of unearned revenue would be 1.Prepaid Expense - A year long insurance contract a company paid $12‚000 for at the beginning of the year. Since the insurance company owes the company service‚ the expense prepayment is recorded as an asset Journal Entries: debit Prepaid Insurance and credit Cash). 2. Unearned Revenue - A year long subscription of $12‚000 is received in advance by a magazine company. Because the company owes something‚ the unearned revenue is recorded as a liability. 3. Non-cash: These
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influence is that offices in many departments that use computerized system their works become easier and faster since it eliminates the paper works and the workload of the employees too. Now‚ a most efficient‚ flexible and reliable system has become a must for any institution and organization. In order to achieve the improvement of the system that the department uses‚ the need to understand the system within the office is very important. From this period; we are living in the era where technology is more
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June 11‚ 2013 ACC 557 Dr. Malone Assignment #3 BP began as the Anglo Persian Oil Company in the early 1900’s. The company was founded and financed by Mr. D’Arcy of London and the Burmah Oil Company. The oil excavation in Persia took many tumultuous years‚ with set back after set back that almost led Mr. D’Arcy to financial ruin “But vindication was in the air. By the early morning of 26 May 1908‚ the whole camp reeked of sulphur. At four o’clock the drill reached 1‚180 feet and a fountain of
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harmonization of accounting system. Accounting Standards are the statements of code of practice of the regulatory accounting bodies that are to be observed in the preparation and presentation of financial statements. The Generally Accepted Accounting Principles is comprised of a large group of individual accounting standards. Accounting Standards in other words can be stated as rules which govern the preparation of financial statements. They are the generally accepted accounting principles (GAAP)
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networks for business‚ the management of company’s information online has developed into an issue to be concerned. AIS‚ which is short for Accounting Information System‚ is not merely related to accounting information management as the business develops around the world. In the various explanations of AIS in the Lecture 1‚ p12130 Accounting Information System‚ presented at the University of Nottingham Ningbo by Trevor Bayley‚ Vaassen (2002) defined AIS as provides information for decision-making
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PRODUCTS OF INSURANCE COMPANIES IN KENYAN ECONOMY The insurance companies offer a variety of products to the individuals‚ small and mid-sized businesses as well as to the large corporates in Kenya. Some of these product are discussed below; PRODUCTS TO INDIVIDUALS Travel insurance cover The cover provides the following benefits to the travelers especially using the airlines or rail: emergency Medical and related expenses‚ personal accident cover‚ reimbursement of travel and accommodation expenses
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Office Product was a regional distributor of office supplies to institutions and commercial businesses. The company offered a comprehensive product line like simple writing implements and fasteners to specialty paper for modern high-speed copiers and printers. Warehouse personnel in the company’s distribution center unloaded truckload shipments from manufactures‚ and moved the cartons into designated storage location until customers request the items. Typically‚ the company shipped products to its
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Manual and IT-Based Sales Accounting System Risks Copy Right: Anthony Butka Ralph Avallone Hong-Ming Yen Executive Summary Case Synopsis We meet Sally St. James of St. James Clothiers who has a retail clothing store in Tennesse. Sally has decided to abandon her manual sales entry system and convert to a more sophisticated IT-based application. As the audit engagement team we have been asked to review narratives of former years and then draft a narrative for the new system. We will address the
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Individual research assignment Introduction The international company which called Buildco Ltd establishes a new company in Australia which is a wholly owned subsidiary of Buildco. The purpose of incorporating the subsidiary is to solve the problem of sourcing debt finance in the international marketplace. However‚ the property development project which is undertaken by Buildco and funded by Asset Pty Ltd is financially unviable. Consequently‚ the Buildco expects that the Asset could write-off
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OSG Accounting System Overview What do I hope to get out of this workshop? OSG Accounting Activity View of accounting‚ monitoring‚ logging and auditing OSG Accounting System Requirements OSG Accounting System Design Questions about Accounting in EGEE 9/28/2005 Joint OSG and EGEE Operations Workshop‚ Culham‚ UK 2 Overview What do I hope to get out of this workshop? OSG Accounting Activity View of accounting‚ monitoring‚ logging and auditing OSG Accounting System Requirements
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