relevance and reliability. Most of the times‚ people find it difficult to understand the various accounting Concepts. In this coursework‚ I shall analyze these concepts and explain them. First of all I shall discuss the materiality concept. WHAT IS MATERIALITY? Authoritative accounting bodies in the USA such as Financial Accounting Standard Board (FASB)‚ Securities and Exchange Commission (SEC)‚ General Accounting Office (GAO)‚ American Institute
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by Homer and "Lysistrata" by Aristophanes. "The Iliad" is a poem which is believed to be a collection of stories handed down through many generations but not of just one man. It is a story of the Trojan War and the leaders of the two city-states. When "The Iliad" was finally written‚ around 750 B.C.E.‚ the Trojan War had already been over for more hundreds of years. Because of this‚ many of the ideas and characteristics of "The Iliad" may have been changed from the original story. "Lysistrata"
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is the primary purpose of each of the four basic financial statements? In your opinion‚ which financial statement is the most important? Explain why. The four basic financial statements are the balance sheet‚ income statement‚ statement of retained earnings‚ and statement of cash flows. The balance sheet shows what it owes and owns. Income statement shows how the company did during a period of time both revenues and expenses. Statement of retained earnings indicates how much previous income was
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Assignment 2 (20 points) Assignment 2: Costs and Profit Instructions Save this file in your course folder‚ and name it with Assignment‚ the section number‚ and your first initial and last name. For example‚ Jessie Robinson’s assignment for Section 1 would be named Assignment1JRobinson. Type the answers to the assignment questions below. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day‚ be sure to save your
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Profit Planning and Budgeting: Profit planning: Profit planning can be defined as the set of steps that are taken by firms to achieve the desired level of profit. Planning is accomplished through the preparation of a number of budgets‚ which‚ when brought through‚ from an integrated business plan known as master budget. The master budget is an essential management tool that communicates management’s plan throughout the organization‚ allocates resources‚ and coordinates activities. Budgeting:
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ACCOUNTING ASSUMPTIONS‚ PRINCIPLES‚ AND CONSTRAINTS Phil Toms March 29‚ 2013 The basic assumptions are monetary unit assumption and the economic entity assumption. The monetary unit assumption requires that companies include in the accounting records only transaction data that can be expressed in terms of money. This assumption enables accounting to measure economic events. The monetary unit assumption is vital to applying the cost principle. An economic entity can be any organization
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and I not only chose to base my concept map off of golf because I like golf‚ but because things don’t always go as planned and the United States of America has hit many “bumps in the road” to get where we are today. My topics support the idea of the change in America because every single one of them altered America in a Permanente way that cannot be changed. Each one of the ways I chose also grew America in some unique way. The first topic I chose was the Civil Rights Act of 1866. This act was so important
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want that company to make money for them when they invest. If companies didn’t make money for you there would be no reason to buy stocks and no reason the price of a stock would ever go up. If one does not look at the financial statements‚ they would not know if they were choosing a good company to invest in. Others understand that financial statements often cause more dramatic movement in the stock price when the news is released. They intend to profit from the news. External users include stockholders
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3101AFE TUTORIAL 1 – Semester 1 2014 Deegan Topic 1 Introduction to financial accounting theory 1.1 What is the difference between a positive theory of accounting and a normative theory of accounting? 1.6 The IASB and the FASB are currently developing a revised conceptual framework of financial reporting. If you have been asked to review the framework—which is an example of a normative theory of accounting—why would it be important for you to pay particular attention to how the objective
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Capital Structure and Profit Capital Structure Definition A unite of a company’s long-term debt‚ specific short-term debt‚ common equity and preferred equity. The capital structure is how a firm finances its overall operations and growth by using different sources of funds. Debt comes in the form of bond issues or long-term notes payable‚ whereas equity is classified as common stock‚ preferred stock or retained earnings. Also‚ Short-term debt such as working capital requirements is considered
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