Administration- MBA Semester 1 MB0041 – Financial and Management Accounting Q1. Accounting is one of the oldest‚ structured management information system. Give the meaning of accounting and book keeping? Explain the objectives of accounting? ANS. Meaning of Accounting- The systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing‚ analyzing and reporting these transactions. The financial statements that summarize a large
Premium Balance sheet Generally Accepted Accounting Principles Income statement
automobile and for the user of financial statements are essentially the same. They are both concerned with the problem of unreliable information being provided. In the case of the auditor‚ the user is concerned about unreliable information being provided in the financial statements. The buyer of an automobile is likely to be concerned about the manufacturer or dealer providing unreliable information. c.) Compare the four causes of information risk faced by users of financial statements as discussed in
Premium Management Health care Customer service
21. Generally accepted accounting principles a. are fundamental truths or axioms that can be derived from laws of nature. b. derive their authority from legal court proceedings. c. derive their credibility and authority from general recognition and acceptance by the accounting profession. d. have been specified in detail in the FASB conceptual framework. 22. A soundly developed conceptual framework of concepts and objectives should a. increase financial statement users’ understanding
Premium Income statement Decision making Balance sheet
← Abstract Faced with various issues of international accounting in cultural‚ economic‚ ethical and social level‚ after comparing US with China about the GAAP‚ analyzing the differences and difficulties in global accounting standard‚ it’s necessary to separate different accounting standards because of the diversification in different countries‚ it shows that accountancy professions play an important role in capital market‚ which can provide useful‚ relevant and reliable information to interested
Premium Generally Accepted Accounting Principles International Financial Reporting Standards Financial statements
account 2. Which steps in the Financial Accounting Process are in the correct sequence based on closing the accounts and determining timing differences prior to issuing financial statements a.record the transaction‚ post to the ledger‚ prepare the adjusted trial balance‚ enter adjusting entries‚ prepare financial statementsb.record the transaction‚ prepare the unadjusted trial balance‚ record adjusting journal entries‚ record closing entries‚ prepare financial statementsc.record the transaction
Premium Generally Accepted Accounting Principles Balance sheet Accounts receivable
Phase 4 Individual Project 3/18/2013 LITR240 The play “Trifles” is a murder mystery about from 1916. The husband was found strangled by a rope in his bed and his wife was found rocking in a chair. When the authorities came to inspect the property they brought some neighbors of the wife to bring her something from the house. The most compelling part was when they found the bird also strangled and hid this information from the authorities almost to protect her. The setting of the play is
Premium Frank Lloyd Wright Performance Theatre
aircraft in the United States and is a major employer in Seattle‚ Washington. Explain why each of the following individuals or organizations would be interested in financial information about the company. a. California Public Employees Retirement System. One of the world’s largest pension funds. They would be interested in Boeing’s financials to see how much the company contributes to their employee’s 401K plans. b. Chinese Airlines‚ a rapidly growing airline serving the Pacific Rim. Seeing
Premium Balance sheet Generally Accepted Accounting Principles Finance
Financial information should possess a number of qualitative characteristics in order to meet the needs of users of financial statements. There are‚ however‚ a number of issues that surround the qualitative characteristics of financial information. The threshold quality of materiality is not easy to define and can be misunderstood. Similarly‚ the concept of prudence is not clear-cut and can conflict with neutrality. In addition‚ relevance and reliability can be conflicting targets and a trade-off
Premium International Financial Reporting Standards Balance sheet International Accounting Standards Board
Woolworths Financial Ratio Report Liquidity‚ Solvency and Profitability Abstract This report consists of ratio calculation and analysis of Woolworths’ liquidity‚ solvency as well as profitability. Liquidity ratios include current ratio‚ quick asset ratio and inventory turnover. Solvency ratios include debt to total asset and interest coverage. Profitability ratios include return on owners’ equity‚ payout ratio‚ return on assets‚ return on sales‚ asset turnover‚ cash return on sales and operating
Premium Financial ratios Generally Accepted Accounting Principles Financial ratio
Personal identity is something many people have a hard time finding. Some individuals go through “phases”‚ resulting in being treated differently from others. They may dress differently and this may cause them to hurt themselves or others. I was lucky enough to be born in a very stable middle class family. I was raised to be a good person and help anyone in need. This upbringing shaped the way I think today; I am a kind person with respect to everyone and their opinions. Without this upbringing‚
Premium English-language films Person Identity