reporting is to prepare a balance sheet‚ an income statement‚ a statement of cash flows‚ and a statement of owner’s or stockholders’ equity. False The purpose of the objective of financial reporting is to provide general purpose financial information about the reporting entity to present/ potential equity investors‚ lenders and creditors about the assets‚ liabilities‚ and cash flows of the corporations. · Because they are generally shorter‚ FASB interpretations are subject to less due process‚ compared
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Predicting anticipated cash shortages is vital for a business. Budgeting allows us to gain an understanding of when these cash shortages might arise and how to best manage them. For example predicting a cash shortage ahead of time will allow applications for loans to be made and hopefully approved depending on current financial situations. 3.14 While it is a good idea to have some cash saved for a rainy day having too much can be a negative for a business. For example extra cash can be used for expansion
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4011 APRIL 7‚ 2009 CRAIG CHAPMAN Biovail Corporation: Revenue Recognition and FOB Sales Accounting Background Late on October 9‚ 2003‚ David Maris‚ an analyst at Banc of America Securities (BAS)‚ was trying to interpret the shocking events of the previous few days and finish the write-up of his first report on the Canadian pharmaceutical firm‚ Biovail Corporation. Maris didn’t like what he saw at the company‚ but he never liked writing “Sell” recommendations. In any event‚ he wanted to make
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” - Abraham Briloff (Professor Emeritus of CUNY Baruch) ACCOUNTING: Accounting is defined by the American Institute of Certified Public Accountants (AICPA) as "the art of recording‚ classifying‚ and summarizing in a significant manner and in terms of money‚ transactions and events which are‚ in part at least‚ of financial character‚ and interpreting the results thereof." ACCOUNTING AND ITS ROLE IN SOCIETY: Accounting plays a central role in society; hence‚ we need to consider it from
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methods or procedures used to record and report financial data are called the accounting system. 3. Systems analysis is the final phase in the creation or revision of an accounting system. 4. Processing methods are the means by which the system collects‚ summarizes‚ and reports accounting information. 5. Accounting systems evolve through a three-step process: analysis‚ design and feedback. 6. An accounting system is the methods and procedures used to collect‚ classify‚ summarize
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BM6026 - Managerial Accounting & Finance Mini Assignment - Sem 1 2014/2015 Name : Suriati Binti Yusse Matric no : MB1412199T Class : Tuesday - 7.00PM - 10.00PM product selling price Variable Cost : Material : Extract of Tongkat Ali Other Ingredients Packing Material Overhead Cost : Drying cost of liquid Other Overhead Cost Labour Cost : Processing Packaging Total Variable Cost Unit Contribution Margin Expected volume sales % of total sales Weighted Contribution Q1 : capsule
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CHAPTER ONE 1.1 INTRODUCTION It is known that‚ movement of information and effectiveness of information‚ timely reporting for internal and external use is one of the key aspects in success of services and goods provided by the organisation to its customer. Before the development of computerised system in Tanzania most of public sectors‚ government sectors ‚social service providers sectors and different business organisations‚ used manual method of recording and control over any transaction
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Contents Introduction …………………………………………………………………………………… Page 1 Roles of accounting ………………………………………………………………………… Page 1 Jobs available in accounting field …………………………………………………… Page 1 Salary …………………………………………………………………………………………….… Page 2 Computerised accounting ………………………………………………………………… Page 2 Source documents …………………………………………………………………………… Page 3 Conclusion ……………………………………………………………………………………… Page 3 Appendix 1 ……………………………………………………………………………………….. Page 4 Appendix 2 ………………………………………………………………………………………
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accounts receivable would be expected to be: a. less than 10. b. between 10 and 25. c. between 25 and 40. d. over 40. 6. When a firm has financial leverage: a. ROI will be greater than ROE. b. ROI will usually be less than it would be without leverage. c. risk is greater than if there isn’t any leverage. d. the firm will always have a higher ROE than it would without leverage. 7. If the P/E ratio of a company’s common stock were 12‚ and its earnings were $2.50 per common share: a. the market
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external users 4. FASB – responsible for GAAP (accounting principles) 5. Accounting Equation 6. Know the 3 activities that business engage in and give examples of each activity. (These 4 questions also relate to Chapter 12‚ The Statement of Cash Flows) 7. The International Accounting Standards Board is responsible for developing a single set of worldwide accountings standards (IFRS). 8. These standards will help companies to reduce accounting costs‚ make it easier to acquire foreign companies
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