Multiple Choice: 1. In general terms‚ financial assets appear in the balance sheet at: a. Face value b. Current value c. Cost d. Estimated future sales value 2. Which of the following practices contributes to efficient cash management? a. Never borrow money – maintain a cash balance sufficient to make all necessary payments. b. Record all cash receipts and cash payments at the end of the month when reconciling the bank statements
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Limitations of Financial Accounting: Financial accounting is the only branch of accounting and it is not perfect. There are large numbers of limitations which open new way to use other tools of accounting. To know what are the main limitations of financial accounting. It is very necessary for accountants. Accountants are often blind to these limitations. So‚ I am covering its limitation a lot of ground. Read below and understand:- 1. Financial accounting is of historical nature Net effect
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Accounting practice in Bangladesh companies. By TanimHassan | March 2014 Zoom In Zoom Out Page 1 of 5 Accounting in Bangladesh In Bangladesh‚ the profession of accountancy developed during the British colonial period. Today it is represented by two professional bodies‚ the Institute of Cost & Management Accountants of Bangladesh (ICMAB) and the Institute of Chartered Accountants of Bangladesh (ICAB). Chartered Accountants complete their training in practicing firms and specialize
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BKAF 3083 ACCOUNTING THEORY AND PRACTICE Individual Assignment 1 1. Explain 8 levels of conceptual framework Level | Elements | Explanation | 1.Border of discipline / authority | * Definition of financial reporting | It defines the financial record of the business activities. | 2. Subject | * Definition of the reporting entity | It defines the reporting entities where the users are dependent on their financial statements to make decision. | 3. Objective | * Objective | It is
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be presented in profit or loss as a separate line item adjacent to the revenue line item. Furthermore‚ an entity shall present any impairment of the receivable in profit or loss as a separate line item adjacent to the revenue line item if it does not have any significant financing component. The main reason for this proposed requirement in the draft is that a company should recognize revenue that is expected to receive in consideration for the transfer of promised goods or services. This requirement
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moths is $12‚000). She should contact CCC to get a T4 slip so that she will not be double taxed on $9500. 2) For CCC: ➢ Since the payment is related to pay in lieu of termination notice‚ the correct way that CCC should have done was to deduct income tax‚ CPP‚ EI and provided a T4 to Erin. And CCC should pay EHT on that payment too. But Worldwide actually paid the termination pay‚ CCC failed the responsibility of withholding the income tax‚ CPP and EI and paying EHT for
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Importance of Financial Accounting Introduction According to Weygandt‚ Kieso and Kimmel (2012)‚ financial accounting is identifying‚ recording and communicating the economic events of an organization to‚ mainly‚ external users. Through financial accounting‚ some financial reports will be generated. Four financial statements are frequently used to report and analyze the financial status of companies and they are Income statement‚ Retained Earning Statement‚ Statement of Financial Position and
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1:14 1:15 1:16 1:17 1:18 1:19 1:20 1:21 1:22 1:23 1:24 1:25 1:26 1:27 1:28 1:29 1:30 1:31 1:32 1:33 1:34 1:35 1:36 1:37 1:38 1:39 1:40 1:41 1:42 1:43 1:44 1:45 1:46 1:47 1:48 1:49 1:50 1:51 1:52 1:53 1:54 1:55 1:56 1:57 1:58 1:59 2:00 End What is the accounting for treasury shares? a. On repurchase of treasury shares‚ a gain or loss is recognized equal to the difference between the amount at which the shares were issued and the repurchase price for the shares. b. On
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The Importance of Accounting Theory to the Field Of Accounting The objective of theory is to explain and predict. One of the basic goals of the theory of a particular discipline is to have a well-defined body of knowledge that has been systematically accumulated‚ organized‚ and verified well enough to provide a frame of reference for future actions. The Webster’s definition of theory is the systematically organized knowledge‚ applicable in a relatively wide variety of circumstances‚ a system
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1. The accounting process involves all of the following except a. identifying economic transactions that are relevant to the business. b. communicating financial information to users by preparing financial reports. c. recording nonquantifiable economic events. d. analyzing and interpreting financial reports. 2. Financial accounting provides economic and financial information for all of the following except a. creditors. b. investors. c. managers. d. other external users. 3.
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