manual method of accounting is being gradually replaced. And finally‚ the database technology has revolution the accounts department of the business and non business organisations. In the use of computerised accounting system the risk of data loss is eliminated‚ high speed in data manipulation is maintained and larger volume of data are kept safely. In computerised accounting system calculation became easy and controlled effective‚ also development of computerised accounting system‚ facilitate
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Complete accounting cycle For the past several years‚ Abby Brown has operated a part-time consulting business from her home. As of June 1‚ 2012‚ Abby decided to move to rented quarters and to operate the business‚ which was to be known as Square One Consulting‚ on a full-time basis. Square One Consulting entered into the following transactions during June: June 1. The following assets were received from Abby Brown: cash‚ $30‚000; accounts receivable‚ $7‚500; supplies‚ $2‚000; and office equipment
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Does a company have to comply with accounting standards in order to show a ‘true and fair view’ of its financial affairs? Discuss. Before the early 1990s‚ the directors of a company could elect not to comply with an accounting standard issued by the AASB if they believed the particular standards would cause the accounts not to present a true and fair view. This ’true and fair override’ no longer exists and directors must now comply with applicable accounting standards and add any
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has not yet being taken into account: • A delivery vehicle with a book value of R 52 000 (initial cost of the vehicle was R 69 333) was involved in an accident and the insurance company’s assessors determined that the vehicle was beyond repair. An amount of R 30 000 was paid by the insurance company directly to the creditor‚ being the total amount owed on the vehicle at the time of the accident. Required 1. Prepare the Asset Disposal Account in the General Ledger of Whiskey Traders taking
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between accrual-basis accounting and cash-basis accounting? The variation between accrual basis accounting and cash basis accounting‚ is how cash is documented. Cash basis is an accounting basis that is used when expenses and revenue are paid out or received. This is when the transaction will be recorded. In accrual-basis accounting‚ transactions are recorded when they actually happen. Payment does not need to be made for the transaction to be recognized in accrual-basis accounting unlike cash-basis
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Company uses the following journals: Cash Receipts (CR)‚ Cash Payments (CP)‚ Revenue (R)‚ Purchases (P)‚ and General (G). Assume that it uses Accounts Receivable and Accounts Payable Subsidiary Ledgers as well as a General Ledger. Indicate by letters which journal would be used for each transaction. Also indicate if the entry requires a posting to a subsidiary ledger. The transactions completed by Franklin Company during January‚ its first month of operations‚ are listed below. Assume that Franklin Company
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The Boston Massacre took place on a Monday evening of March 5‚ 1770 around eight or nine o’clock. Several of the accounts say that snowballs were thrown at the soldiers so it is safe to assume that there was a decent amount of snow on the ground. However‚ based on weather patterns over the last 60 years‚ it is unlikely that snow was actually falling while the massacre took place. The testimony of Daniel Calef decreases the unlikelihood of snowfall that night because he talks of seeing the captain’s
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$500‚000 and is known by both Brickhouse and Boudreau to be a fairly "soft" amount. Identify possible causes of action. -Brickhouse is acting unethically. His action serves only his self-interest‚ self review and has no clear basis in proper accounting procedures‚ so ignoring the familiarity with brickhouse ‚the controller‚ Louise Boudreau‚ should not manipulate net income in view of any compensation plan the company may have.He must comply with relevant laws and regulations and not assist others
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Accounting Homework Individual Chapter 7 Question 1&2 1. (a) What are generally accepted accounting principles (GAAP)? In the U.S.‚ generally accepted accounting principles‚ commonly abbreviated as US GAAP or simply GAAP‚ are accounting rules used to prepare‚ present‚ and report financial statements for a wide variety of entities‚ including publicly-traded and privately-held companies‚ non-profit organizations. (b)What bodies provide authoritative support for GAAP
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BU1002:03 ACCOUNTING FOR DECISION MAKING Singapore Campus‚ Study Period 1‚ 2013 BU1002:03 ACCOUNTING FOR DECISION MAKING SUBJECT GUIDE 2013 Study Period 1‚ Singapore Campus Contents Contents 1 1. School Overview 1 2. Subject at a Glance 2 3. Subject Details 3 4. Subject Resources and Special Requirements 5 5. Assessment Details 7 6. Assessment Grading Criteria 10 7. Submission and Return of Assessment 11 8. Plagiarism‚ Referencing and Cheating 11 9. Additional Student Support
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