VEL TECH DR.RR & DR.SR TECHNICAL UNIVERSITY DEPARTMENT OF MANAGEMENT STUDIES P1BAA03 ACCOUNTING FOR MANAGERS Time: 3 Hrs Maximum: 100 marks PART-A (10 x 2 marks = 20 marks) Answer ANY TEN Questions. Each question carries 2 marks 1. Define Accounting. 2. Explain accounting cycle. 3. What are current assets? 4. What is net working capital? 5. What Trial Balance? 6. State any two advantages of fund flow
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b. increase one asset account and decrease another asset account. c. decrease total assets and total equity. d. decrease one asset account and increase an equity account. 2. Warren Company makes candy. During the most recent accounting period‚ Warren paid $3‚000 for raw materials‚ $4‚000 for labor‚ and $2‚000 for overhead costs that were incurred to make candy. Warren started and completed 10‚000 units of candy‚ of which 7‚000 were sold. Based on this information‚ Warren would
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Current Value Accounting and Its Influences on Accounting Environment Wei Cui Abstract Current Value Accounting is one of the hot spots of accounting researches. Three prevailing current value accounting methods are present value method‚ current entry price method and current exit price method. All these methods aim at adjusting the book value of assets and liabilities so that the information will not be distorted by the changing prices
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American Intercontinental University Unit 1 Individual Project ACCT 311 – Managerial Accounting March 25‚ 2012 Abstract This paper describes a company who has just started in the month of March called Cats and Dogs Company started by D.C. Dawg. It gives a summary of the cash transactions that took place during the month of March. It also shows how each cast transactions affects the accounting equation and an additional piece of information that is related to the transaction other than the
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The contractual rights are collectible/measurable‚ and 3. The performance obligation is measurable Net contract position represents the balance of contractual rights less contractual obligations Initial balance of net contract position is generally nil due to reciprocity and assumed arm’s length transaction Revenues are recognized when Control passes to the buyer (as indicated by legal title / possession)‚ or Services are performed Earnings Approach Recognize revenue at different
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Schedules to the Financial Statements for the year ended March 31‚ 2011 15. Significant accounting policies and notes on accounts Company overview Infosys BPO s.r.o. is a leading provider of business process management services to organizations that outsource their business processes. Infosys BPO s.r.o. is a majority owned and controlled of Infosys BPO Limited. The Company leverages the benefits of service delivery globalization‚ process redesign and technology and thus drives efficiency
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Equipment Bond payable Expenses Prepaid Insurance Accrued liabilities 12month+ acc payable Description Principle 1. Usually created by a pronouncement from an authoritative body. 2. Financial statements reflect the assumption that the business continues operating. 3. Derived from long-used and generally accepted accounting practices. 4. Every business is accounted for separately from its owner or owners. 5. Revenue is recorded only when the
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CheckPoint: Accrual and Cash Accounting XACC/290 August 11‚ 2013 Week Three CheckPoint: Accrual and Cash Accounting Accrual and cash-based accounting offer two different styles of tracking the flow of money in a business. Each serves a purpose and to understand this idea one must first realize the how one varies from the other. Accrual-based accounting can be described as any transaction that changes a company’s financial statement is recorded in the accounting period the transaction was recorded
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following would not tend to make a manufacturer choose a perpetual inventory system? A. Management wants information about quantities of specific products. B. A low volume of sales transactions and a computerized accounting system. C. A high volume of sales transactions and a manual accounting system. D. Items in inventory with high per unit costs. 3-37. Which of the following factors would suggest the use of a perpetual inventory system? A. A small company. B. A high volume of many different
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E12-16 E12-1 (Classification Issues—Intangibles) Presented below is a list of items that could be included in the intangible assets section of the balance sheet. 1. Investment in a subsidiary company. …. LT Investment in Balance Sheet 2. Timberland. ……………………………………..… PPE in Balance Sheet 3. Cost of engineering activity required to advance the design of a product to the manufacturing stage. …………R& D Expense in Income Statement 4. Lease prepayment (6 months’ rent paid in advance). …………………………………………………
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