accounting quiz 1 [pic] 1 The primary purpose of accounting is to determine whether the business entity is profitable or unprofitable in its operations. A) True B) False This is the correct answer. Feedback: The primary purpose of accounting is to provide information that is useful for decision-making purposes. Accounting is ’not an end’‚ but rather it is a ’means to an end.’ LO 1 2 Costs‚ prices‚ sales volume‚ profits‚ and return on investment are all accounting measurements. A) True
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Accounting is defined as the theory and system of setting up‚ maintaining‚ and auditing books of a firm. In a company‚ an accounting specialist is responsible for accounts‚ receivables and payables‚ including general ledger coding‚ inputting invoices to a payable system‚ writing checks and posting payments to accounts. However‚ the qualifications in becoming an accounting specialist requires a certain amount of education and experience. In this career field the responsibility in the financial aspect
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Though we often think of the field of accounting as a single discipline‚ there are‚ in fact‚ several specialties that are practiced. These include financial accounting‚ managerial accounting‚ tax accounting‚ cost accounting‚ international accounting and social accounting‚ among others. Of these‚ the former two classes of accounting are the most common. This paper will explore the key differences between financial and managerial accounting and discuss some of the standards of ethical conduct placed
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2-1 BU8101 Accounting: A User Perspective Lecture 2 The Accounting Cycle Wednesday‚ 17 August 2011 Mrs. Ho Yin Kheng S3-01C-88 Nanyang Business School Nanyang Technological University Email: yklau@ntu.edu.sg Tel: 67905694 2-2 LO 2 Lecture Outline 1. Analyzing Business Transactions 2. Recording Process a. b. c. d. e. f. The Source Document The journal The accounts Debit and Credit rule Recording process illustrated Unadjusted trial balance 3. Adjusting entries
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do managerial accounting practices benefit business organizations? Nowadays‚ managerial accounting practice is practiced by many successful producers in Japan‚ Korea‚ China and others. Therefore‚ they are able to use their resources effectively and efficiently. Companies practicing managerial accounting are also able to maintain the quality of their products yet still offering reasonable price for their products. Managerial accounting differs from traditional financial accounting practice in a way
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Applications of ICT in Accounting. Accounting records have been maintained only on a manual basis for a period now. The bookkeeper or the owner is required to fill a paper source document for each sale or receipt‚ and then work overtime writing the transactions of the day or week in special journals‚ stock cards‚ and debtor and creditor records. This obviously took some time‚ time that would otherwise have been spent operating the business. The business also pays extra money to account officers
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Executive Summary Accounting information system is an extremely important role in the enterprise management. As technology advances‚ the system software is constantly improving‚ constantly enhance the function of the system‚ thus improving the efficiency of enterprise management. Accounting information system network and multi-function trend is more obvious‚ how is the fastest way to management to provide the latest information to help decision-makers analysis‚ forecasting‚ decision-making‚ improve
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Introductory Part Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions‚ including computing costs and efficiency gains from new technologies‚ participating in strategies for mergers and acquisitions‚ quality management‚ developing and using information systems to track financial performance‚ tax strategy‚ and health care benefits management. They
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employees is fair. In most cases when a union is involved‚ there is a percentage of compensation that has been agreed upon. 1.7) Financial accounting (i) Management accounting (h) Financial reporting (g) Financial statements (f) General-purpose assumption (b) Integrity (c ) Internal control (e) Public accounting (d) Bookkeeping (a) 2.3) Amber Company’s assets total $150‚000 and its liabilities total $85‚000. What is the amount of Amber’s
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Advantages of Computerized Accounting System Speed and accuracy Computerized accounting system for invoicing make the accounting process run faster and more efficiently. Instead of using the old-fashioned manual paper and pen‚ you can print professional-looking invoices fast. You even can send out invoices via e-mail. The faster invoices get out‚ the faster you are likely to get paid. Many invoicing or billing software packages interface with the rest of your accounting software‚ making the process
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