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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employees is fair. In most cases when a union is involved‚ there is a percentage of compensation that has been agreed upon. 1.7) Financial accounting (i) Management accounting (h) Financial reporting (g) Financial statements (f) General-purpose assumption (b) Integrity (c ) Internal control (e) Public accounting (d) Bookkeeping (a) 2.3) Amber Company’s assets total $150‚000 and its liabilities total $85‚000. What is the amount of Amber’s
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(a) Briefly explain what prompted some countries over the world to strongly advocate harmonization of accounting. The important reasons which necessitate harmonization of accounting practices are well contained in the observation made by Saudagaran. “While the initial efforts at harmonization were mainly championed by political bodies and professional accounting organizations‚ current pressures to harmonize are driven by investor groups who use financial statements‚ multinational companies which
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http://smallbusiness.chron.com/difference-between-traditional-accounting-computerized- accounting-4021.html INTRODUCTION: Before the advent of fast and cheap computers‚ accounting traditionally was processed manually with all transactions recorded in columnar papers and kept in voluminous binders. Once computers became popular and software affordable‚ accounting tasks moved into this medium‚ where concepts stayed the same but mechanics changed from papers to programs. AIMS AND OBJECTIVE:
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Education In Partial Fulfillment of the Requirements For the Course Internship By Le Quang Anh – 015FA712 Internship tutor’s name: Dr. Randall Executive summary Internships is very important for student. It is the journey for student to experiment their study at school into realistic working experience. On the other hand‚ it prepare the student skill‚ knowledge that they need for their future career. Through the internship‚ student realize that what they miss‚ the strength‚ the weaknesses
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Chapter 1 Financial Accounting and Accounting Standards Intermediate Accounting‚ 15th Edition Kieso‚ Weygandt‚ and Warfield 1 Financial Statements and Financial Reporting • Goals or purpose of (financial) accounting – Identification‚ measurement‚ and communication of financial information about – An economic entity to – Interested Parties (internal and external) • Creditors‚ managers‚ unions‚ government agencies Financial reports (statements) & notes 2 Financial Statements
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will I am sure be of interest not only to our student audience but as a refresher to those of you in practice that may be required to deal with this concept. In most businesses debtor balances represent an important element of working capital. Accounting principles dictate that the supply of goods or services is accounted for as sales‚ at the point at which the buyer has a legal obligation to pay for them. Total debtors represent the value of credit sales for which payment has yet to be received
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Plans (beginning on page 50 of Xilinx’s annual report). i. ii. Explain‚ in your own words‚ how this plan works. What incentives does this plan provide for Xilinx employees? Explain briefly the following terms used in Note 3: grant date‚ exercise price‚ vesting period‚ expiration date‚ options granted‚ options exercised‚ and options forfeited. b. Note 3 (page 47 of Xilinx’s annual report) indicates that in fiscal 2007‚ Xilinx adopted a new accounting method for its stock options and other stock-based
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Chapter 2 Cost Terms‚ Concepts‚ and Classifications Exercise 2-2 (15 minutes) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10 . 11 . 12 . 13 . 14 . 15 . Depreciation on salespersons’ cars ................ Rent on equipment used in the factory .......... Lubricants used for machine maintenance ..... Salaries of personnel who work in the finished goods warehouse.............................. Soap and paper towels used by factory workers at the end of a shift ...................... Factory supervisors’ salaries
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Internship Report for BBA Program On SME loan lending activities & reconciliation process of BRAC Bank Limited Submitted To Md.Saheb Ali Mondal Assistant Professor of Accounting Department of Business Administration International Islamic University Chittagong Prepared By Md.Rafiqul Islam Matric No:B-093552 Major in Accounting and Information Systems International Islamic University Chittagong Date of submission: LETTER OF TRANSMISSION DATE Md.Saheb Ali Mondal
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