BUSN1002 Financial Accounting Processes Semester 2‚ 2013 LECTURE OUTLINES 1 – 6 Topic Coordinator: Philip Palmer Room 3.70 Law and Commerce Building Email: philip.palmer@flinders.edu.au Ph: 8201 2013 FLINDERS UNIVERSITY FLINDERS BUSINESS SCHOOL BUSN1002 Financial Accounting Processes Philip Palmer Lecture Outline 1 Introduction to Financial Accounting Reading: Hoggett et al.‚ Chapters 1 and 2 1 Introduction to Accounting Accounting is an information system designed to
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Introduction Accounting and finance are two very important factors that exist in every company out there that is commercialized. Every firm needs to do accounting and manage its finance well in order to continue operating‚ an organization cannot run without any funds. The management of the company will need to evaluate the accounts and finance of the company to make important decisions‚ such as whether to invest in a certain stock or to buy more of a particular item to sell. In this report‚ we will
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ACQUISITION Answers to Discussion Questions How Does a Company Really Decide which Investment Method to Apply? Students can come up with literally dozens of factors that should be considered by Pilgrim in making the decision as to the method of accounting for its subsidiary‚ Crestwood Corporation. The following is simply a partial list of possible points to consider. Use of the information. If Pilgrim does not monitor its own income levels closely‚ applying the equity method would seem to be a
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Careers in Accounting One of the major careers being practiced today is accountancy. Thousands of people are completing their degrees in accounting because there seems to be a bright future for accountants with the appropriate qualifications. Accountants‚ in their career‚ help ensure that the organizations are running more efficiently‚ public records are kept more accurately‚ and taxes are paid properly and on time. They perform important functions by offering a wide volume of business and accounting
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+0)26-4 Accounting Theory NEED FOR ACCOUNTING Business is one of the sources of earning income. Whenever a business is started‚ it requires investment of certain amount which is called as capital. With this amount of capital the businessman may deal either with trading business or manufacturing business. In a trading business‚ he will buy goods at a lesser price and sells the same to others at a higher price. In case of manufacturing business‚ he has to buy raw materials and incur other
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achieving future cash flows. Limitations * Companies omit items that cannot be measured reliably. * Income is affected by the accounting methods employed. * Income measurement involves judgment. Earnings Quality Companies have incentives to manage income to
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16. Which of the following federal officials is a "principal" of the Joint Financial Management Improvement Program who considers and approves or disapproves accounting and reporting standards recommended by the Federal Accounting Standards Advisory Board? A. Chair of the Federal Accounting Standards Advisory Board. B. Secretary of the Interior. C. Comptroller General. D. All of the above. Content: Concept Level: Easy Wilson - Chapter 12 #16 17. FASAB has identified four major
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Tax accounting 1.461-2(c)(1) 1.461-4(d)(1) through (6) 1.461-4(e) 1.461-4(g)(1) through (7) 1.461-5 (a) through (c) Garber Abbey B [Abbey.B.Garber@IRSCOUNSEL.TREAS.GOV] Monday‚ February 04‚ 2013 11:30 PM Here are a few regulations Treas. Reg. sec. 1.461-1(a)(2)(i) Reg. sec. 1.461-1(a)(2)(ii) Reg. sec. 1.461-1(a)(3) Reg. sec. 1.461-1(c) We’ll work through these and more Thursday. Initial assignments for February 7: I.R.C. section 461 Look at Treas. Reg. Section 1.461-0
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b. increase one asset account and decrease another asset account. c. decrease total assets and total equity. d. decrease one asset account and increase an equity account. 2. Warren Company makes candy. During the most recent accounting period‚ Warren paid $3‚000 for raw materials‚ $4‚000 for labor‚ and $2‚000 for overhead costs that were incurred to make candy. Warren started and completed 10‚000 units of candy‚ of which 7‚000 were sold. Based on this information‚ Warren would
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Government accounting system (SAPP) Government accounting system is a set of procedures‚ both manual and computerized‚ ranging from data collection‚ recording‚ overviewed‚ to report the financial position and financial operations of the central government Government accounting system purpose: 1. Safeguarding asset government to ensure that assets can be maintained through a series of processes of recording‚ processing‚ and financial reporting consistent with the standards 2. Relevance
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