Statement For the period June 1‚ 2011 to June 30‚ 2011 Revenues Sales Revenue $7000 Expenses Wage expense $1400 Supplies expense $1000 Gas and Oil expense $ 600 Advertising expense $ 400 Utilities expense $300 Total Expenses $3700 Net Income $3300 __________________________________________________________________________ Eckersley Service Company Retained Earnings Statement For the period June 1‚ 2011 to June 30‚ 2011
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FOUNDATION PRINCIPLES OF ACCOUNTING BUS0115 APRIL 2013 INTAKE SEMESTER 1 INDIVIDUAL ASSIGNMENT (15%) Answer the following questions. Question 1 a) Provide a definition and an example for each of the following concepts. Your definition must be from an academic book. (References must be provided) i. ii. iii. iv. v. vi. Historical Cost Monetary Going Concern Time Interval Business Entity Accruals [12 marks] b) Elaborate the consequences of non-compliance of each of the accounting concepts. [12 marks]
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1. What do you see as some of the advantages and disadvantages of the systems concept of corrections? Some of the advantages that I that I think that is an impact on the concept of the correction‚ is it helps decrease some of the crimes that happens on the streets and get it away from our young kids. Another advantage is that it gives a a road to recovery for many crimes.Some of the disadvantages that I think that is an impact on the concept of correction‚ we the public pay for them to be able
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Financial Statement Analysis: Costco Wholesale (COST) Executive Summary Costco Wholesale is recognized as the largest wholesale club operator in the US. Over the three-year time period of 2002-2004‚ this company has expanded its membership base while increasing its number of warehouses both in the U.S. and internationally. In 2004 alone‚ net sales increased 13.1% over the prior year‚ driven by an increase in comparable sales of 10% and the opening of twenty new warehouses; net income
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Answer to Q. No. 1 Hedonism (Greek: hēdonē (ᾑδονή from Ancient Greek) "pleasure" +–ism) is a philosophical position that takes the pursuit of pleasure as the primary motivating element of life‚ based upon a view that "pleasure is good" i.e. pleasure has an ultimate importance and is the most important pursuit of humanity. The concept of pleasure is‚ however‚ understood and approached in a variety of ways‚ and hedonism is classified accordingly. The three basic types of philosophical hedonism
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Biovail and the Distributer provided that title to‚ and risk of loss with respect to‚ the product would not have passed to the Distributer until the product was delivered to the Distributer’s facility. In this scenario‚ using generally accepted accounting principles (GAAP) requirements‚ revenue cannot be recognized as the seller has not done everything required under the sales agreement. In this specific sales agreement‚ title and risk of the shipment remains the seller’s until received by the buyer.
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Title: Poverty is a multi-faceted concept that can be defined in various ways. Write an essay in which you outline the concept as well as distinguish between absolute and relative poverty. In your discussion provide relevant examples to illustrate your understanding. Discuss any three causes of poverty in Third World countries using concrete examples. Table of content 1. Introduction………………………………………………………. 1 2.Definition of Poverty……………………………………………... 1 3.Definition of Absolute and Relative
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Stock Option and Ethics Carol Berry ACC201 Principles of Financial Accounting Instructor: David Miller August 1‚ 2011 Stock Option and Ethics In today’s corporate world stock options makes up and is increasingly dominates CEO pay packages. CEO’s and top level executives are paid in a variety of different ways and stock options are just one of the ways that they get paid. CEO’s and executives have skills and responsibilities that allow directors of companies to pay these executives an extremely
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Nimo Lorenzo ACCTG 117 Payroll Accounting Management Monday Morning Class 02/04/2014 Matching Quiz 1. B 2. D 3. F 4. A 5. H 6. I 7. J 8. C 9. E 10. G Questions for Review 1. The Department of Labor enforces the Fair Labor Act which sets the basic federal minimum wage at $ 7.25 per hour and for the state of California’s minimum wage is $ 8.00 per hour. 2. The information that needs to be maintained by FLSA concerning employees’ wages earned is data about hours worked. 3. An employer
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Assignment 2 Basic Accounting Concepts and Business Structures Basic Accounting Concepts and Business Structures Before the Great Depression and the crash of the stock market‚ there were no groups governing the accounting world‚ nor had any principles been put into place. Because of this‚ various groups and GAAP had to be formed to ensure that quality financial reporting was exhibited. There are still discrepancies in accounting but with the hierarchy of
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