Introduction 1. Chic Paints is a large Limited company. Chic Paints is a limited company formerly part of Ashtead PLC. Ashtead PLC had been a long standing manufacturer of everything from bricks to butter. In 2005 Ashtead PLC decided that its future was no longer viable and therefore decided to change Its business model‚ over the next few years Ashtead PLC started to sell off or close down those of its subsidiaries that were no longer considered a strategic fit within the organisation. CPL was
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$21‚800 Purchased sunset painting $21‚800 Paid cash June 7 Inventory $31‚200 Purchased painting Woods $31‚200 Paid cash Dec 16 Inventory $4‚000 Purchased painting Moon $4‚000 Paid cash 20XX Accounts Receivable $35‚000 Sales $35‚000 Sold Inventory Cash 20XX Cost of goods sold $25‚000 Inventory $25‚000 Record the cost of goods sold Sales $35‚000 Cost of goods sold. $25‚000 Gross profit $10‚000 Ending inventory $53‚000
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what Accounting Principle or Concept The accounting entity concept The reliability principle The cost principle The going concern principle The stable-monetary-unit concept QUESTION 3 Purchasing a motor vehicle on credit will have what affect on the accounts of a business Increase assets and increase owners equity Decrease owners equity and increase liabilities Increase assets and increase liabilities Decrease assets and decrease liabilities None of the above QUESTION 4 What type of Business Entity
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HOW TO MANAGE SMALL SCALE BUSINESS IN NIGERIA EFFECTIVELY THE VALUE OF EFFECTIVE CREDIT MANAGEMENT TO SMALL SCALE BUSINESS IN NIGERIA INTRODUCTION Management of small business is as complex as the big one. Account receivables are important assets and valuable part of the working capital. Effective management of this component is very crucial to any type of business for its survival and for ensuring its growth. Effective credit administration will not only ensure continuity but can make
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fairly well. Inv Days had a 10 day increase from 2005 to 2006 but net income was consistent with the market. There has been an increase in average collections period from 46 in 2005 to 60 in 2006 due in large to an increase in accounts receivables. The increase in accounts receivable has made Bodie’s average collection period more than the industry average of 52 days. With the purchase of land‚ building and
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ID #: 502 Name of the business: Cartwright Lumber Company Nature of the business: Retail distribution of lumber products Overview The Cartwright Lumber Company had been found in 1994 as a partnership by Mark Cartwright and his brother-in-law Henry Stark. Later in 2001‚ Mr. Cartwright bought out Stark’s shares and incorporated the business. Now‚ Mr. Cartwright is a sole owner and president of the company. The business is located in the Pacific Northwest region and does the retail distribution
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Purchasing Payroll setup and processing Accounts receivable Inventory Accounts payable Business reports and analysis Module 1 – Exploring Peachtree Accounting Identify and define the key terms associated with integrated accounting systems. Provide general information to the accounting software. Operate the computer and accounting software using a keyboard. Display and print account‚ journal‚ ledger‚ and financial reports. Perform chart of accounts maintenance. Perform vendor and customer
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in payment of an amount owed. The effect of the transaction on the accounting equation was to a. increase an asset‚ increase owner’s equity b. increase an asset‚ increase a liability c. decrease an asset‚ decrease a liability (Debit ’Accounts Payable’ $7‚000 (decreases a liability) Credit ’Cash’ $7‚000 (decreases an asset) d. increase one asset‚ decrease another asset CHAPTER 2 5. Revenue should be recognized when a. the customer charges an order b. the customer places
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with if cash trades hands. This adjustment of accounting introduces abounding interpretations and estimates from administration that can alter from close to firm. For example‚ college sales may not construe into college banknote breeze if accounts receivable are accustomed to rise. (Customers may not pay if appurtenances are delivered‚ but rather may be invoiced.) Furthermore‚ banknote may be acclimated to body up inventories‚ which may abate in amount or even become anachronistic if articles are
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capital requirement during this time lag is maintained by the operating cycle concept. This study gives in detail the working capital management practices in BALIC. Management of each current asset‚ namely cash management‚ accounts receivable management is studied permanent to BALIC. Similarly management of accounts payable‚ deposit is studied to understand the managing of current liabilities. A part from this concept of operating cycle is studied. The research methodology adopted for this study is mainly
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