Case 1-4 Generally Accepted Accounting Principles At the completion of the Darby Department Store audit‚ the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles‚” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more than what he thinks of as “principles.” Required: a. Explain the meaning of the term accounting principles as used in the audit report. (Do
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CLICK TO DOWNLOAD ACC 201 Principles of Financial Accounting Week 1 Chapter 1 and 2 Practice Exercises: 1-2‚ 1-4‚ 1-9‚ 1-12‚ 1-18‚ 2-1‚ 2-3‚ 2-19‚ 2-22‚ 2-25. Memo to Blair Complete the writing assignment‚ ATC 1-4 from Chapter 1 and submit to your instructor. Week 2 Discussion 1: Fraud Discuss in general the ethical issues when employees are tempted to defraud their employer or when companies defraud the public. What sort of situations can lead to this behavior? What are the costs of
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Requirement: Compute the amount of allowance for uncollectible accounts to be reported in the balance sheet of V company: Estimated Uncollected Accounts Details Total Amount ($) Percentage Considered Uncollectible (%) Allowance for Doubtful Debts Accounts ($) A B C D 0 – 30 Days Past Due 60‚000 5% 3‚000 31 – 60 Days Past Due 4‚000 10% 400 Over 60 Days Past 2‚000 70% 1‚400 Total 66‚000 4‚800 Therefore‚ the amount of allowance for uncollectible accounts to be reported in the balance sheet of V Company
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BUSINESS SCHOOL OF ACCOUNTANCY COURSE CODE : BKAL1013 COURSE : BUSINESS ACCOUNTING PRE-REQUISITE : NONE 1.0 COURSE SYNOPSIS This course is designed specifically for students from non-accounting disciplines. It is divided into two sections‚ i.e. financial accounting and management accounting. Students will be exposed to accounting concepts‚ principles and assumptions. They would be able to assess and apply the information provided by accountants
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Q & T Explain what debit and credit mean. T For each of the following transactions of Dennen‚ Inc.‚ for the month of January 2015‚ indicate the accounts‚ amounts‚ and direction of the effects on the accounting equation. A sample is provided. a. (Sample) Borrowed $30‚000 from a local bank b. Lent $10‚000 to an affiliate; accepted a note due in one year. c. Sold 100 additional shares of stock with a par value of $.10 per share to investors for $500 cash. d. Purchased $15‚000 of equipment‚ paying $5000
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Unit 504 TASK C REFLECTIVE ACCOUNT In my teaching I employ principles of learning in the following four areas: lesson planning‚ lesson structure‚ meeting learners’ needs and assessing learning. I like to do and use my session plan as it serves as a guide and makes me feel confident. I will set ground rules for standards of acceptable behavior. In communication theory‚ a linear style of transmission is used to communicate ground rules to my learners‚ although a circular model is used in developing/agreeing
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● the motion for debate today is principles based accounting provide/not provide greater opportunity for manager to manage earnings defining the motion: ● Now we as today’s proposition strongly believe that this is true that principle based accounting provide greater opportunity for manager to manage earnings‚ but before we come to our actual argumentation‚ let us first define some important terms in this debate. ● We believe that what is meant by principle based accouting is that Almost
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the fundamental accounting equation? a. Current assets + Current liabilities = Owners’ equity b. Assets + Owners’ equity = Liabilities c. Cash = Debts + Common stock d. Assets = Liabilities + Owners’ equity 2. Which one of the following best describes a balance sheet? a. A description of the entity’s operations over a period of time b. A snapshot at a point in time of an entity’s assets‚ liabilities and owners’ equity c. A reconciliation of an entity’s bank account balance d. A description
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Sears Sears‚ Roebuck and Co. vs Wal-Mart Stores‚ Inc 1. In the time highlighted in the case‚ Sears and Wal-Mart both had impressive ROEs for the retail industry. However‚ the retailing strategies of the two large department store chains vary. Wal-Mart operates as a discount retailer and even has a slogan of “Always low prices.” In contrast‚ Sears is a more traditional department store. Based on this distinction‚ Wal-Mart focuses on high turnover and less on profit margin. Wal-Mart and Sears
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2. Accounting functions This chapter will discuss the organization of Dell in general and provide insights about the Dell business. Will discuss the different stakeholders who are interested in Dell Company and what the key resources of Dell are. Will see the role of accounting within the organization and the accounting software‚ if any‚ they use. 2.1. About Dell Michael dell is the founder for Dell Company. Michael‚ with twenty seven years old‚ was the youngest CEO of a fortune 500company in
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