office rent of $1‚000 30-May Smith paid dividends to himself of $1‚400 Requirements: 1 Enter the transactions for May into the accounting equation‚ calculating new balances after each entry. Assets = Liabilities + Stockholders’ Equity Cash + Accounts receivable + Supplies + Equipment Accounts payable Common stock + Service revenue - Salaries expense
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Business is an organisation involves in trading activities of goods or services or both. Business can be a profit organisation or a non profit organisation. There are three types of profit organisation in business. First type is Merchandising Business which involves purchasing and selling the products that they purchase. They do not manufacture the products. Example of this business is Parkson‚ who purchase clothings‚ toys and other products from various manufacturers and then sell in their department
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Business Memo The importance of budgeting I developed a spreadsheet including three budget schedules of Spiffy Shade Corporation‚ which is Production Budget‚ Direct-labor Budget‚ and Manufacturing Over-head Budget. According to the budget schedules‚ the company can plan ahead and meet the needs of demand. For example‚ form the Production Budget‚ the company can plan how many sunglasses should be produced for each month and quarter. Budget can also facilitating communication and coordination‚ and
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MKT 5611 Consumer Behavior Background IKEA is a multinational company based in Sweden‚ and sells assembly furniture through their self-branded stores. It was founded in 1943‚ and as of January 2014 has generated over 28.5 billion Euros in profit. They are currently listed in Forbes’s list of 50 most valuable companies in the world. They offer a variety of products in relation to home furnishings‚ including tables‚ lamps‚ and entire kitchens. They are famed for allowing their customers
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Accounting Basics f or S t u d e n t s Ba sic a ccou nting le ss ons an d qu es tio ns fo r high s cho ol a nd c ollege s tude nts By Michael Celender Accounting Basics for Students Copyright © 2010 Michael Celender. All Rights Reserved. No part of this publication may be reproduced or transmitted in any form or by any means‚ including but not limited to digital copying and printing‚ without the express written permission of the author. The author‚ Michael Celender‚ has made his best effort
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Fundamental Islamic values to business activities. Islamic Accounting hopes that Islamic organizations abide by the principles of the Shari’ah or Islamic Law in its business activities. There is a prohibition of interest-based income or expense in the business activities according to the Islamic accounting. In Islamic accounting‚ the profit determination is more important. In the reporting of financial statement according to Islamic accounting‚ the reporting must be holistic. Its mean that both
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Ethics‚ Accounting and Business Decisions In the article "Business and Accounting Ethics" written by Dr. K. T. Smith and Dr. L. Murphy Smith‚ the authors affirm the need for ethics and decision-making in accounting due to recent unfavorable business practices. They stress the importance of maintaining and implementing regulations for professional conduct for public and private accountants. In addition‚ they raised question‚ "What is my highest aspiration? The answer might be wealth‚ fame‚ knowledge
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THE ROLE OF ACCOUNTING IN BUSINESS Accounting is a part of your daily life‚ it is not a branch of Mathematics‚ however‚ you need to be able to add‚ subtract‚ multiply and divide‚ otherwise‚ you would not know how much money you had with you‚ how much you would have spent or whether the change you received was correct. Accounting is a system used by businesses to track financial information. Businesses then analyze and use the information to make business decisions. Accounting uses a double-entry
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Run a Better Business with Accounting Jesse Pulley Man-104 June-06-2013 Instructor Natalie Rufa Accountants are a crucial part to my business success. The key is finding the right professional to provide the services that my business needs to advance.( http://www.wahm.com‚ paragraph 1) I as a business owner/manager must educate myself on the questions to ask and the services that will help me achieve my goals. I realize that it can become a little overwhelming‚ but here are 5 things
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1 CHAPTER ONE: ACCOUNTING IN BUSINESS Chapter Outline I. Importance of Accounting—we live in the information age‚ where information‚ and its reliability‚ impacts the financial well-being of us all. A. Accounting Activities Accounting is an information and measurement system that identifies‚ records and communicates relevant‚ reliable‚ and comparable information about an organizations business activities. B. Users of Accounting Information 1. External Information Users—those not directly involved
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