PRINCIPLES OF ACCOUNTING(POA)/ACCOUNTING FOR MANAGERS(AFM) Basic Accounting Concepts & Terminologies ACCOUNTING- DEFINITION Accounting means the various technical activities performed by accountants‚ including financial accounting‚ bookkeeping and management accounting. Accounting is considered to be as old as money. However in 1494 Lucas Fra Pacoili‚ an Italian Merchant is universally regarded as the father of modern system of accounting or double entry system of accounting. Accounting has
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8 5.8. Inventories 9 5.9. Property‚ Plant and Equipment and Depreciation 9 E. Largest Source of Revenue & Expenses 6.10. Largest Source of Revenue 10 6.11. Largest Source of Expenses
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accounting concept? A) B) C) D) 2) Going concern. Historical cost. Consistency. Prudence. Which statement relating to depreciation is true? A) The cash account is affected by charging depreciation B) Accumulated depreciation represents the portion of an asset’s cost that has been transferred to depreciation expense C) Accumulated depreciation is a contra-expense account D) Depreciation represents cash that can be used to replace assets when they wear out 3) As at 31 December 2010 there are outstanding
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Student ID: 7608756 FACC Assignment FACC/Jul11/1 Ryan Marc Gonsalves Ryan Marc Gonsalves MBSW 60127 FINANCIAL ACCOUNTING FACC/JULY11/1 Student ID: 7608756 Table of Contents Table of Tables .................................................................................................................... 3 Table of Figures ................................................................................................................... 3 Introduction and Purpose ................
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Jump to Navigation Frame Your location: Assessments › View All Submissions › View Attempt View Attempt 1 of 1 Title: | Ch01 Quiz | Started: | August 21‚ 2012 9:12 AM | Submitted: | August 21‚ 2012 9:22 AM | Time spent: | 00:09:30 | Total score: | 10/10 = 100%Total score adjusted by 0.0Maximum possible score: 10 | 1. | ch01001 | | Financial accounting information is: | | | Student Response | Value | Correct Answer | Feedback | A. | Designed to assist investors and creditors
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Product Stage/Process 1. Production Process 2. Packaging B. Product/ Service/facilities 1. Store Lay out 2. Location Chapter IV Organization and Management A. Capital Contribution B. Salaries and Allowances C. Company Structure and Organization 1. Staffing Requirements 2. Organizational Chart D. Company Policies Chapter V Financials of the Business A. Pro- Forma Balance Sheet B. Pro-Forma Income Statement
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Accrual vs. Cash Basis Accounting Alicia Wiley Grantham University Abstract In this paper I have defined accrual and cash basis accounting. Also‚ I have answered the following questions: Explain the difference between the accrual basis of accounting and the cash basis of accounting. What are the major reasons for using accrual accounting? What are the purpose of a journal and a ledger? Give an example of a contra-asset‚ and explain how it is recorded on the ledger as a transaction. Explain
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ACC 201 Comprehensive Final Study Guide How does the accounting profession distinguish between internal and external users of financial information? Whose needs are considered to be most important in the preparation of the general purpose financial statements? Distinguish between the three primary forms of organization for a business‚ i.e. proprietorships‚ partnership‚ corporations. How are corporate decisions authorized and carried out? What is the accounting equation? Why
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Ethel Durrant AAT Student Financial statements factsheet International Accounting Standards The purpose of this document is to provide useful guidance to aid students in their understanding of the content of those accounting standards assessable in the Financial Statements module. IAS 1: Presentation of Financial Statements • This standard prescribes the basis for the presentation of general purpose financial statements‚ to ensure comparability both with the entity’s financial statements
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Lecture 3 : Corporate Tax Tutorial Question Question 1 Dinishah Sdn Bhd manufactures glass products for both the local and export markets. The company’s income statement for the year ended 31 December 2011 is as follows: Notes RM Sales revenue 1‚200‚000 Less: Cost of sales 1 (230‚000) Gross profit 970‚000 Operating expenses 2-6 (650‚000) Profit before tax 320‚000 Notes 1 Cost of sales includes the following: RM Provision for stock obsolescence
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