"Briefly Explain The Various Users Of Accounting Information For Trading Profit And Loss Account" Essays and Research Papers

Briefly Explain The Various Users Of Accounting Information For Trading Profit And Loss Account

ASSIGNMENT: - BRIEFLY STATE THE USERS OF ACCOUNTING INFORMATION. Accounting Information provides quantitative and qualitative information about the various transactions and events of an accounting entity. The Accounting Information system of the accounting entity captures quantitative data and processes the pecuniary transactions related to the functioning of the same. Contemporary systems like ERP also encompasses in its scope the traditional quantitative Accounting Information besides some...

Balance sheet, Finance, Financial statements 870  Words | 4  Pages

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Principles of accounts

CXC CSEC Principles of Accounts Exam Guide Section 1: Introduction to Principles of Accounts   SPECIFIC OBJECTIVES The students should be able to: CONTENT 1. Explain the concept of accounting; concept of “Accounting” and “Principles of Accounting” 2. State the purpose of accounting; Accounting as a business practice – the purpose of Accounting. 3. Identify the users of accounting information; Internal and external  users Accounting information and their needs     4. Outline...

Balance sheet, Business, Corporation 504  Words | 4  Pages

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Users of Accounting Information

inAccounting information helps users to make better financial decisions. Users of financial information may be both internal and external to the organization. Internal Users of accounting information are those individuals directly involved in managing and operating an organization and users within the company. They include managers, internal auditors, sales staff, budget officers, controllers, officers, directors, and other important internal decision makers. Internal users make the strategic and...

Annual report, Balance sheet, Financial statements 1672  Words | 5  Pages

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Accounting Theory

INFORMATION FOR CANDIDATE 1. This exam is worth 50% of the overall semester assessment. 2. The total number of marks available for this exam is 100%. 3. This exam paper contains FIVE (5) questions in THREE (3) pages excluding the cover page. INSTRUCTIONS TO CANDIDATE 1. Answer all questions. 2. Write all your answers in the answer booklet provided. 3. If you make a mistake please put a single diagonal line through the section you wish to be ignored by the examiner. 4. Return all exam...

Financial statements, International Financial Reporting Standards, Scientific method 617  Words | 3  Pages

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Accounting Can Be Defined in Various Ways

Introduction Accounting can be defined in various ways. Some regard it as book keeping, while others regard it merely as the process of measuring alone. For a business or organisation to communicate its results and position to stakeholders, it needs a language that is understood by all in common. Hence, accounting has come to be known as the "language of business" The American Accounting Association define accounting as follows: "the process of identifying, measuring and communicating...

Accountancy, Asset, Balance sheet 858  Words | 3  Pages

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The Role Of Financial Accounting

The role of Financial Accounting "Accounting is an information system that included recording, classifying, presenting and analyzing of financial information."(Andy and Patrick 2003) Business firms need to prepare and publish various types of financial statements regularly. There are closely linkage between business activities and the decision marker. In business society, because of the scarce resources, the decision marker needs to make the reasoned choices through communicating with the financial...

Balance sheet, Decision making, Economics 1243  Words | 3  Pages

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profit and loss account

Volume 3, No. 3, March 2012 Journal of Global Research in Computer Science TECHNICAL NOTE Available Online at www.jgrcs.info FAST AND EFFICIENT METHODS FOR PROFIT & LOSS RELATED PROBLEMS (FEM-PLRP) Gaurav Dobriyal* Dept. Of Computer Science, Dev Bhoomi Institute of Technology, Dehradun (U.K.), INDIA dobriyal.gaurav74@gmail.com* Abstract: This is one of the important or frequent asking lessons in all written examination. In this paper I try to give some of the effective tricks to solve...

Business, Income statement, Marketing 1164  Words | 7  Pages

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accounting concept

------------ Accounting Concept and Conventions In drawing up accounting statements, whether they are external "financial accounts" or internally-focused "management accounts", a clear objective has to be that the accounts fairly reflect the true "substance" of the business and the results of its operation. The theory of accounting has, therefore, developed the concept of a "true and fair view". The true and fair view is applied in ensuring and assessing whether accounts do indeed portray ...

