Goods/Stock purchased or sold being returned is quite a common practice in business. This may be on account of a number of reasons like defects in goods‚ quality not matching the requirement for which the buyer purchased it‚ the buyer not needing the stock‚ etc. This happens both in case of goods purchased as well as goods sold by the organisation. Where the goods sold are being returned we call it "Sales Returns" and where goods purchased are being returned we call it "Purchase Returns"
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bank‚ potential vendors‚ or other interested parties. An account system is also important to process sales‚ purchase orders‚ invoices‚ payroll‚ and other business functions manually. The accounting system must be scalable‚ secure and gather data feed from other business systems to collect up-to-date business finances. The installed REMS came with the following Finance and Accounting Financial Modules: General Ledger Module‚ Accounts Payable Module‚ POS module‚ Bank Reconciliation Module‚
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Why are accounts important To begin by why accounts are important‚ a person should first know what accounts actually mean. Accounts are financial records of an organization that register all financial transactions‚ and must be kept at its principal office or place of business. The purpose of these records is to enable anyone to appraise the organization’s current financial position with reasonable accuracy. Firms present their annual accounts in two main parts: the balance sheet‚ and the income
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UNIVERSITI UTARA MALAYSIA UUM COLLEGEOF BUSINESS SCHOOL OF ACCOUNTANCY COURSE CODE : BKAL1013 COURSE : BUSINESS ACCOUNTING PRE-REQUISITE : NONE 1.0 COURSE SYNOPSIS This course is designed specifically for students from non-accounting disciplines. It is divided into two sections‚ i.e. financial accounting and management accounting. Students will be exposed to accounting concepts‚ principles and assumptions. They would be able to assess
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at the end of each question or part question. You may use a calculator. If you have been given a label‚ look at the details. If any details are incorrect or missing‚ please fill in your correct details in the space given at the top of this page. Stick your personal label here‚ if provided. For Examiner’s Use 1 2 3 Total This document consists of 10 printed pages‚ 1 lined page and 1 blank page. SJF2731 S39592/4 © CIE 2003 [Turn over 2 1 The following is the summarised Balance Sheet of Bracket
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Similarities: Acquired by a business to gain profit or chances of investment Both current and non-current assets are recorded on the balance sheet Differences Current assets are intended for consumption of sale realised during a year Current assets is used for trading or transactions Current assest have direct results of the profit gained in the business such as bank balance Non-current assets are used for a longer duration (12 months) Non-current assets used for productive investment purposes
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making and financing proposed capital outlays. Features of Capital Budgeting:- 1. The exchange of current funds for future benefits 2. Funds are invested in long term assets 3. High Risk Importance of Capital Budgeting:- 1. Long term Effects: - Capital Budgeting decisions determine the future destiny of the firm. An appropriate decision can yield amazing returns; where as a wrong decision can endanger the survival of the firm. 2. Associated with Risk; - Long term investment of funds
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its operations‚ the company engaged in following transactions: Date Transaction Jan 2 An amount of $36‚000 was paid as advance rent for three months. Jan 3 Paid $60‚000 cash on the purchase of equipment costing $80‚000. The remaining amount was recognized as a one year note payable with interest rate of 9%. Jan 4 Purchased office supplies costing $17‚600 on account. Jan 13 Provided services to its customers and received $28‚500 in cash. Jan 13 Paid the accounts payable on the office supplies purchased
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and Social Systemic Public Relations Paradigm‚ Masters dissertation at the University of Roskilde‚ Denmark. Holmström S.‚ (2002)‚ Working Paper: The Reflective Paradigm of the Polycontextual Society‚ Roskilde University‚ Denmark‚ November. 36 Husted B.‚ (2000)‚ “A Contingency Theory of Corporate Social Performance” IOD (Institute of Directors)‚ (2002)‚ King Report on Corporate Governance for South Africa‚ March‚ Parktown‚ Johannesburg. JSE SRI‚ (2005)‚ Background and Selection Criteria‚ Available
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financial position and expected results of operations. The projected financial statement is summary. It is the summary of revenue and expenses for the budgeted period. Projected financial statement includes the Balance Sheet‚ income statement and cash flow statement for the budgeted period. Balance Sheet shows assets liabilities and equity at a particular point of time. DETAILS ABOUT AMRUTANJAN’S BUSINESS 2012 2013 AMRUTANJAN Pain balm- 1053.28 (RS. In million) AMRUTANJAN Pain balm- 1086.10 (RS
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