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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A. What is the difference between accrual-basis accounting and cash-basis accounting? The difference between the two types of accounting is when revenues and expenses are recorded. In cash basis accounting revenues are recorded when cash is actually received and expenses are recorded when the expenses are actually paid. B. Why would politicians prefer the cash basis over the accrual basis? The accrual basis system deals with deprecation of the value of equipment‚ land and such. Politicians would
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The extent and expanse of the finance and accounting branches have been expanding at a considerable step which has also put load on this ground field. Companies and businesses interface their financial rank by producing few outlines to the exterior world so as to retain the interest of employees‚ shareholders‚ investors‚ customers‚ etc. This statistics is shared in the outline of financial declarations‚ annual reports‚ etc which makes it easier on the decision making procedure as well. Besides‚
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Table of Contents Theory 2 Introduction 2 Fundamental 2 Background 3 Prepayment 3 Accrual 3 Income Statement 6 Balance Sheet 8 Trend Profit 9 QUOTES THEORY‚ INTRO‚ TABLE OF CONTENTS Introduction The purpose of this report is to identify the items that may result in adjusting entries for both prepayments and accrual by looking at the trial balance and income statement. Furthermore‚ analyzing the historical summary of financial is to know the trend for profit or loss of
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The basic accounting concepts have defined the conception of the preparation of financial statements and the process of preparation in the UK is well regulated. But financial accounting requires a fair amount of flexibility in some certain areas‚ so the need of judgements and estimations for accounts preparers is demand. Meanwhile it leaves a significant approach in accounting treatments. For example‚ when organizations decide which of several inventory valuation methods to utilize; managers make
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“Concentric Circles of Concern” By Thomas M Johnson 29 January 2009 Bibliography Thompson‚ Jr‚ W. Oscar . Concentric Circles of Concern. Nashville: Broadman & Holman Publishers‚ 1999. Author Information Dr. W. Oscar Thompson Jr. served in the pastorate for twenty years before becoming a faculty member in the area of evangelism at Southwestern Baptist Theological Seminary serving in the area of evangelism.. He also served as the president of the Oscar Thompson Evangelistic Association
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Conflict management Anti-discriminatory practice Health & safety Confidentiality Whistleblowing 6) Explain how your role contributes to the overall delivery of the service provided. 7) Explain how you could influence the quality of the service provided by; a)following best practice within your work role; b) not carrying out the requirements of your role. 8) Describe how your own work must be influenced by National factors such as Codes of Practice‚ National Occupational Standards
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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 (IAS’s)
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Significant portion of sales managers salaries are paid in bonuses - The industry is in a recession and it is starting to affect the company – Potentially leading to obsolete stock and overstatement of assets 6.27 Corporate governance and the audit role (1) AC is comprised of independent non-executive directors. (2) Chair of the audit committee is a fellow of the ICAA (3) All members of the AC will be financially literate. (4) The responsibilities of the audit committee include: integrity of financial
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1.5. Security Concern For any infrastructure or industry the most important part is it’s security. Basically the prime target to secure the industry from physical attack. In electric power industry physical attack is shutdown‚ break down etc. In chemical industry physical attack is leaking of chemical etc. These kind of attacks is known as physical attacks. physical attacks are done by anybody like human error‚ computer system failure. Second type of attack is cyber attacks. Cyber attacks are done
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