1.) The major elements of an income statement are: revenues‚ expenses‚ gains‚ and losses. 2.) Limitations of the income statement include all of the following except: helps assess the risk or uncertainty of achieving future cash flow. 3.) Which of the following is an example of managing earnings down: changing estimated bad debts from 3% to 4.5% of sales. 4.) What might a manager do during the last quarter of a fiscal year if she wanted to decrease current annual net income: delay shipments
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HISTORY OF ACCOUNTING LEARNING OUTCOMES Understand the history of accounting dating from prehistoric times to written record keeping. Identify the seven preconditions for the emergence of systematic book keeping. Know Luca Pacioll contributions in introducing double entry book keeping. Accounting is a tool‚ invented by humankind‚ to fulfill needs of society. Unlike the explorers of the past who discovered new lands‚ accounting cannot in any true sense be said to have been discovered
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There are many issues facing people who work in the graphic design industry that makes their career harder‚ and harder to find work as well. One issue is that at all times you have to be on top of things at all times‚ and know what’s trending‚ or what the public wants from your work. Another issue of being a graphic designer is that you’re a freelancer‚ in other words‚ you’re not really an employee‚ but instead a person someone hires for a single job‚ which means that it’s not exactly steady even
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To: Carminho Building Products Ltd From: Rodrigues Accounting Dear Sir/Madam‚ We are submitting herewith our report entitled UK Subsidiary Expansion. The main purpose of this report is to help Carminho Building Products Ltd decide the potential and suitable site for the formation of a public listed subsidiary. This report will include United Kingdom’s current financial reporting environment and other information that Carminho Building Products Ltd would need in order to make a sound decision
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Chapter 3-1 The Accounting Information System Chapter 3-2 Financial Accounting‚ Fifth Edition Study Objectives 1. Analyze the effect of business transactions on the basic accounting equation. 2. Explain what an account is and how it helps in the recording process. 3. Define debits and credits and explain how they are used to record business transactions transactions. 4. Identify the basic steps in the recording process. 5. Explain what a journal is and
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organisational plan and all the related measures that an entity adopts to: * safeguard assets * encourage adherence to company policies * promote operational efficiency * ensure accurate and reliable accounting records. It is either an administrative control or an accounting control Characteristics of an effective internal control system include: * Competent‚ reliable‚ and ethical personnel * Assignment of responsibilities * Proper authorisation * Separation of duties
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The basic principles of an accounting information system include all of the following except | | | Student Answer: | | cost effectiveness. (Cost effectiveness is one of the basic principles of accounting information systems.) | | | | flexibility. (Flexibility is one of the basic principles of accounting information systems.) | | | | useful output. (Useful output is one of the basic principles of accounting information systems.) | | | | periodicity. (Correct! Periodicity
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FORENSIC ACCOUNTING Abstract In today’s fast growing business world‚ it is necessary for an organization to evaluate its systems‚ internal control procedures and to analyze the risks involved to ascertain appropriate implementation and working of its processes. The organization must also identify‚ record‚ settle‚ extract‚ sort‚ report and verify past financial data. With increasing number of frauds within organizations‚ the regulatory framework has also been enhanced with introduction of
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I attended the career fair event in the Carson Center with the intent to talk to people willing to employ Athletic Trainers. I had been looking forward to it‚ and soon realized it was not what I thought it would be. I had previously looked into a few of the participant’s companies and found a few that might be worth talking to. However‚ this number was few and far between for only Athletic Training jobs. Some of the people I talked to were more interested in me if I had a Pre-Physical Therapy track
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Environmental Engineering‚ with their solutions‚ helps maintain the carrying capacity of the planet and ensure better quality of life for the current generation and the generation of tomorrow. This profession is carried out in a closed room where you can experience and discover new drugs which can draw from the natural fauna‚ finding solutions to pollution‚ etc. The hours of work of an environmental engineer in a company are Monday through Friday from 8 a.m. to 5 p.m. Median annual earnings were
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