School of Accounting ACCT 1511: Accounting and Financial Management 1B Session 2‚ 2012 Week 5 Completing the Balance Sheet Student Handout Contents: 1. Learning Objectives 2. Tutorial Questions 3. Lecture Materials Lecturer: Dr Victoria Clout Website: http://telt.unsw.edu.au 1 Introduction and Learning Objectives In this week we are turning our attention towards the remaining major component of the balance sheet – owners’ equity. Like liabilities‚ owners’ equity represents another
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ACCT TEST 1. Which of the following is NOT a characteristic of a corporation? a. Corporations are organized as a separate legal taxable entity. b. Ownership is divided into shares of stock. c. Corporations experience an ease in obtaining large amounts of resources by issuing stock. d. A corporation’s resources are limited to its individual owners’ resources. e. Corporations make up 20% of all businesses. 2. An entity that is organized according to state or federal statutes
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|ACC601: Managerial Accounting | | | | | |Role and Practices in Management Accounting Today | | | |
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Introduction to Management Accounting Terms and examples Accounting is the process of analyzing and recording transactions for the purpose of preparing reports for statutory reporting‚ decision making and control. Types of accounting Bookkeeping is the recording of financial transactions. Transactions include sales‚ purchases‚ income‚ receipts and payments by an individual or organization. Bookkeeping is usually performed by a bookkeeper. Bookkeeping should not be confused with accounting
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Management‚ the Controller‚ and Cost Accounting Management According to Henry Fayol’s Industrial and General Administration‚ "to manage is to forecast and to plan‚ organize‚ to command‚ to co-ordinate and to control". To an organization‚ those various activity can be narrowed to Planning‚ Organizing and Control by three groups of management: operating management‚ middle management and executive management with different role in each level. Planning is the process of sensing external opportunities
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Accounting Practice: It is the routine manner in which the day-to-day financial activities of a business entity are gathered and recorded. A firm’s accounting practice refers to the method by which its accounting policies are implemented and adhered to on a routine basis‚ typically by an accountant and auditor or a team of accounting professionals. Accounting in Bangladesh: In Bangladesh‚ the profession of Accountancy developed during the British colonial period. Today it is represented by two professional
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original entry into the nominal ledger. The double entry system of book keeping ensures that every transaction is recorded twice in the accounts. The basic rule which must allows be observed is that every financial transaction gives rise to two accounting entries‚ one a debit and the other a credit. The total value of debit entries in the nominal ledger is therefore always equal at any time to
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subject/unit (link to assessment tasks (refer to 2.4 below)): 2. (a) Demonstrate knowledge of the links between management accounting‚ customers‚ suppliers and sources of external information and appreciate what is relevant to decision-making in a Management Accounting context. (b) Effectively use costing techniques and describe the strengths and limitations of such techniques (c) Analyse accounting information and present reports in various formats (d) Describe and utilise the basic concepts of planning
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assumption. 2. Sales revenue should be recognised when goods and services have been supplied; costs are incurred when goods and services have been received. Which accounting concept governs the above? a. The prudence concept b. The materiality concept c. The accruals concept * d. The dual accept concept 3. Which accounting concept requires that foreseen losses should be anticipated and taken into account immediately? a. The consistency concept b. The accruals concept c. The prudence
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Introduction to Cost and Management Accounting Lecturer: Nadini Persaud Contact Information: Email: nadini.persaud@cavehill.uwi.edu npersaud07@yahoo.com Office Location: Upstairs Main Library Tel: 417-4296 (DOMS General Office) 417-4297 (NP Office) March 2nd 2013 mid-term exam Contents Decision Making 3 Theory of Constraints 4 IMA Guidelines for Ethical Behavior 4 Competence 4 Confidentiality 5 Integrity 5 Credibility 5 Corporate Social Responsibility
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