1 ACCOUNTING 1 (ACN101- M) STUDY UNIT 1: THE NATURE AND FUNCTION OF ACCOUNTING DEFINITION: • • • Accounting can be defined as the orderly & systematic recording of the monetary values of financial transactions of a business The reporting of results Providing financial information as a basis for decision making 3 main processes define the accounting process: 1. IDENTIFYING: Selecting evidence of economic / financial activity (transactions) 2. RECORDING transactions to provide a permanent
Premium Balance sheet Generally Accepted Accounting Principles Inventory
American Accounting Association DOI: 10.2308/acch.2010.24.2.279 Accounting Horizons Vol. 24‚ No. 2 2010 pp. 279–296 COMMENTARY The American Accounting Association’s Financial Reporting Policy Committee’s Response to the Preliminary Views on Financial Statement Presentation The Financial Reporting Policy Committee of the Financial Accounting and Reporting Section of the American Accounting Association Mark Bradshaw‚ Carolyn Callahan‚ Jack Ciesielski‚ Elizabeth Gordon‚ Mark Kohlbeck
Premium Income statement Balance sheet Financial statements
File Name‚ Page # of # Page(s)‚ the print date‚ and the print time to assist in assembly of multiple pages. | | | If more than one page is required by the template‚ manual page breaks have been set to provide consistent presentation. | | All of the cells have been correctly formatted for presentation and should not require any adjustment. For example‚ if the text requires one‚ two‚ or three significant digits in a presentation‚ the template has been set for that presentation in the appropriate
Premium Generally Accepted Accounting Principles Balance sheet Accounts receivable
3101AFE Accounting Theory and Practice Tutorial Questions for Tutorials 1- 6: Semester 2 2014 TUTORIAL 1 - Semester 2 2014 Deegan Topic 1: Introduction to financial accounting theory QUESTION 1 - Question 1.8: What is the difference between developing a theory by induction and developing a theory by deduction? QUESTION 2 - Question 1.9: Is the study of financial accounting theory a waste of time for accounting students? Explain your answer. QUESTION 3 - Question 1.26: Would you
Premium International Financial Reporting Standards Financial statements International Accounting Standards Board
apply universally to all businesses: 1) In the long run‚ you must be a lower cost supplier than all others providing equivalent products or services‚ 2) Inflation-adjusted costs of production must continuously decrease (the experience curve)‚ 3) The true cost and profit picture for each product must be known and 4) Cash flow is as important as profit. The "cycle of decay" (when cost cutting efforts lead to competitive decay) is typically begun when management uses financial accounting data‚ not control
Premium Management accounting
not-for-profit organizations can operate at an accounting profit but still be considered a not-for-profit organization? Over the year’‚ not-for-profit organizations have had many changes in rules and regulations set forth for not-for-profit organizations to abide by. There are three major financial statements involved with not-for-profit organizations and one voluntary financial statement‚ plus four key governmental and federal agencies involved with not-for-profit accounting. There are some key differences between
Premium Balance sheet Generally Accepted Accounting Principles Non-profit organization
body floats in a liquid contained in a beaker. The whole system falls under gravity. What is the upthrust on the body due to liquid? ~ When a container filled with a liquid falls freely under the influence of gravity‚ the following condition arises. Upthrust=mg-ma Since the process is influenced by gravity‚ ma = mg So‚ upthrust=0N Hence‚ it is conclusively proved that the upthrust on the body is zero. iv. Why do bigger air bubbles rise faster than the smaller ones in boiling water? We know
Free Density Water Liquid
In- House Vs Outsourced Accounting Services We have mentioned time to time how important it is for a business entity to have a good accounting department and have up to date and accurate accounting books. A business entity will require an accounting information so as to enable it manage and control its finances and resources. It also needs it for it to be able to improve on its level of profit earning‚ should it realizes it is declining in its profitability level. But most small to midsized companies
Premium Business Management Outsourcing
Accounting Professions Report In the field of accounting‚ there are three main professions that are highly in demand. The professions are 1) Chartered Accountants (CA) 2) Certified General Accountants (CGA) 3) Certified Management Accountants (CMA) Each of these professions requires special practice sessions‚ education‚ training‚ and loads of experience. Nationally and internationally these jobs are highly in demand for its standards and for its stature. Overall‚ this report will inform
Premium Accountant Accountancy Profession
1.2. Statement of the Objective: In general terms‚ this research seeks to know the feedback of first-year B.S.A. Students towards their course‚ the present study addresses the following questions: 1.What are the feedback of the first-year B.S.A. Students towards their course in terms of the following: a. Professors b. Curriculum 2. How their professors and curriculum affects their feedback? 1.3. Significance of the Study: Accountancy Students will benefit to this study because they
Premium Research Scientific method Education