MCQ FOR IMT 57 – FINANCIAL ACCOUNTING Test : (Journal‚ Ledger‚ Trial Balance‚ Errors) Name: _________________ Fundamentals of Accounting Max. Marks: 30 1. RPC Ltd. follows the written down value method of depreciating machinery year after year by applying the principle of (a) Comparability. (b) Convenience. (c) Consistency. (d) All of the above. 2. A change in accounting policy is justified
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Principles of Accounting 1 American InterContinental University I have been asked by my supervisor to mentor a new accounting clerk in my department‚ I am hoping that when I’m done mentoring this person that they will understand accounting better. I am also hoping that my supervisor will be proud of me‚ and continue asking me to mentor new people‚ and hopefully give me a raise or a promotion. To better understand accounting we need to know why adjusting entries are so important to a business
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The cash flow statement provides information about a company’s cash receipts and cash payments during an accounting period‚ showing how these cash flaws link the ending cash balance to the beginning balance shown on the company’s statement of financial position. The cash flow statement consists of three parts: cash flows provided by operating activities‚ cash flows provided by investing activities‚ and cash flows provided by financing activities. The operating section adjusts the net profit figure
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ACCOUNTING ASSIGNMENT : CLUBS ________________________________________________________ 1. A major part of the club’s income is Membership fees. This is a fee paid by members. It is paid annually at R120 for juniors and R450 for adults. The Membership fees is a fixed amount so that along with additional income it covers the clubs expenses. There are usually
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Course Syllabus Basic Accounting School Year 2011-2012 First Semester I. CATALOGUE COURSE DESCRIPTION A. Course Code and No.: ACCTG 1 B. Course Title: Basic Accounting C. Course Description: Basic accounting introduces the importance of accounting and also the basic steps and techniques used. The material covered will also include coverage of the principles and procedures of the accounting cycle for a sole proprietorship and merchandising organizations. General-purpose
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Dr Fang (to be used in the workshop in week 1) Month-end balance sheet amounts for the dental practice of Dr Fang‚ a local dentist‚ for three consecutive months are presented below. The information is complete except for the balance in the owners’ equity account. Cash Accounts receivable Prepaid insurance Surgery equipment Building Land Accounts payable Wages payable Mortgage payable Owners’ Equity 31 October $ 9 100 16 100 700 29 800 81 000 33 000 10 100 5 100 34 700
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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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