ACCOUNT BALANCES For many purposes‚ it is necessary to determine the balance in an account. This is accomplished by adding the debits‚ credits‚ and determining the difference between the two sums. An account is said to have a debit balance if the sum of the debit entries to that account exceeds the sum of the credit entries. Conversely‚ an account has a credit balance if the sum of the credit entries exceeds the sum of the debit entries. Asset accounts normally have debit balances inasmuch as
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Financial Accounting Week 3 Lecture Summary Accounting for Receivables Definition Receivables are amounts due from other persons or entities. Receivables are highly liquid‚ which means it is expected that they will be converted into cash quickly‚ and are classified as current assets. Types of Receivables Accounts Receivable: amounts due from customers for sales on credit. Businesses sell to customers on credit in an attempt to increase their sales. Also called Trade Debtors. Bills
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Should Companies be Held Liable for Attacks on their Accounting Information Systems? If a company has adequate security controls in place then they should not be held liable for losses sustained in a successful attack made on their Accounting Information System (AIS) by outside sources. If a company is negligent about security controls then they should be held liable for losses sustained in a successful attack on their AIS. There are a variety
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Information System plays an influential role in determining the success of an organisation. The function of the information system is to collect‚ store and process data into information‚ through the assistance of a set of interrelated components. The processed information is later distributed to support decision making in an organisation (Oz‚ 2006). Information system can be decomposed to two main elemental subsystems namely as Accounting Information System (AIS) and Management Information System (MIS)
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obvious. 1. What type of data is found in the general ledger a.a chronological record of all transactionsb.the balance of each account in the chart of accountsc.budget records for each account in the chart of accountsd.subsidiary details supporting a control account 2. Which steps in the Financial Accounting Process are in the correct sequence based on closing the accounts and determining timing differences prior to issuing financial statements a.record the transaction‚ post to the ledger‚ prepare
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Dimensional Fund Advisors 2002 Introduction: Dimensional Fund Advisors (DFA) is an investment firm based in Santa Monica‚ California. It was founded in 1981 by David Booth and Rex Sinquefield. It is a different investment firm which think differently and push the frontiers of innovation. The firm had close working relationships with academics such as Eugene Fama and Kenneth French who introduced the Fama & French three factors model. Fama has worked in DFA since very early days‚ now he is
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to thank my parents in giving me the encouragement to complete this important project. INTRODUCTION In accounting Internal Control is defined as “a process affected by an organization’s structure‚ work and authority flows‚ people and management information systems that are designed to help the organization accomplish specific goals or objectives” (cited by Anderson‚ Chris. Writing Accounting Procedures for Internal Control‚ Bizmanualz‚ November 17‚ 2008). Additionally by investigating internal
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Petty cash fund is a relatively small amount of cash that businesses keep on hand for the purpose of small transactions such as providing change to customers‚ postage expenses‚ highway tolls etc. In such transactions‚ the use of checks is time consuming‚ costly or illogical. Usually a custodian is appointed to administer the petty cash and it is his/her duty to account for the expenses incurred out of petty cash fund. Whenever the custodian makes any payment from the fund to an employee or a customer
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the loan arrangement. 19.3 In what situations would you expect to model a relationship between an agent and a resource? Relationships between agents and resources can be modeled for two reasons. Relationships between resources and suppliers provide information about preferred and alternate suppliers. Relationships between
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Principles of Accounts School-Based Assessment On Blanna’s Fashion Boutique Submitted by : Anna Kay Blake Registration number: 1000290074 Submitted To: The Donald Quarrie High School School code: 100029 Territory: Jamaica This project is submitted in partial fulfillment of the requirements for certification in Principles of Accounts by the Caribbean Examinations Council
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