techniques • To understand the meaning of cost sheet In order to determine and take a dispassionate view about what lies beneath the surface of accounting figures‚ a financial analyst has to make use of different management accounting techniques. Cost techniques have a precedence over the other techniques since accounting treatment of cost is often both complex and financially significant. For example‚ if a firm proposes to increase its output by 10%‚ is it reasonable to expect total cost to increase
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which support their roles in creating and maintaining successful organizations. A key responsibility managers undertake is the ability to manage financials appropriately. "First and foremost‚ financial management is a decision science. Whereas accounting provides decision makers with a rational means by which to budget for and measure a business’s financial performance‚ financial management provides the theory‚ concepts‚ and tools necessary to make better decisions” (Gapenski‚ 2007). For leaders
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Generally Accepted Auditing Standards Maxx Mayeux ACC/490 February 22nd‚ 2012 Linda Carr Generally Accepted Auditing Standard • Describe how these standards apply to financial‚ operational‚ and compliance audits. • Explain the effect that the Sarbanes-Oxley Act of 2002‚ and the Public Company Accounting Oversight Board (PCAOB)‚ will have on audits of publicly traded companies. • Discuss the additional requirements that are placed on auditors from this act and the actions
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of this income had been received in cash. 4. The year-end balance in Deferred Income Taxes was $17‚548 lower than it was at the start of the year. 5. New property‚ plant‚ and equipment purchases totaled $260‚075‚ all paid for with cash. Disposals of fixed assets generated $33‚162 cash proceeds. 6. Acquisition of another company that was made for cash resulted in additional depreciable assets of $31‚691 and goodwill of $102‚030. 7. Cash dividends were paid in the amount of
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9.5 Manager’s Information Advantage 9.5.1 Earnings Management 9.5.2 Controlling Earnings Management 9.6 Discussion and Summary 9.7 Agency Theory: A Bondholder-Manager Lending Contract 9.8 Implications of Agency Theory for Accounting 9.8.1 Is Two Better Than One? 9.8.2 Rigidity of Contracts 9.9 Reconciliation of Efficient Securities Market Theory with Economic Consequences 9.10 Conclusions on the Analysis of Conflict Copyright © 2009 Pearson Education Canada
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the appropriate journal abbreviation in the space provided. Abbreviation Journal GJ General Journal CB Cash & Bank Book SJ Sales Journal SR Sales Return Journal PJ Purchases Journal PR Purchases Return Journal CB 1. Received cash on outstanding amount from customer. SR 2. Customer returned merchandise sold on account. CB 3. Sold merchandise to customer for cash. GJ 4. Owner withdrew merchandise for personal use. GJ 5. Paid shipping charges on merchandise purchased
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future is the: a. Historical cost principle. b. Unit-of-measure assumption. c. Continuity assumption. * d. Separate-entity assumption. 2. Sales revenue should be recognised when goods and services have been supplied; costs are incurred when goods and services have been received. Which accounting concept governs the above? a. The prudence concept b. The materiality concept c. The accruals concept * d. The dual accept concept 3. Which accounting concept requires that foreseen losses
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The FASB is a private and not for-profit organizations and their primary goal is to establish and improve generally accepted accounting principles in the public’s interest. FASB established in 1973 and it’s starts giving the financial solutions for public and private companies and non-profit organizations. FASB is responsible for setting accounting standards for public‚ private companies and organizations. There are currently seven members’ who are at the top position of this organization. The magazines
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Advancement of Accountancy Profession in Nigeria: A Collaborative Effort of Practicing Accountants and the Academia By Abubakar Salisu B. Sc‚ M.Sc‚ MBA‚ ACA‚ AMNIM Lecturer‚ Department of Accounting‚ Ahmadu Bello University‚ Zaria. ABSTRACT The Nigerian environment of accountancy profession has found it difficult to bring together accountants in the academics and in practice for the advancement of the profession. Whereas the accountants in practice are viewed as the real professional
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FINANCIAL ACCOUNTING I COURSE DESCRIPTION/OBJECTIVES The primary aim of Financial Accounting is to provide students with an introduction to the process and function of financial reporting. Whilst a large proportion of the course is aimed at understanding accounting as a process‚ taking a preparers‟ perspective‚ we will also seek to develop an understanding of the importance of the role of accounting in today’s society. LEARNING OUTCOMES After studying this course the student will be able to understand:
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