cost -direct labor‚ manufacturing‚ direct‚ materials a factor that causes overhead costs is called -cost driver what kinds of costs are assigned to units of product in absorption costing -variable manufacturing‚ fixed manufacturing a journal entry that debits raw materials and credits accounts payable is recording the -purchase of materials put the steps for calculating direct materials on the schedule of cost of goods manufactured in order -raw materials inventory‚ add‚ total‚ deduct
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Mune Company recorded journal entries for the declaration of $50‚000 of dividends‚ the $32‚000 increase in accounts receivable for services rendered‚ and the purchase of equipment for $21‚000. What net effect do these entries have on equity? Decrease of $18‚000. Maso Company recorded journal entries for the issuance of ordinary shares for $40‚000‚ the payment of $13‚000 on accounts payable‚ and the payment of salaries expense of $21‚000. What net effect do these entries have on equity? Increase
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1.0 Introduction Flat Cargo Berhad (FCB) is an air freight services and ground handling company. Its company’s operations cover Asian Pacific region including China‚ Japan‚ Thailand‚ Singapore and many more. Their main customers are United Parcel Services (UPS)‚ City Link and Nationwide Express. The main shareholder for FCB is Bangor Sdn Bhd which is part of Miri Group represented by 26.5% of the company interest. Kencana & Associates is the auditor company that audit FCB’s account. The leader of
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ACC 211-MIDTERM EXAM (Chap 1 thru 5) MC Qu. 113 An example of a financing activity is: An example of a financing activity is: Buying office supplies. Obtaining a long-term loan. Buying office equipment. Selling inventory. Buying land. MC Qu. 114 An example of an operating activity is: An example of an operating activity is: Paying wages. Purchasing office equipment. Borrowing money from a bank. Selling stock. Paying off a loan. MC Qu. 117 Net Income: Net Income:
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Total No. of Questions 16 8 4 4 32 Marks for each Question 1 3 4 6 Total Marks 16 24 16 24 80 Maximum Marks : 80 Duration of the examination will be 3 - 3 ½ hours. Evaluation will be done from following topics Unit 4 Unit 5 Unit 6 Unit 7 Journal Ledger Recording and posting of cash transactions Trial balance 20 20 20 20 80 marks 1 Sample Question Paper ELEMENTS OF BOOK KEEPING & ACCOUNTANCY (Code-254) Class-IX Summative Assessment-II Time Allowed : 3 Hrs GENERAL INSTRUCTIONS
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financial transactions | 5. Debit | * All entries on left side of a t account; increase in assets or decrease in liabilities | 6. Credit | * All entries on right side of a t account; increase in assets | 7. Account balance | * The total of a t account once all the credits and debits have been calculated | 8. Trial balance | * A way of checking the math in an account to ensure the credits and debits are equal | 9. Journal | * Transactions listed in the order which
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Their argument in turn raises further questions about the general relationship between accounting practice and economic and social organization in the ancient world. Why the need of Double Entry Book keeping arises before Luca Pacioli period as explained by A. C. Littleton? Attempting to explain why double entry bookkeeping developed in 14th century Italy instead of ancient Greece or Rome‚ accounting scholar A. C. Littleton describes seven "key ingredients" which led to its creation. Private Property:
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School of Mechanical‚ Materials and Manufacturing Engineering MM2MN1 – Management Studies “1” Balancing the Books Objectives and Learning Outcomes • • • • • • • Double entry accounting The balance sheet The balance sheet equation The trial balance The trading‚ profit and loss account Opening and closing stock The ledger Prof John Dominy February 2013 MANAGEMENT STUDIES “1” BALANCING THE BOOKS Introduction Now that we have planned our business and established that it is viable
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loan owed to Citizens Bank -liability i. The albums‚ tapes‚ and CDs held for sale to customers –assets Normal balance for: liability = credit revenue = credit asset = debit expense = debit 2. Basic journal entries The following transactions pertain to the Jennifer Royall Company: General Journal Date Accounts Debits Credit May 1 Cash $25‚000 Land $15‚000 Investment $40‚000 Invested cash and land into business May 5 Revenue $1000 Accounts Receivable
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and the appropriate adjustment for interest expense at December 31‚ the end of the reporting period. (Enter your answers in dollars not in millions. Do not round intermediate calculations. Omit the "$" sign in your response.) Date Nov. 1 General Journal Cash Notes payable Debit 3‚000‚000 Credit 3‚000‚000 30‚000 30‚000 Dec. 31 Interest expense Interest payable Worksheet Learning Objective: 08-02 Account for notes payable and interest expense. On November 1‚ Bahama Cruise Lines borrows
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