Unit 2 : Written Test Unit 3 : Viva Voce’ 24 20 42 4 marks 12 marks (one hour) 4 marks 86 12 24 12 12 26 12 8 20 OR Part C: Computerized Accounting 5. Overview of Computerized Accounting System 6. Accounting Applications of Electronic Spread sheet 7. Using Computerized Accounting System 8. Data Base Management System 9. Practical Work Unit 1 : File 4 marks Unit 2 : Practical Examination 12 marks (one hour) Unit 3 : Viva Voce’ 4 marks 40 4 6 4 6 20 86 40 Note: The Question Paper will
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DELTA AIR LINES‚ INC. Consolidated Balance Sheets | | | | | | | | | | | | |December 31‚ | | |(in millions) | |2008 | | |2007 | | |ASSETS
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statements Use of a work sheet summarizes needed data in one place 2 Accounting Cycle Journalize Transaction During the period Post to Accounts Adjust Accounts End of the period Prepare Financial Statements Close Accounts 3 Work Sheet Internal summary device NOT: A journal A ledger A financial statement Computerized spreadsheets work well 4 Work Sheet Steps Enter account titles and their unadjusted balances in the Trial Balance columns Total the amounts 5 Work Sheet Steps Enter the adjusting
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statements are reports that allow interested parties to evaluate the profitability and solvency of a business. These reports include the Balance Sheet‚ Income Statement‚ Retained Earnings Statement‚ and Statement of Cash Flow. These four financial statements are the final product of the accountant’s analysis of the transactions of a business. The balance sheet provides detailed information about a company’s assets‚ liabilities and shareholders’ equity. Assets are things that a company owns that
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equivalent only when it has a short maturity of three months or less from the date of acquisition. An illustrative list of disclosures required under the act is enclosed (Pg 151) BALANCE SHEET I LIABILITIES: Share Capital: As per old schedule VI‚ debit balance on the allotment or call account is presented in the Balance Sheet not as an asset but by way of deduction from Called-up capital. However‚ as required by Clause K of Note 6A of the Revised Schedule VI‚ calls unpaid are to be disclosed separately
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Solution to Mid-Term Exam ADM 4348M Winter 2011 SPECIAL TOPICS IN FINANCIAL ACCOUNTING March 1‚ 2011 DMS 4140 17:30-20:30 Professor : Sheldon Weatherstone Duration: 3 hours Instructions 1. Non-programmable calculators are permitted‚ but you cannot share calculators. 2. Books and notes are not permitted. 3. Please do not ask the professor or the invigilator to explain or interpret questions. State any assumptions you feel are necessary. 4. Write your
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value of assets on the balance sheet so investors and creditors know their current value. __F___ The payment of a liability in cash will decrease stockholders’ equity. __F___ When a company borrows money from a bank‚ it leads to a cash inflow from an investing activity. Omit T Only events that can be measured will be reflected in the journal entries F Every transaction affects both the income statement and the balance sheet Matching (1 pt.
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reporting” 07 Discuss the above statement giving the objectives of financial statement and the contents of the various components of the financial statements. (b) From the following trial balance of Mr. A prepare a Trading‚ Profit & 07 Loss Account and Balance Sheet for the year ended on 31st March‚ 2004. Trial Balance as on 31-03-04 (Rs. In ‘000) Dr. Cr. Purchases 21‚750 Discount allowed 1‚300 Wages 6‚500 Sales 30‚000 Salaries 2‚000 Travelling Expenses 400 Commission 425 Carriage inwards 275 Administration
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statement of cash flows therefore reports cash receipts‚ cash payments‚ and net change in cash resulting from operating‚ investing‚ and financing activities of an enterprise during a period‚ in a format that reconciles the beginning and ending cash balances. CASH FLOW STATEMENT It is a statement showing changes in cash position of the firm from one period to another. It explains the inflows (receipts) and outflows (disbursements) of cash over a period of time. The inflows of cash may occur
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Capital Types of financial statements 1. Statement of Comprehensive Income 2. Statement of Financial Position (Balance Sheet) 3. Statement of Changes in Owner’s Equity 4. Statement of Cash Flows 5. Notes to the Financial Statements C. Steps in making financial statements 1. 2. Journalizing 3. Posting 4. Preparing a trial balance 5. Gathering of necessary adjustment data 6. III. Analyzing business transactions Preparing a worksheet
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