The Accounting Cycle Five Cycles of Accounting The accounting cycle consists of five components: revenue‚ expenditures‚ financing‚ conversion‚ and fixed assets (Bagranoff‚ Simkin‚ & Strand‚ 2008). There are many business activities within a company that will take place in each of these cycles. The revenue cycle incorporates sales and cash receipts. Expenditures are the decrease in cash assets to acquire goods or services necessary to operate. The conversion cycle is a continual process that
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WorldCom was one of the leading telecommunication companies prior to its application for bankruptcy protection on July 21st‚ 2002. The firm’s decision to file for bankruptcy was a shocker move considering the amount of revenues and asset base the company had. It is believed that the firm was highly involved in fraudulent bookkeeping between the year 1999 and 2000 where they had managed to overstate its taxable income by at least $7 billion. It was also revealed that the company had committed itself
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1. What are the revenue streams for TechMall? The revenues streams for TechMall include the following: a. Setup Fee Revenue b. Statement Fee Revenue c. Transaction Fee Revenue 2. What drives each of the revenue streams? a. Merchant setups drives the Setup Fee Revenue (Setup Fee Revenue=Merchant setups*$750); b. System merchants drives the Statement Fee Revenue (Statement Fee Revenue=System Merchants*$50); c. Total transactions‚ and Transaction Dollars drives the Transaction Fee
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Republic of Vardar Revenue forecasts: Expected Tax Collections PAD 505 June 8‚ 2012 Abstract At independence in November 1991‚ the Republic of Vardar (named after the Vardar River Valley) was the least developed of the Yugoslav republics. Although the poorest of the six former Yugoslav republics‚ the country nevertheless can sustain itself in food and energy needs using its own agricultural and coal resources. From 1998 to 2000 real GDP growth averaged a little
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in the competitive long-distance telephone industry. It was headquartered in Washington‚ D.C.[1] Founded in 1963‚ it grew to be the second-largest long-distance provider in the U.S. It was purchased by WorldCom in 1998 and became MCI WorldCom‚ with the name afterwards being shortened to WorldCom in 2000. WorldCom’s financial scandals and bankruptcy led that company to change its name in 2003 to MCI Inc.. The MCI name disappeared in January 2006 after the company was bought by Verizon. As of May
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PRICE ELASTICITY OF DEMAND (PED) & REVENUE Price elasticity of demand (PED) is particularly important to businesses‚ because of its effect on their revenue (income). Consider the following examples: 1) Mrs Robinson wants to increase her business’s revenue‚ but can’t decide whether she should increase or lower her prices. She currently charges £1 per unit and sells 1‚000 units. She knows that the PED for her product is (-) 0.4. What will happen to sales‚ sales revenue and profit if she: a) raises the
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examine carefully some time tested procedures and the challenges the Revenue Authorities faces when mobilizing revenue. Various scholars and administrative practitioners have put out a lot of theories‚ concerns and views on GRA’s ability to mobilize revenue and how these monies mobilized are spent. Among the reasons assigned by such concerns and opinions is‚ the challenges of the GRA administration is to be blamed on inadequate revenue mobilization‚ due to lack of mission or comprehensive functional
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To all the molders of all the scholars who are in this very hall starting from our university president‚ Rev. Fr. Renillo H. Sta. Ana‚ CICM‚ our three vice presidents‚ Dr. Moises Alexander Asuncion for Academics‚ Dr. John Octavios Palina for Administration and Mrs. Venica Acosta for Finance‚ our academic and administrative deans‚ the faculty and staff‚ fellow scholars and students‚ friends‚ ladies and gentlemen‚ good afternoon. I am not a special person because I am standing here at the stage
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Revenue allocation is the distribution of revenue‚ or total income‚ through a business‚ corporate or government structure. It often involves a complex process of determining how and where to funnel revenues in order to best maintain the viability and operating structure of an organisation. The present formula gives the Federal Government 52.68 per cent‚ state governments 26.72 per cent and local governments 20.6 per cent. llllllllllllllllllllllllllllllllllllllllllllllllllllllllllll- llllllllll
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the contribution of CEPS in respect of Revenue and Non-Revenue functions to National Development over the period 2008 – 2011. Customs‚ Excise and Preventive Service (CEPS) established under the CEPS (Management) Law 1993 PNDCL 330 has proved it worth in tax administration‚ collecting GH¢ 24‚800‚000‚ GH¢ 31‚5000‚000‚ GH¢ 37‚100‚000 and GH¢ 45‚900‚000 in 2008‚ 2009‚ 2010 and 2011 respectively in Kumasi‚ contributing 1% in total CEPS revenue in Ghana. Aside revenue collection‚ CEPS is mandated to prevent
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