Financial Accounting THE NATURE AND PURPOSE OF ACCOUNTING In the present era most of the business as well as non-business operations are carried out through organizations (mostly by limited liability companies (also known as joint stock companies)‚ societies and charitable organisation)‚ rather than by people working as individuals. Such organization consist of group of people working together for common goal. To accomplish its objectives‚ the organization uses resources material
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The lecture last night discussed accrual accounting concepts such as timing issues‚ and the basics of adjusting entries. The discussion went into more detail on periodicity assumption and how accounting divides the economic life of a business into artificial time periods. These time periods are generally a month‚ a quarter‚ or a year‚ now whether it is a fiscal year or a calendar year that is determined by the company itself. The lecture then reviews the revenue recognition principle which expects
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Statement of Purpose - Accounting In recent years‚ my native country of XXX has adapted to the trend of globalization and transformed from a low-tech manufacturing base into a technology-based economy. Growing up in such a dynamic and quickly developing economy has given me a strong interest in taking part in the business world of the future. With this longstanding interest in business‚ I am very eager to begin engaging in advanced business studies. I believe that further study in the UK is an
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The Concepts of Purpose and Vision Purpose Why does the company exist? Who should benefit most from all the effort that is put into the company? Why should a manager or an employee do more than the minimum required? Who owns the company? These questions are deeply philosophical and spiritual‚ sometimes evoking long and acrimonious debate. The debate appears to resolve itself into three broad categories that vary from the materialistic and selfish at one end of the spectrum
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P1 Describe the purpose of accounting for an organisation What is accounting Accounting is a recording‚ reporting‚ and analysis of financial transactions of the business. The person which is in charge or accounting is known as an accountant‚ this person is specifically in charge to follow rules and regulations‚ such as the generally accepted accounting principle. Accounting lets businesses to analyze the financial performance of the business‚ and look for statics such as net profit.
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Task one‚ P1. The Main Purpose of Accounting Keeping track of transactions and recording revenue and expenses are an important process‚ often assigned to an accounting department or a financial manager. Accounting allows companies to provide reports and insights needed to make sound financial decisions. The main purpose of accounting is to identify and record all activities of the income and the outcome that will affect the organisation financially. All activities‚ including purchases‚ sales
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3/13/01 9:40 M Page 9 PART I Purpose of Cost Accounting 9 CH01_Bragg_36794 3/13/01 9:40 M Page 10 CH01_Bragg_36794 3/13/01 9:40 M Page 11 CHAPTER 1 Role of Cost Accounting When properly implemented‚ the cost accounting function can have a pervasive influence in the modern corporation. Unfortunately‚ it is not always properly implemented because management often is not completely aware of all the uses to which the cost accounting function can be put. This chapter describes
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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 and assessing whether accounts do indeed portray accurately the business
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Hello! I am going to apply to Msc Accounting and Finance Management programme. I would be grateful if you could give me feedback. :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::::::::::: I studied a Bachelor’s degree in Accounting. During the undergraduate degree I took a variety of subjects in taxes‚ finance‚ auditing‚ economics‚ accounting and business management. Taking a variety of subjects in university allowed me to see where my
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Through online accounting homework help‚ the students can get vital and recent information about the various topics covered in accounting as mentioned below which will enable them to gain good scores in examinations as well as in submitting their assignments. Accounting concepts: The various terms used for describing the basic ideas are: concepts‚ postulates‚ propositions‚ basic assumptions‚ underlying principles‚ fundamentals‚ conventions‚ doctrines‚ rules etc. Business entity concepts: In accounting we
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