Accounting‚ or accountancy‚ is the measurement‚ processing and communication of financial information about economic entities. Accounting‚ which has been called the "language of business"‚ measures the results of an organization ’s economic activities and conveys this information to a variety of users including investors‚ creditors‚ management‚ and regulators. Practitioners of accounting are known as accountants. Accounting can be divided into several fields including financial accounting‚ management
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Benefits of a Cost Accounting Information System By kmoney4islam. Cost accounting offers benefits for manufacturing companies. A cost accounting information system offers benefits for many companies. Cost accounting is a type of accounting method concerned with the cost of goods manufactured and /or sold. Many factors are taken into consideration when cost accountants analyze business costs . The information determined by these accountants is used for inventory valuation ‚ financial statements
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COURSE ACCOUNTING IA CODE CAC 1107 AIM The purpose of the course is to provide an understanding of the basic concepts and techniques of accounting and their application to business management. The course covers the accounting cycle and assumes no prior knowledge of accounting. The course is intended for those who will use accounting information as managers rather than those who will prepare it as accountants. In appreciation of the question of the semantic value of accounting information
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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 parties so that help
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CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS Multiple Choice—Conceptual Answer No. Description d 1. Users of financial reports. d 2. Identify the major financial statements. a 3. Financial reporting entity. d 4. Efficient use of resources. d 5. Capital allocation process. c 6. Financial statement information. c 7. Objectives of financial reporting. b 8. Common set of standards and procedures. c 9. Role of SEC. c 10. Powers of the SEC. d 11. SEC enforcement
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ACCOUNTING NOTES FOR MY PERSONAL USE 4/12/2013 ELISHA VERIWA | Introduction to Accounting Accountancy is the process of communicating financial information about a business entity to users (stakeholders) such as shareholders and managers (Elliot‚ Barry & Elliot‚ Jamie: Financial accounting and reporting). Accounting has been defined as: * the art of recording‚ classifying‚ and summarizing in a significant manner and in terms of money‚ transactions and events which are‚ in part at least
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religion. The history of the Hindu religion can be traced back to 5000-10‚000 B.C. It has been stated that Hinduism lacks a uniting belief system‚ has cultural and societal influences and desires liberation from earthly existence. These are all things that make Hinduism a unique and interesting religion. Bearing in mind that Hinduism lacks a uniting belief system‚ there are some bonding elements that connect the followers of this religion. Many Hindu followers live in India and Nepal. They also
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CHAPTER 2 21. Generally accepted accounting principles a. are fundamental truths or axioms that can be derived from laws of nature. b. derive their authority from legal court proceedings. c. derive their credibility and authority from general recognition and acceptance by the accounting profession. d. have been specified in detail in the FASB conceptual framework. 22. A soundly developed conceptual framework of concepts and objectives should a. increase financial statement users’
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MODULE-6 ENTERPRISE SYSTEM Traditional “Silo” View of Information Systems • Within the business: There are functions‚ each having its uses of information systems • Outside the organization’s boundaries: There are customers and vendors Functions tend to work in isolation. Traditional View of Systems: Systems for Enterprise-Wide Process Integration: Enterprise applications: • Designed to support organization-wide process coordination and integration. • Consist of : • Enterprise systems
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The Nine Steps of Accounting Cycle CheckPoint Step 1 in the accounting process is to analyze the transactions. This would include revenue‚ expenses‚ etc.‚ anything that the company received or paid during the time period. Step 2 is to journalize these transactions. To take the information and correctly post each transaction with a debit and credit line item. Step 3 is to post the journal information into an accounting ledger that shows all of the line items as totals in their respective
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