Theoretical Structure of Financial Accounting AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools‚ departments‚ and faculty may approach assessment and its documentation differently‚ one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor‚ we have labeled each question‚ exercise and problem in Intermediate Accounting‚ 7e with the following
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Accounting and financial statement • Business going concern- dobry interes = IT WILL CONTINUE INTO THE FUTURE Current market value of its fixed assets is irrelevant‚ they’re not for sale. Fixed assets-środki trwałe. • NET BOOK VALUE->>Historical cost accounting = assets at original purchase price –accumulated depreciation charges. WARTOŚĆ KSIĘGOWA NETTO historyczna kalkulacja kosztów = aktywa w oryginalnej cenie zakupu-zgromadzone odpisy amortyzacyjne
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CHAPTER 8 Valuation of Inventories: A Cost-Basis Approach ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. Inventory accounts; determining quantities‚ costs‚ and items to be included in inventory; the inventory equation; balance sheet disclosure. Perpetual vs. periodic. Recording of discounts. Inventory errors. Flow assumptions. 10‚ 11 7 12‚ 13‚ 16‚ 18‚ 20 4 5‚ 6‚ 7 Questions 1‚ 2‚ 3‚ 4‚ 5‚ 6‚ 8‚ 9 Brief Exercises 1‚ 3 Exercises 1‚ 2‚ 3‚ 4‚ 5‚ 6‚ 10 Problems 1‚ 2‚ 3 Concepts for Analysis 1
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Financial accounting reports are prepared for the use of external parties such as shareholders and creditors‚ whereas managerial accounting reports are prepared for managers inside the organization. This contrast in basic orientation results in a number of major differences between financial and managerial accounting‚ even though both financial and managerial accounting often rely on the same underlying financial data. In addition to the to the differences in who the reports are prepared for
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Accounting plays an important role in the life of organizations. There are several types of accounting such as financial‚ management and governmental accounting‚ taxation‚ audit. These types are usually focusing on different types of users that are interested in different types of information. In this essay I will examine the differences between financial accounting and management accounting. The basic difference between financial and management accounting is their target group. Management accounting
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1.Managerial accounting vs financial accounting Managerial accounting information system is an information system that produces outputs using inputs and processes needed to satisfy specific managerial objectives. How do management accounting and financial accounting differ? Management Accounting Financial Accounting 1. Internally focused
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increased making it much more difficult to keep track of the finance and performance. This is where accounting plays its role of systematically recording‚ reporting and analysing the financial transactions of a business. This essay aims to compare and contrast the roles and responsibilities of a management accountant with that of a financial accountant. Accounting allows a company to analyse the financial performance of a business and represent its position through past and future statistics. An accountant
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Subsequent events Students of financial reporting and auditing papers will have to gain an understanding of how subsequent events (also known as ‘events after the reporting period’) affect the financial statements of an entity. This article will consider the financial reporting aspects concerning subsequent events using a case study type scenario‚ and will then discuss the auditing requirements that candidates of Paper F8‚ Audit and Assurance need to be aware of. Financial reporting considerations
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Section-A 1. Discuss management accounting as an effective tool of financial control. 2. What do you mean by cash from operating activities? How is it calculated? 3. The “volume-cost-profit relationship provides management with a simplified framework for organizing its thinking on a number of problems.” Discuss 4. Recently a conference speaker discussing budgets & standard costs made the following statement- “Budgets & standard costs are not the same things‚ they have different purposes
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Financial Analysis Case: Peng Plasma Solutions PROFESSOR LENA C. BOOTH Objectives • The objectives of the Financial Analysis session are to analyze Peng Plasma Solutions financial performance‚ and to see why properly managing funding needs is essential for a company to pursue its corporate strategies. Professor Lena C Booth 2 Peng Plasma Solutions – Company Background • A private metal cutting company in China‚ founded by Jerry Peng‚ together • • • • with
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