“Financial statements are like fine perfume; to be sniffed but not swallowed.” - 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:
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This essay is to critically evaluate the usefulness of the accounting theory to practicing accountants today. It will provide a general assessment of information asymmetry and the fundamental problem of accounting‚ and it will also briefly discuss the normative and positive accounting theories and their usefulness to practicing accountants. After those discussions‚ it will specifically discuss the strength and limitation of positive accounting theory and assess its usefulness to practicing accountants
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1. The following transactions have been journalized and posted to the proper accounts. 1. Mark Call invested $7‚000 cash in his new design services business. 2. The business paid the first month’s rent with $700 cash. 3. The business purchased equipment by paying $2‚000 down and executing a note payable for $4‚500. 4. The business purchased supplies for $850 cash. 5. The business billed its clients a total of $4‚000 for design services rendered. 6. The business collected $3‚000 on account from one
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defined as a reporting entity‚ it is required to release financial reports that comply with the Australian Accounting Standards Board (AASB) (Deegan 2008:83). Two companies have been chosen to analyse their reports‚ in particular the disclosures made in their respective reports. The two companies chosen to analyse are Commonwealth Bank of Australia (CBA) and Macquarie Bank Limited (MBL). CBA The Commonwealth Bank is one of Australia’s leading providers of integrated financial services including
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Accounting Accounting is defined by investorwords.com as “the systematic recording‚ reporting‚ and analysis of financial transactions of a business. The person in charge of accounting is known as an accountant‚ and this individual is typically required to follow a set of rules and regulations‚ such as the Generally Accepted Accounting Principles. Accounting allows a company to analyze the financial performance of the business‚ and look at statistics such as net profit.” Accounting is mainly used
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Pantaloons Retail India Limited The Accounting Standards as per their 2011-12 Annual Report are- 1. AS 1: Disclosure of Accounting Policies- * It deals with disclosure of Accounting Principles and policies used for preparation of financial statements of the companies. 2. AS 2: Valuation of Inventories- * It deals with determination of amount of inventory to be shown in financial statements. It is not applicable to shares‚ debentures‚ stock etc. The cost formulae prescribed
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A REPORT ON APPLICATION OF BANGLADESH ACCOUNTING STANDARDS IN BUSINESS [pic] DEPARTMENT OF FINANCE UNIVERSITY OF DHAKA REPORT ON APPLICATION OF BANGLADESH ACCOUNTING STANDARDS IN BUSINESS FINANCIAL ACCOUNTING –I F-103 Submitted To Dr. H. M. Mosarof Hossain Associate Professor Department of Finance Faculty of Business Administration University of Dhaka Submitted By Members of Group-3 Section-B 14th Batch Department of Finance |Names
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increase side. 3. A ledger is a chronological record of a business’s transactions. 4. The chart of accounts proves that all transactions were correctly journalized and posted. 5. In accrual-basis of accounting‚ revenues are recorded when a service is performed. 6. Current liabilities are expected to be paid off or eliminated in the next 12 months. [pic] 7. Each time a business records revenue the account Cash is increased. 8. Accumulated depreciation
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Accounting Standards and Their Importance AS-1: DISCLOSURE OF ACCOUNTING POLICIES The following is the text of the Accounting Standard (AS) 1 issued by the Accounting Standards Board‚ the Institute of Chartered Accountants of India on ’Disclosure of Accounting Policies’. The Standard deals with the disclosure of significant accounting policies followed in preparing and presenting financial statements. AS-2: VALUATION OF INVENTORIES A primary issue in accounting for inventories is the determination
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Professional Ethics and financial statement disclosure: In a constructionist perspective Abstract This essay addresses the relationship between professional ethics and financial statement disclosure. The public should change its view on the objectivity of accounting profession because in no means can anyone be absolutely objective. The reason to this will be articulated thoroughly in the essay. Then how to maximize relative objectivity is discussed and
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