PRINCIPLES OF ACCOUNTING(POA)/ACCOUNTING FOR MANAGERS(AFM) Basic Accounting Concepts & Terminologies ACCOUNTING- DEFINITION Accounting means the various technical activities performed by accountants‚ including financial accounting‚ bookkeeping and management accounting. Accounting is considered to be as old as money. However in 1494 Lucas Fra Pacoili‚ an Italian Merchant is universally regarded as the father of modern system of accounting or double entry system of accounting. Accounting has been
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Chapter 1 & 2 Summary Accounting is a process of identifying‚ measuring‚ and communicating economic information to permit informed judgments and decisions by users of the information. It is a service activity and the language of business. Its main function is to provide qualitative information that is intended to be useful in making economic decisions. The Accounting process is a series of repetitive activities of recording‚ summarizing and reporting economic transactions from the beginning
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unique work environment‚ Nugget Market also offers its associates a strong benefits package such as free health insurance‚ industry leading wages and have a 10 percent discount on groceries. For the retirement plan‚ 401(k) with a company match‚ plus a profit-sharing plan contribution‚ life insurance up to $60‚000‚ log-term disability will pays up to 60 percent of pre-disability income. On the other hand‚ the flexible work schedule allows you to maintain your work-life balance and part time off is unused
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Creative Accounting AC4001 12/13/2013 ‘Many investors now believe that companies can manipulate their accounts more or less at will‚ with the aim of producing profits that increase steadily over time. Provisions are bumped up in good years and later released‚ or the value of an acquisition is slashed; there are plenty of tricks.’ In your opinion is it possible to eliminate creative accounting? I do not think that creative accounting practice can be eliminated completely. However‚ I do
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cost behaviour is important to all organizations for effective management. This is because many organizations have a unique cost structure. For example‚ fixed costs account for 60 – 80% of all hospital costs. However‚ unlike many organizations of this type‚ labour costs largely comprise the hospital’s fixed costs. Labour costs unlike depreciation require a cash outflow. This is characteristic of labour intensive organizations. Capital-intensive organizations‚ on the other hand‚ have low labour
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Coursework BBM – Financial Accounting (FIN 2241) SHARIFUDDIN HAZIQ BIN ABDUL AZIZ SCM 022587 Ms. Janice Contents No. | Title | Pages | 1 | Executive summary | 2 | 2 | Question 1 | Introduction | 3 | | | Sole Proprietorship | 4 | | | Partnership | 5 | | | Limited Liabilities Company | 6 | | | Accounting | 7 | | | Benefits of accounting | 7-9 | 3 | Question
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1 ORGANIZATION BEHAVIOR LEARNING OBJECTIVES The present module aims at: To understand the organization behavior and management functions To know the role of managers To know the reasons for studying of organization behavior To analyze organization behavior from the perspective of learning of an organization. To know and understand the basic approaches in organization behavior “Investing in People is the most important aspect of any modern business.” —Management Today‚ October
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CHAPTER 1 Managerial Accounting ASSIGNMENT CLASSIFICATION TABLE Brief Exercises 1 A Problems B Problems Study Objectives *1. Explain the distinguishing features of managerial accounting. Identify the three broad functions of management. Define the three classes of manufacturing costs. Distinguish between product and period costs. Explain the difference between a merchandising and a manufacturing income statement. Indicate how cost of goods manufactured is determined. Explain the difference
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Statement of Comprehensive income is a financial report that changes in equity of a business enterprise during a period transaction and other events and circumstance from non-owner sources. It is different from typical income statement which reflects profits and losses and may omit changes in net assets (IFRS.org‚ 2009). The general purpose of the statement of comprehensive income is to provide information about the companys financial position‚ performance and cash flow that is useful for economic decision-making
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Gross and Net profit Gross profit A company’s revenue‚ minus the business’ costs of goods For example: If I sold 5000 cheese sandwiches for £1 each my total revenue would be 50 x £1 = £5000 It costs 25p per sandwich to purchase bread‚ butter and cheese. My gross profit = Revenue – Costs of sales (25p x 5000= £1250.00) = £3750.00 Net profit The business’ gross profit minus expenses For example: My gross profit from my sandwiches is £3750.00 to calculate my Net profit I need to minus
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