Choose the one alternative that best completes the statement or answers the question. 1) Changing the value of closing inventory from cost to net realisable value is an application of which accounting concept? A) B) C) D) 2) Going concern. Historical cost. Consistency. Prudence. Which statement relating to depreciation is true? A) The cash account is affected by charging depreciation B) Accumulated depreciation represents the portion of an asset’s cost that has been transferred to depreciation
Premium Generally Accepted Accounting Principles Inventory Depreciation
1/28/2014 Pablo Simon Managerial Accounting Strategic business decisions are essential to achieve the long-term goals of the company. Strategies are mostly concerned with the scope of business activities and growth in the business (Rosenzweig‚ 2013). They form the fundamental basis for any organization‚ which is based on the facts and in-depth analysis. Historical trends in the financial statement provide for guidance about the performance of the company which are essential in the
Premium Wal-Mart Target Corporation Strategic management
QUESTION BTN 1-3 Identify the parties potentially affected by this audit and the fee plan proposed Accounting code of ethics guides those in the profession to behave in a respectful‚ controlled and moral way. Clients need to have confidence in the business practices of professional accounting firms. A clear ethical code ensures that accountants practice a high standard of business that is exceptional in integrity and professionalism (Maughan‚ 2011). According to Schreiber (2003)
Premium Ethics Business ethics Audit
Discussion Question 1 The international accounting profession has lost its way and is no longer serving the needs of different users of accounting information in a manner which is appropriate and meaningful for the global business environment of today. I respectfully disagree with the above statement. If anything‚ the accounting profession and its importance in day to day management of businesses has increased in the past decades. The information provided by company financial snapshots is a vital tool
Premium Enron scandal Finance Business
B6013 Spring 2010 B6013 - Financial Accounting Financial Assets and Liabilities Shareholder’s Equity Professor Urooj Khan o esso U ooj a Outline – Session 19 1. Financial Assets and Liabilities – Accounting for Financial Assets 2. Shareholder’s Equity – – – – Capital Stock Cisco Case Dividends and Share Repurchases Comprehensive I C h i Income B6013 Spring 2010 © Columbia Business School 2 Prof. Urooj Khan 1 B6013 Spring 2010 Background Readings and Practice Problems
Premium Stock Stock market
Accounting Memo Tiffany Toro BCOM/230 June 9‚ 2014 Wayne Moore Accounting Memo This accounting memo was certainly meant to only be seen by peers; the terminology is colloquial and informal. The first problem with the memo is the addressee is not addressed correctly; instead of “Accounting Team Mate”‚ the individual (s) should be addressed by name and title. As well instead of “subject” it should state “re:” The individual should not be addressed again when commencing to develop the actual
Premium IP address Choice Thing
QUESTION 1: CHAPTER 7: ACTIVITY-BASED COSTING AND ACTIVITY-BASED MANAGEMENT Preston Piston manufactures two types of electric sleeping bags- Luxury and Exclusive- and applies manufacturing overhead to all units at the rate of $80 per machine hour. Production information follows: Luxury Exclusive Direct material $35 $60 Direct Labour $20 $20 Budgeted volume (units) 8‚000 15‚000 The management accountant has determined that the firm’s overhead can be identified with three activities:
Premium Costs Fixed cost Variable cost
experience curve)‚ 3) The true cost and profit picture for each product must be known and 4) Cash flow is as important as profit. The "cycle of decay" (when cost cutting efforts lead to competitive decay) is typically begun when management uses financial accounting data‚ not control data‚ for decision making. Costs are classified as bedrock fixed (very few qualify as this)‚ managed fixed‚ direct variable and shared costs. Most costs qualify as managed‚ and therefore are controllable in the long run. [I]
Premium Management accounting
Cost accounting deals with ascertainment ‚ allocation ‚ apportionment accounting aspect of costs.Management accounting deals with the effect and impact of costs on the business. 2. Cost accounting provides a base for management accounting whereas management accounting is derived from cost accounting and financial accounting. 3. Cost accounting does not include financial accounting ‚ tax planning and tax accounting. Management accounting includes financial and cost accounting ‚ tax accounting
Premium International Financial Reporting Standards Financial statements Balance sheet
FORENSIC ACCOUNTING Alicia Johnson ACCT 310 Intermediate Accounting II Professor McNeal Fall 2004 Forensic Accounting is a fast growing field in the "World of Accounting". Its creation dates back to the early 1800 ’s in Glasgow‚ Scotland. Although it has been around for a long time‚ it has become increasingly popular in the past few years as there have been a number of corporate scandals‚ stricter reporting‚ and internal control regulations involving public awareness and importance in
Free Academic degree Master's degree Police