for capital employed? A B C D current assets – current liabilities fixed assets + current assets – current liabilities fixed assets + current assets + current liabilities net assets – current liabilities 2 When preparing a sole trader’s annual accounts‚ no adjustments were made for closing amounts prepaid. What is the effect of these omissions? A B C D net profit overstated net profit understated current assets overstated creditors understated creditors understated owner’s capital overstated
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EXAM SAMPLE EXAM 1. The accounting process does not include: a. b. c. 2. d. e. labor unions all of the above statement of owner’s equity income statement balance sheet d. e. both b and c all of the above This account does not appear on the income statement: a. b. c. 6. lenders prospective owners customers Expenses can be found in the: a. b. c. 5. balance sheet balance sheet and journals balance sheet and income statement income statement
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-Summarize the discussion on page 505. INNOVATION‚ ENTREPRENEURSHIP‚ AND THE GLOBAL STARTUP: Italian Entrepreneurs Combine Fashion and Function In Italy entrepreneurship is successful creating rivalry in existing industries. Italians are individualistic and risk takers. Entrepreneurship has become elaborated in Italy; quite a few numbers of magazines celebrate these entrepreneurs. According to Peter Drucker an entrepreneur is someone who would introduces innovation .He further explains how innovation
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CXC PRINCIPLE OF ACCOUNTS PROJECT School-Based Assessment (S.B.A) (Year 2012) [pic] Submitted by: Danique Arthurs Year: May/June 2012 Name of School: Charles Fordyce Business College Name of Teacher: Charles Fordyce Centre No: 100228 Candidate No: Territory: Jamaica Table of Contents Introduction………………………………………………………………..5 Acknowledgement………………………………………………………...6 Description of Business…………………………………………………...7 Location of
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financial information | Cost accounts are not preserved under Management Accounting but analyses necessary data from financial statements and cost ledgers. | Legal/rules | Drafted according to GAAP - General Accepted Accounting Procedure. | Drafted according to management suitability. | Users | External users‚ such as shareholders‚ bank and creditors. | Internal users such as managers and employees. | Mandatory Vs. optional | Preparing financial accounting reports are mandatory especially for
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CHAPTER 4 Final Accounts Meaning Preparation of final account is the last stage of the accounting cycle. The basic objective of every concern maintaining the book of accounts is to find out the profit or loss in their business at the end of the year. Every businessman wishes to ascertain the financial position of his business firm as a whole during the particular period. In order to achieve the objectives for the firm‚ it is essential to prepare final accounts which include Manufacturing and
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Carborundum Universal Limited Annual Report 2010 - 2011 Contents Year’s Summary Striking Gold i Chairman’s Statement xiii Financial Statements Consolidated Financial Statements & Auditor’s Report Standalone Financial Statements & Auditor’s Report Director’s Report 2 23 50 Financial Track Record 87 General Shareholder Information Corporate Governance Corporate Governance & Auditor’s Certificate 90 95 2+1 STRIKING GOLD… Record Sales. A growth graph climbing a new high
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this topic. INTRODUCTION This internal assessment focuses on the impact of technology on accounting. Accounting is the systematic process of collecting‚ recording‚ classifying‚ analysing and communicating financial information. Traditionally‚ accounts were prepared manually using ledgers‚ cashbooks etc. However in recent years‚ technology has played an increasingly important role in accounting and has changed the accounting systems. This has brought with it solutions to previous problems associated
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EXAMPLES OF ACCOUNTS FALLING UNDER EACH ACCOUNTING EQUATION ELEMENT: Current Assets Cash - A current asset account which includes currency‚ coins‚ checking accounts‚ and undeposited checks received from customers. The amounts must be unrestricted. (Restricted cash should be recorded in a different account.) Petty Cash Fund - A current asset account that represents an amount of cash for making small disbursements for postage due‚ supplies‚ etc. Notes Receivable - An asset representing the
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What is the primary responsibility of the external auditor? A To verify all the financial transactions and supporting documentation of the client B To ensure that the client’s financial statements are reasonably accurate and free from bias C To report all financial irregularities to the shareholders of the client D To ensure that all the client’s financial statements are prepared and submitted to the relevant authorities on time (1e) To whom is the internal auditor primarily accountable
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