Historical cost accounting Advantages • Historical cost accounts are straightforward to produce • Historical cost accounts do not record gains until they are realized • Historical cost accounts are still used in most accounting systems Disadvantages • Historical cost accounts give no indication of current values of the assets of a business • Historical cost accounts do not record the opportunity costs of the use of older assets‚ particularly property which may be recorded at a value based
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Accounting historians have attempted to relate their knowledge of the variety of accounting practices at various points of time‚ and in various places. It is to wider questions of the role of accounting in reflecting and shaping not only business and management practice‚ but also economic and social organization more generally. Finley’s classic ¡§The Ancient Economy¡¨ ‚ which analyzed the embedded-ness of ancient economic activity in the social structure‚ and in the status concerns of the free citizens
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Accounting Theory Construction The function to study accounting theories is to classify them according to the assumptions they rely on‚ how they were formulated‚ and their approaches to explaining and predicting actual events. There are some classification which are pragmatic‚ syntactic‚ semantic‚ normative‚ positive‚ and naturalistic approaches. Pragmatic approaches are based on observing the behavior of accountants or those who use the information generated by accountant. Syntactic approaches
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INTRODUCTION TO ACCOUNTING AND BUSINESS QUESTION INFORMATION Number |Objective |Description |Difficulty |Time |AACSB |AICPA |SS |GL | |EO1-1 |1-1 | |Easy |5 min |Analytic |BB-Industry | | | |EO1-2 |1-1 | |Easy |5 min |Analytic |BB-Industry | | | |EO1-3 |1-1 | |Easy |5 min |Analytic |BB-Industry | | | |EO1-4 |1-1 | |Easy |5 min |Analytic |BB-Industry | | | |EO1-5 |1-1 | |Easy |5 min |Analytic |BB-Industry | | | |EO1-6 |1-2 | |Easy |5 min |Analytic |FN-Measurement | | | |EO1-7
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process to the company’s Director Definition of budgeting process According to Management Accounting book‚ a budget is defined as “a quantitative statement‚ for a defined period of time‚ which may include planned revenues‚ expenses‚ assets‚ liabilities and cash flow.” (BPP Professional Education‚ 2004). It means that is a financial document used to project future income and expenses. Based on the accounting of revenue and expenses‚ the budgeting process may be carried out by
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Resource: Ch. 3 of Financial Accounting Prepare written answers to the following assignments from Ch. 3 of Financial Accounting: * Questions 2‚ 3‚ 4‚ & 8 * Exercise E3-7 * Exercise E3-8 2. State two generally accepted accounting principles that relate to adjusting the accounts. Matching principle and revenue recognition principle 3. Rick Marsh‚ a lawyer‚ accepts a legal engagement in March‚ performs the work in April‚ and is paid in May. If Marsh’s law firm prepares monthly
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Question 1 1 out of 1 points An accounting information system (AIS) processes ________ to provide users with ________. Answer Selected Answer: data; information Correct Answer: data; information Question 2 1 out of 1 points The value of information can best be defined as Answer Selected Answer: the benefits produced by possessing and using the information minus the cost of producing it
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Dan Stenson Professor Gettys Academic Writing 4/24/12 Importance of Forensic Accounting Business has been around for thousands of years with people buying‚ selling/ trading food‚ animals‚ and jewelry just to meet their own standards of living. Business fraud has been around for just as long as business has. Every person to this day and in the future was and will be looking for ways to save and earn money. The best know earliest case of fraud deals with the whites and Indians in 1626 with
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organizations goals. Managerial accounting is an integral part of the management process‚ and managerial accountants are important strategic partners in an organizations management team. Four fundamental management processes that help organizations attain their goals Decision making‚ Planning(developing a detailed financial and operational description of anticipated operations).‚ Directing operational activities (means running the organization on a day-to-day basis)‚ Controlling(ensuring that the
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FACULTY OF BUSINESS & MANAGEMENT SEMESTER: MEI 2013 BBAP 2103 COURSE: BACHELOR (HONS) MANAGEMENT (BIM) (A7470) COURSE TITLE: MANAGEMENT ACCOUNTING MATRICULATION NO : RF179118001 IDENTITY CARD NO : RF179118 TELEPHONE NO : 0167386906 E-MAIL : vnod_86@yahoo.com LEARNING CENTRE : SEAMEO RECSAM LEARNING CENTRE Table of Contents 1.0 Introduction of the company 2.0 Explanation on the purposes of product cost information is
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