communication of information that used by management to plan‚ evaluate‚ and control within an entity and to assure appropriate use of an accountability for its resources”. Financial accounting is concerned with providing information of the scorecard by which a company’s past performance to External user (Ex: stockholder‚ creditor‚ and shareholder) | Financial Accounting | Management Accounting | Format | accordance with a specific format by IAS | No specific format | Objectives | i) to disclose
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Brief Account that describes examples of inclusive practice I work in a Residential home for people with disabilities. In my everyday work I always work inclusive practice. Some examples of this are. Discussing menus with the six residents in the bungalow where I work‚ every resident gets a choice of one meal for the week. If they are physically able they assist with the preparation and cooking of the meals and laying the tables. This gets them involved in their home and diet. I took a resident
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technology has had on accounting for business in Barbados; To fully understand the extent to which technology can be used in accounting; To satisfy my interests in this topic. INTRODUCTION This internal assessment focuses on the impact of technology on accounting. Accounting is the systematic process of collecting‚ recording‚ classifying‚ analysing and communicating financial information. Traditionally‚ accounts were prepared manually using ledgers‚ cashbooks etc. However in recent years‚ technology
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NATURE OF ACCOUNTS A separate account is maintained for each item in the balance sheet. Transactions may be recorded by entering the amount by which each item is affected into the respective account. The process of recording transactions consists of • T-Accounts. The T-account‚ named for its shape‚ is a convenient way of representing an account on a piece of paper. The T‚ with the account name entered at the top‚ permits transaction information to be entered on either side of the vertical
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EXAMPLES OF ACCOUNTS FALLING UNDER EACH ACCOUNTING EQUATION ELEMENT: Current Assets Cash - A current asset account which includes currency‚ coins‚ checking accounts‚ and undeposited checks received from customers. The amounts must be unrestricted. (Restricted cash should be recorded in a different account.) Petty Cash Fund - A current asset account that represents an amount of cash for making small disbursements for postage due‚ supplies‚ etc. Notes Receivable - An asset representing the
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controls‚ observance was used and applied additional theory of how a locally insurance company still initiates in their cultural practices to suit their short and long term expectations which so ever reflects on each department including the finance department. This paper would explore the pros and cons of Internal Controls. So too‚ this paper seeks to present the ways in which an insurance company i.e. COLFIRE utilized the various internal control principles effectively to execute their objectives. At
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EXAM SAMPLE EXAM 1. The accounting process does not include: a. b. c. 2. d. e. labor unions all of the above statement of owner’s equity income statement balance sheet d. e. both b and c all of the above This account does not appear on the income statement: a. b. c. 6. lenders prospective owners customers Expenses can be found in the: a. b. c. 5. balance sheet balance sheet and journals balance sheet and income statement income statement
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for ways of managing financial products and services 2a P3 Describe financial products and services appropriate to self 2b P4 Construct a personal budget that takes account of personal remuneration and expenditure 3a M1 Explain the reasons for budgetary decisions 3b M2 Analyse the different features of financial products and services relating to current and savings accounts. 2c D1 Justify reasons for financial planning decisions.
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SOLUTIONS TO BRIEF EXERCISES BRIEF EXERCISE 7-1 The correct order is: 1. 2. 3. 4. Identify the problem and assign responsibility. Determine and evaluate possible courses of action. Make a decision. Review results of the decision. BRIEF EXERCISE 7-2 Net Income Increase (Decrease) ($ 35‚000) (25‚000) $ 10‚000 Alternative A Revenues Costs Net income $150‚000 100‚000 $ 50‚000 Alternative B $185‚000 125‚000 $ 60‚000 Alternative B is better than Alternative A. BRIEF EXERCISE 7-3 Net Income
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Evaluation of the Effectiveness of Accounting Information Systems International Journal of Information Science & Technology‚ Volume 6‚ Number 2 July / December‚ 2008 49 International Journal of Information Science and Technology EVALUATION OF THE EFFECTIVENESS OF ACCOUNTING INFORMATION SYSTEMS H. Sajady‚ Ph.D. M. Dastgir‚ Ph.D. Department of Economics and Social Sciences Department of Economics and Social Sciences Shahid Chamran University Shahid Chamran University Ahvaz‚ I. R. of Iran
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