com/difference-between-traditional-accounting-computerized- accounting-4021.html INTRODUCTION: Before the advent of fast and cheap computers‚ accounting traditionally was processed manually with all transactions recorded in columnar papers and kept in voluminous binders. Once computers became popular and software affordable‚ accounting tasks moved into this medium‚ where concepts stayed the same but mechanics changed from papers to programs. AIMS AND OBJECTIVE: To study and compare conventional and modern systems
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Accounting Questions – Depreciation About http://www.HelpWithAssignment.com We are a bunch of talented and ambitious people from around the world. Our network spans 3 continents and several countries. This is necessary to service requests from different time zones. www.HelpWithAssignment.com has provided a platform for talented individuals to come together to help individuals do well in their assignments‚ homework‚ thesis‚ term papers and projects while earning a valuable side income. Question-
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Assignment Questions Question 1 Frank Crosby (who has never owned or run a business before) started a lawn mowing business (Crosby’s Cutters) as a temporary job/business which he intended to run until he started his business degree at the University of Woop Woop in Semester 2‚ 2014. To start the business on 1 April 2014‚ he deposited $1‚000 into a new bank account opened in the name of the business. The $1‚000 consisted of a $600 loan from his father and $400 of his own money. Frank rented
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Business Entity Concept Money Measurement Concept Going concern concept Accrual basis concept Consistency Concept 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
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|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
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Accounting Principles‚ Concepts and Conventions Accounting principles are guidelines & standards‚ which have been accepted by the accounting profession in preparation and presentation of accounts of the business. It is approved and normally accepted by the government bodies &controlling authorities. Accounting principles are uniform in order to understand in the same sense by those using it. Also they are not rigid (i.e. inflexible) like principle of gravity but they are flexible.
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Traditional Accounting & Computerized Accounting by Sheila Shanker‚ Demand Media Traditional and computerized accounting are helpful to many businesses. Related Articles Difference Between Payables and Receivables in Accounting What Is the Difference Between Budgetary Basis Accounting & GAAP Accounting? The Advantages of Manual Vs. Computerized Accounting Advantages of a Computerized Accounting System The Difference Between Net Income & Pretax Accounting Income
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INTRODUCTION The accounting concepts are rules and guidelines which the accountant follows and uses when deciding between differing options to make. They help to ensure the accounting information is presented accurately and consistently. All formal accounting statements should be created‚ preserved and presented according to the concepts and conventions’. The following will look at each of the concepts and conventions and relate them to the profit and loss account for a sole trader. GOING
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----------------------------------------------------------------- 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
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ACCOUNTING CONCEPTS What are the Account Concepts? In order to maintain uniformity and consistency in preparing and maintaining books of accounts‚ Certain rules or principles have been evolved. These rules/principles are classified as concepts and conventions. These are foundations of preparing and maintaining accounting records. “Accounting concept refers to the basic assumptions and rules and principles which work as the basis of recording of business transactions and preparing accounts
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