2-1 BU8101 Accounting: A User Perspective Lecture 2 The Accounting Cycle Wednesday‚ 17 August 2011 Mrs. Ho Yin Kheng S3-01C-88 Nanyang Business School Nanyang Technological University Email: yklau@ntu.edu.sg Tel: 67905694 2-2 LO 2 Lecture Outline 1. Analyzing Business Transactions 2. Recording Process a. b. c. d. e. f. The Source Document The journal The accounts Debit and Credit rule Recording process illustrated Unadjusted trial balance 3. Adjusting entries
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Offering Support (York SOS) to accompany our ACTG2011 Exam-AID session. It is intended for students enrolled in any sections of 2012/2013 INTRODUCTION TO FINANCIAL ACCOUNTING II-ACTG2011 course who are looking for an additional resource to assist their studies in preparation for the exam. References Friedlan‚ John (2010). Financial Accounting: A Critical Approach – 3rd Ed. McGraw Hill. What is Students Offering Support? Students Offering Support is a national network of student volunteers
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97807-62077 Summary: For decades The Great Atlantic & Pacific Tea Company (A&P) had dominated the US food and grocery market. However‚ with its size had come increasing managerial inefficiencies and an inability to respond to demands of a changing market. A very crucial error was made in the 1950’s when A&P failed to follow customers in their move to the suburbs. In 1971‚ William J Kane took over as chairman and CEO of A&P. This was a time when company sales had levelled off and profits were declining
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Adjusting Accounts and Preparing Financial Statements QUESTIONS 1. The cash basis of accounting reports revenues when cash is received while the accrual basis reports revenues when they are earned. The cash basis reports expenses when cash is paid while the accrual basis reports expenses when they are incurred (and matched with revenues they generated). 2. The accrual basis of accounting generally provides a better indication of company performance and financial condition than does the cash
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Abstract The observance of international accounting standards is playing an increasingly significant role in dynamic regulatory developments and presents several challenges‚ which may necessitate a variety of procedural and technical data processing changes. Regulatory consolidation under the influence of international accounting standards The observance of international accounting standards is playing an increasingly significant role in dynamic regulatory developments. On the one hand‚ publicly
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HUM/176 April 21‚ 2013 How has visual entertainment shaped American culture and values? The inventors of the television around the 1950’s seen an idea for the invention far before the technology was ever introduced. Most of the American’s today had a family member who had a television set in their homes by 1950 and can remember stories about the event‚ and media entertainment has brought its own set of challenges and benefits. Television has helped in creating our culture by the advertisements
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Nil 3‚121 Net profit for the year 180 180 Interim dividend paid (50) (50) Revaluation of land 300 300 Rights issue (W3) 125 6.25 131.25 Balance @ 30/9/2010 2‚625 66.25 691 300 3‚682.25 Statement of Financial Position as at 30 September 2010 RM’000 RM’000 Non-current asset Property‚ plant & equipment (W4) 3‚577 Current assets Inventory 219 Trade receivables (478-8-23.5) 446.5 Prepayments
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12.02 Assignment Instructions Instructions: Create an image representative of the Neoplasticism style‚ using a recursive design algorithm. An image rendered in the Neoplastic style complies with the following rules: (Specific details can be found in “Computational Modeling of Creativity in Abstract Art‚” referenced previously.) • The image can only contain the colors red‚ yellow‚ blue‚ black‚ white‚ and gray. • The image can only contain rectangular shaped planes and lines. • If two lines run in
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HISTORY OF ACCOUNTING LEARNING OUTCOMES Understand the history of accounting dating from prehistoric times to written record keeping. Identify the seven preconditions for the emergence of systematic book keeping. Know Luca Pacioll contributions in introducing double entry book keeping. Accounting is a tool‚ invented by humankind‚ to fulfill needs of society. Unlike the explorers of the past who discovered new lands‚ accounting cannot in any true sense be said to have been discovered
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Financial information should possess a number of qualitative characteristics in order to meet the needs of users of financial statements. There are‚ however‚ a number of issues that surround the qualitative characteristics of financial information. The threshold quality of materiality is not easy to define and can be misunderstood. Similarly‚ the concept of prudence is not clear-cut and can conflict with neutrality. In addition‚ relevance and reliability can be conflicting targets and a trade-off
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