Introduction to Accounting Accounting is a profession used to make financial and business decisions. Billions of dollars exchange hands every day‚ in millions of separate business transactions. These are recorded and reported on using a comprehensive set of guidelines‚ referred to as Generally Accepted Accounting Principles (GAAP). Brief History of Accounting Accounting was born before writing or numbers existed‚ some 10‚000 years ago‚ in the area known as Mesopotamia‚ later Persia‚ and today the
Free Accountancy Accountant Leonardo da Vinci
REVENUE ALLOCATION FORMULA IN NIGERIA INTRODUCTION Prior to the discovery of oil in Nigeria‚ other sectors of the economy thrived. Agriculture‚ for instance‚ was a major source of revenue for the Western Region. The Eastern Region that was less endowed devised other sources of revenue. All this has however changed since the discovery of oil in the country. This has led to the demise of the other productive sectors of the economy. In fact‚ Nigerians are poorer today than they were in the pre-oil boom
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Funds flow statement shows the changes in the financial position between two balance sheet dates. It represents the movement of funds and the movement can be inward called as income or receipts. In case of outward movement‚ it is represented by expenditure or payments. The term‚ "funds" has different meanings. In the context of funds flow statement "funds" means the net working capital. Flow of funds means changes in funds position of changes in working capital. Working capital refers to that
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Creative Accounting Creative accounting is a term that often implies illegal or fraudulent practices in the U.S. (Moneyterms‚ 2006). The objective of the following paragraphs is to explore some definitions of creative accounting from different perspectives‚ discuss some advantages and disadvantages of creative accounting‚ and explain a real life example of creative accounting. Through these paragraphs I hope to also touch upon some of the ethical issues involved in engaging in creative accounting practices
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SUBJECT: Forensic Accounting Introduction In this memorandum‚ I will explain the reasons as to why managers feel more pressure than in past years. Also‚ I will discuss several ways that managers can commit fraud for personal gain‚ and how these schemes are eventually caught by forensic accountants. Rising Pressure There has been a growing trend to hold managers accountable for their company’s performance. Wall Street analysts have become enemies of CEOs. These analysts set target quarterly
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filling with 127‚500‚000 of Wellbutrin XL tablet. d. The revenue of each Wellbutrin XL tablet Wholesaler cost = $2.83 x = $2.096 Distributor cost = $2.096= $0.4192 e. Total revenue per truck 127‚500‚000 x $0.4192 = $ 53‚448‚000 One truck can carry $10million worth of Wellbutrin XL tablet product. Q2: How should the company recognize revenue based upon the two possible FOB structures mentioned in the case? In order to recognize revenue‚ there are four conditions must be met as according to GAAP
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← Abstract Faced with various issues of international accounting in cultural‚ economic‚ ethical and social level‚ after comparing US with China about the GAAP‚ analyzing the differences and difficulties in global accounting standard‚ it’s necessary to separate different accounting standards because of the diversification in different countries‚ it shows that accountancy professions play an important role in capital market‚ which can provide useful‚ relevant and reliable information to interested
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SCOPE AND GROWTH OF MUTUAL FUNDS IN INDIA Erstwhile UTI was bifurcated into UTI Mutual Fund and the Specified Undertaking of the Unit Trust of India effective from February 2003. The Assets under management of the Specified Undertaking of the Unit Trust of India has therefore been excluded from the total assets of the industry as a whole from February 2003 onwards.Investement in Indian Matual Market The Indian mutual fund industry has significantly high ownership from the institutional investors
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of the times‚ people find it difficult to understand the various accounting Concepts. In this coursework‚ I shall analyze these concepts and explain them. First of all I shall discuss the materiality concept. WHAT IS MATERIALITY? Authoritative accounting bodies in the USA such as Financial Accounting Standard Board (FASB)‚ Securities and Exchange Commission (SEC)‚ General Accounting Office (GAO)‚ American Institute of Certified Public Accountants
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1. IntroductionPensonic Company Pensonic is one of the most successful trading companies in Penang‚ Malaysia that sells a wide variety of electrical appliances. In addition to its own brand “Pensonic”‚ the company also owns the German brand “Lebensstil Kollektion” and owns the sole-distribution rights for the Dutch brand “Princess” in Malaysia. Pensonic also established a mass production hub and international distribution network of electrical home mechanism and an international distribution network
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