ACCOUNTING ASSUMPTIONS‚ PRINCIPLES‚ AND CONSTRAINTS Phil Toms March 29‚ 2013 The basic assumptions are monetary unit assumption and the economic entity assumption. The monetary unit assumption requires that companies include in the accounting records only transaction data that can be expressed in terms of money. This assumption enables accounting to measure economic events. The monetary unit assumption is vital to applying the cost principle. An economic entity can be any organization
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Chapter 21 Audit of the Inventory and Warehousing Cycle Review Questions 21-1 Inventory is often the most difficult and time consuming part of many audit engagements because: 1. Inventory is generally a major item on the balance sheet and often the largest item making up the accounts included in working capital. 2. The need for organizations to have the inventory in diverse locations makes the physical control and counting of the inventory difficult. 3. Inventory takes many different
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HOW CONSUMERISM AFFECTS THE ENVIRONMENT 1. Firstly‚ I will give an introduction about consumerism and its evolution throughout time and‚ to get a general picture of the subject‚ I will try to present different views on consumption‚ that is to say‚ advantages /disadvantages or pros and cons of consumerism 2. Afterwards‚ Ill focus on problems of over-consumption‚ concerning the environment… 3. And finally‚ I´ll give some ideas about what we can do (these are…solutions) as well
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Semegne Minas Grade 9 7/4/2012 Lemon Trifle Lemon Trifle is a dessert eaten by a lot of people due to its flawless taste and long lasting appearance. Like all desserts‚ lemon trifle contains fruits and fats which attract many people towards it; however people haven’t noticed the negative effects of this wonderful dessert that might harm them leaving them to become patients for the rest of their lives. The combination of fruits and fats together might look healthy‚ but many cafés and bakeries
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Although vaccination has proved to be an effective measure in preventing disease‚ controversies remain over whether the risks of side effects of vaccinations outweigh the risk of contracting the disease. Vaccination is the process when pathogenic cells are injected into the cells of a healthy person so that the body develops immunity through antibodies to that virus or bacterium. The U.S Center for Disease Control and Prevention recommends that children get 16 vaccines including Diphtheria‚ hepatitis
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Socioeconomically disadvantaged people are a population who lack sufficient income to obtain adequate health‚ food‚ housing and clothing that the rest of society can afford‚ find it difficult to ensure an adequate standard of living or are often unemployed and rely on social security and services. Aboriginal and Torres Straight Islanders (ATSI) fall into this category and make up a large amount of the people who are socioeconomically disadvantaged. A study by the ‘United Nations Draft Declaration
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Accounting is the collection and aggregation of information for decision makers including managers‚ investors‚ regulators‚ lenders‚ and the public. Accounting systems affect behavior and management and have affects across departments‚ organizations‚ and even countries. This paper will give the reader an understanding about cost accounting. This paper will discuss: Why is cost accounting so important to the success of the firm; what are the various methods of cost accounting and how are they used;
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Origins All types of businesses‚ whether service‚ manufacturing or trading‚ require cost accounting to track their activities.[1] Cost accounting has long been used to help managers understand the costs of running a business. Modern cost accounting originated during the industrial revolution‚ when the complexities of running a large scale business led to the development of systems for recording and tracking costs to help business owners and managers make decisions. In the early industrial age‚
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BUSN7050 Corporate Accounting Lecturer: Dr Sorin Daniliuc Course details • This course covers: – the characteristics of the Australian accounting environment and its financial reporting requirements for companies – accounting for owners’ equity (share capital and reserves) – accounting for liabilities (debentures) – accounting for income tax – accounting for leases – accounting for non-current assets (revaluation‚ impairment)‚ – accounting for intangible assets – a comprehensive
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