00pm FINAL ASSIGNMENT: THURSDAY 8 SEPTEMBER‚ BY 5.00pm NOTE the following general submission points: 1. 2. 3. 4. 5. Assignment can be completed in groups of no more than THREE students. Students CAN NOT complete assignment with students from other lecturers classes. Only ONE hardcopy of
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