101-00128 Oct 2014 Accounting Accounting is the recording‚ measurement‚ and interpretation of financial information (Business 286). This financial information is used to evaluate the organization’s operations. To carry out these interpretations of financial information a public or private accountant is able to do this. To become a public accountant you must earn your CPA (certified public accountant) by passing a test and means you are certified by the state in which you provide accounting services where
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BACKGROUND TO THE STUDY 1.0 Introduction Financial Accounting may be defined as the process of identifying measuring‚ and communicating economic information to permit informed judgments and decisions by users of the information. It is the maintenance of daily record of all financial transactions in such manner that it would help in the preparation of suitable information regarding the financial affairs of a business or an individual. Financial Accounting is a pre-requisite for good management of
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Catherine Gamero 4/26/12 Week One Discussion Questions • What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion‚ which financial statement is the 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
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ACCOUNTING HOMWRK WK2 CLA DISCUSSION Graded Activity: Class Discussion (25 points) | Instructional Objectives for this activity: Describe the terms asset‚ liability‚ and owner’s equity account Outline how the accounting equation is utilized | The relationship between three basic accounting elements – assets‚ liabilities‚ and owner’s equity – can be expressed in the form of a simple equation known as the accounting equation. Please respond to all of the following prompts in the class
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Chapter 4 : Account Titles and Preparation of Financial Statements | Article 14 : The balance sheet items shallbe categorized as follows: 1. Assets. (1) Current assets. (2) Funds and long-term investments. (3) Property‚ plant and equipment. (4) Depletable assets. (5) Intangible assets.
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MAA103 & MAAP103 - Accounting for Decision Making ASSIGNMENT – TRIMESTER TWO‚ 2011 (Relates to Topic 4) Represents 20% of the assessment for this unit DUE DATE: ASSIGNMENT PLANNER: MONDAY 1 AUGUST‚ BY 5.00pm FINAL ASSIGNMENT: THURSDAY 8 SEPTEMBER‚ BY 5.00pm NOTE the following general submission points: 1. 2. 3. 4. 5. Assignment can be completed in groups of no more than THREE students. Students CAN NOT complete assignment with students from other lecturers classes. Only ONE hardcopy of
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Administration- MBA Semester 1 MB0041 – Financial and Management Accounting Q1. Accounting is one of the oldest‚ structured management information system. Give the meaning of accounting and book keeping? Explain the objectives of accounting? ANS. Meaning of Accounting- The systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing‚ analyzing and reporting these transactions. The financial statements that summarize a large
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Responsibilities Of Financial and Managerial Accounting Managers According to Horngren‚ Sundem and Stratton in “Introduction to Management Accounting”‚ “Good management is a result of good information‚” (p.3). Collecting and compiling information about a company are the primary responsibilities of both financial and managerial accounting managers. Management accounting produces information for the managers in a company to help fulfill organizational objectives. “Financial accounting produces reports
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Question 1 The ethical guidelines which accountants are obliged to follow in the conduct of their work are made to combat criticism and gain credibility by preventing fraudulent accounting. Accountants ought to be able to maintain impartiality and independence to create a clear‚ credible and unbiased audit. Hence‚ the ethical principles are considered important. This is because the work of accountants requires a high level of ethics since the financial statements prepared and verified by auditors
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Offering Support (York SOS) to accompany our ACTG2011 Exam-AID session. It is intended for students enrolled in any sections of 2012/2013 INTRODUCTION TO FINANCIAL ACCOUNTING II-ACTG2011 course who are looking for an additional resource to assist their studies in preparation for the exam. References Friedlan‚ John (2010). Financial Accounting: A Critical Approach – 3rd Ed. McGraw Hill. What is Students Offering Support? Students Offering Support is a national network of student volunteers
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