Bibliography: Rossouw‚ D (Dr). 2013. Subject Didactics Accounting. UNISA. 3.
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UM TAGUM CAMPUS Tagum City Department of Accounting Education Accounting Technology Program W A I V E R TO WHOM IT MAY CONCERN: This is to certify that I‚ Crystal Faye M. Sumatra‚ a student of UM Tagum College‚ Tagum City‚ and a resident of Phase 2 Zone 5‚ Union Village‚ Mankilam‚ Tagum City‚ voluntarily agree to undergo an On-the-Job-Training at VF Agunod Auditing Firm for 180 hours in order to add the actual work experience needed in enhancing my skills for my course. Furthermore
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standard-setting processes. The introduction of IFRS in Australia replaced the original accounting standards and brought several brand new standards. Until now‚ Australia was the first country with a tradition of its own standard-setting to implement international accounting standards for general purposes. Therefore‚ the adoption is unexpected and controversial. This essay mainly focuses on the negative side of this accounting standard conversion‚ which points out a number of potentially serious problems
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| |7. |Of the two methods of accounting for uncollectible receivables‚ the allowance method provides in advance for uncollectible | | | |receivables. |True False | |8. |Generally accepted accounting principles do not normally allow the use of the direct write-off method of accounting for |
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Subject: Basic Accounting Batch: 2010-12 Foundation Program Faculty: S. Vijayakumar Bharathi Session Date | Session Details | Plan | Session Method | Session 1-3 | Pre-session preparation | Read from the book Accounting for Management | Syllabus discussion‚ PPTs / Videos on relevant topics | | Session | Introduce Accounting to the students | | | | PPT on basic concepts of Accounting. | | | | GAAP (concepts and conventions in accounting) | | | Post-session assignment
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PRINCIPLES OF ACCOUNTING 1 ACCOUNTING THEORY NOTES (a) International Accounting Standards and International Financial Reporting Standards. The foreword to accounting standards defines Accounting Standards as Authoritative statements of how particular types of transaction and other events should be reflected in financial statements. Accounting Standards are developed to achieve comparability of financial information between and among different organizations. International Accounting Standards (IAS’s)
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convergence of IFRS and GAAP‚ it will cover some of the similarities and differences between the two‚ go over risk for companies as well as ways for companies to prepare. | IFRS and GAAP and what convergence means. In financial surprise accounting the objective for financial reporting are to provide useful information for potential investors and creditors‚ assessing cash flow‚ and about claims and changes to company resources. The problem with this is that‚ without standards each company
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1 ACCOUNTING 1 (ACN101- M) STUDY UNIT 1: THE NATURE AND FUNCTION OF ACCOUNTING DEFINITION: • • • Accounting can be defined as the orderly & systematic recording of the monetary values of financial transactions of a business The reporting of results Providing financial information as a basis for decision making 3 main processes define the accounting process: 1. IDENTIFYING: Selecting evidence of economic / financial activity (transactions) 2. RECORDING transactions to provide a permanent
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Accounting Concepts Underlying Assumptions‚ Principles‚ and Conventions Assumptions The following are basic financial accounting assumptions: Separate entity assumption - the business is an entity that is separate and distinct from its owners‚ so that the finances of the firm are not co-mingled with the finances of the owners. • Going concern assumption - the business is going to be operating for the foreseeable future. Stable monetary unit assumption - e.g. the U.S. dollar • Fixed
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b. increase one asset account and decrease another asset account. c. decrease total assets and total equity. d. decrease one asset account and increase an equity account. 2. Warren Company makes candy. During the most recent accounting period‚ Warren paid $3‚000 for raw materials‚ $4‚000 for labor‚ and $2‚000 for overhead costs that were incurred to make candy. Warren started and completed 10‚000 units of candy‚ of which 7‚000 were sold. Based on this information‚ Warren would
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