The basic principles of an accounting information system include all of the following except | | | Student Answer: | | cost effectiveness. (Cost effectiveness is one of the basic principles of accounting information systems.) | | | | flexibility. (Flexibility is one of the basic principles of accounting information systems.) | | | | useful output. (Useful output is one of the basic principles of accounting information systems.) | | | | periodicity. (Correct! Periodicity
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Hollywood Accounting Despite the many copyright infringement accusations and the recent economic recession‚ the Hollywood box office remains a multi-billion dollar industry. If it is unarguably profitable and healthy then how do highly acclaimed feature presentations such as Harry Potter‚ My Big Fate Greek Wedding‚ Lord Of The Rings‚ Who Wants To Be A Millionaire‚ Forest Gump and Nash Bridges report incredible losses of up to $167 million? The answer is Hollywood Accounting and it basically consists
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The basic accounting concepts have defined the conception of the preparation of financial statements and the process of preparation in the UK is well regulated. But financial accounting requires a fair amount of flexibility in some certain areas‚ so the need of judgements and estimations for accounts preparers is demand. Meanwhile it leaves a significant approach in accounting treatments. For example‚ when organizations decide which of several inventory valuation methods to utilize; managers make
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U. S. Generally Accepted Accounting Principles (U. S. GAAP) and International Financial Reporting Standards (IFRS) There are numerous companies that use different types of accounting standards or rules. International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles the most popularly used by companies. IFRS is a set of accounting standards that provides a global framework for how public companies prepare and disclose their financial statements. The U.S. Generally
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YARMOUK UNIVERSITY FACULTY OF ECONOMICS AND ADMINISTRATION SCIENCES DEPARTMENT OF ACCOUNTING COURSE SYLLABUS FALL SEMESTER 2011/2012 COURSE: Title: ACC471— Accounting Information System Instructor:Dr. Iaad Sartawi Class Time: Section (1) – 8:00-9:00 Sunday‚ Tuesday‚ & Thursday. Section (2) – 10:00-11:00 Sunday‚ Tuesday‚ & Thursday. Section (3) – 8:00-9:30 Monday & Wednesday. Class Room: LAB 104A Office Hours: 11:00-12:00 Sunday‚ Tuesday‚ & Thursday. 9:30-10:30
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ACCT 203: Section 1 Essay Instructions The Issue: You are a partner in Acme Accounting PSC and as such are considering how to respond to a letter written to you by “Bob” a new client. In his letter‚ he stated that he heard that there are two ways he can identify cost in the normal course of his construction business operations. He would like two know what they are‚ the major differences between them and which one best fits his business in terms of performance analysis. Your partners have asked
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to validate the idea that Kelly is an oppressed individual by the British policemen‚ and that it is justified that he became a bushranger. In Forest Gump‚ directed by Robert Zemeckis” explores this concept different. He focuses on the accidental selection and emphasis of the representation of history‚ through the memory of the protagonist “Forest Gump” due to his low IQ to justify how much a person can achieve while having a lower level of intelligence than those around them. History is contested
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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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Bhadra Menon | 10/3/2011 | | ACC401 Financial Accounting HW#1 Q1. Dr Accounts Receivable $ 22 M Cr Net Sales $ 22 M Dr Cost of Goods Sold $ 9.9 M (COGS to net sales ratio: 45% and the additional net sales at the end of 1993 = $22 million) Cr Inventories $ 9.9 M Q2. B&L’s accounting treatment of the product shipment arising from its
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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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