“Family Income” Wage- Is the money amount receive daily for rendering service. Received by unskilled semiskilled‚ and skilled workers or blue-collar workers. A salary is the amount of money received monthly by professionals or white-collar workers. IN ADDITION TO WAGES OR SALARIES‚ SOME FAMILIES HAVE OTHER SOURCE OF INCOME THIS INCLUDE THE FOLLOWING: 1. Dividends from investments in bonds & stock. 2. Gifts from relatives & friends. 3. Inheritance. 4. Rentals from apartments
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3 GOLDEN RULES OF ACCOUNTANCY (1) Debit What comes in & credit what goes out [Real Account] Real Accounts – All tangible assets like cash‚ car‚ furniture and intangible assets like goodwill‚ patents (2) Debit the Receiver & Credit the giver [Personal Account] Personal Accounts – Jose‚ cyndie or any other person or any company’s account in business (3) Debit all the Expenses and losses & Credit all the Incomes and gains. [Nominal Account] Nominal Accounts – All Income
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Trust Him Completely As Christians‚ one the biggest struggles we face is putting our complete trust in God. We find this challenging because as human beings‚ we continually let one other down. When people in our lives hurt‚ disappoint or betray us‚ it becomes more difficult to trust in their love. As a result‚ we start believing that God will let us down also. We must remember one important thing. God is not a human being. He is a spiritual who will never fail or forsake his children. He is always
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Chapter 2‚ Illustrative Problem 1 Entries into T accounts and trial balance Daphne Ebert‚ an interior design consultant‚ established a professional services corporation known as Daphne Designs‚ Inc. on August 1 of the current year. During the month‚ she opened an office and completed the following transactions connected with her professional practice: a. Daphne deposited $32‚500 drawn on her personal bank account to a business account opened under the name of Daphne’s Designs in exchange
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Case 5-1 Income Smoothing a. Firstly‚ investors tend to invest in companies with stable earnings rather than one with volatile earnings. With stable earnings‚ there will be more likely an issuance of dividends and investors could easily predict the company’s future earnings compared to one with unstable earnings. With consistent earnings generated‚ it gives investors a secured feeling that it will again generate earnings as predicted. Confidence in the growth of rate of earnings is crucial because
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It also prevents an institution from suffering unacceptable loss causing an institution to suffer or materially damage its competitive position. Functions of risk management should actually be bank specific dictated by the size and quality of balance sheet‚ complexity of functions‚ technical/ professional manpower and the status of MIS in place in that bank. 1.2 INTRODUCTION Risk: the meaning of ‘Risk’ as per Webster’s comprehensive dictionary is “a chance of encountering harm or loss‚ hazard
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COURSE CODE: ACC325 (ASSIGNMENT) MATRIC NO: 09AA08569 TOPIC: ‘Income tax is one of the major sources of revenue for all government in Nigeria and it is a factor to be recon with in both the state and the Federal Government body….It is an enforced contribution of money enacted pursuant to legislative authority….Analyze the importance and the problems of TAXATION and the way forward in Nigeria………….’ INTRODUCTION Income taxes provide the largest single source of government revenues in most
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1. Coursework title: Evolution of Management Accounting discipline and its relationship with other functions in organizations 2. Module Number: ACC2130 3. Module Name: Issues in Management Accounting 4. Academic Year: 2013-14 5. Student First Name: Magali 6. Student Last Name: Bokungu 7. Student ID No.: M00328257 8. Student’s Email ID (MDX): MB1665@live.mdx.ac.uk 9. Student’s personal Email ID: magaliamba@hotmail.co.uk This paper starts with introducing importance of
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What is credit policy ? Credit is temporary capital and the objective of credit is to lend with the purpose of increasing profits and sales. A sound credit policy in business is the blue print to managing by measurement and benchmark The question then arises is ’What is a Credit Policy and how does one write a Credit Policy for their specific nature of business operations? Writing an effective Credit Policy begins with an understanding of the financial exposure that you or your business can
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Explain the difference between rule‚ act and preference utilitarianism (25 marks) Utilitarianism is the ethical theory behind justifying an action for being for the greater good. This is a teleological theory because it looks at the consequences of an action. Utilitarianism is a consequentialist theory. There are three types of utilitarianism: Act‚ Rule and Preference. Jeremy Bentham began the Utilitarianism theory. Utilitarianism is a hedonistic theory because it is based on pleasure and happiness
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