INTRODUCTION TO ACCOUNTING ACNT 1303 Lecture Notes GENERAL INFORMATION FOR COMPLETING THE CLASS The following is a summary of the twelve chapters that you will be completing this semester. Be sure that you are taking the time to read and STUDY each chapter. It is important to go through each of the examples in the book and to complete the Review Quiz. Spending time reading and understanding before you start the homework assignment will help you to complete in the exercises and case problems
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Excel Scenario’s Scenario 1: A business professional calls the support desk looking to use Excel to organize data for the monthly expense report. He has never used Excel prior to this and has inquired about the functions that would support him with his task. My general approach for this call would be to start off by explaining what Microsoft Excel is to the business professional. Microsoft Excel is an application used to create spreadsheets. It also provides the user with functions
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Management Accounting ACC107 Individual Assignment Asma Moosa 30624 Diploma In Business Sem 4 c) Overhead absorption rate= OAR/ ORR Smoothing= 12663.5/10000 = $1.27 Shaping = 31362.5/25000 = $ 1.25 Fixing = 20471.75/5000 = $ 4.09 Question 2 a)Total Selling Overheads Variable selling overhead= 6000*18.75 =112500 Fixed selling overhead = 100000 Total selling overhead = 100000+112500= 212500 b) i) Marginal Costing Revenue (200*10000) 2000000 Opening Inventory(84*2000) 168000 COST OF PRODUCTION
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Justin Valsecchi 201306421 Accounting Studies Tut Group #3 Tutorial Assignment 2: How people getting richer impacted the accounting proffession and accountants. Over the last few hundred years the world saw the rise and evolution of the accounting profession‚ a profession that was greatly impacted by the increase in personal wealth of people‚ particularly during the industrial revolution. In the begining (i.e. the rennaissance era) merchants and explorers would have made use of
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Accounting Estimate • Accounting estimate – An approximation of a monetary amount in the absence of a precise means of measurement. This term is used for an amount measured at fair value where there is estimation uncertainty‚ as well as for other amounts that require estimation. PSA 540 9 The auditor shall review the outcome of accounting estimates included the prior period financial statements‚ or‚ where applicable‚ their subsequent re-estimation for the purpose of the current period. The nature
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Statistics – Lab Week 2 Name:Michael Jacks Math221 Statistical Concepts: * Using MINITAB * Graphics * Shapes of Distributions * Descriptive Statistics * Empirical Rule Data in MINITAB * MINITAB is a powerful‚ yet user-friendly‚ data analysis software package. You can launch MINITAB by finding the icon and double clicking on it. After a moment you will see two windows‚ the Session Window in the top half of the screen and the Worksheet or Data Window in the bottom
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having recently issued a $20‚169‚000‚ 15-year bond issue‚ is committed to make annual sinking fund deposits of $607‚500. The deposits are made on the last day of each year and yield a return of 10%. Determine the amount of deficiency. Under the terms of his salary agreement‚ president Rex Walters has an option of receiving either an immediate bonus of $48‚000‚ or a deferred bonus of $84‚000 payable in 10 years. Ignoring tax considerations‚ and assuming a relevant interest rate of 8%‚ which form
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Entities within Australia will have the choice as to whether or not they choose to meet the requirements detailed in accounting standards. (b) The number of options within IFRS-adopted accounting standards is expected to be restricted‚ although compliance with the AASB standard will mean compliance with the IASB standard. (c) The number of options within IFRS-adopted accounting standards is expected to be restricted‚ which means that compliance with the AASB standard will not automatically mean
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Introduction Thirty years ago‚ most financial accounting was done manually‚ leading to a great deal of paperwork. Currently‚ most accounting information is recorded via computers and wide area networks (Journal of Accountancy‚ 1994a). Technology has certainly changed the face of accounting over the years. While it is unclear whether technology’s impact on accounting has been positive or negative‚ it is clear that technology has drastically changed the accounting profession. Often a technological advance
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Toll Brothers also have uncertainty in terms of their recorded tax balances‚ which could pose a huge problem. There are many control activities that Toll Brothers can implement to reduce these business risks. Toll Brothers can take both preventive actions and detective actions. Some examples of preventative actions that Toll Brothers can do are separation of duties‚ proper authorization‚ adequate documentation‚ and physical control over assets. In terms of detective actions‚ Toll Brothers can
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