uses the FIFO method and a perpetual inventory system. The sales price of each putter is $135. Company records indicate the following for a particular line of Putter’s Paradise putters: Date | Item | Quantity | Unit Cost | Sep 1 | Balance | 5 | $61 | 6 | Sale | 3 | | 8 | Purchase | 10 | 66 | 17 | Sale | 4 | | 30 | Sale | 2 | | Requirements: 1. Prepare a perpetual inventory record for the putters. Then determine the amounts Putter’s Paradise should report for ending inventory and
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types of accounting measurement to determine the profit. They are cash basis and accrual basis. Business can use either a cash basis or accrual basis to work there profit. However‚ most of the company prefers to use accrual basis instead of others. In this essay‚ I will compare the difference between cash basis and accrual basis on expense and revenue. In addition‚ how can company choose their measurement of profit will also be discussed. Cash basis & accrual basis Cash basis accounting is focus
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TAKE HOME EXAMINATION MAY 2012 SEMESTER SUBJECT CODE : MAF656 SUBJECT TITLE : ADVANCED ACCOUNTING AND FINANCE LEVEL : DOCTOR OF BUSINESS ADMINISTRATION STUDENT’S NAME : SARAVANAN KOLAN DE VELU MATRIC NO. : M70205120002 PROGRAMME : DBA ACADEMIC FACILITATOR : PROF. DR.MOHAMMAD ADAM BAKAR LEARNING CENTRE : KL-HEAD OFFICE INSTRUCTIONS TO STUDENTS 1) This assignment consists of THREE (3) questions. Answer ALL questions. 2) Plagiarism in
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Electronic Health Records is the technology that I find most beneficial at work. It helps nurses‚ doctors and other healthcare providers to access patient information literally for 24 hours a day‚ seven days a week. EHR allows for a better coordinated care for all patients. The information can be transmitted immediately to other providers. EHR allows nurses and doctors to navigate through patients’ data that is far better than pulling charts on the cabinets and searching through pages of the chart
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occurred‚ step two would determine the loss by subtracting the fair value from the carrying amount of the asset. 3. Ida should record $500‚000 impairment loss on the U.S. commercial building when reporting to its parent as of December 31‚ 2012. Since the recoverability test is needed under IFRSs‚ Ida needs to figure out the amount of impairment (if any) which should record on the commercial building and report to its parent as of December 31‚ 2012. An impairment loss is the amount by which the carrying
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“certificate of achievement for excellence in financial reporting” by the Government Finance Officers Association? What is the significance of this award? Yes‚ it is significant because it is the highest form of recognition in the area of governmental accounting and financial reporting‚ and its attainment represents a significant accomplishment by a government and its management. (Page 13) b) What are the key issues addressed in the letter of transmittal? Major initiatives in the city of Charlotte
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How accurate is it to say that persecution was most intense in areas where influential people were able to promote action against witches? (30) In the years 1580 to 1650 the witch hunts of Europe took place against a backdrop of rapid social‚ economic‚ and religious transformation. Witch hunting was the hostility‚ accusations and campaigns aimed at a person or a group in the community holding views considered unorthodox or a threat to society and the intensity of these hunts varied in different
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costs Labor costs of assembly-line workers $110‚000 – Direct labor Sales commissions $35‚000 – Period costs Factory supplies used $13‚000 – Direct materials Salaries paid to sales clerks $50‚000 – Period costs (b) Explain the basic difference in accounting for product costs and period costs. Product costs are manufacturing costs‚ direct components‚ direct labor and manufacturing overhead‚ do not become expenditures until the company sells inventory. Period costs are non-manufacturing costs‚ including
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depreciation of items used in administration‚ rent‚ utilities and property tax on the office building. ▪ Perpetual vs. Periodic- info about methods and differences o Perpetual: An inventory system in which the business keeps a continuous record of inventory on hand and the cost of good sold. o Continuous updating of inventory as you go thru the paid physical count still must be count once a year. o Periodic: do not update inventory act as you go‚ you calculate cost and
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How Accounting Information Systems has Improved Payroll Accounting Abstract Payroll accounting has been greatly improved with the invention of accounting information systems (AIS). The process of payroll is a complicated one that involves many steps. From updating the employee information to printing the checks‚ almost all areas have been improved with the help of AIS. There are many things to keep track of when processing payroll from beginning to end. Many larger companies have turned to outsourcing
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