ACCT 203: Section 1 Essay Instructions The Issue: You are a partner in Acme Accounting PSC and as such are considering how to respond to a letter written to you by “Bob” a new client. In his letter‚ he stated that he heard that there are two ways he can identify cost in the normal course of his construction business operations. He would like two know what they are‚ the major differences between them and which one best fits his business in terms of performance analysis. Your partners have asked
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The formation of the debit and credit concept In this simplified form we can begin to see what the mathematician and Father of Accounting (Luca Pacioli) saw in 1494 when he codified the double-entry bookkeeping system. It is his codified system that outlined the rules for applying debits and credits when recording the financial transactions of a business in the double-entry bookkeeping system. Now remember that Luca’s book in 1494 was written and published in Latin and at a time when the concept
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Classmates‚ According to (Oster‚ 2014)‚ "Percentage of receivables and percentage of sales are two accounting allowance methods used to reconcile customer accounts deemed noncollectable. When allowed by generally accepted accounting principles (GAAP)‚ these two strategies are preferred over direct write-off of bad debt expenses. Percentage of receivables and percentage of sales provide a business with the ability to accurately estimate the expected bad debt losses they will have in each succeeding
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8/2/2012 Objective of Lecture 2 CLASSIFICATION OF ACCOUNTS & ACCOUNTING EQUATION • By end of lecture 2‚ all students should be able to:(a) Understand the five categories of accounts and able to classify them into the respective categories (b) Understand the accounting equation and the relationship between assets‚ liabilities and owner’s equity. Classifications of accounts • • 1. 2. 3. 4. 5. An account is used to record all information regarding an item. The five major
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bridge have been used for measurement of capacitance in a circuit.Today there is instrumentation available that makes use of these bridges in real life such as that can measure the quality of electrical insulation at power frequency as well as in touch-sensitive sensors. This paper presents an understanding of bridges to measure capacitance‚ their real life implementation ‚ various errors in measurement and the required cautions to avoid errors. I. INTRODUCTION It is well established
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Internal Control Definition Internal control is broadly defined as a process‚ effected by an entity’s board of trustees‚ management‚ and other personnel‚ designed to provide reasonable assurance regarding the achievement of objectives in the following categories: 1. Effectiveness and efficiency of operations 2. Reliability of financial reporting 3. Compliance with applicable laws and regulations 4. Safeguarding of assets Internal control consists of five interrelated components:
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FACULTY OF BUSINESS & MANAGEMENT SEMESTER: MEI 2013 BBAP 2103 COURSE: BACHELOR (HONS) MANAGEMENT (BIM) (A7470) COURSE TITLE: MANAGEMENT ACCOUNTING MATRICULATION NO : RF179118001 IDENTITY CARD NO : RF179118 TELEPHONE NO : 0167386906 E-MAIL : vnod_86@yahoo.com LEARNING CENTRE : SEAMEO RECSAM LEARNING CENTRE Table of Contents 1.0 Introduction of the company 2.0 Explanation on the purposes of product cost information is
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101-00128 Oct 2014 Accounting Accounting is the recording‚ measurement‚ and interpretation of financial information (Business 286). This financial information is used to evaluate the organization’s operations. To carry out these interpretations of financial information a public or private accountant is able to do this. To become a public accountant you must earn your CPA (certified public accountant) by passing a test and means you are certified by the state in which you provide accounting services where
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The history of accounting is as old as civilization and is among the most important professions in economic and cultural development. Much of what we know about the daily lives of ancient people comes from accounting records‚ such as inventories and sales records‚ found at archeological sites. People in all civilizations have maintained various types of records of business activities and the earliest known records kept are the clay tablet records for the payment of wages in the Mesopotamian Valley
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different business organisations‚ used manual method of recording and control over any transaction relating to financial and other activities. With the expansion of those sectors the number of transactions increased. The manual method of recording‚ manipulation‚ producing‚ distributing and maintaining records found as to be unmanageable. With the introduction of computers in those activities‚ the manual method of accounting is being gradually replaced. And finally‚ the database technology
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