HISTORY OF ACCOUNTING LEARNING OUTCOMES Understand the history of accounting dating from prehistoric times to written record keeping. Identify the seven preconditions for the emergence of systematic book keeping. Know Luca Pacioll contributions in introducing double entry book keeping. Accounting is a tool‚ invented by humankind‚ to fulfill needs of society. Unlike the explorers of the past who discovered new lands‚ accounting cannot in any true sense be said to have been discovered
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Case Analysis Questions Patten Corporation I find this a very rich case that makes for a great introduction to my course. To get the most out of it‚ you need to spend some time thinking about what the company does. Read the case carefully. 1. What does Patten Corporation do? What does it buy? What goods or services does it sell? How does Patten make money? 2. Is Patten profitable or unprofitable? If it is profitable‚ what does the company do that makes it profitable? If profitable
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Chapter 1 Question 1-18 Consumers Union is a nonprofit organization that provides information and counsel on consumer goods and services. A major part of its function is testing of different brands of consumer products that are purchased on the open market and then the reporting of results of the tests in Consumer Reports‚ a monthly publication. Examples of the types of products it tests are middle-sized automobiles‚ residential dehumidifiers‚ flat-screen TVs‚ and boys’ jeans. a.) In what ways
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Waste Disposal Waste disposal has been one of human being’s biggest problems ever since the dawn of civilization. Humans create loads of waste every day ranging from empty bottles to excretions to banana peels. What to do with all the garbage that the people create has been the discussion of panels ever since the Roman senate got together. Most of the people are not aware of the fact that putting the garbage out of their trash cans can cause many safety and environmental problems. People tend to
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In daily life‚ there are many occasions where most people are in a hurry to do their work in time. On these situations‚ the environment expects a fast service to resolve a problem in a short time. In addition‚ this behavior could result in a real waste of time and effort. For example‚ sometimes when we go to a restaurant to have lunch‚ we expect a fast service‚ and we don’t like to wait. This expectation could finish in a bad quality of food. The same problem affect to all the services like banks
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Chapter 2 Job Order Costing TRUE/FALSE 1. Cost accounting systems are used to supply cost data information on costs incurred by a manufacturing process or department. ANS: T 2. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. ANS: T 3. A job order cost accounting system provides for a separate record of the cost of each particular quantity of product that
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and gain credibility by preventing fraudulent accounting. Accountants ought to be able to maintain impartiality and independence to create a clear‚ credible and unbiased audit. Hence‚ the ethical principles are considered important. This is because the work of accountants requires a high level of ethics since the financial statements prepared and verified by auditors reflect the true and current financial performance of the company‚ in which the management heavily relies on for decision-making. The
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Case 03-05 Trademark‚ Inc. Part 1—Accounting Issues This case study is the first of a two-part Earnings Management Case. The purpose of Part 1 is to provide you with background information relating to Trademark‚ Inc. and raise several accounting and auditing issues affecting Trademark during the current fiscal year. The conclusions reached in this case study will be used in Part 2 — Misstatements & Materiality. Trademark‚ Inc.‚ a public company‚ designs‚ manufactures‚ and distributes greeting
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2-1 BU8101 Accounting: A User Perspective Lecture 2 The Accounting Cycle Wednesday‚ 17 August 2011 Mrs. Ho Yin Kheng S3-01C-88 Nanyang Business School Nanyang Technological University Email: yklau@ntu.edu.sg Tel: 67905694 2-2 LO 2 Lecture Outline 1. Analyzing Business Transactions 2. Recording Process a. b. c. d. e. f. The Source Document The journal The accounts Debit and Credit rule Recording process illustrated Unadjusted trial balance 3. Adjusting entries
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In the essay “The Net Is a Waste of Time” by William Gibson‚ he talks about how he is an “avid browser of the World Wide Web.” While people find this to be odd and his wife finds it positively perverse‚ Gibson thinks differently saying “I‚ however‚ scent big changes afoot‚ possibilities that were never quite as manifest in earlier incarnations of the Net” (Gibson 691). While some people think he is wasting his time with the web‚ he believes it will be the tool of the future. Even though the internet
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