ACCRUAL BASIS OF ACCOUNTING Accrual accounting records the effect of a business transaction as it occurs. When the business performs a service‚ makes a sale‚ or incurs an expense‚ the accountant records the transaction even if it receives or pays no cash. Net income from this activity equals the amount of cash received from customers minus the amount of cash paid for raw materials‚ labor‚ and the services of production facilities. If the entire operating cycle occurred in one accounting period
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Introduction Accounting and finance are two very important factors that exist in every company out there that is commercialized. Every firm needs to do accounting and manage its finance well in order to continue operating‚ an organization cannot run without any funds. The management of the company will need to evaluate the accounts and finance of the company to make important decisions‚ such as whether to invest in a certain stock or to buy more of a particular item to sell. In this report‚ we will
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Annual Report and Form 20-F 2012 bp.com/annualreport Building a stronger‚ safer BP Annual Report and Form 20-F 2012 bp.com/annualreport Building a stronger‚ safer BP Front cover imagery The Petroleum Geo-Services (PGS) Ramform Sterling seismic vessel‚ which conducts seismic surveys for BP. Left image: the vessel working in the Ceduna Basin‚ Australia. Centre image: the vessel tows 12 streamers (pictured) behind it‚ each 8km long and equipped with hydrophones to pick up echoes from
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Defination Deficit Financing Deficit budget means that Govt. expenditure is more than its income from taxes and fee etc. Resources for deficit budget are met by borrowing‚ which is called Deficit Financing. In Pakistan deficit financing is needed because development programs require huge finance whereas domestic savings and income from taxes are not sufficient enough for this purpose. Increasing savings habits‚ population control‚ elimination of corruption‚ decrease in non-productive expenditure
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Short term working memory is the memory where we are conscious of and working memory allows for active ideas and memories to be manipulated. The central executive component acts as a supervisor system or boss that controls information flow and works to coordinate‚ control‚ and monitor the operation of the slave systems; phonological loop and the visuo-spatial sketchpad and processing them into long term memory. Where information can be seen is in the visuo-spatial sketchpad. It stores information
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Name -----------------------------------ID# -----------------------------------Public Finance Homework 2 Due in class – October 28 There are 20 multiple-choice questions‚ each is worth 5 points for a total of 100 points plus one extracredit question. Please‚ write with pen‚ print and staple this HW. I. Externalities Problem: Firms A and B each produce 80 units of pollution. The federal government wants to reduce pollution levels. The marginal costs associated with pollution reduction are MCA
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DATABASE MANAGEMENT SYSTEM (DBMS): A database management system (DBMS) is a computer program (or more typically‚ a suite of them) designed to manage a database‚ a large set of structured data‚ and run operations on the data requested by numerous users. Typical examples of DBMS use include accounting‚ human resources and customer support systems. A database management system (or DBMS) is essentially nothing more than a computerized data-keeping system. Users of the system are given facilities to
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1. Short-term memory is the part of the memory system where information is stored for a short period of time. It is important for short term memory to exercise your brain on a daily basis. A personal experience where I had a lapse of short-term memory was when I was studying for a biology exam in the library on the 2nd floor. Then‚ another day when I went to the library‚ but sat in a different spot. I could not remember what I had remembered in the other spot. This is an example of encoding specificity
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One of the stated purposes for writing the account was Las Casas’s fear of Spain coming under divine punishment and his concern for the souls of the native peoples. The account was one of the first attempts by a Spanish writer of the colonial era to depict the unfair treatment that the indigenous people endured during the early stages of the Spanish conquest of the Greater Antilles‚ particularly the island of Hispaniola. Las Casas’s point of view can be described as being heavily against some of
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Accruals and the Prediction of Future Cash Flows: evidence from China Background Predicting the company’s future cash flows is of high significance in accounting and finance areas alike‚ due to the fact that the ability of company generating cash flows substantially influences its securities value. For this purpose‚ Financial Accounting Standards Board (FASB) states that the primary objective of financial reporting is to provide information to help investors‚ creditors‚ and others in assessing
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