Accounting Assingment

Powerful Essays
North South University,

(NSU)

[pic]

School of Business

Assignment

Course ID : ACT 201 (Sec.: 11)

Course Title: Introduction to Accounting

Instructor : M. Morshed (MDM)

Senior Lecturer, School of Business.

Semester : FALL

Year : 2012

Submitted by

Robiul Hassan Labib

ID – 1220296030.

| |
| |

Question 1: Explain using various examples, how the major accounting concepts are used in preparing financial statements.

Solution:

Introduction to Financial Statements One of the steps included in the accounting cycle is the preparation of the principal financial statements. They are the Income Statement and the Balance Sheet. These financial statements are a means by which the information accumulated and processed in financial accounting is periodically communicated to the users. Once the worksheet is completed, it is easy to prepare the financial statements as the necessary data have already been summarized. A third financial statement, which is the Statement of Cash Flows, provides information about cash receipts and cash payments into operating, investing, and financing activities. A Balance Sheet is a formal statement that shows the financial condition of the business as of a given date. It reports the resources of the business (assets), its obligations (liabilities), and the residual ownership (capital or owner’s equity). The Income statement, on the other hand, shows the results of the operations during a given time period. It summarizes business activities for a given period and reports the net income or loss resulting from operations. It contains the nominal accounts or the revenue

You May Also Find These Documents Helpful

  • Good Essays

    Assingment

    • 642 Words
    • 3 Pages

    Semester 1 Assignment 1 ENN103F SECTION A: Short Questions 1. Is Affirmative Action policy morally defensible? Explain South Africa has been characterised by many years of workplce inequalities and imbalances of the past particularly blacks who were treated in an inhumane manner and denigration In…

    • 642 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    assingment

    • 3130 Words
    • 17 Pages

    INTRODUCTION TO Statistics 1.1 WHAT IS STATISTICS? The word statistics derives from classical Latin roots, status which means state. Statistics has become the universal language of the sciences. As potential users of statistics, we need to master both the “science” and the “art” of using statistical methodology correctly. These method include: Carefully defining the situation Gathering data Accurately summarizing the data Deriving and communicating meaningful conclusions…

    • 3130 Words
    • 17 Pages
    Satisfactory Essays
  • Powerful Essays

    assingment

    • 1781 Words
    • 6 Pages

    Zara is considered as one of the greatest global fashion companies. This belongs to the Inditex as one of the greatest groups of distribution in world. Its specific model of thebusiness is consumer –based and comprises the distribution, manufacture and selling of the products with the help of extensive system of group owned retailers. It has been examined that designers of Zara are continuously tracking the preferences of customer and placing the orders with the external and internal suppliers. The…

    • 1781 Words
    • 6 Pages
    Powerful Essays
  • Good Essays

    Assingment

    • 1974 Words
    • 8 Pages

    Usages of Internet and web application break down the limitations There are many real success stories about how the internet and ICT have changed our societies and these changes focus positively on economic growth and socio-cultural benefits. The usage of internet as a platform in every sector is creating many new opportunities, whose were unavailable at past. Internet has a great impact on information sharing. By using internet the people from grassroots area can enable various economic growth…

    • 1974 Words
    • 8 Pages
    Good Essays
  • Better Essays

    5001 Assingment

    • 5205 Words
    • 27 Pages

    Acknowledgements . Table of Content Acknowledgements 2 Abstract 4 Section One 5 Planning and Implementing a Personal Professional Development 5 Introduction 5 Section Two 12 Personal Development Plan Resources 12 Introduction 12 Section Three 17 Evaluate the Personal Development Plan 17 Section Four 19 Welfare Working Practices 19 Section Five 23 Personal Reflections 23 References 24 Appendix One 26 Intertrain Organisational Chart 26 Appendix Two 27 Job Description 27 Appendix Three 29 Assessmnets…

    • 5205 Words
    • 27 Pages
    Better Essays
  • Satisfactory Essays

    Assingment 4

    • 485 Words
    • 2 Pages

    Mohammed Ashhab Islam 1. (2 point) What is professional ethics? It is the applied ethics concerned with moral issues that impact computer professionals. 2. (4 points) What is profession, and who is a professional? Profession is the term that attributes to professional practices. Profession is an occupational field. Whereas professional is a person who is out there to make money on his or her expertise on a particular knowledge. 3. (2 point) Who is a computer/IT professional? A computer professional…

    • 485 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Assingment Osh

    • 913 Words
    • 4 Pages

    TABLE OF CONTENTS 1 | INTRODUCTION | | 2 | OBJECTIVE | | 3 | DATA | | 4 | CONCLUSION | | 5 | REFERANCE | | INTRODUCTION The purpose of this assigment is to get the information and detail about the Department Of Safety and Health(DOSH),National Institute of Occupational Safety and Health(NIOSH) and Social Security Organisation(SOCSO).The example of information that I want to search is the introduction,funtion and program…

    • 913 Words
    • 4 Pages
    Powerful Essays
  • Good Essays

    Assingment perodua

    • 945 Words
    • 4 Pages

    Manegement ! Introduction of the organization/company! Perodua . Name of company : The Perusahaan Otomobil Kedua Sendirian Berhad (Second Automobile Manufacturer Private Limited), usually abbreviated to Perodua.. is Malaysia's second largest automobile manufacturer after Proton The form of company: founded in 1996 It was established in 1992 and launched their first car, the Perodua Kancil in August 1994.[1] 'M2' refers to the codename which was used when the project to establish Perodua was…

    • 945 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    marketing assingment

    • 408 Words
    • 2 Pages

    ASSESSMENT ASSESSMENT DETAILS Unit Code BSBMKG507A Unit Title Interpret Market Trend and Development Assessment No 1 Assessment Title Interpret trend and market development for a business- draft report Qualification Diploma of Marketing STUDENT DETAILS Student Name Kirandeep Kaur Student ID No. S10845 Group No. 22 Date of submission ASSESSOR DETAILS Assessor Name Angad Australian Institute of Technology INTRODUCTION Coffeeville is a cafeteria establish…

    • 408 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    KFC Assingment

    • 2779 Words
    • 12 Pages

    Executive Summary In the global market increase the demand of hygienic food, KFC is trying to do some contribution in its industry. This report has seven chapters. First chapter is introduction. In this chapter we’ve discussed the objective of the study, methodology and limitation of the study. In chapter two we’ve discussed the company overview, environment and competitors of the firm, a recent problem faced by the firm, and we also developed a SWOT analysis. Findings, recommendation and appendix…

    • 2779 Words
    • 12 Pages
    Powerful Essays