The lecture last night discussed accrual accounting concepts such as timing issues‚ and the basics of adjusting entries. The discussion went into more detail on periodicity assumption and how accounting divides the economic life of a business into artificial time periods. These time periods are generally a month‚ a quarter‚ or a year‚ now whether it is a fiscal year or a calendar year that is determined by the company itself. The lecture then reviews the revenue recognition principle which expects
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Comparing Accounting Software Programs to Manual Accounting Manual accounting uses several paper ledgers to record financial transactions. It is very time consuming to record each single transaction onto paper‚ being very cautious not to make an error. There are several ledgers for each part of the accounting system‚ such as accounts payable‚ accounts receivable‚ and revenue accounts. Combining these ledgers into one general ledger‚ provide the balance for each ledger. The general ledger
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Accounting for Managers TOPIC A: AN INTRODUCTION TO ACCOUNTING Investors – Individual and groups provide initial capital. Creditors – Company which loans money to another company (Suppliers/Bank). Managers – Oversee the day-to-day operations. What is accounting? * Process of Recognising‚ measuring‚ recording (also known as transactions)‚ disclosing and attesting to information. *Information – Decision Making (Value Creation)‚ Control (Monitoring). Process of Accounting: Transactions
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Chapter 2—The External Environment: Opportunities‚ Threats‚ Industry Competition‚ and Competitor Analysis TRUE/FALSE 1. The health-related concerns in the general environment facing Philip Morris International are part of the physical segment. ANS: F PTS: 1 DIF: Medium REF: 36 OBJ: 02-01 TYPE: comprehension NOT: AACSB: Ethical & Legal understanding | Management: Ethical Responsibilities | Dierdorff & Rubin: Managing the task environment 2. The external environment facing business stays relatively
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Table of Contents Case 1 Introduction Jill’s business is expanding while the up going GST prevent her from gaining more profits. The idea of replacing the labor with the help of new equipment will bring about an unprofitable break-even point. However Jill still insist on borrowing from bank to invest in the equipment regardless of the CVP analysis result‚ which raised some ethical issues. Analysis Question 1 Defining the stakeholders There are 5 major stakeholders arising
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Sometimes in our life‚ we may run into a good teacher and if lucky‚ it’ll be two or three. These people end up shaping our lives for the better because of their greatness‚ and we deeply admire them for that. They may have many faces‚ a professor in your university or simply they may just be your family‚ friends and neighbors. But no matter who they are‚ they must have some certain characteristics that granted their title: “A Good Teacher”. The first quality that is essential in a good teacher
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between accrual-basis accounting and cash-basis accounting? The variation between accrual basis accounting and cash basis accounting‚ is how cash is documented. Cash basis is an accounting basis that is used when expenses and revenue are paid out or received. This is when the transaction will be recorded. In accrual-basis accounting‚ transactions are recorded when they actually happen. Payment does not need to be made for the transaction to be recognized in accrual-basis accounting unlike cash-basis
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customers has vastly increased making it much more difficult to keep track of the finance and performance. This is where accounting plays its role of systematically recording‚ reporting and analysing the financial transactions of a business. This essay aims to compare and contrast the roles and responsibilities of a management accountant with that of a financial accountant. Accounting allows a company to analyse the financial performance of a business and represent its position through past and future
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to comment on Mr. Bieber’s case‚ but we’re glad you care about immigration issues. Because our current system is broken. Too many employers game the system by hiring undocumented workers‚ and 11 million people are living in the shadows." "Not only is it the right thing to do morally‚ it’s the right thing for our country: Independent economists say immigration reform will grow our economy and shrink our deficits by almost $1 trillion in the next 20 years‚" the statement continued. "For those of
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affected New York but also affected the entire country in a way that no other event has. The attacks shook the way of life of many people including those in the classrooms around Nebraska. After the attacks George W. Bush said‚ “Today‚ our fellow citizens‚ our way of life‚ our very freedom came under attack in a series of deliberate and deadly terrorist acts.” It was just that the way of life of citizens was threatened across the nation. The 9/11 attacks affected the country in a number of ways professional
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