The formation of the debit and credit concept In this simplified form we can begin to see what the mathematician and Father of Accounting (Luca Pacioli) saw in 1494 when he codified the double-entry bookkeeping system. It is his codified system that outlined the rules for applying debits and credits when recording the financial transactions of a business in the double-entry bookkeeping system. Now remember that Luca’s book in 1494 was written and published in Latin and at a time when the concept
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the interest of a regular loyal customer base with its broad variety of coffee and pastry products. The company plans to build a strong market position in the town‚ due to the entrepreneur’s industry experience and mild competitive climate in the area. EB aims to offer its products at a competitive price to meet the demand of the middle-to higher-income local market area residents. The Company EB is incorporated in Eldoret Town‚ its postal address being The mobile number being It is owned and
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BM6026 - Managerial Accounting & Finance Mini Assignment - Sem 1 2014/2015 Name : Suriati Binti Yusse Matric no : MB1412199T Class : Tuesday - 7.00PM - 10.00PM product selling price Variable Cost : Material : Extract of Tongkat Ali Other Ingredients Packing Material Overhead Cost : Drying cost of liquid Other Overhead Cost Labour Cost : Processing Packaging Total Variable Cost Unit Contribution Margin Expected volume sales % of total sales Weighted Contribution Q1 : capsule
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Classmates‚ According to (Oster‚ 2014)‚ "Percentage of receivables and percentage of sales are two accounting allowance methods used to reconcile customer accounts deemed noncollectable. When allowed by generally accepted accounting principles (GAAP)‚ these two strategies are preferred over direct write-off of bad debt expenses. Percentage of receivables and percentage of sales provide a business with the ability to accurately estimate the expected bad debt losses they will have in each succeeding
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8/2/2012 Objective of Lecture 2 CLASSIFICATION OF ACCOUNTS & ACCOUNTING EQUATION • By end of lecture 2‚ all students should be able to:(a) Understand the five categories of accounts and able to classify them into the respective categories (b) Understand the accounting equation and the relationship between assets‚ liabilities and owner’s equity. Classifications of accounts • • 1. 2. 3. 4. 5. An account is used to record all information regarding an item. The five major
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most important? Explain why. The four basic financial statements are the balance sheet‚ income statement‚ statement of retained earnings‚ and statement of cash flows. The balance sheet shows what it owes and owns. Income statement shows how the company did during a period of time both revenues and expenses. Statement of retained earnings indicates how much previous income was distributed to yourself and other business owners and what was kept for future growth. Statement of cash flows shows where
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INTERNAL PUBLIC AND EXTERNAL PUBLIC Public for public relations can be classified into categories: (A) Internal Public. (B) External Public. MEANING OF PUBLIC RELATIONS:- Public: Public is group of similar individuals‚ an assortment of person having similar interest‚ problems‚ goals and circumstances. It generally from such sources that OPINIONS emerge. Public comes in many forms and sizes. They have a multitude of desires and wants. Public has its own likes and dislikes
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CASE 4-33 ACCOUNTING | 15% Commission | 20% Commission | Own Sales Force @ 7.5% | Sales | $ 16‚000‚000 | 100% | $ 16‚000‚000 | 100% | $ 16‚000‚000 | 100% | Variable Expenses: | | | | | | | Manufacturing | $ 7‚200‚000 | | $ 7‚200‚000 | | $ 7‚200‚000 | | Commissions | $ 2‚400‚000 | | $ 3‚200‚000 | | $ 1‚200‚000 | | Total Variable Expenses | $ 9‚600‚000 | 60% | $ 10‚400‚000 | 65% | $ 8‚400‚000 | 52.5% | Contribution
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Chapter 2—The External Environment: Opportunities‚ Threats‚ Industry Competition‚ and Competitor Analysis TRUE/FALSE 1. The health-related concerns in the general environment facing Philip Morris International are part of the physical segment. ANS: F PTS: 1 DIF: Medium REF: 36 OBJ: 02-01 TYPE: comprehension NOT: AACSB: Ethical & Legal understanding | Management: Ethical Responsibilities | Dierdorff & Rubin: Managing the task environment 2. The external environment facing business stays relatively
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FASB is a private and not for-profit organizations and their primary goal is to establish and improve generally accepted accounting principles in the public’s interest. FASB established in 1973 and it’s starts giving the financial solutions for public and private companies and non-profit organizations. FASB is responsible for setting accounting standards for public‚ private companies and organizations. There are currently seven members’ who are at the top position of this organization. The magazines
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