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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the bank d.Postage stamps on hand 25A cash equivalent is a short-term‚ highly liquid investment that is readily convertible into known amounts of cash and a.is acceptable as a means to pay current liabilities. b.has a current market value that is greater than its original cost c.bears an interest rate that is at least equal to the prime rate of interest at the date of liquidation. d.is so near its maturity that it presents insignificant risk of changes in interest rates. 26.Bank overdrafts
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The Need for Payroll and Personnel Records: Case Problem C1. Paychecks Kept Coming Ken‚ a salaried employee‚ was terminated from his company in April of this year. Business had been slow since the beginning of the year‚ and each of the operating plants had laid off workers. Ken’s dismissal was processed through the Human Resources Department‚ but the information was not relayed to the corporate payroll office. As had been the policy‚ checks for workers at remote sites were mailed to the employees
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2-1 BU8101 Accounting: A User Perspective Lecture 2 The Accounting Cycle Wednesday‚ 17 August 2011 Mrs. Ho Yin Kheng S3-01C-88 Nanyang Business School Nanyang Technological University Email: yklau@ntu.edu.sg Tel: 67905694 2-2 LO 2 Lecture Outline 1. Analyzing Business Transactions 2. Recording Process a. b. c. d. e. f. The Source Document The journal The accounts Debit and Credit rule Recording process illustrated Unadjusted trial balance 3. Adjusting entries
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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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Annual Report 2011 Contents Our Purpose & Our Values Letter to Shareholders Financial Highlights Board of Directors Principal Officers New Horizons III 2011 Report Card Operations Review Corporate Social Responsibility Corporate Governance Additional Information Required under the SGX-ST Listing Manual Capital Management Risk Management Basel II Pillar 3 Risk Disclosure Financial Report Management Discussion and Analysis Financial Statements Group’s Major Properties Ordinary/Preference Shareholding
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Minda Furgeson Week 6 Acc/290 problem 4-8 Dana La Fontsee opened Pro Window Washing Inc. on July 1‚ 2012. During July the following transactions were completed. July 1 Issued 12‚000 shares of common stock for $12‚000 cash. July 1 Purchased used truck for $8‚000‚ paying $2‚000 cash and the balance on account. July 3 Purchased cleaning supplies for $900 on account. July 5 Paid $1‚800 cash on 1-year insurance policy effective July 1. July 12 Billed customers $3‚700 for cleaning services. July 18
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Master of Business Administration- MBA Semester 1 MB0041 – Financial and Management Accounting Q1. Accounting is one of the oldest‚ structured management information system. Give the meaning of accounting and book keeping? Explain the objectives of accounting? ANS. Meaning of Accounting- The systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing‚ analyzing and reporting these transactions. The financial statements
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The Influence of Corporate Culture on Organisational Change of First National Bank of Namibia Evelyn Chiloane-Tsoka University of South Africa‚ South Africa Keywords Culture‚ change‚ corporate culture‚ organisational culture‚ organisational change‚ organisational members‚ resistancee to change‚ change management‚ staff members‚ FNB Namibia‚ bank. Abstract Change is invariable and continuous‚ and has become inevitable in almost every sphere of business. The FNB Namibia operates in a highly
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Introduction to Accounting Accounting is a profession used to make financial and business decisions. Billions of dollars exchange hands every day‚ in millions of separate business transactions. These are recorded and reported on using a comprehensive set of guidelines‚ referred to as Generally Accepted Accounting Principles (GAAP). Brief History of Accounting Accounting was born before writing or numbers existed‚ some 10‚000 years ago‚ in the area known as Mesopotamia‚ later Persia‚ and today the
Free Accountancy Accountant Leonardo da Vinci