Accounting and Finance Management Assignment 2 Semester: 3 Prepared by: Osoba Seun Student Number: Sc-Kl-00021763 Email Address: josher4real@yahoo.com Date submitted: 17/01/2014 Question 1 Sales Budget September ($) October ($) Budgeted sales (units) 9‚500 Selling price per unit $12 Total sales 90‚000 114‚000 Schedule of expected cash collections: October ($) Account
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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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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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The Army is an organization designed around complete structure and mandated directions that should be followed according to the Army Rules and Regulations. During my military career‚ I worked directly for a very loyal and dedicated Lieutenant Colonel (LTC)‚ Dr. Joseph Blanding. While he was very meticulous about following every rule and regulation‚ there was a situation at one of the units that required him to use his personal judgment and authority to make a decision for the best interest of the
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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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More safety regulations for genetically modified foods. “The survey‚ released by researchers at Rutgers University found that more than half (53 percent) say they know very little or nothing at all about genetically modified (GM) foods‚ and one in four (25 percent) say they have never heard of them” (“Most Americans Pay Little”). Genetically modified food or for short GM foods are foods or products that have their DNA changer or altered with an injection of a new gene or trait so that the product
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teacher is present or not‚ values that express an upright nature‚ good morals‚ magnificent academics‚ and integrity. If I have not learned to embody all of these qualities yet it is no one’s responsibility but my own to obtain them. The rules and regulations of Ms. Miller’s classroom consists of no talking‚ no use of a cellular device‚ no chewing gum or eating food‚ no restroom breaks‚ and definitely no misbehavior whether she is present or not. The presence of a substitute calls for integrity and morals
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Coastal Regulation Zone (CRZ) Notification‚ 2011 – its Livelihood implication for the Traditional Fisher folk Russel Ignatius (russelignatiusmsw@gmail.com) Abstract: The articles highlights the important points stressed in the recent Coastal Regulation Zone Notification‚ 2011‚ published on 7th January‚ 2011. It journeys through the livelihood implications it has on the traditional fisher folk‚ the original inhabitants of the coast. It reflects the positive and negative lineage of the
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