8/2/2012 Objective of Lecture 2 CLASSIFICATION OF ACCOUNTS & ACCOUNTING EQUATION • By end of lecture 2‚ all students should be able to:(a) Understand the five categories of accounts and able to classify them into the respective categories (b) Understand the accounting equation and the relationship between assets‚ liabilities and owner’s equity. Classifications of accounts • • 1. 2. 3. 4. 5. An account is used to record all information regarding an item. The five major
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ACCOUNTING SUBSTANCE OVER FORM Substance over form is an accounting concept where the entity is accounting for items according to their substance and economic reality and not merely their legal form. It is one of the key determinants of reliable information. For most transactions there will be no difference and in some cases however‚ the two diverge and the choice of how to present the transactions can give very different results. This differences occurs when an asset or liability is not recognized
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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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Section A Under Case Study (Newspaper) HB Global 1. Types of audit opinion Qualified opinion * A qualified opinion report can result from a limitation on the scope of the audit or failure to follow generally accepted accounting principles Adverse opinion * It is used only when the auditor believes that the overall financial statements are so materiality misstated or misleading that they do not present fairly the financial position or results of operations and cash flows in conforming
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ACCOUNTING NOTES FOR MY PERSONAL USE 4/12/2013 ELISHA VERIWA | Introduction to Accounting Accountancy is the process of communicating financial information about a business entity to users (stakeholders) such as shareholders and managers (Elliot‚ Barry & Elliot‚ Jamie: Financial accounting and reporting). Accounting has been defined as: * the art of recording‚ classifying‚ and summarizing in a significant manner and in terms of money‚ transactions and events which are‚ in part at least
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does the Oracle database have? Correct 2. Which of the following components comprise an oracle architecture? Correct 3. A _______________ is used to logically group data together Correct 4. Oracle automatically creates the SYSTEM tablespace Correct 5. A _____________ is a set of tables physically stored together as one table that shares a common column Correct 6. What is the use of an index? Correct 7. Which is the smallest unit of storage in an Oracle database? Correct 8
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Technology Changes Role of Database Administrator The database administrator (DBA) is responsible for managing and coordinating all database activities. The DBA’s job description includes database design‚ user coordination‚ backup‚ recovery‚ overall performance‚ and database security. The database administrator plays a crucial role in managing data for the employer. In the past the DBA job has required sharp technical skills along with management ability. (Shelly‚ Cashman‚ Waggoner 1992)
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development. To develop the current materials ordering system‚ a database plan is necessary for the use in Business-to-Business websites that will allow Riordan to order materials via the web from its vendors. This database plan will assist Riordan with ordering materials online from its vendors‚ increase its annual revenue and stay competitive. Database Plan Description The database plan is the first step in creating a database for the tracking of purchasing‚ materials and inventory data while
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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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Chapter 5 Accounting for Merchandising Operations Chapter Summary Merchandising Operations • A merchandising company is an enterprise that buys and sells goods to earn a profit. • Measuring net income for a merchandising company is the same as for a service company through matching of expenses with revenues. • In a merchandising company‚ the primary source of revenue is the sale of merchandise‚ which is called sales revenue or sales. • Expenses for merchandising
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