internal stakeholder? A A shareholder B Investment analyst / consultant CA manager DA supplier (1b) The original role of the accounting function was which one of the following? AProviding management information BRecording financial information C Maintaining financial control D Managing funds efficiently (1c) The major purpose of the Malaysian Accounting Standards Board (MASB) is to ensure consistency in ___________. Which two words complete this sentence? A Financial control B Corporate
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Q1. Management accounting is a field of accounting‚ it analyses and provide cost information to internal user (Ex: employee‚ management) for the purpose of PLANNING‚ CONTROLLING‚ and DECISION MAKING. P.S. CIMA (Chartered Institute of Management Accountants) defines Management accounting as “Management Accounting is the process of identification‚ measurement‚ accumulation‚ analysis‚ preparation‚ interpretation‚ and communication of information that used by management to plan‚ evaluate‚ and control
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1. According to the cost allocation methods used in the company’s accounting system that are described in the Production Cost Report‚ if a company employs 100 PATs at a total labor cost of $15‚000‚000 (including wages‚ fringes‚ incentives‚ overtime‚ training‚ and severance expenses)‚ assembles and ships 800‚000 entry-level cameras and 200‚000 multi-featured cameras over the course of a year‚ has revenues of $100 million from sales of entry level cameras‚ and revenues of $150 million from the sale
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for pre-paid expenses and accrued expense. Analyzing the cash flows statement‚ we found a mathematical error in the decrease of cash and cash equivalents. Analyzing the balance sheet to the general ledger‚ we found a few a few misstatements with account receivable and inventory. Also a misstatement in the calculation of fixed assets‚ both in this year’s financial statement as well as last years. We noticed a few related party transactions that were not disclosed in the financial statements such as
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all‚ I would like to thank Almighty God for giving me the strength to do this SBA‚ Mrs. Clovetta Campbell and finally my Principles of Accounts teacher Ms. Williams who helped me along the way. AIMS OF THE BUSINESS The aim of the business is to achieve exposure of what goes on in the business world. The aim of this business is to also know how to prepare Accounting Ratios‚ how to operate a business and how to achieve customer satisfaction and to attain profit. DESCRIPTION OF THE
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(10 min.) E 1-23 Req. 1 The owner’s equity increased during the year by $4‚000. Beginning owner’s equity: $19‚000 – $9‚000 = $10‚000 Ending owner’s equity : $27‚000 – $13‚000 = $14‚000 Change in owner’s equity: $14‚000 – $10‚000 = $4‚000 Req. 2 Owner’s equity can change three ways: Owner’s equity can increase through: Owner contributions and/or Net income Owner’s equity can decrease through:
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Outcome 5 Section 1 Badges of Trade Firstly it is important to determine if Ali is trading as annual profits from trade or non-trade are taxed under different schedules. There is no single test for trade; in determining if trade has occurred there are six badges which must be considered‚ a brief description of each badge and an outline of how it affects Ali’s circumstances is outlined below. Subject Matter If the asset sold might be for personal enjoyment or investment e.g work of art or shares
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Sunset Boards. Sunset Boards is a small company that manufactures and sells surfboards in Malibu. Tad Marks‚ the founder of the company‚ is in charge of the design and sale of the surfboards‚ but his background is in surfing‚ not business. As a result‚ the company’s financial records are not well maintained. The initial investment in Sunset Boards was provided by Tad and his friends and family. Because the initial investment was relatively small‚ and the company has made surfboards only for
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Financial Accounting Week 3 Lecture Summary Accounting for Receivables Definition Receivables are amounts due from other persons or entities. Receivables are highly liquid‚ which means it is expected that they will be converted into cash quickly‚ and are classified as current assets. Types of Receivables Accounts Receivable: amounts due from customers for sales on credit. Businesses sell to customers on credit in an attempt to increase their sales. Also called Trade Debtors. Bills
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90/bushel. The cost of sales was calculated by multiplying these 180‚000 bushels by a total production cost per bushel of $0.531. In the balance sheet‚ inventory is made up of 30‚000 bushels stored at the farm at a current price of $3.07. The accounts receivable balance includes the 20‚000 bushels awaiting collection at a price of $2.90 per bushel. Grennell Farm Income Statement (Collection Method) ------------------------------------------------- Year Ending December 31‚ 2009 Sales Revenue
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