of accounting‚ accounting professional bodies‚ ethics and regulations 1.3 Types of business 1.4 Characteristics of qualitative accounting information 1.5 Users of accounting information Topic 1 Rosli et. al Topic 2 Norfaiezah et. al 1.5 2. 2.0 ACCOUNTING CONCEPT AND PRACTICE 2.1 Generally accepted accounting principles Accounting assumptions Accounting principles Accounting constraints 2.2 Types of financial statement Statement of Comprehensive Income Statement of Changes
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profit and unappropriated profit. what is the accumulated profit and why do accountants and bookkeepers use different names for the same thing? (6 marks) Accumulated profits is profits that are not paid as dividend but is transfered over to the accounts for the next year. Also can be used to reinvest in the core of the business to help pay off debts or to purchase a capital asset. The reasons why accountants and bookkeepers use different names for the same thing is because bookkeepers are the people
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Fixtures and fittings $000 $000 250 100 350 Current Assets Stock Debtors Cash Current Liabilities Creditors for supplies Accruals Bank 1540 820 3 2363 1210 192 203 1605 758 1108 25 910 Share capital – Ordinary shares Retained profits Loan accounts – Bracket Racket 104 69 173 1108 The company accountant resigned at the beginning of April 2002 and proper records were not kept for the six-month period 1 April to 30 September 2002. The following information is available for that six-month period
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decisions determine the future destiny of the firm. An appropriate decision can yield amazing returns; where as a wrong decision can endanger the survival of the firm. 2. Associated with Risk; - Long term investment of funds is exposed to different types of risks. The longer is the period of the project‚ the greater may be the risk and uncertainty. 3. Large size of funds: - Capital Budgeting Decisions require large amount of funds for acquisition of fixed assets. 4. Irreversible Decisions:-Capital
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GA-2 February 25‚ 2012 Dear Audit Staff: This memo will give us an idea of what what special business knowledge we will need to have in regards to the basic type of business and products Apollo Shoes manages. It will also provide the necessary staffing we will need to have for this audit. Apollo Shoes provides high tech electronics for todays modern athlete. They’re committed to pushing the envelope and expanding they’re products to the global and galactic marketplace. With this
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1991 - 1999 : Raising the Profile of MAICSA e-mail print With these epochal and momentous events behind it‚ MAICSA entered the decade of the nineties stronger and surer of itself. A series of memorable events marked the chairmanship of Mardzuki Abdullah who served for two years from 1990 to 1991. The year 1991 witnessed the first convocation ceremony for ICSA graduates held on 27 July. It was officiated by Datuk Dr Fong Chan Onn‚ the Deputy Minister of Education. It was a historic and personally
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socially responsible and ethical behaviour‚ rather than by the law. The ‘business of business’ is no longer only business (‘Profit’) and shareholders are no longer the only important stakeholders. In their strategic decision making and behaviour‚ private and public sector organisations now need to consider the environment (‘Planet’) as well as strategic stakeholders such as employees‚ customers‚ regulators‚ the community‚ the media‚ activists and a myriad of others (‘People’). In this new era‚
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To briefly state‚ a universal single payer care as stated before is a health care system for all. We are the only industrialized country that has not yet adopted this type of health care. Why though? Mostly because many Americans are not educated on the subject of this type of health care. Yet health care cost has risen dramatically in the past years‚ but with this new implementation of health care “The program would be funded by the savings obtained from replacing today’s inefficient‚ profit-oriented
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Goods/Stock purchased or sold being returned is quite a common practice in business. This may be on account of a number of reasons like defects in goods‚ quality not matching the requirement for which the buyer purchased it‚ the buyer not needing the stock‚ etc. This happens both in case of goods purchased as well as goods sold by the organisation. Where the goods sold are being returned we call it "Sales Returns" and where goods purchased are being returned we call it "Purchase Returns"
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company issue a share having face value of Rs 10 at Rs 8 Give two examples of ‘Capital receipts’. Give two circumstances in which sacrificing ratio may be applied (1) (1) (1). (1) (1) Show how you would deal with the following items in the final accounts of a club: (3) Debit credit Prize fund Prize fund Investments 1‚20‚000 Income from Prize fund Investments Prizes awarded 9000 Q7. 1‚20‚000 12000 A‚B and C are partners sharing profits and losses in the ratio of 1 : 2: 3. They have omitted interest
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