Accounting Principles‚ Concepts and Conventions Accounting principles are guidelines & standards‚ which have been accepted by the accounting profession in preparation and presentation of accounts of the business. It is approved and normally accepted by the government bodies &controlling authorities. Accounting principles are uniform in order to understand in the same sense by those using it. Also they are not rigid (i.e. inflexible) like principle of gravity but they are flexible.
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Concept Introduction Financial accounting has a number of conservative laws which have been considered over the years and all the possible identifiable rules are: Business Entity Concept‚ Money Measurement Concept‚ Going concern Concept‚ Accrual basis of accounting concept‚ Consistency Concept‚ Materiality and aggregation concept‚ Prudence‚ Matching Principle and Dual Aspect 1. The Business Entity Concept It is the customary where you strictly distinguish all the matters of any business from
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learners must be able to do‚ and give direction to the teacher ’s planning‚ and continuous evaluation. Thus it is a matter of observable and measurable behaviour. When formulated in detail‚ criterion-directed outcomes for behaviour should contain the following elements (Mager 1962)‚ in addition to the introduction and reference to the persons to whom they are directed (learners): • The ultimate action expected of learners must be spelled out. Learners (and the teacher) must know exactly what they are expected
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QUESTION BTN 1-3 Identify the parties potentially affected by this audit and the fee plan proposed Accounting code of ethics guides those in the profession to behave in a respectful‚ controlled and moral way. Clients need to have confidence in the business practices of professional accounting firms. A clear ethical code ensures that accountants practice a high standard of business that is exceptional in integrity and professionalism (Maughan‚ 2011). According to Schreiber (2003)
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Costing Job costing is the process of tracking the expenses incurred on a job against the revenue produced by that job. Job costing is an important tool for those who are pairing a relatively high dollar volume per customer with a relatively low number of customers. For example‚ building contractors‚ subcontractors‚ architects and consultants often use job costing‚ whereas a hardware store or convenience store would not use job costing. Job costing using accounting software enables you to track
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Nike Inc. Nike Inc. is an American multinational corporation that is engaged in the design‚ development‚ manufacturing and worldwide marketing and selling of footwear‚ apparel‚ equipment‚ accessories and services. It is one of the world’s largest suppliers of athletic shoes and apparel and a major manufacturer of sports equipment‚ with revenue in excess of US$24.1 billion in its fiscal year 2012 (ending May 31‚ 2012). As of 2012‚ its employed more than 44‚000 people worldwide. Their first products
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CHEMISTRY TEST FORM VI JULY 2013 TIME: 2 HOURS SECTION A Answer all questions 1. a) A coordination compound has a formula Co Cl3. 4NH3. It does not liberate ammonia but precipitates one mole of chloride ions with Ag No3. i. Give IUPAC name of the complex ii. Write it’s structural formula a) Give chemical tests to distinguish [Co Br (NH3) 5] S04 and [Co (NH3)5 SO4] Br 2. Give IVPAC Names of the following i. K2 [ptF6] ii. [Co (NH3)5 (ONO)] CL2
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| |Purpose of Accounting |Communicating financial information to end users so they can make informed decisions. | |Accounting Entity |The financial affairs of the business are separate and distinct from the financial affairs of the owner. | |Monetary Concept |All transactions are recorded in a common dollar term such as the New Zealand dollar. | |Historical Cost Concept |All transactions are recorded
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Environmental Accounting Where We Are Now‚ Where We Are Heading by Joy E. Hecht Interest is growing in modifying national income accounting systems to promote understanding of the links between economy and environment. T he field of environmental accounting has made great strides in the past two decades‚ moving from a rather arcane endeavor to one tested in dozens of countries and well established in a few. But the idea that nations might integrate the economic role of the environment into
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include education and quality assurance as well as enforcement which are carried out to ensure that the credibility to the profession is maintained and that public interest is continuously upheld. Its regulatory role is carried out through the following approaches:- * Having an effective and competitive assessment framework in admitting members into MIA to ensure that the profession is able to meet public expectations where its human capital is concerned; * Meeting the education and development
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