Balance sheet, Bookkeeping, Business 1211  Words | 5  Pages

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Accounts Project 2

Financial Accounts Final Accounts Project Topic: - Final Accounts Teacher: - Ms. Reshma Shaikh College: - K.C. College Class: -FYBMS Roll No: - 54 Student Name: - Shabbir Mehta What Is Final Accounts? The accounts & accounting statements prepared by a business concern at the end of the accounting year on the basis of trial balance & additional information to ascertain...

Accounts receivable, Asset, Balance sheet 1257  Words | 5  Pages

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Asset and Financial Accounting

5 “Financial accounting is compulsory for companies. Therefore it must be the only type of accounting that managers need.” You are required to: Discuss the above statement and provide examples to support your points of view. (25 marks) Financial accounting is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, owners and other stakeholders. The fundamental need for financial accounting is to reduce principal-agent...

Accountancy, Asset, Balance sheet 800  Words | 2  Pages

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Profit and Loss Accounts

A01 Profit and loss account: A profit and loss account calculates the amount of gross and net profit that a business takes on an annual basis; it also outlines the loss which has occurred through the business, through necessary overheads. There are many aspects included within a profit and loss account, all of which I am going to briefly explain. It is important to have a profit and loss account within a business to enforce correct usage of the money. The company will be able to see where the business...

Corporation, Cost, Cost of goods sold 1738  Words | 5  Pages

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Accounting Information System Chapter 1 Discussion Questions

Discussion Questions 1. Discuss some of the challenges facing business today. Does information technology play a role in these challenges? Explain. The business world and society in general are undergoing phenomenal and sometimes turbulent change. The “new economy” driven by the Internet has seen the rise of entirely new businesses like Amazon.com, Yahoo, eBay, and of course Google. While the “dot com bust” of 2000 saw the demise of thousands of Internet-oriented businesses, the fact remains...

Accounting information system, Accounting software, Accounts receivable 1701  Words | 6  Pages

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The Effectiveness of the Financial Information for the Users of Financial Accounts for Malaysian Airlines and Singapore Airlines

of accounts and published performance information for two companies: Malaysian Airlines and Singapore Airlines, compare and discuss the effectiveness of the financial information for the users of financial accounts. The company’s managers, stockholders, suppliers, lending institutions, employees, customers, government, competitors are the users of financial statements. These are considering the international and external shareholder groups (Charles H.Gibson, 2009, pg.3). Out of so many users, this...

Airline, Boeing 777, Generally Accepted Accounting Principles 2101  Words | 6  Pages

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Primary Users: Financial Accounting

Primary users Financial accounting : the primary users of financial accounting are the external users, shareholders, investors , creditors, lenders and government. Share holders are using financial information to know about their investment e.g how the investment is running, what is the organization profit and what is the value of the organization. Investors use financial information to know in which organization they should invest and to look how was the organsation performance in the past so...

Asset, Balance sheet, Cash flow 690  Words | 3  Pages

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users of accounting information

TITLE: FOUNDATIONS OF ACCOUNTING COURCE CODE: MAC101 DUE DATE: 12th September LECTURER: Ms.Chirima ASSIGMENT Nr. 1 - Accounting Information Date, 10th September, 2014 Introduction “The users of the accounting information”. According to the author Horngren,C .Introduction to management accounting, the list of the people who use the accounting information is infinite. But even...

Balance sheet, Debt, Decision making 1702  Words | 9  Pages

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Why are accounts important To begin by why accounts are important, a person should first know what accounts actually mean. Accounts are financial records of an organization that register all financial transactions, and must be kept at its principal office or place of business. The purpose of these records is to enable anyone to appraise the organization's current financial position with reasonable accuracy. Firms present their annual accounts in two main parts: the balance sheet, and the income...

Annual report, Balance sheet, Financial statements 1928  Words | 6  Pages

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Strengths and Weaknesses of Accounting Concepts and Conventions

Accounting for Managers Discuss the strengths and weaknesses of the accounting concepts and conventions and of the regulatory framework (SSAPs and FRSs) that govern published financial statements. Do the criticisms of the concept and the regulatory framework mean that published financial statement do not provide investors with useful information? Introduction Strengths Weaknesses Information needs of investors Conclusion Discuss the strengths and weaknesses of the accounting...

