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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Accounting Homework Individual Chapter 7 Question 1&2 1. (a) What are generally accepted accounting principles (GAAP)? In the U.S.‚ generally accepted accounting principles‚ commonly abbreviated as US GAAP or simply GAAP‚ are accounting rules used to prepare‚ present‚ and report financial statements for a wide variety of entities‚ including publicly-traded and privately-held companies‚ non-profit organizations. (b)What bodies provide authoritative support for GAAP
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A TERM PAPER ON HOW TRADITIONAL MARRIAGE IS DONE IN ANNANG CULTURE. THE HISTORICAL BACKGROUND OF ANNANG ETHNIC GROUP. Annang is a cultural and semi Bantu speaking ethnic group that lives in the coastal southeast Nigeria Also known as southeastern Nigeria or former southeastern state of Nigeria.The Annang people are the second largest ethnic group in Akwaibom state of southeast Nigeria‚occupying eight out of the thirty one local government areas in akwaibom state of Nigeria‚vi3.ikot Ekpene‚obot
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ILLINOIS STATE UNIVERSITY DEPARTMENT OF ACCOUNTING Fall 2012 COURSE: Accounting 340 – International Accounting INSTRUCTOR: Gerald Olson‚ CPA OFFICE: COB 101 OFFICE PHONE: 309-556-3170 EMAIL: golson@.iwu.edu WEBPAGE: http://www..iwu.edu/~golson/340.htm OFFICE HOURS: (IWU) M10:00-11:00 AM‚ TH 5:00- 6:00 PM and by appointment Required Textbook: Doupnik and Perera: International Accounting. McGraw Hill Irwin 2012‚ 3rd edition. HANDOUTS Numerous handouts
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-the rate of inventory turnover tells how rapidly inventory is sold. -the sum of the COGS and the ending inventoy equals the cost of gooda available for sale. -the consistency principle states that the busineses should use the same accounting methods from period to period. -under the FIFO‚ the ending inventory is based on the cost of the most recent purchases. -the value of purchases remains the same irrespective of the inventory valuation method used. -using FIFO‚ the COGS is based on the oldest
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3 Adjusting Accounts and Preparing Financial Statements QUESTIONS 1. The cash basis of accounting reports revenues when cash is received while the accrual basis reports revenues when they are earned. The cash basis reports expenses when cash is paid while the accrual basis reports expenses when they are incurred (and matched with revenues they generated). 2. The accrual basis of accounting generally provides a better indication of company performance and financial condition than does
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caption on the balance sheet? a.Coins and currency in the cash register b.Checks from other parties presently in the cash register c.Amounts on deposit in checking account at the bank d.Postage stamps on hand 25A cash equivalent is a short-term‚ highly liquid investment that is readily convertible into known amounts of cash and a.is acceptable as a means to pay current liabilities. b.has a current market value that is greater than its original cost c.bears an interest rate that is at
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Accounting: Topic 6: Analysis And Interpretation Of Financial Statements (Part 2) Capital Structure Analysis Proportion of debt financing relative to equity financing (=gearing or leverage) * Reflects the entity’s financing decisions * Investments in assets are funded externally by liabilities‚ or internally by owner’s as shown in accounting equation (A=L+OE) Debt to equity ratio: Total liabilities/ Total equity x 100=x% Debt ratio: Total liabilities/ Total asset x 100=x%
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101-00128 Oct 2014 Accounting Accounting is the recording‚ measurement‚ and interpretation of financial information (Business 286). This financial information is used to evaluate the organization’s operations. To carry out these interpretations of financial information a public or private accountant is able to do this. To become a public accountant you must earn your CPA (certified public accountant) by passing a test and means you are certified by the state in which you provide accounting services where
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ACCOUNTING INFORMATION SYSTEM 2 TOPIC: USING ELECTRONIC DATA INTRCHANGE (EDI) TO IMPROVE THE EFFICIENCY OF ACCOUNTING TRANSACTIONS TABLE OF CONTENT NUM TITLE PAGE 1 TABLE OF CONTENT 2 2 INTRODUCTION OF TOPIC 3 3 DISCUSSION ON USING ELECTRONIC DATA INTERCHANGE TO IMPROVE THE EFFICIENCY OF ACCOUNTING TRANSACTIONS(7 Article research paper) 4-15 4 CONCLUSION 16 5 Recommendation 17 6 Refference 18 7 Appendices 19
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