general-purpose financial statements for making business decisions (American InterContinential University [AIU]‚ 2015). It allows accounting data to be converted into efficient information. It reduces confusion in decision making and presents an effective and systematic basis for making internal and external business decisions (Chiappetta‚ Larson &Wild‚ 2002‚ p.22). Internal users of accounting include managers‚ officers‚ internal auditors‚ consultants‚ budget officers‚ and market researchers. Internal users
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Assignment 1—Due Wednesday 28rd September‚ 2012 Please Note: There are three (3) questions in this assignment. Question 1: Plagiarism and referencing Although this question is not awarded marks‚ students MUST complete this entire question to get any marks for assignment 1. An understanding of plagiarism and “in text” referencing is essential to success in tertiary studies. Background information for Question 1 In an academic setting it is important to acknowledge the ideas of others that you
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Teeya Clarke MBA 621-Financial and Managerial Accounting July 11‚ 2015 Problem 2-3 Indicate the net effect on assets‚ liabilities and owners’ equity resulting from each of the following transactions: Assets=Liabilities+owners’ Equity 1. Capital stock was issued for $100‚000 cash This will increase assets by $100‚000 and increase equity by $100‚000 2. Bonds payable of $25‚000 were refunded with capital stock. The liabilities will be decreased by 25‚000 and increase equity by 25‚000 3. Depreciation
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1. Several types of entities provide financial information to a variety of external users. Our primary focus in this book is on the financial information that profit-oriented companies provide to present and potential investors and to creditors. These profit-oriented companies also provide financial information that is used by financial intermediaries such as financial analysts‚ stockbrokers‚ mutual fund managers‚ and credit rating agencies. Not-for-profit organizations also provide financial
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Liabilities and Owners’ Equity of the business. Hint: You can refer to the Softbyte example we discussed in class for guidance on giving effect to these transactions. Grading System: Each Transaction carries 1 point for a correct answer and 0 points for an incorrect answer Transaction #1: On December 1‚ 2013‚ Mr. Bansal started Algo Parts Limited by investing INR 10‚000 Transaction #2: On December 5‚ Algo Parts Limited paid registration and licensing fees for the business‚ INR 370. Transaction #3: On
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Moffitt‚ PhD Course Name: ACCT 3001 v1.0 (Section 3) Module 1: Financial Accounting & Accounting Standards 1. Differentiate broadly between financial accounting and managerial accounting. -Financial accounting measures‚ classifies‚ and summarizes in report from those activities and that information which relate to the enterprise as a whole for use by parties both internal and external to a business enterprise. Managerial accounting also measures‚ classifies‚ and summarizes in report form enterprise
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Joint Venture 103 CHAPTER 6 SOLUTIONS TO MULTIPLE CHOICES 6-1: a Assets per Jessica Company- balance sheet P3‚550‚000 Jessica’s proportionate interest in assets of JV (50%) 1‚000‚000 Total assets of Jessica P4550‚000 6-2: a Total liabilities only of Jenny Co. 6-3: b 6-4: b Investment of Heart P80‚000 Profit share: Sales 150‚800 Cost of sales (150‚800 ÷ 125%) 120‚640 Gross profit 30‚160 Expenses 10‚000
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1. Identify an accounting scandal at a corporation that has resulted in a loss of reputation to the accounting profession. Explain the crime(s) committed. In early 2008 Lehman borrowed large amounts to fund its investing in the years leading to its bankruptcy in 2008‚ “a process known as leveraging or gearing”. A large part of their investments were towards housing market‚ making it vulnerable to a downturn in that market. This firm generated large profits during the housing boom‚ this place them
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CHAPTER 1 THE ACCOUNTANT’S ROLE IN THE ORGANIZATION TRUE/FALSE 1. Management accounting information focuses on external reporting. Answer: False Difficulty: 1 Objective: 1 Terms to Learn: management accounting Management accounting information focuses on internal reporting. 2. A good cost accounting system is narrowly focused on a continuous reduction of costs. Answer: False Difficulty: 2 Objective: 1 Terms to Learn: cost accounting A good cost accounting system
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CHAPTER 1 INTRODUCTION TO COST ACCOUNTING QUESTIONS 1. Management accounting stresses the informational needs of internal users over those of external users (the focus of financial accounting). Because of this perspective‚ management accounting provides information in a format that is flexible and relevant to a particular manager‟s usage. Financial accounting‚ on the other hand‚ must provide some uniformity in the manner in which information is presented for it to be comparable among companies and
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