Annual report, Balance sheet, Cash flow 2065  Words | 7  Pages

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The Use of Profit and Loss Statements

TITLE: The Use of Profit and Loss Statements INTRODUCTION: This report will discuss the usage of a profit and loss statement in accounting as well as explaining why expenses are separated into specific categories in these reports. The different types of profits measured in this statement will also be explained. ROLE AND PUPOSE OF A PROFIT AND LOSS STATEMENT: 1. Role of a Profit and Loss Statement A profit and loss statement is a report prepared for presentation to interested parties showing...

Cost of goods sold, Earnings before interest and taxes, Expense 601  Words | 3  Pages

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Accounting Information; User and Uses

Running head: ACCT101 - USERS OF ACCOUNTING INFORMATION AND THEIR NEEDS ACCT101 [Assignment 1] - Accounting Information, Users and Uses Abdul Samad Mustafa [1283] Course: ACCT101 [Dr. Naim Hassan El-Sayed] NYIT – Abu Dhabi, U.A.E. CONTENTS Abstract 3 Users of Accounting Information and their needs 4 Introduction 4 Users of accounting Information and responsibilities of accountant 4 External Users 6 Internal Users 7 The needs of accounting information 7 Conclusion 8 References 9 ...

Accountancy, Accountant, Business ethics 1712  Words | 6  Pages

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Objective of Financial Accounting

The objectives of accounting : 1) To keep systematic records: Accounting is done to keep a systematic record of financial transaction. In the absence of transaction there would have been terrific burden on human memory which in most cases would have been impossible to bear. 2) To protect business properties: accounting provides protection to business properties from unjustified and unwarranted use. This is possible on account of accounting supplying the following information to the manager or...

1967, 1969, 1971 2162  Words | 7  Pages

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The Importance of Accounting Records

Accounting is very much connected with our personal lives in so far as it is in respect of every business. We all with intent or unknowingly generate accounting ideas in a way when we plan what we will do with money. We need to plan how much money will be spent whilst how much of it will be kept back. What is through this activity is a budget gets prepared. And we all are familiar with this concept - which is universally acceptable, that money must be spent cautiously. The same is true of a business...

Accountant, Bookkeeping, Business 1014  Words | 3  Pages

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Critically Evaluate the Need for Accounting Standards and the Need for a Set of Principles on Which They Are Based

Question 1 Critically evaluate the need for accounting standards and the need for a set of principles on which they are based. Accounting Standards Accounting standards contain a set of rules and governing practices for the treatment of all financial transactions. The main objective of accounting standards is to establish recognition, measurement, presentation and disclosure requirements dealing with financial transactions and key events which are important in the financial statements of companies...

Balance sheet, Financial Accounting Standards Board, Financial statements 1901  Words | 6  Pages

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Financial Accounting and Its Limitations

What are the major limitations of Financial Accounting? Explain with the help of Examples. What are the alternatives to overcome these limitations? Financial accounting can be defined as reporting of the financial position and performance of a firm through financial statements issued to the external users on a periodic basis. It is a field of finance that treats money as a means of measuring economic performance instead of treating it as a factor of production. It encompasses the entire system...

Accountancy, Asset, Balance sheet 1175  Words | 4  Pages

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Profit and Loss Accounts

interpreting the contents of the British airways accounts I will also be writing a statement about the business and its progress, and describe what profit and loss accounts are. PROFIT AND LOSS ACCOUNT By law business are required to provide annual financial statements, which will appear in their company report, there are two main types of financial statements, one is balance sheet and the other is a profit and loss account. A profit and loss account is a record which can be updated regularly and...

Balance sheet, British Airways, Earnings before interest and taxes 969  Words | 4  Pages

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The Threats to an Accounting Information System

I. Introduction The report provides basic knowledge about “safeguarding assets” and explain in what way MYOB can help Mark firm achieves the term. Following that the report will address internal & external threats associated with a small business for Mark – owner of Dive for Fun Pty Ltd – as well as giving suggested solutions for each threat. Moreover, recommendations will be made and thoroughly explained for Mark to prevent threats based on the firm current capacity. II. What is “Safeguarding...

