MEANING OF ACCOUNTING: Accounting is the process of recording‚ classifying‚ summarizing‚ analyzing and interpreting the financial transactions of the business for the benefit of management and those parties who are interested in business such as shareholders‚ creditors‚ bankers‚ customers‚ employees and government. Thus‚ it is concerned with financial reporting and decision making aspects of the business. The American Institute of Certified Public Accountants Committee on Terminology proposed in
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Accounting for Merchandising Business Merchandising Operations 1. A merchandising business is engaged in buying goods and selling these at a profit. 2. The primary source of revenues is referred to as sales revenue or sales. 3. The operating cycle of a merchandising company ordinarily is longer than that of a service company. 4. Income is measured by cost of goods and operating expenses from sales revenue. * Cost of goods sold is the total cost of merchandise sold during the
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5 Business Entity Concept- The business and the businessman are two different and distinct entities. I.e. that the firm and the partners‚ the company and the shareholders‚ the owners and the organization have their own distinct identities. All accounting is done from the perspective of the business. The accountant regards owners‚ creditors‚ suppliers‚ customers as parties transacting with the business. All transactions are viewed from the point of view of the business. Money Measurement
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|A2 Business Studies: BUSS4 Definitions: | |Assessing changes in the business environment | | | |GDP – the total value
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Revenue‚ Cost Concepts‚ and Market Structure Rachel Mitchell EC 561 August 2‚ 2010 Professor Laurie Gazzale Revenue‚ Cost Concepts‚ and Market Structure Thomas Money Service (TMS) originated as a consumer finance company in 1940‚ granting small loans to individuals for household needs. Over time‚ its services expanded to financing business loans and commercial real estate loans. In 1946‚ TMS made the decision to embark upon equipment financing and a subsidiary named Future Growth Inc. (FGI)
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CRIM3001 EXPLAINING CRIME ASSIGNMENT 2 ESSAY ________________________________ ANOMIE‚ STRAIN‚ AND SOCIAL LEARNING THEORY: INTERPRETING CRIME Causes of crime are arguably criminology’s most important and largest research topic. In this process of research‚ criminologists and academics have used numerous theories in attempts to explain how and why people resort to crime (Ellis‚ Beaver‚ Wright‚ 2009). The purpose of this paper is to examine a case study first with the use of strain theories (ST)
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Managerial Accounting Analysis of Concepts and Techniques Managerial Accounting BUS 630 Managerial Accounting Analysis of Concepts and Techniques Introduction/Thesis Statement Managerial accounting is a concept used in businesses to manage internal systems. Understanding the importance of effective decision making‚ planning and control creates a foundation for value within the company on a more in depth level. Planning and controlling is measured by performance based on budgeting accounts
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An outline of the basic concepts of Narrative therapy. Narrative therapy Michael white and David Epston are best known for their use of narrative in therapy. According to white individuals construct the meaning of life in interpretive stories which are then treated as truth. Adopting a postmodern‚ narrative‚ social constructionist view sheds light on how power knowledge and truth are negotiated in families and other social and cultural contexts. Key concepts Focus narrative therapy involves
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Advertising is a well-known and important part of the marketing world for any business. Advertising companies raise and spend in millions of dollars each year from creating new ideas and selling campaigns. Many hours are put into creativity and developing each print ad we see every day in magazines‚ billboards‚ television ads‚ etc. Advertisement designers want to make their work meaningful to their viewers so that they can relate to these ads and purchase the items they are trying to sell. This
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THE EFFECTS OF ACCOUNTING CONCEPTS ON FINANCIAL STATEMENT 5.1 ENTITY CONCEPT The first accounting concept is entity concept. These concept shows accounts are kept for entities and not the people who own or run the company. Even in proprietorships and partnerships‚ the accounts for the business must be kept separate from those of the owners. This is because what whatever amount the company owes to others is not the liabilities of the owners. The maximum amount that the owner is going to lose
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