Chapter 1: Overview—The Financial Statements Chapter 1 introduces the four financial statements--Income Statement‚ Statement of Retained Earnings‚ Balance Sheet‚ and Statement of Cash Flows. Accounting as the language of business is discussed along with an introduction of the various users of accounting information. Financial and Managerial accounting are compared. The four ways to organize a business – proprietorship‚ partnership‚ limited – liability company‚ and corporation‚ are discussed
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CHAPTER 2: REGULATION IN FINANCIAL ACCOUNTING Chapter 2 regulation in Financial accounting LEARNING OUTCOMES Upon completion of this chapter you should be able to understand: • The difference between management and financial accounting. • Why accounting regulations are important and required. • The need for and the structure of professional regulation‚ company law‚ stock exchange legislation and EU Directives. • How the different aspects of regulation work together
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unusual in occurrence. Extraordinary items should be very rare. Appear after net income from discontinued operations and before the effect of changes in accounting principles Discontinued Operations: A component of a business is defined as a segment for which operations and cash flows can be distinguished both operationally and for financial reporting purposes. It has to be sold in full. Check of impairment of segment if not sold off by the end of the year. Reported net of tax and must restate all previous
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Answers Fundamentals Level – Skills Module‚ Paper F7 (INT) Financial Reporting (International) 1 (a) December 2008 Answers Pedantic Consolidated income statement for the year ended 30 September 2008 $’000 98‚000 (72‚000) ––––––– 26‚000 (3‚000) (7‚600) (500) ––––––– 14‚900 (5‚400) ––––––– 9‚500 ––––––– Revenue (85‚000 + (42‚000 x 6/12) – 8‚000 intra-group sales) Cost of sales (w (i)) Gross profit Distribution costs (2‚000 + (2‚000 x 6/12)) Administrative expenses
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Importance of Financial Accounting Introduction According to Weygandt‚ Kieso and Kimmel (2012)‚ financial accounting is identifying‚ recording and communicating the economic events of an organization to‚ mainly‚ external users. Through financial accounting‚ some financial reports will be generated. Four financial statements are frequently used to report and analyze the financial status of companies and they are Income statement‚ Retained Earning Statement‚ Statement of Financial Position and
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Managerial Accounting Performance Measures & Responsibilities Managerial accounting in simple terms relates to providing information in support of the internal management processes which aids managers to identify‚ accumulate‚ analyze‚ interpret and use collected information to help the company meet its organizational goals. “If
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Issues in Financial Reporting & Analysis TUTORIAL - WEEK 10 Accounting for Financial Instruments and Foreign Currency Transactions Learning Objectives: 1. Understand what is a financial instrument‚ and how can they be categorised. 2. Accounting for a particular type of financial instrument – a “compound instrument” 3. Understand the accounting treatments of foreign currency transactions at: Date of transaction; Balance date (if applicable); Settlement date. 4. Analyse the accounting treatment
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phones‚ and PDA devices)‚ and physical access controls must be cost-effective. Access | |to the wiring used in the org’s LANs needs to be restricted in order to prevent wiretapping. Firewall: | |behind the border router (connects an orgs information system to the internet)‚ and is either a | |special-purpose hardware device or software running on a general-purpose computer. The demiliarized is a | |seperate network that permits controlled access from the internet to selected resources
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resources necessary to carry out the organization’s plans. Operating activities are the actual carrying out of these plans. Planning is the glue that connects these activities‚ including the organization’s ideas‚ goals and strategies. Financial accounting information provides valuable input into the planning process‚ and‚ subsequently‚ reports on the results of plans so that corrective action can be taken‚ if necessary. Q1-2. An organization’s financing activities (liabilities and equity = sources
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PROBLEM 1. The Huyden Company builds equipment to customer’s specifications. On March 1‚ two jobs were in process with the following costs and information: | Job 43 | Job 44 | Direct materials | $10‚200 | $34‚400 | Direct labor | 21‚000 | 10‚400 | Applied overhead* | 4‚950 | 7‚370 | Total cost | $36‚150 | $52‚170 | | | | Machine hours | 45 | 67 | *Applied on the basis of machine hours During March‚ Job 45 was started and Job 44 was completed and delivered to
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