Pantaloons Retail India Limited The Accounting Standards as per their 2011-12 Annual Report are- 1. AS 1: Disclosure of Accounting Policies- * It deals with disclosure of Accounting Principles and policies used for preparation of financial statements of the companies. 2. AS 2: Valuation of Inventories- * It deals with determination of amount of inventory to be shown in financial statements. It is not applicable to shares‚ debentures‚ stock etc. The cost formulae prescribed
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United States‚ United Kingdom‚ and Chinese Accounting Systems‚ Accounting Standards‚ Accounting Practices This report discusses the accounting practices of the following countries U.K‚ U.S.A and China. An analysis of these different accounting systems will be conducted on issues such as the growth and background‚ social‚ economic and fiscal pressures that have led to each nations current characteristics. Concluding on the direction each nations accounting systems and practices seem to be heading
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ACCT 1003 – INTRO TO COST & MANAGEMENT ACCOUNTING LECTURE NO. 5 CVP ANALYSIS LESSON OBJECTIVES 1. Understand & explain what CVP business decisions it can aid 2. Appreciate the assumptions of CVP analysis 3. Calculate & Explain the significance of: • Contribution Margin • Break Even Point • Margin of Safety 4. Prepare and explain a CVP graph 5. Use CVP analysis to: • Plan Profits • Determine volume – given profit target • Perform Sensitivity Analysis 6. Incorporate Income Tax Rates in CVP analysis
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LIMITATIONS OF ACCOUNTING INFORMATION The contact groups of decision-makers have widely different information needs about an enterprise. It must be stressed that accounting is only one of a number of sources on information available to decision-makers though they are sometimes tempted to place more faith in accounting than excepted. Other sources are just as important if not more important than the information provided by the financial statements. It is therefore essential to highlight the limitations
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There are two methods of accounting a business may use to record their transactions; cash basis accounting and accrual basis accounting. While both are effective‚ most businesses choose accrual basis accounting because cash basis accounting is not an acceptable form of accounting under Generally Accepted Accounting Principles (GAAP). However a small business may still elect to use this method. (Nobles‚ Mattison‚ Matsumura. 134) Cash basis accounting only records cash transactions‚ which gives little
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Chapter 1 Accounting and the business environment Learning Objectives 1. Use accounting vocabulary 2. Apply accounting concepts and principles 3. Use the accounting equation 4. Analyse business transactions 5. Prepare the financial statements 6. Evaluate business performance Horngren‚ Best‚ Fraser‚ Willett: Accounting 6e © 2010 Pearson Australia Objective 1 Use accounting vocabulary. Horngren‚ Best‚ Fraser‚ Willett: Accounting 6e © 2010 Pearson Australia Accounting... is
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Financial Accounting THE NATURE AND PURPOSE OF ACCOUNTING In the present era most of the business as well as non-business operations are carried out through organizations (mostly by limited liability companies (also known as joint stock companies)‚ societies and charitable organisation)‚ rather than by people working as individuals. Such organization consist of group of people working together for common goal. To accomplish its objectives‚ the organization uses resources material
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WAlmart | Accounting Cycle Paper | Accounting Cycle of Walmart | | Melanie Bartholomew | September 2‚ 2012 | When a company‚ like Walmart‚ begins to prepare financial statements and reports at the end of an accounting cycle they generally use Generally Accepted Accounting Principles and “the collective process of recording and processing the accounting events” (Definition of ‘Accounting Cycle’‚ 2012)‚ known as the accounting cycle. There are nine steps involved in the accounting cycle.
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| 1. | Cash is another term for Stockholders’ Equity. | | | | True | | x| False | | | | Score: 1 of 1 | | 2. | Explanatory notes and supporting schedules are an optional part of an annual report. | | | | | True | | x | False | | | | Score: 1 of 1 | | 3. | Debt securities sold to investors that must be repaid at a particular date some years in the future are called | | | | | accounts payable. | | | notes receivable. | | | taxes payable. |
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written summary of a longer document. Account: A record of increases and decreases in a specific asset‚ liability‚ or owner’s equity item. Accounting: The process of identifying‚ recording‚ and communicating the economic events of an organization to interested users of the information. Accounting equation: Assets = Liabilities + Owner’s Equity. Accounting information system: A system that involves collecting and processing transaction data‚ and providing financial information to interested parties
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