Accounting Assumptions‚ Principles‚ and Constraints The basic assumptions of accounting provide a foundation for recording the transactions and preparing the financial statements. There are two main assumptions of accounting: Monetary unit assumption and Economic entity assumption (Weygandt‚ J. J.‚ Kimmel‚ P. D.‚ & Kieso‚ D. E. (2008)). The monetary unit assumption requires a company to include accounting records that show transaction data. Next‚ is the Economic entity assumption. It requires
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The right against cruel and unusual punishment and the death penalty is a highly discussed matter‚ especially with the Supreme Court. The death penalty is a highly controversial topic being discussed all over the country. There are 32 out of the 50 states that consent to execution for first degree murder‚ treason‚ kidnapping‚ aggravated rape‚ the murder of a police or corrections officer‚ and murder while under a life sentence are punishable by the death sentence in some jurisdictions. Where states
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ukessays.com http://www.ukessays.com/essays/accounting/history-of-accounting-traces-to-ancient-civilizations.php History of Accounting -Traces To Ancient Civilizations Various attempts have been made to locate the place and time of the birth of the double-entry system resulting in various scenarios. Most of these scenarios recognize the presence of some form of record keeping in most civilizations dating back to about 3000 BC. Included are the Chaldean-Babylonian‚ Assyrian and Sumerian
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What is your understanding of “ truth” after your study of conflicting perspectives and their representation? The notion of truth being a defined reasoning and represented as a one sided argument is unmistakably how most audiences visualize it. The concept cannot be interpreted in such close mindedness‚ as to tell the truth is to speak what appears “truthful” to “you”. Conflicting perspectives arise when the visualization of how feasible or veracious something is differs between individuals. The
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Chapter 16 Managerial accounting concepts and principles 1) Direct costs are identified with and can be traced to a cost object. Indirect costs cannot be identified with or traced to a cost object. 2) Costs by function: A) Product costs consist of manufacturing costs: direct materials‚ direct labor and factory overhead. B) Period costs consist of selling and administrative expenses. 3) A) Prime costs which consist of direct materials and direct labor costs. B) Conversion costs which consist
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of at least one of Hughes’ poems and one related text of your own choosing? In some texts authors have the intention to evoke a personal understanding in the audience. However‚ the personal experience varies between each individual creating conflicting ways in response to a text. These responses to the messages from the authors are shaped through personal experience and values of the individual. The notion of conflict within perspectives is evident in “Birthday Letters” by Ted Hughes especially
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case of legal action- False 2. A partnership is considered an “entity” for accounting purposes- True 3. “Mutual agency” means that one partner can legally bind all the other partners to a contract if it appears that he or she is acting appropriately- True 4. Partners are taxed on their drawings regardless of their share of the income. False 5. If a partnership agreement is silent regard to how profits and losses are to be shared‚ they will be deemed to be shared in the ratio of capital
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1. Without Discrimination: There are two main elements to this principle – Most Favoured Nation (MFN) Treatment and National Treatment. MFN Treatment is a World Trade Organisation (WTO) agreement which states that during trade‚ countries are not permitted to discriminate between their partners i.e. special or preferential treatment cannot be given to another WTO member country. The MFN Treatment principle is a central element used in drawing up the GATT‚ GATS‚ and TRIPS agreements‚ and combined
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University of Phoenix Healthcare Delivery in the United States 11/19/2008 American Red Cross The American Red Cross is a non-profit organization. The American Red Cross was founded by Clara Barton in 1881—127 years ago. Clara Barton established the American Red Cross in Washington DC on May 21‚ 1881. She was the chief of this organization for twenty three years. The idea came to her after visiting Europe and witnessing how the interactions were with the Swiss-International Red Cross
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NFA note Chapter 1 Government by statute or under not for profit corporation laws are governmental if they posses one more of the following chateristics: their officers are popularly elected or a controlling majority of their governing body is appointed or approved by governmental officals‚ they possess the power to enact and enforce a tax levy‚ they hold the power to directly issue debt whose interest is exempt from federal taxation‚ or they face the potential that a government might dissolve
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