The basic accounting concepts have defined the conception of the preparation of financial statements and the process of preparation in the UK is well regulated. But financial accounting requires a fair amount of flexibility in some certain areas‚ so the need of judgements and estimations for accounts preparers is demand. Meanwhile it leaves a significant approach in accounting treatments. For example‚ when organizations decide which of several inventory valuation methods to utilize; managers make
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Article Analysis From Enron to Tyco‚ accounting scandals have always been a worrisome issue in accounting. Regardless of how many internal controls there are‚ there will always be a chance for unethical practices in accounting. Where and when do these problems arise? This paper will analyze an article listing situations that lead to those unethical practices and behavior that lawmakers try to prevent. In his article “What Are the Causes of Ethical Lapses in Accounting‚” Jagg Xaxx writes that business
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HISTORY OF ACCOUNTING LEARNING OUTCOMES Understand the history of accounting dating from prehistoric times to written record keeping. Identify the seven preconditions for the emergence of systematic book keeping. Know Luca Pacioll contributions in introducing double entry book keeping. Accounting is a tool‚ invented by humankind‚ to fulfill needs of society. Unlike the explorers of the past who discovered new lands‚ accounting cannot in any true sense be said to have been discovered
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costs Labor costs of assembly-line workers $110‚000 – Direct labor Sales commissions $35‚000 – Period costs Factory supplies used $13‚000 – Direct materials Salaries paid to sales clerks $50‚000 – Period costs (b) Explain the basic difference in accounting for product costs and period costs. Product costs are manufacturing costs‚ direct components‚ direct labor and manufacturing overhead‚ do not become expenditures until the company sells inventory. Period costs are non-manufacturing costs‚ including
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ECET 100 – Introduction to Engineering and Computer Technology Homework Assignment #1 Name ____________________________ 1. Which is larger‚ two million pennies or two hundred single dollar bills? 2. Complete the following‚ showing your work: a. 3x10+3 x 2.5x10+4 b. 1200x10-4 – 1.8x100 c. 1.2x10+2 + 600x10-1 d. 156x10-6 / 39x10-4 3. Convert 126x10+2 to scientific and engineering notations. 4. Make the following conversions: a. Convert 0.34 seconds to milliseconds
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Organising to achieve objectives Organisational Structure Tesco was established in East London‚ originally it was a little stall in a local market. The company gradually became popular as it opened stores throughout the country‚ this is when the owners realised that they needed to be more organised and they need structure in their company to be successful. Initially‚ they decided to organise themselves geographically and based upon their customer needs. This was a good starting point because
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Opportunity to pool customer experiences This is where customers are able to write about their experience that they have recently had. This is usually either when they have stayed at a hotel or visited an attraction‚ or a restaurant. Customers are able to rate their experience and leave information on what they enjoyed and what they didn’t enjoy online. An example of this is Trip Advisor where customers can rate their experiences about different hotels all across the world. This benefits potential
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Beginning completed- Television: Out of all promotional media‚ Tv advertising is considered to have the most impact on viewers but the internet is fast approaching. The main reason advertising is so effective is because of the size of the audience that it reaches. Nearly every household in the UK has a television. TV has become part of our everyday lifestyle. Everyone in the UK watches at least two hours of television per day‚ due to all this television watching commercials are
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U. S. Generally Accepted Accounting Principles (U. S. GAAP) and International Financial Reporting Standards (IFRS) There are numerous companies that use different types of accounting standards or rules. International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles the most popularly used by companies. IFRS is a set of accounting standards that provides a global framework for how public companies prepare and disclose their financial statements. The U.S. Generally
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3-23 a.2 b.4 c.3 3-24 a.3 b.4 c.1 3-25 a.3 b.2 c. 3 3-26 a. The auditor cannot say the financial statements are correctly stated. Things could change during the audition period. And there are some parts that auditor does not responsible for. Because we cannot audit every single thing. b. It does not say which accounting principles to follow. c. Sorry I don’t know the answer. d. Write down the CPA firm rather than the name of the CPA because it’s the firm to take responsible rather
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