There are three basic financial statements:(1) Profit & loss account(2) Balance sheet(3) Cash flow statementThe profit & loss account:The profit and loss account (also referred to as the income statement) shows the results of the flow of activity and transactions and is designed to report the profit performance of a business for a specific period of time. The profit and loss account reports total revenue‚ total expenses and resulting net profit. The purpose of the income statement is to keep you
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ACIS 3504 TEST 2 REVIEW graphical representation of information narrative when preparing a document flowchart‚ the names of organizationl departments or job functions should appear in the column headings all of the following are guidelines for preparing data flow diagrams except show the most detail in the highest level DFD the passage of the Sarbanes oxley act all of the above which of the following is not a true statement data flow diagrams and flowcharts are difficult to prepare
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Explain the basis for trade according to David Ricardo? How are the gains from trade generated? Do you think that David Ricardo’s law of comparative advantage is superior to Adam Smith’s theory of absolute advantage? Why or why not? David Ricardo was one of the most influential of the classical economists. Perhaps his most important contribution was the law of comparative advantage‚ a fundamental argument in favor of free trade among countries and of specialization among individuals. The purpose
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In Partial Fulfillment in the Degree of Bachelor of Science in Business Administration Major in Entrepreneurial Management [pic] 3R TRADING This company is a single proprietorship that own by Jhoanna Marcelle C. Oco. It engages in buying scrap materials‚ especially tetra packs‚ candy wrappers‚ biscuits wrappers‚ any kind of plastics‚ and old cloth that is not used or cannot be used anymore‚ to make a new product and be used by our fellow citizens. Our product
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1. Discuss the origins of the technology make the current accounting system available. 2. Define an accounting system. An accounting system is a system that identifies‚ records‚ communicates information that is relevant‚ reliable‚ and comparable about an organizations business activities. 3. List and describe the components of accounting information system. Technology People Data Input and Output Internal Control 4. Discuss the FASB conceptual framework. Assets: A resource
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Comparing Not-For- Profit and For Profit Colleges Colleges and university have slowly become one of the stepping stones into the working world today. People go to colleges for higher education with the intention of earning degrees in which they can use in their respective fields. Some example degrees that people pursue are Medical‚ Law‚ Business‚ Accounting‚ and Science Degrees. Through the years the idea of college was that it was optional and it was a door for better life and job. However in
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Trading place is a good movie that talks about the differences between classes in society‚ as well as the negative aspects in the actual life of rich and poor people in American society. The film takes place in the socio-cultural conflict when the two main characters come from two different classes on culture‚ communication and be inverted their lives to each other. The story brought to many humor situations but has a high value for everyone ponders. The film is led by the two main characters that
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CXC PRINCIPLE OF ACCOUNTS PROJECT School-Based Assessment (S.B.A) (Year 2012) [pic] Submitted by: Danique Arthurs Year: May/June 2012 Name of School: Charles Fordyce Business College Name of Teacher: Charles Fordyce Centre No: 100228 Candidate No: Territory: Jamaica Table of Contents Introduction………………………………………………………………..5 Acknowledgement………………………………………………………...6 Description of Business…………………………………………………...7 Location of
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it is important to determine if Ali is trading as annual profits from trade or non-trade are taxed under different schedules. There is no single test for trade; in determining if trade has occurred there are six badges which must be considered‚ a brief description of each badge and an outline of how it affects Ali’s circumstances is outlined below. Subject Matter If the asset sold might be for personal enjoyment or investment e.g work of art or shares profit‚ May be capital gain. As Ali is buying
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Chapter 1--Introduction to Accounting Information SystemsChapter 1--Introduction to Accounting Information Systems Student: ___________________________________________________________________________ 1. The three themes of the text are operating systems‚ e-business‚ and internal control. True False 2. In an assurance service the accountant will provide the original information used for decision making. True False 3. Information systems reliability and electronic commerce have
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