Basic Accounting Concepts and Business Structures Shannon Goshert ACC 537 July 25‚ 2010 Angela Rose Abstract Basic accounting concepts and business structures go hand-in-hand. Usually the business structure will determine the type of accounting concepts it will use. Generally accepted accounting principles (GAAP) are needed for effective accounting information. Basic Accounting Concepts and Business Structures Basic accounting concepts and business structures are important to a business’s
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Basic Accounting Concepts and Business Structures Rose Latifi ACC 537 November 10th 2012 Professor Joh David Basic Accounting Concepts and Business Structures Generally Accepted Accounting Principles (GAAP) and Related Hierarchy The common set of standards and procedures is called generally accepted accounting principles (GAAP). Four organizations are instrumental in the development of financial accounting standards (GAAP) in the United States: 1- Securities and Exchange Commission (SEC)
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THE ROLES OF ACCOUNTING ON BUSINESS AND OUR SOCIETY By QUINISIA HILL-WILSON MARCH 4‚ 2014 ACC 100 MR. TIMOTHY CARR STRAYER UNIVERSITY WINTER 2014 1. Describe the purpose of each financial statement. Determine which one (1) is the most effective in communicating the financial health of an organization. Defend your position. Income Statement presents revenues and expenses and resulting net income or net loss for a specific time period. Owner’s Equity Statement is a summary
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same vehicle class. ii) You are declared unfit to obtain a driving licence for a certain period and that period still prevails. iii) Your licence was suspended temporarily and the suspension has not yet expired. SELECT THE CORRECT COMBINATION A. (i) Only is correct. B. (i)‚ (ii)‚ and (iii) are correct. C. (ii) and (iii) only are correct. 6. What does warning sign M1 shows you? [pic] A. Roads cross ahead and you have to stop or yield at the intersection
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Accounting Information System(AIS) - is a structure that a business uses to collect‚ store‚ manage‚ process‚ retrieve and report its financial data so that it can be used by accountants‚ consultants‚ business analysts‚ managers‚ chief financial officers (CFOs)‚ auditors and regulatory and tax agencies. Components of AIS a. People - the system users - professionals who may need to use an organization’s AIS include accountants‚ consultants‚ business analysts‚ managers‚ chief financial officers
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evaluation process‚ I have also referred to some academic text and books for some guidance on accounting and business techniques. All data that I gathered for this research and analysis project are secondary data. I have categorised the sources of these data into two categories‚ which is books and internets. Books There are some books that I referred for some guidance on accounting and business techniques which I have used in the analysis and evaluation process. Some of the books are borrowed
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|[pic] | | Question 1: Accounting concepts A. The owner of Computer World‚ Heath is confused about the depreciation expense for building in the income statement and the carrying amount in the balance sheet‚ and would like you to explain the following to him: i) Why is depreciation expense recoded in the income statement for the building as
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In the last century we have seen modern technology grow from almost nothing into a leading power in our everyday lives. Technology aids us humans in so many different ways‚ and in all imaginable categories‚ that it would be impossible to list them all. One of the main technological advances that are used in almost every machine today‚ in some form or another‚ is a computer. Overtime the processing power of a computer has become immense‚ which started to beg the question can a computer ever think
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Page 1 of 5 Name: ______________________________ ECET 231 - Circuit Analysis I Lab 6 Series-Parallel DC Circuits Objective: Students successfully completing this lab will accomplish the following objectives: 1. Gain experience analyzing and verifying‚ by measurements‚ the characteristics of series-parallel resistive circuits. 2. Increase understanding of the relationship of voltage‚ current and resistance in a series-parallel circuit 3. Learn to compute currents through the use of voltmeter
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5. Accounting and Business techniques used. 2.5.1 Financial Ratios • Liquidity Ratios It is very crucial that an organisation meets its day to day obligations as they fall due. It is possible that an organisation that has very good and positive looking financial statement may experience liquidity problems. Hence measuring liquidity allows the organisation to better monitor its cash flows. Two commonly used ratios to measure liquidity are shown below
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