CHAPTER 1 FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS Multiple Choice—Conceptual Answer No. Description d 1. Users of financial reports. d 2. Identify the major financial statements. a 3. Financial reporting entity. d 4. Efficient use of resources. d 5. Capital allocation process. c 6. Financial statement information. c 7. Objectives of financial reporting. b 8. Common set of standards and procedures. c 9. Role of SEC. c 10. Powers of the SEC. d 11. SEC enforcement
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Introduction to Accounting Accounting is a profession used to make financial and business decisions. Billions of dollars exchange hands every day‚ in millions of separate business transactions. These are recorded and reported on using a comprehensive set of guidelines‚ referred to as Generally Accepted Accounting Principles (GAAP). Brief History of Accounting Accounting was born before writing or numbers existed‚ some 10‚000 years ago‚ in the area known as Mesopotamia‚ later Persia‚ and today the
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“Living With The Past” by Art Vandalay June 15‚ 2013 In all honesty I did not hear the term Post Traumatic Stress Disorder (PTSD) until some time after I re-deployed from Iraq in mid August 2003. Surely the term had been around long before them‚ but it wasn’t commonly used acronym in the military. I didn’t have nearly the frequent use that is has in today’s Army. Nowadays‚ everything a Soldier does is associated with PTSD even if the Soldier has not been diagnosed with it; it has become
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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 the adjusted trial balance‚ enter adjusting entries
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1. When should you call the ClearCare system to clock in? a. At the beginning of your shift‚ but no more than 5 minutes early b. After you have started working the shift c. At the end of your shift d. 15 minutes prior to starting the shift 2. When do you calculate mileage? a. When driving your car to take the client to an appointment b. When driving your car to and from all shifts c. When driving the client’s car to an appointment d. When riding with your client to an appointment 3. What do you
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Nancy Roden Lesson 1 NT2670 2/14/2013 1) The program used to send email on an email client is also called an IMAP. 2) Microsoft Outlook and Entourage typically connect to Exchange Server 2007 using RPC-based connections and IMAP. 3) The HTTP and HTTPS protocols are often used to access email using a web browser. 4) An email server uses MX and A records in DNS to determine the target email server to relay 5) The Edge server role must be installed on its own Exchange server and cannot coexist
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UNIVERSITY OF MAURITIUS FACULTY OF LAW AND MANAGEMENT SECOND SEMESTER EXAMINATIONS MAY 2011 PROGRAMME BSC (HONS) ACCOUNTING (MINOR : FINANCE) BSC (HONS) ACCOUNTING (MINOR : MANAGEMENT) BSC (HONS) FINANCE BSC (HONS) FINANCE (MINOR : LAW) BSC (HONS) MANAGEMENT BSC (HONS) MANAGEMENT WITH FINANCE BSC (HONS) MARKETING MANAGEMENT BSC (HONS) HUMAN RESOURCE MANAGEMENT BSC (HONS) BUSINESS STUDIES (PART-TIME) MODULE NAME DATE May 2011 TIME Hours NO. OF QUESTIONS SET 4 BASIC COMPUTER APPLICATION MODULE CODE
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A. What is the difference between accrual-basis accounting and cash-basis accounting? The difference between the two types of accounting is when revenues and expenses are recorded. In cash basis accounting revenues are recorded when cash is actually received and expenses are recorded when the expenses are actually paid. B. Why would politicians prefer the cash basis over the accrual basis? The accrual basis system deals with deprecation of the value of equipment‚ land and such. Politicians would
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employees is fair. In most cases when a union is involved‚ there is a percentage of compensation that has been agreed upon. 1.7) Financial accounting (i) Management accounting (h) Financial reporting (g) Financial statements (f) General-purpose assumption (b) Integrity (c ) Internal control (e) Public accounting (d) Bookkeeping (a) 2.3) Amber Company’s assets total $150‚000 and its liabilities total $85‚000. What is the amount of Amber’s
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← Abstract Faced with various issues of international accounting in cultural‚ economic‚ ethical and social level‚ after comparing US with China about the GAAP‚ analyzing the differences and difficulties in global accounting standard‚ it’s necessary to separate different accounting standards because of the diversification in different countries‚ it shows that accountancy professions play an important role in capital market‚ which can provide useful‚ relevant and reliable information to interested
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