Master of Business Administration- MBA Semester 1 MB0041 – Financial and Management Accounting Q1. Accounting is one of the oldest‚ structured management information system. Give the meaning of accounting and book keeping? Explain the objectives of accounting? ANS. Meaning of Accounting- The systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing‚ analyzing and reporting these transactions. The financial statements
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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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Comparing Accounting Software Programs to Manual Accounting Manual accounting uses several paper ledgers to record financial transactions. It is very time consuming to record each single transaction onto paper‚ being very cautious not to make an error. There are several ledgers for each part of the accounting system‚ such as accounts payable‚ accounts receivable‚ and revenue accounts. Combining these ledgers into one general ledger‚ provide the balance for each ledger. The general ledger
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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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1. IntroductionPensonic Company Pensonic is one of the most successful trading companies in Penang‚ Malaysia that sells a wide variety of electrical appliances. In addition to its own brand “Pensonic”‚ the company also owns the German brand “Lebensstil Kollektion” and owns the sole-distribution rights for the Dutch brand “Princess” in Malaysia. Pensonic also established a mass production hub and international distribution network of electrical home mechanism and an international distribution network
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DUTIES AND RESPONSIBILITIES: • Attend the on-the-job training scheduled days (Monday‚ Wednesday & Thursday). • Complete the required number of training hours (300 hours for the 6-unit course) within the period specified in the letter of request for placement. • Anticipated to follow the policies‚ rules and regulations of the company and shall be expected to conduct themselves in a professional manner at all times. • Expected to follow the instructions‚ orders‚ and directives of the assigned company
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will I am sure be of interest not only to our student audience but as a refresher to those of you in practice that may be required to deal with this concept. In most businesses debtor balances represent an important element of working capital. Accounting principles dictate that the supply of goods or services is accounted for as sales‚ at the point at which the buyer has a legal obligation to pay for them. Total debtors represent the value of credit sales for which payment has yet to be received
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Content 1 Introduction 1 1.Task one 2 The models and concepts affecting the pricing decisions taken by organisations‚ critically reflecting upon their usefulness 2 2‚ Task two 6 The role of standard costing and variance analysis in management accounting and a critically discussion of the value and limitations of variance analysis as a means of identifying key areas which have contributed to the overall profit figure. 6 3‚ The advantages and disadvantages of introducing an Activity Based Costing
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$500‚000 and is known by both Brickhouse and Boudreau to be a fairly "soft" amount. Identify possible causes of action. -Brickhouse is acting unethically. His action serves only his self-interest‚ self review and has no clear basis in proper accounting procedures‚ so ignoring the familiarity with brickhouse ‚the controller‚ Louise Boudreau‚ should not manipulate net income in view of any compensation plan the company may have.He must comply with relevant laws and regulations and not assist others
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