accounting quiz 1 [pic] 1 The primary purpose of accounting is to determine whether the business entity is profitable or unprofitable in its operations. A) True B) False This is the correct answer. Feedback: The primary purpose of accounting is to provide information that is useful for decision-making purposes. Accounting is ’not an end’‚ but rather it is a ’means to an end.’ LO 1 2 Costs‚ prices‚ sales volume‚ profits‚ and return on investment are all accounting measurements. A) True
Premium Management accounting Accountancy Certified Public Accountant
1. Jasmine is not violating the Code of Professional Conduct‚ as long as she keeping both of her jobs separated properly. She should not go and provide financial services to her audit clients‚ because that would be a violation of the Independence rule (rule 101). She should also be aware of rule 301. She is bringing her audit work to her financial services company‚ where other CPA are employed as well. She has to make sure that they don’t have access to the client’s information. 2. This depends
Premium Financial services Deception Financial audit
recording transactions for the purpose of preparing reports for statutory reporting‚ decision making and control. Types of accounting Bookkeeping is the recording of financial transactions. Transactions include sales‚ purchases‚ income‚ receipts and payments by an individual or organization. Bookkeeping is usually performed by a bookkeeper. Bookkeeping should not be confused with accounting. The accounting process is usually performed by an accountant. The accountant creates reports from the
Premium Costs Variable cost Management accounting
1. “Accounting is ingrained in our society and it is vital to our economic system.” Do you agree? Explain. I agree because I think Accounting is part of our economic system specifically in business and we all know that in order to maintain the competitiveness of our economic system all over the world is to uplift the business society that’s why Accounting is vital to our economic system. 2. Identify and describe the steps in the accounting process. 1. Identifying the financial transaction
Premium Balance sheet Generally Accepted Accounting Principles Asset
accounting fraud‚ BBC News‚ 9 April‚ available from http://www.bbc.co.uk/news/business-26950496‚ accessed 06 February 2015 Epstein‚ B Nishikawa‚ K. (1977) The Introduction of Western Bookkeeping into Japan. Jstor. Available from: http://www.jstor.org Nobes‚ C Shimme‚ S. (1937) Introduction of Double-Entry Bookkeeping into Japan‚ The Accounting Review‚ Vol 12‚ No. 3‚ pp290-295‚ available from: Jstor‚ accessed 05 February 2015 Wierzbicka‚ A. (1991) Japanese key words and Core Culture Values‚ Language
Premium International Financial Reporting Standards Accountancy
Evaluation of Zephyr Teachout’s Article “Will the Web Kill Colleges?” The article brings to some interesting views on the futures of colleges and the experience that goes along with that first important step into adulthood. He brings some serious points to the argument. First‚ the traditional college experience versus an online college experience. Next‚ the quality of the online course information‚ as well as‚ having a tenured professor or an average non-degreed person teaching/monitoring
Premium Distance education Computer History of the Internet
Case Title: Milliones Manufacturing Company I. Point of View The president II. Time Frame Three months III. Statement of the problem There is a 5 day lag between the time the company shipped an order and the time invoice of the order went into the mail. And this lag results for the delay of the costumer’s payments‚ thus slowing down collection of receivables. IV. Statement of objective The objective is to clear the bottleneck that result to unproductive
Premium Invoice Receipt Accounts receivable
1 B) 2 C) 4 4-19 A) 2 B) 1 C) 3 4-20 A) The AICPA independence rules requires members to adhere to more restrictive independence rules of other regulatory bodies‚ such as the SEC. It is not permissible for an audit firm to provide bookkeeping services too public company audit client under both SEC rules and he AICPA rules on independence. B) Such activity is permissible as long as the member does not perform management functions of make management decision. C) Such activity is permissible
Premium Audit Auditing Internal control
Unit I Introduction to Accounting Overview |Background |The evolution of accounting is attributed to the social and economic needs of society. As business and society | | |become more complex‚ accounting develops new concepts‚ methods and techniques to meet the ever changing and | | |increasing needs for financial information. Without the necessary information furnished by accounting‚ many
Premium Accountancy International Financial Reporting Standards Accountant
Nowadays‚ The greater part of the people need aid generally hopping for they might fill in with their dream shares of the organization which camwood given them for secondary salary‚ benefits‚ What’s more beneficial attempting surroundings. Those above all reason may be attempting clinched alongside their dream organization could enhance their attempting aptitudes Furthermore addition All the more paramount background. It in view it could lesvos them that’s only the tip of the iceberg kept tabs What’s
Premium Management Employment Leadership