to suppliers. Liability (D) Bonds payable. Liability (E) Amount earned from selling a product. Revenue (F) Cost of advertising. Expense Part 2 Ex 1-8 (A) An expression about whether financial statements conform with generally accepted accounting principles. – 8 Auditors opinion (B) A business that raised money by issuing shares of stock. – 1 Cooperation (C) The portion of stockholders’ equity that results from receiving cash from investors. – 6 Common Stock. (D) Obligations to suppliers
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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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There are many contemporary artists in the world that provoke conversation on controversial topics. Keith Haring‚ Francis Bacon and Barbara Kruger are a few examples of artists with a message. These artists have all created works that "evoke a sense of struggle ’against the system.’" Not all of these outspoken artists share the same vision‚ but they have fought their own personal battles to get their message out to the public. If Postmodernism raises low art to the level of high art‚ it also allows
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The formation of the debit and credit concept In this simplified form we can begin to see what the mathematician and Father of Accounting (Luca Pacioli) saw in 1494 when he codified the double-entry bookkeeping system. It is his codified system that outlined the rules for applying debits and credits when recording the financial transactions of a business in the double-entry bookkeeping system. Now remember that Luca’s book in 1494 was written and published in Latin and at a time when the concept
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SIGNIFICANT DIFFERENCES BETWEEN ACCOUNTING AND OIL AND GAS OPERATIONS AND THE CONVENTIONAL ACCOUNTING FOR MANUFACTURING OR MECHANIZE OPERATION. By Demoore Suleman ----------------------- Conventional Manufacturing Account 1.Definition: Manufacturing account‚ the term I use to describe business organizations engaged in the manufacture of goods for sale. These company maintain a manufacturing account. 2. Cost Method: Expenses are the cost of unsold products and are reported as assets. These
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Classmates‚ According to (Oster‚ 2014)‚ "Percentage of receivables and percentage of sales are two accounting allowance methods used to reconcile customer accounts deemed noncollectable. When allowed by generally accepted accounting principles (GAAP)‚ these two strategies are preferred over direct write-off of bad debt expenses. Percentage of receivables and percentage of sales provide a business with the ability to accurately estimate the expected bad debt losses they will have in each succeeding
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8/2/2012 Objective of Lecture 2 CLASSIFICATION OF ACCOUNTS & ACCOUNTING EQUATION • By end of lecture 2‚ all students should be able to:(a) Understand the five categories of accounts and able to classify them into the respective categories (b) Understand the accounting equation and the relationship between assets‚ liabilities and owner’s equity. Classifications of accounts • • 1. 2. 3. 4. 5. An account is used to record all information regarding an item. The five major
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Marketing in Contemporary Contexts | October 15 2012 | From: Hong Minh VuStudent ID 1216011To: Dr. Amandeep TakharUnit leader of Marketing in Contemporary Contexts | | There can be various answers to this question‚ and it can be varied in depth and example. From my understanding‚ I feel that marketing does both. It creates and also satisfies needs of customers. For establised firms‚ it ’s essential to be able to satisfy the needs of customers. As they say‚ a satisfied customer is a profitable
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The Contemporary Theory of Metaphor George Lakoff (c) Copyright George Lakoff‚ 1992 To Appear in Ortony‚ Andrew (ed.) Metaphor and Thought (2nd edition)‚ Cambridge University Press. Do not go gentle into that good night. -Dylan Thomas Death is the mother of beauty . . . -Wallace Stevens‚ Sunday Morning Introduction These famous lines by Thomas and Stevens are examples of what classical theorists‚ at least since Aristotle‚ have referred to as metaphor: instances of novel poetic language in which
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Accounting for Managers TOPIC A: AN INTRODUCTION TO ACCOUNTING Investors – Individual and groups provide initial capital. Creditors – Company which loans money to another company (Suppliers/Bank). Managers – Oversee the day-to-day operations. What is accounting? * Process of Recognising‚ measuring‚ recording (also known as transactions)‚ disclosing and attesting to information. *Information – Decision Making (Value Creation)‚ Control (Monitoring). Process of Accounting: Transactions
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