ledger a.a chronological record of all transactionsb.the balance of each account in the chart of accountsc.budget records for each account in the chart of accountsd.subsidiary details supporting a control account 2. Which steps in the Financial Accounting Process are in the correct sequence based on closing the accounts and determining timing differences prior to issuing financial statements a.record the transaction‚ post to the ledger‚ prepare the adjusted trial balance‚ enter adjusting entries
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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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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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← Abstract Faced with various issues of international accounting in cultural‚ economic‚ ethical and social level‚ after comparing US with China about the GAAP‚ analyzing the differences and difficulties in global accounting standard‚ it’s necessary to separate different accounting standards because of the diversification in different countries‚ it shows that accountancy professions play an important role in capital market‚ which can provide useful‚ relevant and reliable information to interested
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Homework Week 2 Exercise E1-1 SEC – K Audit – G Sole Proprietorship – I Corporation – E Accounting – A Accounting Entity – D Audit Report – J Cost Principle – F Partnership – C FASB – L IASB – H Unit of Measure – B GAAP – N IFRS – M E1-2 Accounts receivable – Asset Cash and cash equivalents – Asset Net sales – Revenue Notes payable – Liability Taxes payable – Liability Retained earnings – Stockholders’ Equity Cost of products sold – Expense Marketing‚ administrative
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Department of Accounting Detailed Syllabus of Third Year Four-Year B.B.A. (Honours) Course Effective from the Session: 2009–2010 National University Syllabus for 4 years BBA Honours Course Subject : Accounting Third Year (Honours) Third Year: 32 Credit Hours Course Code COURSE TITLE Marks Credit Hours Audit and Assurance 100 4 Advanced Accounting-I 100 4 Cost Accounting 100 4 Management Accounting (in English)
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The purpose of this memo is to present the process that I went through when writing my adjustment letter for the freshmen orientation in the College of Engineering at The University of Arkansas. When I was writing my adjustment letter‚ I had to think of had happened during my engineering freshmen orientation. My freshmen orientation was good and very organized; however‚ I think we should have talked about some other important topics such as: The basics of college-level academic expectations and
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Case Study Memo Format Date: 3/4/2013 Subject: Employee Gambling and Productivity Case Summary The ethical decision-maker in this case‚ Dr. Quaid Jefferson‚ Division Director of Vital Statistics‚ is faced with the dilemma of allowing his employees to place bets on horses and hold office pools in the face of decreased productivity. On top of that‚ he participates in an annual football pool‚ which is illegal in his jurisdiction‚ while horse betting is not. The stakeholders in this decision
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CHAPTER 2 21. Generally accepted accounting principles a. are fundamental truths or axioms that can be derived from laws of nature. b. derive their authority from legal court proceedings. c. derive their credibility and authority from general recognition and acceptance by the accounting profession. d. have been specified in detail in the FASB conceptual framework. 22. A soundly developed conceptual framework of concepts and objectives should a. increase financial statement users’
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JBT AeroTech Memo To: CEO – JBT AeroTech From: Tal Horesh – Head of Sales cc: Prof. Brewster Date: Re: Persuasive Speech - Competitive bid – proposal review 1. Specific purpose – persuade my boss – audience to reduce profit margins on a quote for the USAF. 2. Central Idea – The firm is part of a competitive bid for a new Cooling unit that will be sold to the U.S military (Air-Force). Following the Purchase order the entire U.S. Military (Navy‚ Army and Marines) will purchase the same system for
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