Question 1 The ethical guidelines which accountants are obliged to follow in the conduct of their work are made to combat criticism and gain credibility by preventing fraudulent accounting. Accountants ought to be able to maintain impartiality and independence to create a clear‚ credible and unbiased audit. Hence‚ the ethical principles are considered important. This is because the work of accountants requires a high level of ethics since the financial statements prepared and verified by auditors
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George closing his business due to the adverse effect of the concern assumption mentioned in the financial statements. The going concern assumption mentioned in the financial statements would ensure that George’s business closes down. 3. An accounting firm that files an unqualified report and a complaint is made because of the fact; the accountant is potentially at risk for civil and criminal penalties. The company‚ partners included‚ will be subject to termination and possibly jail sentences
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measuring net income (Weygandt‚ Kieso‚ and Kimmel‚ p. 23). The owner’s equity statement summarizes the changes in owner’s equity for the same time period that the income statement covers and indicates why the owner’s equity has increased or decreased during that time period. The data included in the owner’s equity statement is derived from the income statement. It shows the owner’s beginning equity‚ investments‚ net income or loss‚ and the drawings of the owner (Weygandt‚ Kieso‚ and Kimmel‚ p. 23). The
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since I was ten years old. I was so impressed how interpreters could know so many languages and transition it another language. It truly baffled me and it was a career I wanted to do. It was truly an honor to receive an internship with Lokelani Intermediate School. Interpreting at schools/universities is a challenge and the interpreter has constant challenges‚ not just the deaf student but other students and school factors. I learned that being an interpreter is not just interpreting for a student
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relationship’ • Leadership • Teams and teamworking The External World • • • • The environment Strategy Innovation CSR and business ethics 10 The Professional You 11 The ‘Professional You’ - Think - Feel - Believe - Behave/Act 12 4 3/3/2014 You in relationship 13 You in relationship at work ›Leadership ›Team and team-working ›Cultural Intelligence 14 15 5 3/3/2014 The external environment ›The environment ›Strategy ›Innovation ›CSR and
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local market area residents. The Company EB is incorporated in Eldoret Town‚ its postal address being The mobile number being It is owned and managed by its owner-Eric Kipchoror Kiplagat. Mr.Eric Kipchoror Kiplagat has extensive experience in accounting‚ sales‚ marketing‚ and management and is the Sales Executive of Sergoit Golf & Wildlife. The company intends to hire two full-time pastry bakers and six waitresses to handle customer service and day to day operations. Products and Services
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CASE 4-33 ACCOUNTING | 15% Commission | 20% Commission | Own Sales Force @ 7.5% | Sales | $ 16‚000‚000 | 100% | $ 16‚000‚000 | 100% | $ 16‚000‚000 | 100% | Variable Expenses: | | | | | | | Manufacturing | $ 7‚200‚000 | | $ 7‚200‚000 | | $ 7‚200‚000 | | Commissions | $ 2‚400‚000 | | $ 3‚200‚000 | | $ 1‚200‚000 | | Total Variable Expenses | $ 9‚600‚000 | 60% | $ 10‚400‚000 | 65% | $ 8‚400‚000 | 52.5% | Contribution
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Individual Assignment 30% (40 marks) Question Spears Limited is engaged in manufacturing of special component (KWQ 12) be used in for calculators. As a step towards reducing uncertainty over the finance needs of the new business‚ the finance manager has asked you to prepare a cash budget for Spears Ltd for the nine (9) months period from 1 January 2014 till 30 September 2014. You have collected some raw data from the concerned department heads and tabulated them as follows: a)
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Running head: ACCOUNTING CYCLE PAPER Accounting Cycle Paper ACC/421 Intermediate Financial Accounting I University of Phoenix January 10‚ 2011 Accounting Cycle Paper When making decisions‚ businesses must provide and be able to gather relevant and accurate financial information. Being able to gather and understand this information helps companies make the best informed decisions for business operations‚ which can only benefit the company. When it comes to gathering the information
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The implementation of the K- 12 education plan in the Philippine Basic Education Curriculum is the key to our nation’s development. Though the government will face many problems in the long run of the implementation of the program‚ there really is a need to implement it because the enhancement of the quality of our education is very urgent and criticThe implementation of the K- 12 education plan in the Philippine Basic Education Curriculum is the key to our nation’s development. Though the government
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