Task 1 Accounting record is defined as the all of the documentations involved in the preparation of financial statements and records which are relevant to financial review and audits which include recording of assets and liabilities‚ ledgers‚ journals‚ and any other supporting documents like invoices. Ledger: Maintaining ledger is a must in all accounting system. Ledger is used for preparing trial balance which checks the arithmetical accuracy of the accounting books. Ledger is the store-house
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CASE STUDY 1 1. Briefly describe the project desired by the customer‚ Mr. Karl Carr? Include the project objectives. Mr. Karl has started new business. For this business‚ he needs information system for managing inventory. Therefore‚ he wants to develop project about automating delivery system in order to supply the products to their retailers. The project should be implemented in two months according to the scope of the project which is identified by team member.
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The Role of Accounting on Business and our Society Purpose of Financial Statement Financial statement plays a significant role in business organization. Basically‚ it provides information about the performance‚ changes and the financial position of a business organization. The major purpose of financial statement is to provide essential information to a wide range of users as described below: Managers Financial statement helps the managers within a business organization to manage day
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Chapter 1 Question 1.1 When Mr. Drucker says‚ "Be data literate" he means that one should know how to use data effectively to the company ’s benefit. There are two challenges that one faces in attempting to be data literate. The first challenge is deciding what information to use‚ what is should be used for and how it should be used. The second challenge is how to test and put the data together with the existing information system to make them effective in a company ’s decision process
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1. Sources of GAAP and basic framework and concepts ........................................................... 3 2. Reporting net income ................................................................................................... 14 3. Income statement: Income from continuing operations ................................................................................ 17 Discontinued operations ...............................................................................
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costing r. Process costing h. Job costing (but some process costing) s. Job costing i. Process costing t. Process costing j. Process costing u. Job costing k. Job costing 4-17 (20 min.) Actual costing‚ normal costing‚ accounting for manufacturing overhead. 1. = = = 1.80 or 185% = = = 1.9 or 190% 2. Costs of Job 626 under actual and normal costing follow: Actual Normal Costing Costing Direct materials $ 40‚000 $ 40‚000 Direct manufacturing labor costs 30
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-----------------------‚---------------- ADVANCED ACCOUNTING EXAM III - Part I FALL2013 NAME _ Part 1: Prepare journal entries in the General Fund for each of the following events relating to the City of Santa Rosa (all amounts in $1‚000s). Required a. The citizens approve the following budget for the year: . APPROPRIATIONS $22.888 2‚000 . ESTIMATED REVENUES .............................................•.... ESTIMATED OTHER FINANCING SOURCES $ 2‚479 (22
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__________________________ Date: _____________ 1. Alpha Company’s stock trades on the NY stock exchange. For Alpha Company‚ revenue on account amounted to $5‚150. Cash collections of accounts receivable amounted to $2‚300. Expenses incurred on account were $2‚100. Cash paid on accounts payable was $1‚950. Alpha’s net income was A) $2‚900 B) $3‚050 C) $350 D) $200 2. Hamilton Company began operations in 2009. During the year‚ the following cash transactions occurred: 1. issued stock for $40‚000
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1. Define the decision problem. : The decision problem is that Hurricane Katrina has struck Louisiana now there is no location to have the conference. 2. As part of defining the decision problem‚ the following questions should be addressed: * What is the general nature of the problem? * What event triggered the situation? * Are we imposing any constraints on the situation? * What are the underlying elements of the problem? * Are there dependencies on
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Discussion Question: 1. What degree of confidence do you have that Gerritsen‚ Buck‚ and Leay will be able to execute their three-point plan? What factors have to come together for the plan to work? What advantages does Aquaflow have in its efforts to execute the plan and continue to grow? Answer: They can truly execute the three-point plan because it can be one of the most competitive player in the market. Some factors to consider to make this plan work is that Aquaflow must use wild algae to help
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