The lecture last night discussed accrual accounting concepts such as timing issues‚ and the basics of adjusting entries. The discussion went into more detail on periodicity assumption and how accounting divides the economic life of a business into artificial time periods. These time periods are generally a month‚ a quarter‚ or a year‚ now whether it is a fiscal year or a calendar year that is determined by the company itself. The lecture then reviews the revenue recognition principle which expects
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regulate and develop the accountancy professions in Malaysia. MIA’s responsibilities include education and quality assurance as well as enforcement which are carried out to ensure that the credibility to the profession is maintained and that public interest is continuously upheld. Its regulatory role is carried out through the following approaches:- * Having an effective and competitive assessment framework in admitting members into MIA to ensure that the profession is able to meet
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Effective Reading The adoption of strategies for effective reading is crucial to the attainment of educational goals and objectives. A reading process entails the analysis of the content from a wide variety of materials such as textbooks‚ academic journals and lecture notes. Effective reading ensures that student retains an appropriate percentage of the content read to facilitate the attainment of academic goals. Before one starts to read‚ it is important to set goals concerning a reading task‚
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Annotated Bibliography of Activity Based Costing by Patricia M. Privette MBA student at The Ohio State University and Lt. Col. Terrance L. Pohlen‚ USAF‚ Ph.D Terrance_Pohlen@dscc.dla.mil 9-6-95 Activity-Based Costing (ABC) General Readings - Activity-Based Costing Ali‚ Hamdi F.‚ A Multicontribution Activity-Based Income Statement‚ Journal of Cost Management‚ F94‚ pp. 45-54. The author outlines the development of an ABC based income statement. The multicontribution income statement
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Computer Accounting Computer accounting has been growing in popularity since the availability of the Internet as a worldwide communication medium began to grow. Individuals and companies manage their money and assets one way or another. They usually hire accountants to help them carry out the requirements of accounting and balancing their books. Before the internet became inescapable‚ these accounting protocols were performed manually. Today many accountants and non-accountants alike use computer
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accounting standards accounting standards Introduction to Accounting Standards Accounting is the art of recording transactions in the best manner possible. Accounting Standards are the policy documents issued by recognized expert accountancy bodies relating to various aspects of measurement‚ treatment and disclosure of accounting transactions and events. Every country has its own standards. Accounting Standards in India are issued by the Institute of Chartered Accountants of India (ICAI)
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Abstract The aim of this short paper is targeted at broadening general understanding of the impact of accounting for goodwill in the Non-for-Profit environment based on its financial practicability and how a focus on the fair value of goodwill goes to the heart of the value of an Organization. Various amendments and new accounting rules; Enron and WorldCom misfortunes; Ponzi Schemes and other white collar financial frauds have brought about stricter governance and financial statement reporting responsibilities
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what needs to happen in the future (today‚ next week‚ next month‚ next year‚ over the next 5 years‚ etc.) and generating plans for action.(What to do?) Organizing: (Implementation) making optimum use of the resources required to enable the successful carrying out of plans. Staffing: Job Analyzing‚ recruitment‚ and hiring individual for appropriate job. Leading/Motivating: exhibiting skills in these areas for getting others to play an effective part in achieving plans.(To make individual work
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FINANCIAL ACCOUNTING I COURSE DESCRIPTION/OBJECTIVES The primary aim of Financial Accounting is to provide students with an introduction to the process and function of financial reporting. Whilst a large proportion of the course is aimed at understanding accounting as a process‚ taking a preparers‟ perspective‚ we will also seek to develop an understanding of the importance of the role of accounting in today’s society. LEARNING OUTCOMES After studying this course the student will be able to understand:
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management accounting can supply information to assist the management of the organisation. * You are not required to investigate and report on the organisation’s actual management accounting system (even if you can find out). * You are to write a 1500 word report as though you were a management consultant writing to the board of directors. * WE DO NOT WANT ANY NUMBERS UNLESS YOU CREATE THEM TO DEMONSTRATE AN IDEA * This is like assessment 1a – you are to imagine and create! This is a
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