Accounting information system, Accounting software, Antivirus software 1720  Words | 6  Pages

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Accounting Is an Information System That Identifies

roles of financial accountingAccounting is an information system that identifies, records, and communicates the economic events of an organization to interested users.”1. The basic objective of accounting is to provide information to the interested users to enable them to make business decisions and “Financial statements are the primary means of communicating financial information to parties outside the business organization.”2. Moreover, accounting can give the essential information, especially for...

Annual report, Balance sheet, Economics 1092  Words | 3  Pages

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Indian Accounting Standards

INTRODUCTION: Indian Accounting Standards, (abbreviated as India AS) are a set of accounting standards notified by the Ministry of Corporate Affairs which are converged with International Financial Reporting Standards (IFRS). These accounting standards are formulated by Accounting Standards Board of Institute of Chartered Accountants of India. Now India will have two sets of accounting standards viz. existing accounting standards under Companies (Accounting Standard) Rules, 2006 and IFRS converged...

Asset, Balance sheet, Cash flow 1630  Words | 6  Pages

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Accounting Information System - Essay 2

An accounting information system (AIS) is a structure that a business uses to collect, store, manage, process, retrieve and report its financial data so that it can be used by accountants, consultants, business analysts, managers, chief financial officers (CFOs), auditors and regulatory and tax agencies. In particular, specially trained accountants work with AIS to ensure the highest level of accuracy in a company's financial transactions and recordkeeping and to make financial data easily available...

Business, Chief financial officer, Computer 1842  Words | 7  Pages

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Basic Rules Guiding the Preparation of Accounts and Financial Statements of an Entity.

Kaduna, Nigeria. Course: DAF 501 Assignment: Write on accounting concepts. Answer to Question. Accounting concepts and conventions: Can be defined as the ground rules of accounting that are followed in the preparation of all accounts and financial statements of an entity. In drawing up accounting statements, whether they are external "financial accounts" or internally-focused "management accounts", a clear objective has to be that the accounts fairly reflect the true "substance" of the business...

Balance sheet, Business, Entity 859  Words | 3  Pages

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How to Measure Profit and to Know Its Important over Cash

How the profit measured and is it more important than cash? Introduction In the work I reveal to the concept of profit, discuss how the profit measured, analyse cash flow and conclude is it more important than cash or not. Essay includes such key concepts as revenue, expenses, profit, loss, a profit and loss account, balance sheet. According to Meckin (2007) ‘the objective of financial management in the majority of businesses is to take business idea and turn it into profit’. And we also need...

Balance sheet, Depreciation, Double-entry bookkeeping system 1526  Words | 4  Pages

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Profit and Account Management

was the Kanthal president, Ridderstråle, attempting to accomplish with the Account Management System? Are these sensible goals? Ridderstrale had the objective to find hidden profits and losses contained in their current accounting system. The old system did not fully disclose how their costs were applied to the sales accounts. The goals are very sensible as they will allow them to move forward with the proper information. 2. Why did Ridderstråle feel that the previous cost system was inadequate...

Costs, Customer service, Generally Accepted Accounting Principles 882  Words | 4  Pages

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Chapter 1 Accounting in Business

1 CHAPTER ONE: ACCOUNTING IN BUSINESS Chapter Outline I. Importance of Accounting—we live in the information age, where information, and its reliability, impacts the financial well-being of us all. A. Accounting Activities Accounting is an information and measurement system that identifies, records and communicates relevant, reliable, and comparable information about an organizations business activities. B. Users of Accounting Information 1. External Information Users—those not directly involved...

Accounting equation, Asset, Balance sheet 1845  Words | 7  Pages

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Intermediate Accounting Research Project

FASB Accounting Standards Codification? The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to nongovernmental entities. 2. When did the codification become effective? The Codification is effective for interim and annual periods ending after September 15, 2009. 3. The FASB had three primary goals in developing the Codification. Identify them. a. Simplify user access...

Balance sheet, Bond, Debt 1987  Words | 6  Pages

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Mb0041-Financial and Management Accounting-4 Credits

MB0041-Financial and management Accounting-4 credits (Book ID: B1130) Assignment Set -1 Q.1 Explain the Various accounting concepts and principles Ans: Accounting concepts: Accounting is the language of business. Accounting information has to be suitably recorded classified, summarised and presented. Accountants adopt the following concepts in recording of accounts 1. Business Entity concept The business unit is treated...

