ACCT1B - Sample Exam 2 Name: __________________________ Date: _____________ 1. The current period’s ending inventory is: A) The next period’s beginning inventory. B) The current period’s cost of goods sold. C) The prior period’s beginning inventory. D) The current period’s net purchases. E) The current period’s beginning inventory. 2. Sales returns and allowances: A) Can provide useful information about dissatisfied customers and the possibility of lost future sales. B) Are recorded
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BUSN1002 Financial Accounting Processes Semester 2‚ 2013 LECTURE OUTLINES 1 – 6 Topic Coordinator: Philip Palmer Room 3.70 Law and Commerce Building Email: philip.palmer@flinders.edu.au Ph: 8201 2013 FLINDERS UNIVERSITY FLINDERS BUSINESS SCHOOL BUSN1002 Financial Accounting Processes Philip Palmer Lecture Outline 1 Introduction to Financial Accounting Reading: Hoggett et al.‚ Chapters 1 and 2 1 Introduction to Accounting Accounting is an information system designed to
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Choose the one alternative that best completes the statement or answers the question. 1) Changing the value of closing inventory from cost to net realisable value is an application of which accounting concept? A) B) C) D) 2) Going concern. Historical cost. Consistency. Prudence. Which statement relating to depreciation is true? A) The cash account is affected by charging depreciation B) Accumulated depreciation represents the portion of an asset’s cost that has been transferred to depreciation
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MODULE 1 Management Accounting Module 1 Management Accounting Objectives Aim To provide an understanding of the nature of management accounting and its role in the process of managing and controlling the enterprise. Key Concepts ▪ Management accounting ▪ Management control ▪ Decision making Learning Outcomes By the end of this section you should be able to understand: ▪ The purpose of management accounting ▪ The concepts and processes of control. The
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CBS Bentley Summer 2014 Program Information for Students Dates – Classes start on Monday 6 January 2014 and end on Wednesday 5 February 2014. For all units except for Business Capstone 301‚ there are 2 X 4 hour classes per week for 4.5 weeks (36 hours of teaching). Classes are paired Monday/Thursday or Tuesday/Friday and run either 8am to 12 noon‚ 12 noon to 4pm or 4pm to 8pm. Classes are running on Monday 27 January (Australia Day Public Holiday). Attendance at all classes is mandatory and
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In- House Vs Outsourced Accounting Services We have mentioned time to time how important it is for a business entity to have a good accounting department and have up to date and accurate accounting books. A business entity will require an accounting information so as to enable it manage and control its finances and resources. It also needs it for it to be able to improve on its level of profit earning‚ should it realizes it is declining in its profitability level. But most small to midsized companies
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Accounting Theory There is always a reason behind each and every action of a human being. A man does not anything without any sound reason. Regarding Finance‚ or financial matters‚ a man is always extra cautious and so‚ he never makes any financial transaction without any reason. As accounting deals with financial transactions‚ so every accounting work is also based on reasoning. Accounting Theories always try to explain with reason‚ the logic underlying a particular practice. Generally Accepted
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Advancement of Accountancy Profession in Nigeria: A Collaborative Effort of Practicing Accountants and the Academia By Abubakar Salisu B. Sc‚ M.Sc‚ MBA‚ ACA‚ AMNIM Lecturer‚ Department of Accounting‚ Ahmadu Bello University‚ Zaria. ABSTRACT The Nigerian environment of accountancy profession has found it difficult to bring together accountants in the academics and in practice for the advancement of the profession. Whereas the accountants in practice are viewed as the real professional
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FINANCIAL REPORTING STANDARD FRS 12 Income Taxes This version of the Financial Reporting Standard does not include amendments that are effective for annual periods beginning after 1 January 2013. FRS 12 CONTENTS Paragraphs INTRODUCTION IN1 OBJECTIVE SCOPE 1 DEFINITIONS 5 Tax base 7 RECOGNITION OF CURRENT TAX LIABILITIES AND CURRENT TAX ASSETS 12 RECOGNITION OF DEFERRED TAX LIABILITIES AND DEFERRED TAX ASSETS 15 Taxable temporary differences
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1. INVENTORY A in X The inventory of Product A and data on purchases and sales for a two-month period in Company X follow. Company X closes its books at the end of each month. It uses a periodic inventory system. Apr. 1 10 17 30 Beginning inventory Purchase Sale Ending inventory 50 units 100 units 90 units 60 units @€204 @€220 May 2 14 22 30 31 Purchase Purchase Purchase Sale Ending inventory 100 units 50 units 60 units 200 units 70 units @€216
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