Q1. Accounting is one of the oldest‚ structured management information system. Give the meaning of accounting and book keeping? Explain the objectives of accounting? A1. Accounting : Accounting is the analysis and interpretation of book-keeping records. It includes not only the maintenance of accounting records but also the preparation of financial and economic information which involves the measurement of transactions and other events relating to the entity. Accounting is defined as "the art
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BACCT1101/ BBA1113/BBA1114 - Fundamentals of Business Accounting Department : Faculty of Business Management and Globalization Course Name : BIB/BENTRE/BPA/BTM/BBA/BMAKT/BACCT Semester : 1 (Feb 2012 – July 2012) Commence Date : Week 3 Due Date : Week 11 Unit Controller / Examiner : Mr. Maniam Contact Number : 03- 83178333 ext 8138 E-mail : maniam@limkokwing.edu.my This group assignment will contribute 25% to your final grade. Objective • To provide students with a
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GBI Financial Accounting (FI) Exercise Answer Sheet Name Li Zha Page 2 G/L Account Number Type of Account G/L Account Name 100000 BS Bank Account 300000 BS Payables-Trade Account 600000 P&L Sales Revenue 740300 P&L Rent Expense Page 3 Look at the Bank account (100000) – Explain the 3 “listings” to the account information using examples (e.g. currency) where possible in your explanation. The first one is general account of GBI‚ the second
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Week 4 : Internal Control‚ Cash‚ and Receivables - Midterm Top of Form Time Remaining: Question 1.1. (TCOs A‚ B‚ and C) Shareholders want answers to all of the following questions except: (Points : 3) How does the company compare in profitability with competitors? Did the company meet its operating expense budget? Will the company be able to pay its liabilities as they come due? Is the company earning a satisfactory return? Question 2.2. (TCO C) Paying back long-term
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Discussion 1: “Debits and Credits.” Students will respond to the following: o Maria Alvarez‚ a beginning accounting student‚ believes debit balances are favorable and credit balances are unfavorable. Upon what does Maria make this assumption? If you choose one over the other‚ what is your rationale? It depends on Maria Alvarez perspective. For explaining the rationale of this introduction‚ I would like to explain the meaning of debit and credit first. As stated Chapter 2 (Weygandt&Kimmel&Kieso
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Save Reset Print Name(s): Course & Selection: Identifier: Client: Rachel Song BCIS6243B2 GBI-034 659 Chapter 03: Financial Accounting Exercise 03-02: Basic Financial Accounting Process Single Company Code Version 1 Rev: 01/03/2011 Introduction General Notes and Information It is strongly recommended that you read through the entire exercise prior to starting. Not all instructions can be provided in a linear manner. The following symbols are used to indicate important information
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What is a Trial Balance? State its objectives and characteristics. Give some reasons for disagreement of the Trial Balance. A ’Trial Balance’ is a list of all the General ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit balance value. The debit balance values will be listed
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(a) July 1‚ 20XX— Received unrestricted donation check in the amount of $15‚000 from the Multnomah County Department of Health and Human Services. (b) July 19‚ 20XX—Paid Great Northwest Insurance Company $9‚000 for six more months of fire and liability insurance coverage. (c) July 15‚ 20XX—Paid Portland Arts & Crafts Company $3‚000 for additional arts and crafts supplies. (d) July 15‚ 20XX—Transferred temporarily restricted funds in the amount of $3‚000 from investments to pay for additional
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The role of accounting is to allow business owners to make informative decisions. The main objectives of accounting are to maintain a record of business transactions‚ calculate profit and loss and depiction of financial position. Recording business transactions accurately is essential in accounting. If proper and complete records are kept‚ it will make it easier to find and correct any errors made. Different officials can also use records for different decision-making purposes. A balance sheet
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AC 201 Principles of Accounting I Name__________Elizabeth Crabtree___ Park University Version A Exam 1A- Chapters 1-3 Multiple Choice Questions ( 2 points each) Select the ONE‚ BEST Answer 1.|External users of accounting information include: A.|Shareholders.|B.|Customers.|C.|Creditors.|D.|Government regulators
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