Financial Accounting (BEA 2001) Tutorials PROPERTY‚ PLANT & EQUIPMENT Question 1: Measurement at recognition; components; depreciation Olympic plc is a diversified industrial company with many different areas of operation. The following information relates to the company’s property‚ plant and equipment. The company has a 30 September year end. All the plant was purchased and brought into use on 1 October 20X1 at a cost of £800 000. The cost of testing the plant amounted to £45 000 and samples
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equipment. B. Paid $800 for the current month’s rent. C. Purchased repair supplies on credit‚ $1‚000. D. Purchased additional repair equipment for cash‚ $600. E. Paid salary to an employee‚ $900. F. Paid $400 of amount purchased on credit in c G. Accepted cash for repairs completed‚ $3‚720. H. Withdrew $1‚200 in cash. Trial Balance E9A. After recording the transactions in E6A‚ prepare a trial balance in proper sequence for Ferdinand Repair Service as of June 30‚ 2014.
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1.In general‚ ending inventory is stated at historical cost (what was paid to obtain it) but what if when the original cost of the ending inventory is greater than the cost of replacement? Thus the inventory has lost value. If the inventory has decreased in value below historical cost then its carrying value is reduced and reported on the balance sheet. The criterion for reporting this is the current market value. Any loss resulting from the decline in the value of inventory is charged to cost of
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ACCT 1003 – INTRO TO COST & MANAGEMENT ACCOUNTING LECTURE NO. 5 CVP ANALYSIS LESSON OBJECTIVES 1. Understand & explain what CVP business decisions it can aid 2. Appreciate the assumptions of CVP analysis 3. Calculate & Explain the significance of: • Contribution Margin • Break Even Point • Margin of Safety 4. Prepare and explain a CVP graph 5. Use CVP analysis to: • Plan Profits • Determine volume – given profit target • Perform Sensitivity Analysis 6. Incorporate Income Tax Rates in CVP analysis
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96 Accounting Standard (AS) 10 Accounting for Fixed Assets Contents INTRODUCTION Definitions EXPLANATION Identification of Fixed Assets Components of Cost Self-constructed Fixed Assets Non-monetary Consideration Improvements and Repairs Amount Substituted for Historical Cost Retirements and Disposals Valuation of Fixed Assets in Special Cases Fixed Assets of Special Types Disclosure MAIN PRINCIPLES Disclosure Paragraphs 1-6 6 7-17 8 9 10 11 12 13 14 15 16 17 18-37 37 134 AS 10 (issued
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Accounting Project James Nevin Term 2 2012 Income‚ Expenses and Recording System Income: The Western Cape Soccer Club has multiple sources of income‚ the main ones being: * Membership Fees – The Club has 260 members who pay different annual prices. Juniors pay R100 per annum and adults pay R250 per annum. * Entrance Fees – The Club charges entrance fees for all new members. Juniors pay a fee of R200 and adults pay a fee of R400. * Tuckshop and Bar – The Club runs a tuckshop and
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81 times to 1.62 times. Inventory turnover measures the number of times inventory is sold in one accounting period. The inventory of PPL is high; however the inventory turnover means that
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Complete accounting cycle For the past several years‚ Abby Brown has operated a part-time consulting business from her home. As of June 1‚ 2012‚ Abby decided to move to rented quarters and to operate the business‚ which was to be known as Square One Consulting‚ on a full-time basis. Square One Consulting entered into the following transactions during June: June 1. The following assets were received from Abby Brown: cash‚ $30‚000; accounts receivable‚ $7‚500; supplies‚ $2‚000; and office equipment
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Assignment [Business Accounting] Submission due date : 23rd June 2012 by or before 5.30pm 1 May 14‚ 2012 [ EXECUTIVE DIPLOMA] Assignment Question Scenario You have been recruited to help your uncle’s family to set up and run a supermarket called ‘BeliMurah Mart’ in Petaling Jaya. In the past‚ they had set up and managed smaller scale businesses‚ but have mixed up their finances that resulted in some losses. Since you have the knowledge of accounting‚ they would like to seek
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Gains or losses on cash flow hedges are a. ignored completely. b. recorded in equity‚ as part of other comprehensive income. c. reported directly in net income. d. reported directly in retained earnings. e. None of the above 3. The accounting for fair value hedges records the derivative at its a. amortized cost. b. carrying value. c. fair value. d. historical cost. e. None of the above 4. Which of the following is a financial instrument under U.S. GAAP? a. a consolidated
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