purpose of accounting for an organisation What is accounting Accounting is a recording‚ reporting‚ and analysis of financial transactions of the business. The person which is in charge or accounting is known as an accountant‚ this person is specifically in charge to follow rules and regulations‚ such as the generally accepted accounting principle. Accounting lets businesses to analyze the financial performance of the business‚ and look for statics such as net profit. The accounting process
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Midterm Exam Accounting at MacCloud Winery 1. The leased building will be accounted as an asset and the agreement to pay lease rentals be recorded as a lease liability. Accordingly‚ the depreciation expense attributable to space used in manufacturing/processing wines will be accounted as inventory
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The International Accounting Standard Committee (IASC) came into existence on June 29 1973 when sixteen accounting bodies from nine nations (designated as founder members) signed the agreement and constitution for its formation with headquarters at London. The objective of the committee is "to formulate and publish in the public interest standards to be observed in the presentation of audited financial statements and to promote their worldwide acceptance and observance". This would
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Current Value Accounting and Its Influences on Accounting Environment Wei Cui Abstract Current Value Accounting is one of the hot spots of accounting researches. Three prevailing current value accounting methods are present value method‚ current entry price method and current exit price method. All these methods aim at adjusting the book value of assets and liabilities so that the information will not be distorted by the changing prices
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written summary of a longer document. Account: A record of increases and decreases in a specific asset‚ liability‚ or owner’s equity item. Accounting: The process of identifying‚ recording‚ and communicating the economic events of an organization to interested users of the information. Accounting equation: Assets = Liabilities + Owner’s Equity. Accounting information system: A system that involves collecting and processing transaction data‚ and providing financial information to interested parties
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Meeting 1 MRF’s File COST ACCOUNTING “An Introduction to Cost Terms and Purposes” Assistant Lecturer: M. Ryan Firmansyah Problem 1 (Quiz 1 September 8‚ 2009) Consider the following costs that were incurred during the current year. Evaluate whether the cost is: 1. A product cost or a period cost 2. Variable or fixed in terms of behavior 3. For the product cost‚ whether it is classified as direct material‚ direct labor‚ or manufacturing overhead No. 1 Descriptions Product Cost Period Variable
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Chapter 1 Accounting and the business environment Learning Objectives 1. Use accounting vocabulary 2. Apply accounting concepts and principles 3. Use the accounting equation 4. Analyse business transactions 5. Prepare the financial statements 6. Evaluate business performance Horngren‚ Best‚ Fraser‚ Willett: Accounting 6e © 2010 Pearson Australia Objective 1 Use accounting vocabulary. Horngren‚ Best‚ Fraser‚ Willett: Accounting 6e © 2010 Pearson Australia Accounting... is
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CheckPoint: Accrual and Cash Accounting XACC/290 August 11‚ 2013 Week Three CheckPoint: Accrual and Cash Accounting Accrual and cash-based accounting offer two different styles of tracking the flow of money in a business. Each serves a purpose and to understand this idea one must first realize the how one varies from the other. Accrual-based accounting can be described as any transaction that changes a company’s financial statement is recorded in the accounting period the transaction was recorded
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NATIONAL OPEN UNIVERSITY OF NIGERIA SCHOOL OF MANAGEMENT SCIENCES COURSE CODE: ENT432 COURSE TITLE: INTERNATIONAL ACCOUNTING SYSTEM ENT432 INTERNATIONAL ACCOUNTING SYSTEM Course Developer/Writer A. I. Ehiagwina School of Management Sciences National Open University of Nigeria Lagos. Course Editor Dr. I. D. Idrisu School of Management Sciences National Open University of Nigeria Lagos Course Coordinator Mrs C. Aturu-Aghedo School of Management Sciences National Open University
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Unit 5 Business Accounting P5 Introduction In this assignment I will be using the profit and loss accounts and balance sheet for SIGNature ’s business to work out the Profitability‚ Liquidity and Efficiency Ratios. Profitability Gross profit Percentage sales Gross Profit Sales Turnover ×100 244200 444000 ×100=53% Net Profit Percentage Net ProfitSales turnover×100 73960444000×100=16.66% Return on Capital Employed (ROCE) Net Profit before interest and taxCapital Employed×100 73960149160×100=49
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