Financial Accounting Part I Textbook for Class XI © no N C tt E o R be T re pu bl is he Accountancy d ISBN 81-7450-507-5 First Edition February 2006 Phalguna 1927 Reprinted October 2006 Kartika 1928 October 2007 Kartika 1929 January 2009 Magh 1930 January 2010 Magha 1931 January 2011 Magha 1932 PD 90T RPS © National Council of Educational Research and Training‚ 2006 ALL RIGHTS RESERVED No part of this publication may be reproduced‚ stored in a retrieval system or transmitted‚
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History of Accounting The name that looms largest in early accounting history is Luca Pacioli‚ who in 1494 first described the system of double-entry bookkeeping used by Venetian merchants in his Summa de Arithmetica‚ Geometria‚ Proportioni et Proportionalita. Of course‚ businesses and governments had been recording business information long before the Venetians. But it was Pacioli who was the first to describe the system of debits and credits in journals and ledgers that is still the basis of today’s
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Chapter 1 Question 1-18 Consumers Union is a nonprofit organization that provides information and counsel on consumer goods and services. A major part of its function is testing of different brands of consumer products that are purchased on the open market and then the reporting of results of the tests in Consumer Reports‚ a monthly publication. Examples of the types of products it tests are middle-sized automobiles‚ residential dehumidifiers‚ flat-screen TVs‚ and boys’ jeans. a.) In what ways
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Q: You are a president of English club‚ UTP. The club is planning to have a Jumble sale among the university students this semester break. The profits will be channeled to the needy around the Campus. Write a memo (1 page) to the members of English club asking for their contributions (in term of?). ------------------------------------------------- Include the relevant and necessary details. Universiti Teknologi Petronas English Club Room 2‚ Block B UTP‚ 31750 Tronoh‚ Seri Iskandar‚
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Introduction to Accounting Accounting is a profession used to make financial and business decisions. Billions of dollars exchange hands every day‚ in millions of separate business transactions. These are recorded and reported on using a comprehensive set of guidelines‚ referred to as Generally Accepted Accounting Principles (GAAP). Brief History of Accounting Accounting was born before writing or numbers existed‚ some 10‚000 years ago‚ in the area known as Mesopotamia‚ later Persia‚ and today the
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Master of Business Administration- MBA Semester 1 MB0041 – Financial and Management Accounting Q1. Accounting is one of the oldest‚ structured management information system. Give the meaning of accounting and book keeping? Explain the objectives of accounting? ANS. Meaning of Accounting- The systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing‚ analyzing and reporting these transactions. The financial statements
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| Clothing Store | Memo To: Employees From: Public Relations Department Date: 11/20/2011 Re: Adjustments for the benefits of our employees. As you may have heard over the last few weeks‚ we are changing the hours of operations for our stores. Our clothing store has always tried to make sure that we offer our employees a competitive wage for the work that they do. The costs of the operations of the store have risen over the last few weeks because of the rise in gas prices. In an effort by the
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I’m writing this memo because I believe the best way to donate one billion dollars is to fund the construction of a science and technology museum in the Detroit inner city. This museum is the best way to donate this money for 3 main reasons: • Investing in America • Innovation and invention • Creating a brighter future for disadvantaged students Investing in America This museum will not only be an investment to the people of Detroit‚ it will be an investment for the future of America. Many students
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classified it as such. Written communication method Purpose in the workplace Technical or expository writing Why the classification was chosen E-mail Information Sharing Expository Chosen because we transmit a message with the expectation of a reply Memo Bulletin Expository Chosen because it can be update employees on a specific subject. The subject is purely for informative reasons and no action is needed by the employees. Letter Formal communication Expository Chosen because it is used to inform
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ledger a.a chronological record of all transactionsb.the balance of each account in the chart of accountsc.budget records for each account in the chart of accountsd.subsidiary details supporting a control account 2. Which steps in the Financial Accounting Process are in the correct sequence based on closing the accounts and determining timing differences prior to issuing financial statements a.record the transaction‚ post to the ledger‚ prepare the adjusted trial balance‚ enter adjusting entries
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