Module 2: Preparation of Books of Accounts Double Entry System • Double entry system was introduced to the business world by an Italian merchant named Lucas Pacioli in 1494 A.D. According to J.R.Batliboi “Every business transaction has a two-fold effect and that it affects two accounts in opposite directions and if a complete record were to be made of each such transaction‚ it would be necessary to debit one account and credit another account. It is this recording of the two fold effect of every
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know the computation net income under accrual accounting (revenues—expenses); 11. know the meaning and purpose of adjusting entries‚ and the different types of adjusting entries; 12. know the difference between periodic and perpetual inventory systems; 13. know how to calculate net cost of purchases when terms of payment look like‚ for example‚ 3/10 n/45; 14. know the components of cost of merchandise inventory (e.g.‚ invoice price less discount plus what other items are included?); 15. know
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Financia Accounting a Accounting: American Professors‚ “Accounting is an information system for measuring‚ processing‚ and communicating information that is useful in making economic deciesions”. Indian professor‚ “Accounting is a ‘vision’ of business. Since accounting farnishes the ‘eye’ through which business and administration ‘sec’” Bangladeshi Professor‚ “Accounting is the concrete economic science”. Accounting consist of three basic activities * It identifies * Recordsa
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I C*N‚WL awar0: 4 t . 10 points priceof purchased with an invoice taos Company merchandise resalefrom TusconCompany for Taospaidwithin the n160. merchandise costTuscon The had and termsof 2110‚ $14‚322. $21‚000 credit period. inventory system. Assume bothbuyer seller a perpetual that and use discount (Omit the "$" sign in your l(a)Prepare entriesthat the buyershouldrecordfor the purchase. response.) General Journal Merchandise inventory payable lAccounts Debit l‚:J l Credit | 21‚000
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Internship Report On “Foreign Exchange Operations‚ A Study on Jamuna Bank Limited” INTERNSHIP REPORT ON “Foreign Exchange operations‚ A Study on Jamuna Bank Limited" PREPARED BY Md. Farhan Sadik ID- 09102101040 Intake-21st Program- BBA Major in Accounting Bangladesh University of Business & Technology (BUBT) SUPERVISED BY Ashrafuzzman Internship Supervisor Lecturer Department of Accounting Bangladesh University of Business & Technology (BUBT) Bangladesh
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account is debited for the issuance of direct materials -work in process a job cost sheet contains -manufacturing‚ materials‚ labor when a job is completed its costs are transferred out of -finished goods smith inc uses a job order costing system with the predetermined overhead direct materials + direct labor+pre overdead rate*actual machine-hours=43200 what is the formula for applying overhead to a specific job -predetermined which costs can be directly traced to a particular product
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ACCT504 Midterm Exam Study Guide YOU MAY WANT TO PRINT THIS GUIDE. 1. The Midterm is open book and open notes. The maximum time you can spend in the exam is 2 hours‚ 30 minutes. If you have not clicked the Submit for Grading button by then‚ you will be exited from the exam automatically. In the exam environment‚ the Windows clipboard is disabled‚ so you will not be able to copy exam questions or answers to or from other applications. 2. You should click the Save Answers button in the exam frequently
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Historic cost Assets (such as cars) and liabilities (such as amounts owed to a creditor) are usually valued at their historic cost‚ i.e. at the price paid for them when they were originally purchased or sold. However‚ apart from the impact of inflation or deflation‚ assets and liabilities may change their value owing to such factors as wear and tear and obsolescence. Realization When goods are sold or purchased or sold on credit terms it is customary practice to treat them as being exchanged
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Chapter 3-1 The Accounting Information System Chapter 3-2 Financial Accounting‚ Fifth Edition Study Objectives 1. Analyze the effect of business transactions on the basic accounting equation. 2. Explain what an account is and how it helps in the recording process. 3. Define debits and credits and explain how they are used to record business transactions transactions. 4. Identify the basic steps in the recording process. 5. Explain what a journal is and
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1. (TCO A‚ B‚ C) External users want answers to all of the following questions except: (Points : 3) Is the company earning satisfactory income? Will the company be able to pay its debts as they come due? Did the company use a budget to plan its expenses? How does the company compare in profitability with competitors? | 2. (TCO C) Debt securities sold to investors that must be repaid at a particular date some years in the future are called: (Points : 3) accounts
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