measurement of profit. Income refers to the increase in economic benefit during the accounting period in the form of inflow or enhancement of assets or decrease of liabilities that result in increase in equity. There are two types of income. First‚ sales revenue refers to income earned in the course of business activity for example a coffee house selling coffees. Second‚ gain refers to income that does not arise from the
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Social Responsibility Report Mantoris Robinson MBA 5400 Fairmont State University Explain what social responsibility means to the author of the book you selected. How does he believe it relates to the current model of corporate accountability as structured through the legal system? The authors of “Natural Capitalism” in my opinion believes that the form in which corporate business creates capitalism is solely allied with social responsibility. If the world were to view capitalism as a living
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The constitution gives us the freedom of speech in our country. However‚ we must keep in mind that exercising these liberties includes duties and responsibilities. The media is an integral part of everyday life and has become a leading player and influence of our society and it have an outcome on our nations’ future‚ viewpoint‚ and the globe’s view of us. The media are responsible for mainstream America ideals and the familiarity of the image based on the impact from the media
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IAS 19 EMPLOYEE BENEFITS HISTORY OF IAS 19 April 1980 Exposure Draft E16 Accounting for Retirement Benefits in Financial Statements of Employers January 1983 IAS 19 Accounting for Retirement Benefits in Financial Statements of Employers 1 January 1985 Effective Date of IAS 19 (1983) December 1992 E47 Retirement Benefit Costs December 1993 IAS 19 Retirement Benefit Costs (revised as part of the ’Comparability of Financial Statements’ project based on E32) 1 January 1995 Effective Date
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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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Management Accounting Managerial accounting is the process of identifying‚ measuring‚ analyzing‚ interpreting‚ and communicating information in pursuit of an organization’s goals. Managerial accounting is an integral part of the management process‚ and managerial accountants are important strategic partners in an organization’s management team. The relation between accounting and management has been commonly expressed by the phrase‚ “Accounting is a tool of management”. Accounting practice has
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receiving and handling); The standard direct materials quantity per gallon of XT is 4 pounds (this takes into account the waste‚ and spoilage). The standard direct labor rate per hour is $15 (including: hourly wage rate‚ payroll taxes and fringe benefits); the standard direct labor hours per gallon of XT is 2 hours; Xonic Tonic company uses standard direct labor hours as the activity base to allocate overhead costs. The standard predetermined overhead rate is $5 per direct labor hour. Assume that
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Chapter 1 Managerial accountingis the process of identifying‚ measuring‚ analyzing‚ interpreting‚ and communicating information in pursuit of an organizations goals. Managerial accounting is an integral part of the management process‚ and managerial accountants are important strategic partners in an organizations management team. Four fundamental management processes that help organizations attain their goals Decision making‚ Planning(developing a detailed financial and operational description of
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Review your own role as a teacher and the responsibilities that you feel come with that. Also explain what you feel is not part of your responsibility as a teacher of adults. As a teacher of adults in the Lifelong Learning Sector my own Roles and Responsibilities would be very different and varied from other teachers/tutors in different levels and sectors of education. However‚ there would also be many similarities in core principles and practices. As a teacher it is a part of our role to
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Ethics and Legal Responsibility in Accounting The profession of accounting has become spotlighted by the events in recent years including namely Enron. The ethical behavior of businesses is becoming increasingly scrutinized at every turn. Thus it is important to specify the nature of conducting accurate and ethically in accounting and how this can be of subsequent benefit to the company as well as the business world in the long run. The definition of accounting according to Webster ’s dictionary
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