Nature of Accounting and the Accounting Standard Background Accounting is an important part for business and it is dubbed “language” of business activities conducted by firms. People think it is used to communicate business transactions per se to all stakeholders. However‚ some people argue that the functions of accounting are not that easy. Except the communication tool‚ accounting acts as many other difference roles in business. When doing accounting‚ different standard may be used. There are
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3 Adjusting Accounts and Preparing Financial Statements QUESTIONS 1. The cash basis of accounting reports revenues when cash is received while the accrual basis reports revenues when they are earned. The cash basis reports expenses when cash is paid while the accrual basis reports expenses when they are incurred (and matched with revenues they generated). 2. The accrual basis of accounting generally provides a better indication of company performance and financial condition than does
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earth is the only planet in the universe which has an environment suitable for life. Water‚ land‚ and air are needed for survival. Earth provided these essential and human used them. One of the biggest problems that the enviroment is serious pollution. Pollution can be divided into three types : water pollution‚ land pollution‚ and air pollution. Paragraph 3: Another type of pollution is which has a remarkable influence on over environment is air pollution. Every year‚ there are a lot of smoke
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the right word‚ it changes over time‚ one generation practices a set of traditions passed down then the next practices a slight variant and then the next generation changes it again or the group decides to change it all together. Our cultural environment helps us to develop our identity. It gives us our customs and traditions that provide continuity from one generation to the next and help to determine a more cohesive society in which we share common values and principles. In most western countries
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gooda available for sale. -the consistency principle states that the busineses should use the same accounting methods from period to period. -under the FIFO‚ the ending inventory is based on the cost of the most recent purchases. -the value of purchases remains the same irrespective of the inventory valuation method used. -using FIFO‚ the COGS is based on the oldest purchases. -the accounting conservatism principle requires that financial statements should report LEAST favorable figures. -do
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Both the governmental and Non Governmental Organizations have been propagating afforestation programmes. Due to the industrial revolution many countries have seen the rapid decline in forests. Cutting of trees is not only a threat to the environment but also to the quality of life and to the economy also. Reasons for the decline in forests : Explosion of human and livestock population Increased demand of timer‚ and fuel wood Expansion of the agricultural land Construction of the infrastructure
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Climate Change Beliefs and Cultural Values Controversy surrounding the public understanding of climate change is influenced by the deficit in cognition of scientific information. As a result the knowledge deficit‚ people turn to cultural differences for alternative explanations. In a straight forward explanation‚ the difference in opinions is a result of both ignorance and culture. This view aligns with Kahan et al.’s cultural cognition thesis‚ according to which the political disagreement about
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What Should I Do to Protect Environment? Requirements: The writing should include the following aspects: 1. Briefly describe the current severe environment in Shanghai/our country. 2. What should I do‚ as an individual both in daily life and at work‚ to save nature? (You are required to give specific examples to illustrate.) The Influence of Globalization on Me Requirements: The writing should include the following aspects: 1. What does the word "globalization" mean? 2. Any changes happened/happening
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Accounting: Topic 6: Analysis And Interpretation Of Financial Statements (Part 2) Capital Structure Analysis Proportion of debt financing relative to equity financing (=gearing or leverage) * Reflects the entity’s financing decisions * Investments in assets are funded externally by liabilities‚ or internally by owner’s as shown in accounting equation (A=L+OE) Debt to equity ratio: Total liabilities/ Total equity x 100=x% Debt ratio: Total liabilities/ Total asset x 100=x%
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Cost Accounting -- MIDTERM 1 1) Pointed Pencil company incurs the following costs in its manufacture of pencils. Classify each one of them according to one of the value chain functions: Functions: A) Research and Development B) Design of products‚ services‚ and processes. C) Production D) Marketing E) Distribution F) Customer Service G) Strategy and Administration ____ 1) Cost of wood used in manufacture of pencils. ____ 2) Cost of wood used in packing cartons to ship pencils. ____
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