Classmates‚ According to (Oster‚ 2014)‚ "Percentage of receivables and percentage of sales are two accounting allowance methods used to reconcile customer accounts deemed noncollectable. When allowed by generally accepted accounting principles (GAAP)‚ these two strategies are preferred over direct write-off of bad debt expenses. Percentage of receivables and percentage of sales provide a business with the ability to accurately estimate the expected bad debt losses they will have in each succeeding
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8/2/2012 Objective of Lecture 2 CLASSIFICATION OF ACCOUNTS & ACCOUNTING EQUATION • By end of lecture 2‚ all students should be able to:(a) Understand the five categories of accounts and able to classify them into the respective categories (b) Understand the accounting equation and the relationship between assets‚ liabilities and owner’s equity. Classifications of accounts • • 1. 2. 3. 4. 5. An account is used to record all information regarding an item. The five major
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ACCOUNTING SUBSTANCE OVER FORM Substance over form is an accounting concept where the entity is accounting for items according to their substance and economic reality and not merely their legal form. It is one of the key determinants of reliable information. For most transactions there will be no difference and in some cases however‚ the two diverge and the choice of how to present the transactions can give very different results. This differences occurs when an asset or liability is not recognized
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necessary for everyone to learn science? What is science? “Science is the intellectual and practical activity encompassing the systematic study of the structure and behavior of the physical and natural world through observation and experiment.” Science can be known as a subject‚ explanation and possibly our underlying belief. Among the humanity‚ there are diverse of religions; some believe in Buddhism‚ some believe in Christian‚ some believe in Science‚ because science is proved with mathematical methods
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We are in the age of science and technology. Man cannot live without the aid of science. Science has so much engulfed our lives that nothing can take place in our day to day work without the help of science. Our food‚ transport‚ learning‚ administration‚ recreation and social life are all linked with science in various ways. There are many advantages of scientific discoveries in our daily life .Nowadays there are gadgets to remove drudgery. Electricity‚ communications‚ transport‚ entertainment and
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TOPIC 1: RATES AND CHEMICAL EQUILIBRIUM QUESTION 1: (Taken from the DoE Physical Sciences Feb-March Paper 2 2009) Antacids are used to relieve indigestion. Indigestion is the condition when the stomach produces too much acid resulting in an uncomfortable and painful feeling. A certain antacid tablet dissolves in water and reacts with the acid in the stomach to release carbon dioxide gas. 1.1 Name the type of chemical reaction that explains why antacids bring relief from indigestion
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CHAPTER 3 THE REPORTING ENTITY AND CONSOLIDATED FINANCIAL STATEMENTS ANSWERS TO QUESTIONS Q3-1 The basic idea underlying the preparation of consolidated financial statements is the notion that the consolidated financial statements present the financial position and the results of operations of a parent and its subsidiaries as if the related companies actually were a single company. Q3-2 Without consolidated statements it is often very difficult for an investor to gain an understanding
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Science in everyday life In its broadest meaning of ’knowledge’‚ science enters the life of even the most primitive human being‚ who knows the safe from the poisonous berry‚ who has stored up some rudimentary ideas about building a hut‚ sharpening a spear‚ and fishing in the river. this knowledge‚ or accumulation of experience‚ distinguishes man from the animal which has to rely on instinct. Yet‚ for most people ’science’ means a number of abstract subject such as physics‚ chemistry‚ biology
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101-00128 Oct 2014 Accounting Accounting is the recording‚ measurement‚ and interpretation of financial information (Business 286). This financial information is used to evaluate the organization’s operations. To carry out these interpretations of financial information a public or private accountant is able to do this. To become a public accountant you must earn your CPA (certified public accountant) by passing a test and means you are certified by the state in which you provide accounting services where
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INTRODUCTION Science (Latin‚ scientia‚ from scire‚ “to know”)‚ term used in its broadest sense to denote systematized knowledge in any field‚ but usually applied to the organization of objectively verifiable sense experience. The pursuit of knowledge in this context is known as pure science‚ to distinguish it from applied science‚ which is the search for practical uses of scientific knowledge‚ and from technology‚ through which applications are realized. For additional information‚ see separate
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