A COMPARISON BETWEEN CASH ACCOUNTING AND ACCRUAL ACCOUNTING 1. Introduction Accounting principle and theory are generally referred to two main accounting methods which include cash accounting and accrual accounting. Cash basis accounting on income and cost is determined by the amount of actual payment for reference and accounting recording mode is simple‚ easy to master. The use of the accrual basis of accounting is more complicated than it with a main difference of recording timing. This essay
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For profit vs. not for profit organizations Melinda Colp AIU Online Healthcare Administration HCM630-1203D-01 Professor Michael Schmitt September 16‚ 2012 Non-Profit healthcare organization vs. for-profit healthcare organization “Hospitals can be non-profit‚ for-profit‚ and government-owned and/or operated” (Baker & Baker‚ 2006). There are different terms for each classification in how to report and handle the finances but the basics are the same for any type of business. Business
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Ethics in the Nonprofit Sector Nataly Schwartz Nonprofit and Association Organizations and Issues University of Maryland University College Jennifer J. Wood March 30‚ 2011 “When governmental and nonprofit organizations are good‚ they are very good. And good they must be‚ because we entrust them with society’s most important functions- educating our minds‚ uplifting our souls‚ and protecting our health and safety…But when governmental and nonprofit organizations are bad
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The New Measures for Improving Nonprofit Performance Published: | December 14‚ 2011 | Author: | Julia Hanna | Executive Summary: In this era of scarce economic resources‚ the pressure on nonprofit managers to show quantifiable results is greater than ever. Alnoor S. Ebrahim and philanthropist Mario Morino discuss the differences and similarities between performance measurement in the for-profit and nonprofit sectors. About Faculty in this Article: Alnoor Ebrahim is an associate professor
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Nonprofit organizations are tax-exempt under the law according to the IRS that are charitable or not-for-profit corporations that have been set up to serve some public purpose (Wolf 7). Nonprofits are organizations whose income is not used for the benefit to profit but use earnings to achieve goals. Nonprofits organizations work to assist millions of in-need individuals through various methods. In order to provide a service or supply goods all nonprofits must have a strategic plan. Therefore‚ they
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SIGNIFICANT DIFFERENCES BETWEEN ACCOUNTING AND OIL AND GAS OPERATIONS AND THE CONVENTIONAL ACCOUNTING FOR MANUFACTURING OR MECHANIZE OPERATION. By Demoore Suleman ----------------------- Conventional Manufacturing Account 1.Definition: Manufacturing account‚ the term I use to describe business organizations engaged in the manufacture of goods for sale. These company maintain a manufacturing account. 2. Cost Method: Expenses are the cost of unsold products and are reported as assets. These
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Non-Profit vs. For-Profit The main difference between non-profit and for profit healthcare organizations are; Non-profit hospitals don’t need to pay property‚ sales or income taxes and receive grants from the government and through donations. They were designed to provide discounted fees for service or no fee to those in the surrounding communities with limited to no funds for healthcare‚ basically the poor or those who fall within the guidelines of those below poverty level. The tax exemptions
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d 8 a 9 b 10 c P 1-1 a. Wages Interest Add Equip 6‚000‚000 500‚000 900‚000 7‚400‚000 b. Wages Interest 6‚000‚000 500‚000 6‚500‚000 c. Bonds Wages Interest 6‚000‚000 500‚000 10‚000‚000 16‚500‚000 E 1-2 b b d b b c c b a b d. The cash basis of accounting requires the company to expense the entire $10 million of equipment in year ten. The taxpayers of the tenth year incur the entire expense rather than depreciating $1 million per year. P 1-2 1. The fact that the church reported only $0.2 million
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Islamic accounting is greatly discussed between the academician and professional personnel that have already did some research about the differences between conventional and Islamic accounting. Therefore‚ we can identify the differences with the article written by them. For example‚ Mohd Ibrahim (2001)‚ Baydoun and Willett (2000)‚ Toshikazu Hayashi and so forth. Thus‚ in their articles they have stated that there are several differences that can be spotted between both types of accounting are the
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(A) Rules-based accounting standard Rule-based systems are fairly simplistic‚ consisting of little more than a set of if-then statements‚ but provide the basis for so-called "expert systems" which are widely used in many fields. The concept of an expert system is this: the knowledge of an expert is encoded into the rule set. When exposed to the same data‚ the expert system AI will perform in a similar manner to the expert. Rule-based systems are a relatively simple model that can be adapted to
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