capital. 2. The need for organizations to have the inventory in diverse locations makes the physical control and counting of the inventory difficult. 3. Inventory takes many different forms that are difficult for the auditor to fully understand. 4. The consistent application of different valuation methods can be fairly complicated. 5. The valuation of inventory is difficult due to such factors as the large number of different items involved‚ the need to allocate the manufacturing costs to inventory
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Managerial Accounting Vs Financial Accounting Management Accounting is used primarily by those WITHIN a company or organization. Reports can be generated for any period of time such as daily‚ weekly or monthly. Reports are considered to be "future looking" and have forecasting value to those within the company. Financial accounting is used primarily by those OUTSIDE of a company or organization. Financial reports are usually created for a set period of time‚ such as a fiscal year or period. Financial
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can be identified with a particular unit of accountability. FALSE 4. The monetary unit assumption states that transactions that can be measured in terms of money should be recorded in the accounting records. TRUE 5. The drawings account is a subdivision of the owner’s capital account and appears as an expense on the income statement. FALSE 6. Revenues are a subdivision of owner’s capital. TRUE 7. The trial balance has no limitations or weaknesses. FALSE 8. In an
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FINANCIAL ACCOUNTING I COURSE DESCRIPTION/OBJECTIVES The primary aim of Financial Accounting is to provide students with an introduction to the process and function of financial reporting. Whilst a large proportion of the course is aimed at understanding accounting as a process‚ taking a preparers‟ perspective‚ we will also seek to develop an understanding of the importance of the role of accounting in today’s society. LEARNING OUTCOMES After studying this course the student will be able to understand:
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Germany 2 * Japan 2 Hofstede’s cultural dimensions 2 Accounting Practices predictions 3 Opacity Impacts on Business Investments 4 Limitations in Financial Reports‚ with respect to Ratios and Accounting Practices 4 Conclusion 5 Recommendations 5 Appendix 6 Appendix 1 – Development factors of UK‚ Germany and Japan 7 Appendix 2 – Hofsted’s social dimension model 9 Appendix 3 – Gray’s Accounting Values 9 Appendix 4 – Strength and Weaknesses of Hofstede’s Model 11 Appendix
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Study Guide: Lesson 1 Prelude to Philosophy: What is Philosophy? List 4 reasons students often presuppose a low view of philosophy. 1. The image that one has to be super intelligent to do philosophy. 2. As a discipline‚ most students study it late in their academic development. 3. Most people don’t think it’s practical. 4. Most students don’t know what philosophy is or how it can benefit them. Know Socrates’ quote: What is the unexamined life? What did he mean when he said it wasn’t worth living
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Management accounting provides necessary information to assist management in decision making and management control. The chartered institute of management accountants (2001) describe Management accounting as :-the application of professional information in such a way as to assist the management in the formation of policies and in the planning and control of the operations of the organization. Management accounting has been considered as an integral part of the management knowledge in accounting and finance
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Review of Accounting Fundamentals The Accounting Equation Assets = Liabilities + Equity Equity = Contributed Capital + Retained Earnings Retained Earnings = Beginning Retained Earnings + Net Income for the Period – Dividends Net Income = Revenues – Expenses + Gains – Losses Assets ( Probable future economic benefits obtained or controlled by a particular accounting entity as a result of past transactions or events Liabilities ( Probably future sacrifices of economic benefits
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WILL NOT BE ACCEPTED FOR ASSESSMENT WITHOUT THE COVERING SHEETS! |Unit level: |Unit no: |Lecturer: | | |7 | | |Unit Title: BUSINESS STRATEGY |Date of issue: |Submission Deadline:
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| | | |Module Title / Assignment Number: Financial Accounting | | | |Submission Date: January 6th
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