SUBJECT: ANALYSIS OF FINANCIAL STATEMENT TOPIC: ACCOUNTING PRINCIPLES ACCOUNTING Generally Accepted Accounting Principles refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards. GAAP includes the standards‚ conventions‚ and rules accountants follow in recording and summarizing‚ and in the preparation of financial statements. Financial Accounting is information that must be assembled and reported
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The objectives of accounting : 1) To keep systematic records: Accounting is done to keep a systematic record of financial transaction. In the absence of transaction there would have been terrific burden on human memory which in most cases would have been impossible to bear. 2) To protect business properties: accounting provides protection to business properties from unjustified and unwarranted use. This is possible on account of accounting supplying the following information to the manager
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Name SOLUTIONS ACCT 1210DL Exam #1-Chapters 1‚ 2 & 4 Spring 2010 Ethical Statement – I ____ _________________ hereby (signature) attest that I completed this exam on my own with no assistance from others. If you e-mail this‚ you MUST include this statement in the body of your e-mail that has the exam attached. 1. Presented below is a list of costs and expenses incurred in the factory by Nu-Way Corporation‚ a manufacturer of recreational vehicles. Complete the following matrix
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another ethical issue.Othe issues include selection of gender of the child which may adversely affect the population ratio (this is particularly true in many developing countries)‚ preservation of embryos and gemete donation which include many ethical and legal considerations and obligations. Other issues like development of complications during ART leading to life threatening diseases and surrogacy that raises multiple ethical‚ moral and legal issues‚also pose challenges before the ethical
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Fundamentals of Accounting: Managerial verses Financial Accounting Fundamentals of Accounting acct122 Fundamentals of Accounting: Managerial verses Financial Accounting What has the organization in its focus; futuristic planning‚ financial control‚ and data based decision making affecting its reports and suggestions; and an emphasis on relevance and timeliness in its decision making (2012)? The answer to this question is managerial accounting. According to J. W. Jones (2013)‚ a retired
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Financial Accounting Assignment 2 1 of 25 The credit term 2/10 n/30 means: that after 10 days 2% interest is charged. that there is a 10% discount if payment is received within 30 days. that there is a 2% discount if payment is received within 10 days. there is a 10% discount if paid immediately and 2% if paid within 30 days. 2 of 25 Family Food Stores purchased canned goods at an invoice price of $3‚000 and terms of 2/10‚ n/30. Half of the goods had been mislabeled and were returned immediately
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International Financial Reporting Standards 1st Trimester – 2013/2014 Case 1 – BMW and Apple João Candeias – 152113189 Nuno Andrade – 152113187 Pedro Carvalho – 152113116 2) Compare
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Running head: Accounting Assumptions‚ Principles and Constraints Accounting Assumptions‚ Principles and Constraints Axia College Basic assumptions accounting consists of four assumptions; monetary unit assumption‚ economic entity assumption‚ time period assumption‚ and going concern assumptions. The monetary unit assumption states that only transaction data that can be expressed in terms of money be included in the accounting records. Economic entity assumption is the activities of the
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Running Head: Foundational Accounting Principles and Terminology 1 TUI University Eric Bollar Module 1: Case Assignment ACC501 Accounting For Decision Making Dr. Wendy Achilles January 21‚ 2011 Foundational Accounting Principles and Terminology 2 We all know how important the accounting aspect of any business/organization is. It is basically the most important way to manage
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I believe in conducting myself with integrity. It is imperative that I exercise good judgment in all my endeavors whether it is personal or professional. It has been said that you are only as good as your word. This is a mantra that I live by. I am also a firm believer in honesty. With integrity comes honesty. It is my feeling that you must be truthful in all that you do. Along with truthfulness comes fairness. I believe in giving everyone a fair chance. Even though there are individuals
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