Asset, Balance sheet, Bookkeeping 1153  Words | 7  Pages

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Financial Statements Paper Define the purpose of accounting and identify the four basic financial statements. Explain how they are interrelated with each other, and why they are useful to managers, investors, creditors, and employees.

�3� Financial Statements Paper One of the primary means of measuring success in a business is profit. Accounting provides the means to measure the various factors that affect the finances of a business by identifying, recording, and communicating economic events that affect a company (Weygandt, 2008). Because various factors can influence an organization's financial situation, the role of accounting is vital in which these three activities are conducted. FOUR BASIC FINANCIAL STATEMENTS The four...

Asset, Balance sheet, Financial statements 805  Words | 3  Pages

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Accounting Information System 6

ACCOUNTING INFORMATION SYSTEM FOR THE MUNICIPALITY OF SAN DIONISIO ILOILO ============== A Thesis Presented to the Faculty of the Department of Information Technology College of Arts and Sciences University of San Agustin ============== In Partial Fulfillment of the Requirements for the Degree Bachelor of Science in Computer Science (BSCS) ============== by Centina, Mensie Camagan, Christian Elbert Gayo, Gerald James Gumboc, Jopepard Tauro, Christian Chapter I INTRODUCTION ...

Accounting information system, Accounting software, Accounts payable 2699  Words | 6  Pages

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M3 Interpret the contents of a trading and profit and loss account performance of the organisation

of a trading and profit and loss account and balance sheet for a selected company explaining how accounting ratios can be used to monitor the financial performance of the organisation . Profit and Loss account. The P&L will not tell you about the underlying health of the business, such as how much money it owes or is owed and what the value of its assets are. It shows how much money did business made in a year. It records two things sales and cost/turnover. The trading account shows...

Balance sheet, Financial ratios, Generally Accepted Accounting Principles 1068  Words | 2  Pages

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Accounting for Decision Making - Essay 2

Accounting for Decision Making Study Notes Introduction to Accounting (Week One) Accounting is the process of identifying, measuring and communicating economic information (transactions) of a business to a variety of users for decision making purposes. Business transactions are an external exchange of something of value between 2 or more entities. They can reliably be measured and recorded and can affect the assets, liabilities and equity of a business/ organisation. Accounting information is...

Accounts receivable, Asset, Balance sheet 1509  Words | 6  Pages

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Financial Accounting Theory

fair value accounting. Fair value accounting is to measure selected assets at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The objective of fair value accounting is linked with the objective of ‘decision usefulness’ of general purpose financial reporting. That is, to provide relevant information that is representationally faithful for users. IASB’s (and FASB’s) accounting standard...

Accounting equation, Asset, Balance sheet 1713  Words | 6  Pages

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Accounting Concepts

Materiality and aggregation concept Concept on Prudence Matching Principle Dual Aspect Relevance Concept Introduction Financial accounting has a number of conservative laws which have been considered over the years and all the possible identifiable rules are: Business Entity Concept, Money Measurement Concept, Going concern Concept, Accrual basis of accounting concept, Consistency Concept, Materiality and aggregation concept, Prudence, Matching Principle and Dual Aspect 1. The Business Entity...

Asset, Balance sheet, Depreciation 1518  Words | 5  Pages

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Accounting Information System (Ais) - a Conceptual Study

ISSN:-2230-7850 Research Papers ACCOUNTING INFORMATION SYSTEM (AIS) - A Conceptual Study Dr.Rambabu Gopisetti Assistant Professor, Department of Commerce, Telangana University, Dichpally, Nizamabad, A.P. 503322 G.Srinivas Academic Consultant, Department of Commerce, Telangana University, Nizamabad, A.P. ABSTRACT Managerial decision making normally relies upon an effective information system. At present many firms are using accounting software to prepare accounting reports very quick, perfectly...

Accountancy, Accounting information system, Accounting software 1993  Words | 7  Pages

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Financial Accounting

100 multiple-choice questions from the information presented in Chapter 1 through Chapter 13. Each question is worth 2.5 points. This study guide indicates the items you should review before taking the exam. GOOD LUCK! CHAPTER 1 1. Know the 3 forms of business entities 2. Know the definitions of revenues and expenses 3. Know the difference between internal and external users 4. FASB – responsible for GAAP (accounting principles) 5. Accounting Equation 6. Know the 3 activities that...

