of each inventory item with its replacement cost. List lower of cost or market. 6. Adjust inventory downward when market is less than cost. Physical flow and Cost flow of goods -Perishable items must have an actual physical flow of FIFO -Physical flow is focused on the actual movement of goods -Cost flow is an assumption about which goods/items are sold. -A business may adopt any cost flow assumption when accounting for perishable items. Determine cost of goods sold for X-mart‚ assuming that beginning
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influence with customers or suppliers‚ or to simply to establish a presence in that company or industry. They may also purchase controlling stock in another company to be able to enter that industry without having to worry about incurring undue costs. 6. The typical stock investment when investing cash for strategic reasons is stock of companies in related industries or in companies in unrelated industries that they wish to enter. E12-2 Jan 1 Debt Investment 50‚900 Cash
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Regulation environment:1. accounting is regulated by private-sector body(FASB)‚ but government underpins the authority of its standards. 2. no legal requirement for the publication of FS3. each state has its own corporate statutes and not rigorously enforced. Reports rendered to local agencies are often unavailable to the public4. only listed companies have compulsory requrirements for FR at the federal level as specified by the SEC. | | | | Regulation environment:1. Dutch accounting presents several interesting
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Denise Davidson AB114-02 / Accounting I Unit 6 – Writing Assignment Kaplan University Prof. Richard Franchetti March 13‚ 2012 As many are familiar with the term accounting‚ not many know what the accounting cycle is comprised of. The term “accounting” itself is defined as “the theory and system of setting up‚ maintaining‚ and auditing the books of a business; art of analyzing the financial position and operating
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PROJECT ON ACCOUNTING STANDARDS 1. ACCOUNTING STANDARD 16 2. ACCOUNTING STANDARD 21 SUBMITTED TO: PROF. T.K. NAGPAL SUBMITTED BY: VARUN FN3 FN2 Accounting Standard (AS) 16 (issued
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ACCOUNTING INFORMATION SYSTEM FOR THE MUNICIPALITY OF SAN DIONISIO ILOILO ============== A Thesis Presented to the Faculty of the Department of Information Technology College of Arts and Sciences University of San Agustin ============== In Partial Fulfillment of the Requirements for the Degree Bachelor of Science in Computer Science (BSCS) ============== by Centina‚ Mensie Camagan‚ Christian Elbert Gayo‚ Gerald James Gumboc‚ Jopepard Tauro‚ Christian Chapter I INTRODUCTION
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Unit 6 Statement of Cash Flows and Financial Statement Analysis & The Metrics of a Company Unit Assignment Kaplan University January 18‚ 2013 AC505: Advanced Managerial/Cost Accounting |Transaction |Operating |Investing |Financing | |A. Paid bills to insurers and utility providers
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99 Accounting Standard (AS) 6 (revised 1994) Depreciation Accounting Contents INTRODUCTION Definitions EXPLANATION Disclosure ACCOUNTING STANDARD Paragraphs 1-3 3 4-19 17-19 20-29 94 AS 6 (issued 1982) Accounting Standard (AS) 6* (revised 1994) Depreciation Accounting (This Accounting Standard includes paragraphs 20-29 set in bold italic type and paragraphs 1-19 set in plain type‚ which have equal authority. Paragraphs in bold italic type indicate the main principles. This Accounting
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equipment‚ payable) 4. The company paid $780 cash for this months’s advertising of the opening of the business. ( cash‚ cost) 5. The company complete maintenance services for a customer and immediately collected $5.700 cash. (cash‚ revenue) 6. The company completed $2.400 of maintenance services for City center on credit. (revenue‚ receivable) 7. The company paid $810 cash for an assistant’s salary for the first half of the month. ( cash‚ cost) 8. The company received $2.400 cash
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Acc 301 T/TR 8-9:15 Codification Paper #6 A) 605-15-25-1 25-1 If an entity sells its product but gives the buyer the right to return the product‚ revenue from the sales transaction shall be recognized at time of sale only if all of the following conditions are met: a. The seller’s price to the buyer is substantially fixed or determinable at the date of sale. b. The buyer has paid the seller‚ or the buyer is obligated to pay the seller and the obligation is not contingent on resale of the
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