Chartered Accountancy CPT Course Lecture 12 – Consignment Accounting 1 Points to be kept in mind Consignor remains the owner of goods even after sending to consignee. Consignor does not send any Invoice rather a Performa invoice. The Amount of Sales belongs to Consignor. All the exp. are to be borne by Consignor. If borne by consignee‚ recoverable from consignor. Consignee entitled to Commission. Consignee entitled to de-credere commission if he is responsible for bad debts. Consignee
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CHAPTER 3 The Accounting Cycle QUESTIONS Q3-1. Much more judgement is required for accrual accounting than for cash accounting because there is greater uncertainty at the time events are recorded in the accounting system. There is no uncertainty around the point in time when the cash is paid or collected. Accrual accounting records economic events‚ not cash flows. When an economic event occurs can be ambiguous. It’s less certain when revenue has been earned than when cash is received. It
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1 * Germany 2 * Japan 2 Hofstede’s cultural dimensions 2 Accounting Practices predictions 3 Opacity Impacts on Business Investments 4 Limitations in Financial Reports‚ with respect to Ratios and Accounting Practices 4 Conclusion 5 Recommendations 5 Appendix 6 Appendix 1 – Development factors of UK‚ Germany and Japan 7 Appendix 2 – Hofsted’s social dimension model 9 Appendix 3 – Gray’s Accounting Values 9 Appendix 4 – Strength and Weaknesses of Hofstede’s Model 11
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Chapter 16 “How Well Am I Doing?” Financial Statement Analysis Solutions to Questions 16-1 Horizontal analysis examines how a particular item on a financial statement such as sales or cost of goods sold behaves over time. Vertical analysis involves analysis of items on an income statement or balance sheet for a single period. In vertical analysis of the income statement‚ all items are typically stated as a percentage of sales. In vertical analysis of the balance sheet‚ all items are typically
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Coursework BBM – Financial Accounting (FIN 2241) SHARIFUDDIN HAZIQ BIN ABDUL AZIZ SCM 022587 Ms. Janice Contents No. | Title | Pages | 1 | Executive summary | 2 | 2 | Question 1 | Introduction | 3 | | | Sole Proprietorship | 4 | | | Partnership | 5 | | | Limited Liabilities Company | 6 | | | Accounting | 7 | | | Benefits of accounting | 7-9 | 3 | Question
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Unit 9 Final Project: Integrity in Accounting “In 2001 and 2002 corporate giants like Enron‚ Global Crossing‚ and WorldCom were forced to declare bankruptcy‚ and massive accounting and other irregularities were revealed… In response to the public outcry that ensued‚ the [Sarbanes-Oxley] Act was enacted” (Lander‚ 2004‚ p. 1). Officials feared that because of these scandals in the financial reporting industry that investor confidence would be lost‚ which would cause the economy to deteriorate.
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IMPACT OF TECHNOLOGY ON THE ACCOUNTING PROFESSION - A STUDY OF A CPA FIRM’S DISASTER RECOVERY PLANNING Stanley X. Lewis‚ Jr.‚ Troy University Eddy J. Burks‚ Troy University Ernest W. King‚ University of Southern Mississippi Carl Smolinski‚ LSU-Shreveport ABSTRACT The results of an ongoing study of professional accounting firms in the U. S existing research methodology and results included in the 2006 IRMA International Conference reporting the strategic planning by a law firm pertaining to its disaster
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Accounting Ethics Accounting ethics is primarily a field of professional ethics‚ the study of moral values and judgements which are applied to the accountancy. “Accounting ethics can be defined as a set of distinct guidelines for a business to maintain clean balance sheets‚ accounting for their profits‚ losses and expenses incurred and prevent it from mishandling financial reports and statements” (Buzzle 2011). The nature of the work carried out by accountants and auditors requires a high level
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Consignment Accounting Journal Entries: Learning Objectives: 1. Make journal entries in the books of consignor and that of consignee. As the goods sent on consignment by the consigner are not his sales‚ he must not record consignment as sales and the consignee must must not record them as purchases. Theconsigner should not take up any profit on the transaction until the goods have been actually sold by the consignee. Since the goods still belong to the consignor‚ any unsold goods in the hands
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Chapter 1 & 2 Summary Accounting is a process of identifying‚ measuring‚ and communicating economic information to permit informed judgments and decisions by users of the information. It is a service activity and the language of business. Its main function is to provide qualitative information that is intended to be useful in making economic decisions. The Accounting process is a series of repetitive activities of recording‚ summarizing and reporting economic transactions from the beginning
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