NATURE OF ACCOUNTS A separate account is maintained for each item in the balance sheet. Transactions may be recorded by entering the amount by which each item is affected into the respective account. The process of recording transactions consists of • T-Accounts. The T-account‚ named for its shape‚ is a convenient way of representing an account on a piece of paper. The T‚ with the account name entered at the top‚ permits transaction information to be entered on either side of the vertical
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Types of Receivables Accounts Receivable: amounts due from customers for sales on credit. Businesses sell to customers on credit in an attempt to increase their sales. Also called Trade Debtors. Bills Receivable: similar to accounts receivable but bills receivable are a legal instrument. Interest is charged on the bill receivable and it usually gives more time to pay than accounts receivable. interest receivable‚ rent receivable Accounts Receivable Recognition of accounts receivable Recorded
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based on different Internet connections • Regular analysis of online customer experience enables Audi to respond quickly to unforeseen incidents • Monitoring capabilities work as early warning system‚ alerting staff about Internet issues that internally focused system management tools don’t detect Although consumers still buy cars mainly at the local dealer‚ they’re increasingly using the Internet as an indispensable information source in their purchasing decisions. In fact
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where allowed or required by accounting standards. Examples 1. 100 units of an item were purchased one month back for $10 per unit. The price today is $11 per unit. The inventory shall appear on balance sheet at $1‚000 and not at $1‚100. 2. The company built its ERP in 2008 at a cost of $40 million. In 2010 it is estimated that the present value of the future benefits attributable to the ERP is $1 billion. The ERP shall stand on balance sheet at its historical costs less accumulated depreciation
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Sample Question Paper Code-254 ELEMENTS OF BOOK KEEPING & ACCOUNTANCY Class-IX Summative Assessment-II March 2011 Examination Design of Question paper Time Allowed : 3 Hrs 01. Weightage to form of Questions Type of questions 1. 2. 3. 4. MCQs Short Answer Questions Long Answer Questions(i) Long Answer Questions(ii) 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
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meaningful in the following year. 2. Which of the following is a product cost? A. Glass in an automobile. B. Advertising. C. The salary of the vice president-finance. D. Rent on a factory. E. Both "A" and "D." 3. The accounting records of Georgia Company revealed the following costs: direct materials used‚ $250‚000; direct labor‚ $425‚000; manufacturing overhead‚ $375‚000; and selling and administrative expenses‚ $220‚000. Georgia’s product costs total: A. $1‚050‚000. B. $830‚000. C. $895‚000. D.
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[pic] Profile » Overview Tata Advanced Systems (TASL) was set up in 2007 as a vehicle to extend the Tata group’s business operations to the national security and defence sector. TASL is a wholly-owned subsidiary of Tata Sons. The company’s objective is to unify competencies and create capabilities across Tata group companies in order to provide integrated solutions and critical technologies in the areas of defence‚ homeland security‚ offset business and disaster management. TASL is a key
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National Accounts • Gross Domestic Product (GDP) measures the final value of all goods and services that are produced within a country in a given time period. • There are 4 types of expenditure: 1. 2. 3. 4. Consumption: expenditure by domestic residents Investment: expenditure by firms on plants & equipment Government purchases: expenditure by governments on goods and services Net exports (exports minus imports): net expenditure by foreigners on domestic goods and services 1 GDP
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go about saving your money. This way you will get an idea of how to save your money in a bank. First I will talk about a checking account. This is a type of account that is widely used by many to easily access their funds. Many different banks offer a wide variety of options. You should always carefully choose your account based on what your needs for the account will be. Another good option to look for is see what the required minimum balance is for each month. From personal experience‚ you need
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Principles of Accounts School-Based Assessment On Blanna’s Fashion Boutique Submitted by : Anna Kay Blake Registration number: 1000290074 Submitted To: The Donald Quarrie High School School code: 100029 Territory: Jamaica This project is submitted in partial fulfillment of the requirements for certification in Principles of Accounts by the Caribbean Examinations Council
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