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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Introduction An organizational culture is established by corporate firm to comprehend with the nature of the workplace. Organizational culture does not have an explicit definition although there have been academic researchers attempting to develop a deep understanding of the literature of managing culture. Organizational culture can be evolved from set of rules laid down from the founder of the organization and further developed to match the changes which are generated from the passage of time
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ledger a.a chronological record of all transactionsb.the balance of each account in the chart of accountsc.budget records for each account in the chart of accountsd.subsidiary details supporting a control 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
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ORGANIZATION STRUCTURE 6.1 The organization structure The organization structure refers to the ways in which the organization’s activities are divided‚ grouped‚ and coordinated between managers and employees. The structure is based on the organizational design and has to be appropriate to the strategy of the organization Cream Dream is a small business concern at present. It has a very limited line of products and needs to make efficient use of its resources. Based on its size and product offerings
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can be finish successfully. A team is a small number of people with complementary skills who are committed to a common purpose‚ performance goals‚ and approach for which they hold themselves mutually accountable. Firstly‚ team is established to study specific problem and recommend solution. These teams typically work with target completion date and disband once their purpose has been fulfilled. Members of these teams must be learn quickly how to work well together‚ accomplish the assigned task
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independence‚ and due care. These six principles are the assurance to protect the public from fraud. The purpose of AICPA code of professional conduct is clear that an accountant should follow all the six principles so that a healthy work environment could be created in the interest of the company‚ society and nation. The second discussion is focused on evaluation of ethicality of accounting activities. Manipulating the financial statements for personal interest or for loyalty towards company or
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will I am sure be of interest not only to our student audience but as a refresher to those of you in practice that may be required to deal with this concept. In most businesses debtor balances represent an important element of working capital. Accounting principles dictate that the supply of goods or services is accounted for as sales‚ at the point at which the buyer has a legal obligation to pay for them. Total debtors represent the value of credit sales for which payment has yet to be received
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STATEMENT OF PURPOSE The field of business has always intrigued me‚ ever since my teenage. I was fascinated by the way businesses are run and hence my interest in business management. This deep rooted ambition of being an entrepreneur has pushed me to pursue msc management in your famed institution. I aspire to become a successful manager‚ one who can effectively contribute in the working of his organization. My initial goal immediately after my graduation is to obtain a rigorous‚ demanding yet
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Article Analysis From Enron to Tyco‚ accounting scandals have always been a worrisome issue in accounting. Regardless of how many internal controls there are‚ there will always be a chance for unethical practices in accounting. Where and when do these problems arise? This paper will analyze an article listing situations that lead to those unethical practices and behavior that lawmakers try to prevent. In his article “What Are the Causes of Ethical Lapses in Accounting‚” Jagg Xaxx writes that business
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Introduction to Accounting Accounting is a profession used to make financial and business decisions. Billions of dollars exchange hands every day‚ in millions of separate business transactions. These are recorded and reported on using a comprehensive set of guidelines‚ referred to as Generally Accepted Accounting Principles (GAAP). Brief History of Accounting Accounting was born before writing or numbers existed‚ some 10‚000 years ago‚ in the area known as Mesopotamia‚ later Persia‚ and today the
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