Asset, Balance sheet, Depreciation 1038  Words | 5  Pages

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Profit and Loss

Profit and loss accounts, balance sheets Profit and loss accounts, balance sheets Two of the most important financial statements for a business are the Profit and Loss Account, and the Balance Sheet. The Profit and Loss Account shows the profit or loss of a business over a given period of time e.g. 3 months, 1 year, etc. In contrast, the Balance Sheet is like a photograph taken at an instant in time giving a picture of what the business owns and what the business owes at that moment in time...

Accounts receivable, Asset, Balance sheet 1889  Words | 6  Pages

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concept, nature and limitation of financial accounting

MEANING OF ACCOUNTING: Accounting is the process of recording, classifying, summarizing, analyzing and interpreting the financial transactions of the business for the benefit of management and those parties who are interested in business such as shareholders, creditors, bankers, customers, employees and government. Thus, it is concerned with financial reporting and decision making aspects of the business. The American Institute of Certified Public Accountants Committee on Terminology proposed...

Accounts receivable, Asset, Balance sheet 907  Words | 3  Pages

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Chart of Accounts

chart of accounts? Chart of accounts (COA) is a list of the accounts used by an organization. The list can be numerical, alphabetic, or alpha-numeric. The structure and headings of accounts should assist in consistent posting of transactions. Each nominal ledger account is unique to allow its ledger to be located. The list is typically arranged in the order of the customary appearance of accounts in the financial statements, profit and loss accounts followed by balance sheet accounts. It is...

Accounting software, Accounts payable, Accounts receivable 1768  Words | 7  Pages

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SAP Accounting Information Systems

"Purchasing Organization", and "Account Group") mean? Company Code: The company code is just a number that identifies a particular company Purchasing Organization: The purchasing organization negotiates purchasing terms with the vendor. This is the logistics division. There is usually one purchasing organization per company code. Account Group: An account group determines what type of vendor form you are making. It basically organizes and provides you with the information that is necessary for the...

Electronic Data Interchange, Income tax, International Bank Account Number 1075  Words | 3  Pages

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principles of accounting HT513

HT513 PRINCIPLES OF ACCOUNTING FOR TOURISM AND HOSPITALITY 1. Document used after business transaction 2. Book of prime entry INTRODUCTION OF BUSINESS • The purpose of a business is to make a profit for its owner(s) • A business is a separate entity from its owner. • Every financial transaction has a dual effect. • Double entry bookkeeping accounts for the dual aspect of financial statement transactions. INTRODUCTION OF FINANCIAL STATEMENT • Information from a trial balance is used to prepare...

Accounting equation, Balance sheet, Debits and credits 281  Words | 9  Pages

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Introduction to Accounting

Prepared By - H.R.Sampath Introduction To Accounting Definition for Accounting There are so many definitions for accounting. For example; • American Accounting Association (AAA) has defined accounting as; "The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information" • SBA Administration Loan Terms "Accounting is an art of recording, classifying, summarizing and interpreting financial...

Balance sheet, Business, Debt 448  Words | 3  Pages

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Accounting Information System

Discussion I. I. Accounting information system is a combination of collecting, recording, storing, and processing data of a business. The advancement of technology initiates business firms to seek for new innovations that would greatly help in business functions. As what Dillon and Kruck (2004) had explained, “at the start of the 21st century, business organizations are facing an explosion of global competition and innovation and facilitating this explosion is the increasing ability of organizations...

Accounting information system, Accounting software, Business 1798  Words | 6  Pages

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Accounting Information System

UNIVERSITI TUNKU ABDUL RAHMAN FACULTY OF ACCOUNTANCY AND MANAGEMENT ACADEMIC YEAR 2012/2013 BACHELOR OF ACCOUNTING (HONS) UKAI 2063 ACOUNTING INFORMATION SYSTEMS II TUTORIAL 6 Case 1: Universiti Tunku Abdul Rahman Situation: The university is considering a new system that will speed up the registration process. As part of the systems development team, you are asked to develop a plan for fact-finding. (Adapted from Shelley & Cashman 2010, Chp 04 Apply Your Knowledge,Elmwood College...

