correct picture on the firm’s financial performance and financial position. We have to recognize all transaction occurring in that accounting period‚ irrespective of whether cash has been received or paid. The ultimate objective of adjusting entries is to ensure that the revenues (income) earned in the accounting period are matched by all costs incurred for that same accounting period (Monash College‚ 2011). Prepayment There are two types of adjusting entries‚ prepayments and accruals. Prepayment is
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external users 4. FASB – responsible for GAAP (accounting principles) 5. Accounting Equation 6. Know the 3 activities that business engage in and give examples of each activity. (These 4 questions also relate to Chapter 12‚ The Statement of Cash Flows) 7. The International Accounting Standards Board is responsible for developing a single set of worldwide accountings standards (IFRS). 8. These standards will help companies to reduce accounting costs‚ make it easier to acquire foreign companies
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Business Fraud and Preventative Measures “There are three things in the world that deserve no mercy‚ hypocrisy‚ fraud‚ and tyranny - Frederick William Robertson.” Business fraud can be commonly defined in terms of the use of a person’s occupation for personal gain or enrichment through the misuse of employing organization’s resources or assets. Currently‚ fraud is a pervasive problem throughout small and large companies. Failure to put in place fraud preventative procedures
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Question 1 Use the data below to answer Parts (a) through (c). Show all calculations in your solutions. On January 1‚ 20X2‚ Haika Inc. purchased 60% of the outstanding voting shares of Selina Co. for $3‚000‚000. On that date‚ Selina’s shareholders’ equity consisted of retained earnings of $2‚000‚000 and ordinary shares of $1‚000‚000. Selina’s identifiable assets and liabilities had fair values that were equal to their carrying values on January 1‚ 20X2‚ except for the following: | Fair value
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Unemployment as a Measure of Welfare Unemployment‚ as defined in books‚ is a situation wherein a person is jobless but is actively looking for work. To get the unemployment rate‚ we divide the total number of unemployed to the total labor force. Unemployment rate is sometimes used to determine the economic growth of a country. Unemployment has remained high in the Philippines for the past years. Since unemployment means no job‚ it is usually believed to be the cause of poverty. Our government
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environment. ANS: F PTS: 1 DIF: Hard REF: 38 (Table 2.1) OBJ: 02-02 TYPE: knowledge NOT: AACSB: Business Knowledge & Analytical Skills | Management: Environmental Influence | Dierdorff & Rubin: Managing the task environment 4. Firms can directly control the elements of the seven segments of the general environment. ANS: F PTS: 1 DIF: Easy REF: 37 OBJ: 02-01 TYPE: comprehension NOT: AACSB: Business Knowledge & Analytical Skills | Management: Environmental Influence | Dierdorff & Rubin: Managing
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Coach Carter‚ and later in a you tube video. The poem touches me and leaves me with a feeling of achieving a higher greatness. The poem is just this. “Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light‚ not our darkness that most frightens us. We ask ourselves‚ Who am I to be brilliant‚ gorgeous‚ talented‚ fabulous? Actually‚ who are you not to be? You are a child of God. Your playing small does not serve the world. There is nothing
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There are many basic accounting concepts that are either directly or indirectly referenced in the Bible such as financial accounting‚ internal control‚ and management accounting‚ as discussed in the article “Accounting in the Bible” by Robert L. Hagerman. According to our textbook Fundamental Accounting Principles‚ accounting is an information and measurement system that identifies‚ records‚ and communicates relevant‚ reliable‚ and comparable information about an organization’s business activities
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The basic accounting concepts have defined the conception of the preparation of financial statements and the process of preparation in the UK is well regulated. But financial accounting requires a fair amount of flexibility in some certain areas‚ so the need of judgements and estimations for accounts preparers is demand. Meanwhile it leaves a significant approach in accounting treatments. For example‚ when organizations decide which of several inventory valuation methods to utilize; managers make
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ACCOUNTING CLERK Wes Ruiz Ms. Cline Accounting 20 October 2011 In this paper I will be telling you about a job of an accounting clerk. The scope of an accounting clerk’s job duties often depends upon the size of the company or organization that he works for. For example‚ small businesses tend to hire “general bookkeepers” to handle all of the financial transactions and record keeping requirements of the business. Essentially‚ a bookkeeper
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