BUS 10250 Financial Accounting Mid term Revision Question 1 Financial year is from 1/6/20x8 to 31/5/20x9 Rent Rent charged was $2‚400 from 1/1/20x8 to 31/12/20x8 which was $200 per month. Rent charged was $3‚000 from 1/1/20x9 to 31/12/20x9 which was $250 per month. Rent expense charge to income statement for year ended 31/5/20x9 should be: 1/6/20x8 to 31/12/20x8 total $1‚400 1/1/20x9 to 31/5/20x9 total $1‚250 Hence‚ total rent expense charge to the income statement for the year ended 31/5/20x9
Premium Generally Accepted Accounting Principles Asset Balance sheet
numerous accounts‚ perhaps thousands‚ for individual debtors in the Trade Receivable Ledger‚ each reporting the amount receivable from particular debtors whereas a Trade Receivable Control account will have a single balance equaling the sum of all the individual debtors’ balances. Control accounts may have different names • Control account maintained in respect of the credit customers might be known as Trade Receivable Control Account‚ Debtor Control Account and Sales Ledger Control Account
Premium Accounts receivable General ledger
ASSIGNMENT GROUP ONE – EVENING SESSION MEMBERS: DWAMENA ALEX S. ERASMUS KORLEY AMPADU RAPHEAL AGYAPONG FRANCIS Assume that Just-in-time stock management is used in accordance with the recommendation of the consultants. Calculate receipts from sales for each of the six months ending 30th June‚ 20x0 Solution: Note: High demand cannot be satisfied with a just in time stock management system. Therefore‚ over calculation for expected sales will be based on medium and
Premium Debt Finance Economics
A SUMMER TRAINING PROJECT REPORT ON WORKING CAPITAL MANAGEMENT AT JUMPS AUTO INDUSTIES LTD. Submitted in the partial fulfillment for the degree of MASTER OF FINANCIAL MANAGEMENT {2011-2013} FACULTY OF COMMERCE B.H.U. Under Supervision Of Submitted By: Mr. P. C. PANT NIKHIL KUMAR GUPTA Accounts& Finance manager MFM (final) Jumps auto industries
Premium Balance sheet Inventory Asset
SECTION A Answer any FOUR questions from this section. Each question carries 10 marks. 1. a. Explain the following accounting concepts and illustrate each with an example: i. Historical cost ii. Stable monetary measures (5 marks) b. For each of the independent situations described below‚ list the accounting principle or concept that has been violated and give your explanation: i. Andy Company accrued interest expense on the personal bank loan of the owner at year end
Premium Balance sheet Generally Accepted Accounting Principles Depreciation
Application Of Funds Gross Block 13.98 13.98 13.97 13.97 Less: Accum. Depreciation 9.96 9.41 8.86 8.31 Net Block 4.02 4.57 5.11 5.66 Capital Work in Progress 0.13 0.13 0.13 0.13 Investments 0 0 0 0 Inventories 0.44 0.06 0.12 0.24 Sundry Debtors 0.04 0.03 0.26 0.56 Cash and Bank Balance 0.13 0.06 0.15 0.37 Total Current Assets 0.61 0.15 0.53 1.17 Loans and Advances 0.43 0.43 0.4 0.37 Fixed Deposits 0 0 0 0 Total CA‚ Loans & Advances 1.04 0.58 0.93 1.54 Deferred Credit 0 0 0 0
Premium Generally Accepted Accounting Principles Balance sheet Financial ratios
FINANCIAL ANALYSIS ON TATA CONSULTANCY SERVICES SUBMITTED TO PROF . D.V.RAMANA Debasis Sarangi(77) Dhanya K(78) Dinesh Kumar Mandal(80 TABLE OF CONTENTS 1. Acknowledgments……………………………………………………………….3 2. Executive Summary……………………………………………………………...4 3. Environment Analysis…………………………………………………………...5 4. IT Industry Overview……………………………………………………………6 5. Company Analysis………………………………………………………………10 6. Ratio Analysis…………………………………………………………………...15 Liquidity Ratios…………………………………………………………….15 Efficiency
Premium Profit Generally Accepted Accounting Principles Financial ratios
Group Written Assignment Question 1 First of all‚ the inherent risk is existed as the Master Mines Limited specializes in sulphur exploitation in a multi-location (five different locations)‚ different locations may have different internal control systems. It is hard to observe inventory taking carried out in more than one location. It may be impracticable for the auditor to visit all locations and the control for inventory movement will be more difficult. It requires more
Premium Balance sheet Generally Accepted Accounting Principles Auditing
not available to new borrowers. Hypothecation differs from mortgage in two respects: 1. Mortgage relates to immoveable property whereas hypothecation relates to movables. 2. In mortgage there is transfer of interest in the property of the creditor but in hypothecation there is only obligation to repay money and no transfer of interest. Assignment: It is a mode of security to a banker for an advance. It is transfer of a right‚ property or a debt. The transferor is called assignor and the transferee
Premium Debt Mortgage Real estate
as “satisfactory or sufficient” or “to give assent to” or to “agree” to incomplete or partial performance. The Esguerras did not assent to the payment. The law does not require that the objection of the creditor be made in a particular manner or at any particular time. The acts of the creditor binds his acceptance or assent to the fulfillment of the obligation. ESGUERRA v VILLANUEVA Petitioner Esguerra and respondent de Guzman entered into acontract whereby Esguerra leased to de Guzman a portion
Premium Debt Summation Promissory note