Member of Parliament, Output, Requirements analysis 1114  Words | 5  Pages

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Documentation N Accounting System

CHAPTER 2 REVIEW OF RELATED LITERATURE The study aims to help and assess the effectiveness of computerize accounting system for organizations. It applies a case study plan to create the appropriate system for the Mimosa Company which is chosen by the proponents to be the case of the study. This chapter includes related literature to support the development of the proponents study and. The following literatures are to affirm the need to create a computerize system for the said company...

Accounting software, Cost accounting, Enterprise resource planning 1508  Words | 5  Pages

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Accounting Information Systems

An accounting information system is system that keeps record for a business to maintain its accounting system. Accounting information systems combine the study and practice of accounting with the design, implementation and monitoring of information systems. The use of such systems uses modern information technology resources together with traditional accounting methods to provide the users with the necessary information to manage their Organisation. Accounting information systems has its strengths...

Accounting information system, Accounting software, Accounts receivable 820  Words | 3  Pages

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Accounting Information for Internal and External Users


Balance sheet, Business, Cash flow 11297  Words | 41  Pages

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difference between cost accounting and financial accounting

In recent years, the range of accounting application is expanding rapidly, along with the increasing demand of economic market. As is well known, accounting is a key aspect of business. And in the accounting profession, there has been already existed interpenetration and overlapping among the different kinds of accounting. Cost accounting and financial accounting are two main components of accountancy. The former one is a part of accounting. In cost accounting, it dramatically researches the variable...

Balance sheet, Cost, Cost accounting 1267  Words | 4  Pages

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Responsibility Accounting

Cost centres, profit centres, investment centres and revenue centres Responsibility accounting Responsibility accounting is based on identifying individual parts of a business which are the responsibility of a single manager. A responsibility centre is an individual part of a business whose manager has personal responsibility for its performance. The main responsibility centres are: • cost centre • profit centre • investment centre • revenue centre. \ Cost centres A cost centre is...

Accountancy, Finance, General ledger 611  Words | 4  Pages

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Financial information should possess a number of qualitative characteristics in order to meet the needs of users of financial statements. There are, however, a number of issues that surround the qualitative characteristics of financial information. The threshold quality of materiality is not easy to define and can be misunderstood. Similarly, the concept of prudence is not clear-cut and can conflict with neutrality. In addition, relevance and reliability can be conflicting targets and a trade-off...

Asset, Balance sheet, Decision making 2202  Words | 6  Pages

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computerising accounting information systems (AIS) and telecommunicating accounting information over the web enhances the accounting functions in business organisations operating globally.

computerising accounting information systems (AIS) and telecommunicating accounting information over the web enhances the accounting functions in business organisations operating globally. Yet, the counter-claim is that the breaching of the security of such systems will be a great risk that needs to be properly managed in various ways. An accounting information system (AIS) is “ a collection of resources, such as people and equipment, designed to transform financial and other data into information.” (Khaled...

Accounting information system, Accounting software, Application software 1518  Words | 5  Pages

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What is a theory? In this book we consider various theories of financial accounting. Perhaps, there¬fore, we should start by considering what we mean by a 'theory'. There are various perspectives of what constitutes a theory. The Oxford English Dictionary provides various definitions, including: A scheme or system of ideas or statements held as an explanation or account (description) of a group of facts or phenomena. Explanation or Account (description) of a group of...

Accountancy, Accountant, Accounting organizations 2333  Words | 7  Pages

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Published Financial Statements: Users and Their Need for Accounting Information

C H A P T E R O N E INTRODUCTION 1.1 BACKGROUND OF THE STUDY Accounting as a profession or discipline, has always been seen as an information-generating one, which fittingly makes the job of the Accountant to be that of observing economic activities, recording the observations in the prescribed books, analysing the recordings, interpreting his analysis and preparing reports to all users of Accounting Information. The prepared reports are generally referred to as financial statements, which...

Asset, Balance sheet, Financial accountancy 6117  Words | 24  Pages

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Accounting Concepts

|Term-Concepts |Definition | |Purpose of Accounting |Communicating financial information to end users so they can make informed decisions. | |Accounting Entity |The financial affairs of the business are separate and distinct from the financial affairs of the owner. | |Monetary Concept |All transactions are recorded in...

Annual report, Balance sheet, Debt 469  Words | 3  Pages

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