Basic Accounting Concepts and Business Structures Shannon Goshert ACC 537 July 25‚ 2010 Angela Rose Abstract Basic accounting concepts and business structures go hand-in-hand. Usually the business structure will determine the type of accounting concepts it will use. Generally accepted accounting principles (GAAP) are needed for effective accounting information. Basic Accounting Concepts and Business Structures Basic accounting concepts and business structures are important to a business’s
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Basic Accounting Concepts and Business Structures Rose Latifi ACC 537 November 10th 2012 Professor Joh David Basic Accounting Concepts and Business Structures Generally Accepted Accounting Principles (GAAP) and Related Hierarchy The common set of standards and procedures is called generally accepted accounting principles (GAAP). Four organizations are instrumental in the development of financial accounting standards (GAAP) in the United States: 1- Securities and Exchange Commission (SEC)
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THE ROLES OF ACCOUNTING ON BUSINESS AND OUR SOCIETY By QUINISIA HILL-WILSON MARCH 4‚ 2014 ACC 100 MR. TIMOTHY CARR STRAYER UNIVERSITY WINTER 2014 1. Describe the purpose of each financial statement. Determine which one (1) is the most effective in communicating the financial health of an organization. Defend your position. Income Statement presents revenues and expenses and resulting net income or net loss for a specific time period. Owner’s Equity Statement is a summary
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CHAPTER 1: ACCOUNTING AND THE BUSINESS ENVIRONMENT Objective 1 - Use accounting vocabulary. Accounting is a system that measures business activities‚ processes that information into reports‚ and communicates the results to decision-makers. There are many users of accounting information. Individuals use accounting information to make decisions about purchases and investments and to manage their bank accounts. Businesses use accounting information to set goals for their businesses and to evaluate
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Accounting Information System(AIS) - is a structure that a business uses to collect‚ store‚ manage‚ process‚ retrieve and report its financial data so that it can be used by accountants‚ consultants‚ business analysts‚ managers‚ chief financial officers (CFOs)‚ auditors and regulatory and tax agencies. Components of AIS a. People - the system users - professionals who may need to use an organization’s AIS include accountants‚ consultants‚ business analysts‚ managers‚ chief financial officers
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evaluation process‚ I have also referred to some academic text and books for some guidance on accounting and business techniques. All data that I gathered for this research and analysis project are secondary data. I have categorised the sources of these data into two categories‚ which is books and internets. Books There are some books that I referred for some guidance on accounting and business techniques which I have used in the analysis and evaluation process. Some of the books are borrowed
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|[pic] | | Question 1: Accounting concepts A. The owner of Computer World‚ Heath is confused about the depreciation expense for building in the income statement and the carrying amount in the balance sheet‚ and would like you to explain the following to him: i) Why is depreciation expense recoded in the income statement for the building as
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Acid rain is a very serious air and water pollution problem. Many people feel that it is the most serious pollution problem that we now face. Scientists say that plant and animal life in thousands of lakes in the United States and Canada has already been destroyed by acid rain. Acid rain forms in the upper atmosphere. There‚ sulfur dioxide and nitrogen oxides mix with water vapor. They mix with water vapor to form sulfuric acid and nitric acid. When the vapor condenses and rain falls‚ the acids fall with it
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5. Accounting and Business techniques used. 2.5.1 Financial Ratios • Liquidity Ratios It is very crucial that an organisation meets its day to day obligations as they fall due. It is possible that an organisation that has very good and positive looking financial statement may experience liquidity problems. Hence measuring liquidity allows the organisation to better monitor its cash flows. Two commonly used ratios to measure liquidity are shown below
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BUSINESS ACCOUNTING (GBB/GCB 1013) SEMESTER JANUARY 2013 TITLE: ___________________________________________ LECTURER: HEZLINA BT M HASHIM GROUP MEMBERS: No. | Name | Student ID | 1 | | | 2 | | | 3 | | | 4 | | | 5 | | | DATE RECEIVED: __________________________ INTRODUCTION: Charitable organizations are NGOs whose purpose of existence is to benefit the public. The mission of a charitable non-profit expresses the particular way in which the organization will fulfil its public benefit
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