HI5001 Accounting for Business Decisions Due Date: 29 May 2012‚ 12 p.m. Total Mark: 20 points General Rules and Requirements: The report should be prepared in a group (minimum 3 students in a group and maximum 4). Reports must be confined to 2‚500 words. A title page‚ table of contents (based on your report headings)‚ introduction‚ body of the report‚ conclusion and list of the references actually cited should be included in your assignment paper. Font type should be Times
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Introduction Over the past years there have been many accounting measurement systems developed to replace or serve as a supplement to historical cost accounting. However it is not possible‚ at present‚ to state which system‚ if any‚ is likely to replace the historical cost system. Perhaps the most notable system is Continuously Contemporary Accounting (CoCoA)‚ proposed by Australian researcher‚ Raymond Chambers. Chambers quoted “…that thousands of shareholders had lost millions of dollars on security
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E1-5 Cougar’s Accounting Services provides low – cost tax advice and preparation to those with financial need. At the end of the current period‚ the company reports the following amounts: Asset – 19000; Liabilities – 15000; Revenues – 28000; Expenses = 33000 Required: 1. Calculate net loss. 2. Calculate stockholders’ equity at the end of the period. Net loss *Revenues – Expenses = (5000) Stockholders * Assets – Liabilities = 4000 E1-6 Cash 5400 Salaries expense 2200 Accounts payable 3400
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ABFA 1013 INTRODUCTION TO ACCOUNTING DIPLOMA IN BUSINESS (ACCOUNTING) YEAR 1 – SEMESTER 1 (2014/2015) COURSEWORK 1 YONG KIT YEE 14WBD00875 KONG LIT PEI 14WBD01265 NAH SEE PENG 14WBD01318 TEE BEE SWAN 14WBD06042 DAY : TIME : DATE OF SUBMISSION : Table of Content Plagiarism Statement Declaration Form………………………………………………… Safe Assign Report……………………………………………………………………… Marking Scheme………………………………………………………………………… 1. Summary……………………………………………………………………………
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Historical cost accounting Advantages • Historical cost accounts are straightforward to produce • Historical cost accounts do not record gains until they are realized • Historical cost accounts are still used in most accounting systems Disadvantages • Historical cost accounts give no indication of current values of the assets of a business • Historical cost accounts do not record the opportunity costs of the use of older assets‚ particularly property which may be recorded at a value based
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searching for these objectives‚ it was stated that there was a superseding of the amendment. The addition stated “comparability and consistency in accounting for transferred financial assets will also be improved through clarifications of the requirements for isolation and limitations on portions of financial assets that are eligible for sale accounting.” In other words‚ financial statements will become more accurate and less fraudulently represented to users and the objective is not to double count
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temporary or nominal accounts? Revenue and expense accounts are referred to as temporary or nominal accounts because each period they are closed out to Income Summary in the closing process. Their balances are reduced to zero at the end of the accounting period; therefore‚ the term temporary or nominal is sometimes given to these accounts. 7. Indicate whether each of the following items is a real or nominal account and whether it appears in the balance sheet or the income statement a) prepaid
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Lecture 7 – Tutorial Questions Tutorial List: 7-1‚ 7-2‚ 7-3‚ 7-4‚ 7-5‚ 7-6‚ 7-7‚ 7-8‚ 7-9 7.1. Kristen Hope asks your help concerning an NSF check. Explain to Kristen (a) what an NSF check is‚ (b) how it is treated in a bank reconciliation‚ and (c) whether it will require an adjusting entry. 7.2. The bank portion of the bank reconciliation for Brasilia Company at October 31‚ 20X1 was as follows. BRASILIA COMPANY Bank Reconciliation
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Chapter 01 The Equity Method of Accounting for Investments Multiple Choice Questions 1. Gaw Company owns 15% of the common stock of Trace Corporation and used the fair-value method to account for this investment. Trace reported net income of $110‚000 for 2011 and paid dividends of $60‚000 on October 1‚ 2011. How much income should Gaw recognize on this investment in 2011? A. $16‚500. B. $9‚000. C. $25‚500. D. $7‚500. E. $50‚000. 2. Yaro Company owns 30% of the common stock
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CHAPTER Accounting for Income Taxes OBJECTIVES After careful study of this chapter‚ you will be able to: 1. 2. 3. 4. 5. 6. 7. 8. 9. Understand permanent and temporary differences. Explain the conceptual issues regarding interperiod tax allocation. Record and report deferred tax liabilities. Record and report deferred tax assets. Explain an operating loss carryback and carryforward. Account for an operating loss carryback. Account for an operating loss carryforward. Apply intraperiod tax allocation
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