HT513 PRINCIPLES OF ACCOUNTING FOR TOURISM AND HOSPITALITY 1. Document used after business transaction 2. Book of prime entry INTRODUCTION OF BUSINESS • The purpose of a business is to make a profit for its owner(s) • A business is a separate entity from its owner. • Every financial transaction has a dual effect. • Double entry bookkeeping accounts for the dual aspect of financial statement transactions. INTRODUCTION OF FINANCIAL STATEMENT • Information from a trial balance is used to prepare
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OL3210--Principles of Managerial Accounting—unit 2 complete There are various ways that financial statement information is presented in this article on Nokia. The first way I see is in the Good News section on page 1 “the bulk of its revenues—more than quadrupled‚ from $2.1 billion in 1993 to $8.7 billion last year (1997)‚” and on say “the recent June quarter surging to $616 million‚ up 76% from the same quarter in 1997” this is an partial example of an horizontal analysis (Stone‚ 1998). A horizontal
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Fraud Cases: Violations of Generally Accepted Accounting Principles (GAAP) Section 1 In July 2002 the Sarbanes-Oxley Act was passed by the U.S. Senate by a vote of 98 to 0. The bipartisan support for the legislation emanated directly from the investing public’s lack of tolerance for financial statement fraud. Not surprisingly‚ when formulating its post-Sarbanes technical audit guidance‚ the Public Company Accounting Oversight Board (PCAOB) made it clear that detecting fraud must be the focus
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What Does Historical Cost Mean? A measure of value used in accounting in which the price of an asset on the balance sheet is based on its nominal or original cost when it was acquired by the company. The historical-cost method is used for assets in the United States under generally accepted accounting principles (GAAP). Cost concepts and terms 1. Cost The amount of expenditure (actual or notional) incurred on or attributable to a specified article‚ product or activity is referred to
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And the Fraud Continues Tiketa Heard Strayer University Forensic Accounting & Fraud Examination ACC571 Professor Timothy Brown [pic] 1.) Discuss the Internal control weaknesses that existed at MCI that contributed to the commission of this fraud: MCI biggest internal control weaknesses at was Pavlo. Pavlo was able to manipulate MCI account receivable system which he helped to create and develop. When the same employee is able to receive and update payments
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Fannie Mae’s Fraud 1. Fannie Mae was established in 1938 as a federal charter under President Franklin Roosevelt as a secondary market to expand the flow of mortgage money under any economic condition because millions of Americans could not become homeowners before Fannie Mae. In 1968 Fannie Mae was rechartered by congress as a shareholder owned company‚ funded solely with private capital raised from investors. The charter is directed to increase the availability and affordability for homeownership
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Truth-in-Sentencing Laws Do Not Deter Crimes Nain Lizette Ritchey CJA/204 November 12‚ 2012 University of Phoenix Truth-in-Sentencing Laws Do Not Deter Crimes In the process of knowing whether or not sentencing laws deter crime‚ that fact in the United States (U.S.)‚ in the last 20 years‚ shows that longer sentences do not deter crime. After years of increased sentences and drain on the state’s treasury‚ we need to acknowledge this fact. In New York and many other states‚ the
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his leisure to go back and double think about what he is doing and what might the repercussions to his actions truly be. In this lifetime death penalty is not anymore of a deterrent than life in prison.Therefore‚ I agree that death penalty does not deter crime. Today many people can be going through lots of stress in life and feel that they need something to take their mind off of it but within the time period something might go wrong and without thinking they might snap which will result into
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the patient to be able to safely discharge home‚ and back to their daily lives. The company is publicly traded‚ and has seen its share of controversy in the early 2000s. Richard Scrushy‚ founder and former CEO‚ was ultimately acquitted of accounting fraud‚ but was found guilty in civil court. The scandal was colossal‚ and rocked the industry and brought down top executives. The rapid growth of the company and the fraudulent activity impacted thousands of stakeholders. Scrushy was not thinking
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Question 1 (Total 10 Marks) Instructions: Indicate in which journal the transactions given below would be recorded by placing the appropriate journal abbreviation in the space provided. Abbreviation Journal GJ General Journal CB Cash & Bank Book SJ Sales Journal SR Sales Return Journal PJ Purchases Journal PR Purchases Return Journal CB 1. Received cash on outstanding amount from customer. SR 2. Customer returned merchandise sold on account. CB 3.
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