How should goodwill‚ properly recorded on the books‚ be written off in accordance with generally accepted accounting principles? Goodwill is recorded in the accounts only under the circumstances that is is acquired through a purchase of another business or combination of businesses. According to Generally Accepted Accounting Principle under these circumstances where goodwill is acquired through a purchase by another business that it is recognized as having indefinite
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AC 1.1: Identify the sources of finance available to a business. Definition of Finance: The science that describes the management‚ creation and study of money‚ banking‚ credit‚ investments‚ assets and liabilities. Finance consists of financial systems‚ which include the public‚ private and government spaces‚ and the study of finance and financial instruments‚ which can relate to countless assets and liabilities. Some prefer to divide finance into three distinct categories: public finance‚ corporate
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5. In accrual-basis of accounting‚ revenues are recorded when a service is performed. 6. Current liabilities are expected to be paid off or eliminated in the next 12 months. [pic] 7. Each time a business records revenue the account Cash is increased. 8. Accumulated depreciation of an asset – its depreciation expense = book value. 9. Financial accounting provides information for people inside the company while managerial accounting focuses on information for
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Identify and describe three strategies you can use to manage your time. Create a Prioritised to do list. To do this‚ first you must identify the goals or current tasks and list them. Then you must prioritise them on a scale of 1 to …. (1 as the most important)‚ considering urgency and difficulty. Create a work Schedule. This is a list of tasks that have all been allocated a timeframe in which to be completed or contributed to. These schedules can be reviewed and also set out on a daily‚ weekly or
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amount of assets after all the above transactions have been completed? Answer: $14‚800 2. An adjusting entry that debits Accounts receivable is an example of a(n): Answer: accrued revenue. 3. Which of the following is NOT an example of a source document? Answer: Journal 4. ABC Services reported the following transactions for September‚ 2013. A) The owner opened the business with a capital contribution of $23‚500 cash. It was credited to Capital. B) The business purchased
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Generally Accepted Accounting Principles (GAAP) is a standard guidelines and accounting rules that companies used to prepare‚ present‚ and report financial information. By following this framework‚ companies can ensure that any financial information presented is uniformly consistent‚ relevant‚ feasible and objective. Through this standardization‚ corporate financial information can more readily be reviewed and interpreted by investors‚ stockholders‚ banks and other potential creditors and also promotes
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financial statements provided in Teaching Notes Exhibit 1‚ calculate the following ratios for Pharmco without consolidation of Disco and for the consolidated results. Exclude amounts allocated to the non-controlling interest. If the outcome is different‚ identify the cause(s) of the difference For the sake of simplicity‚ use December 31‚ 20X1 results when balance sheet data are required: a. Return on equity (e.g.‚ net income divided by shareholder’s equity) b. Profit margin (e.g.‚ net income divided
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Matric no: ______________ Group: _________ Attendance list no: _____________ Tutorial 1: Chapter 1‚ 2‚ 3 DUE DATE: 3 OCTOBER 2013 1. Accounting is a process involving the following activities‚ EXCEPT: A. recording of economic activities B. communicating to stakeholders C. identifying relevant economic activities D. guaranteeing profitability of business operation 2. A senior accountant working at the Account Department of Universiti Utara Malaysia is also known as: A. a public
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2. Accounting functions This chapter will discuss the organization of Dell in general and provide insights about the Dell business. Will discuss the different stakeholders who are interested in Dell Company and what the key resources of Dell are. Will see the role of accounting within the organization and the accounting software‚ if any‚ they use. 2.1. About Dell Michael dell is the founder for Dell Company. Michael‚ with twenty seven years old‚ was the youngest CEO of a fortune 500company in
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Chapter 2 exercises 1. The following is a list of accounts and identification letters A through J for Shannon Management Co.: Use the form below to identify the type of account and its normal balance. The first item is filled in as an example. 2. Recording following transactions using T-accounts and prepare the journal entries for the transactions a. Company A paid $2‚500 cash to satisfy a previously recorded account payable. b. Mr A‚ one owner of the company withdrew $ 100
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