Basic Accounting Concepts and Business Structures Rose Latifi ACC 537 November 10th 2012 Professor Joh David Basic Accounting Concepts and Business Structures Generally Accepted Accounting Principles (GAAP) and Related Hierarchy The common set of standards and procedures is called generally accepted accounting principles (GAAP). Four organizations are instrumental in the development of financial accounting standards (GAAP) in the United States: 1- Securities and Exchange Commission (SEC)
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|[pic] | | Question 1: Accounting concepts A. The owner of Computer World‚ Heath is confused about the depreciation expense for building in the income statement and the carrying amount in the balance sheet‚ and would like you to explain the following to him: i) Why is depreciation expense recoded in the income statement for the building as
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CHAPTER 1: ACCOUNTING AND THE BUSINESS ENVIRONMENT Objective 1 - Use accounting vocabulary. Accounting is a system that measures business activities‚ processes that information into reports‚ and communicates the results to decision-makers. There are many users of accounting information. Individuals use accounting information to make decisions about purchases and investments and to manage their bank accounts. Businesses use accounting information to set goals for their businesses and to evaluate
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Doing Business in Canada 2012 Finding Opportunities and Avoiding Pitfalls Cover photo: Panoramic view of the City of Vancouver in British Columbia‚ Canada Doing Business in Canada 2012 Finding Opportunities and Avoiding Pitfalls mccarthy.ca Managing Editor Robert W. F. Stephenson IN MEMORIAM This annual publication‚ like the ones before it‚ was edited by Robert Stephenson‚ a partner in our Business Law Group in Toronto‚ who passed away on February 12‚ 2012. Robert’s law practice
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Accounting Information System(AIS) - is a structure that a business uses to collect‚ store‚ manage‚ process‚ retrieve and report its financial data so that it can be used by accountants‚ consultants‚ business analysts‚ managers‚ chief financial officers (CFOs)‚ auditors and regulatory and tax agencies. Components of AIS a. People - the system users - professionals who may need to use an organization’s AIS include accountants‚ consultants‚ business analysts‚ managers‚ chief financial officers
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evaluation process‚ I have also referred to some academic text and books for some guidance on accounting and business techniques. All data that I gathered for this research and analysis project are secondary data. I have categorised the sources of these data into two categories‚ which is books and internets. Books There are some books that I referred for some guidance on accounting and business techniques which I have used in the analysis and evaluation process. Some of the books are borrowed
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5. Accounting and Business techniques used. 2.5.1 Financial Ratios • Liquidity Ratios It is very crucial that an organisation meets its day to day obligations as they fall due. It is possible that an organisation that has very good and positive looking financial statement may experience liquidity problems. Hence measuring liquidity allows the organisation to better monitor its cash flows. Two commonly used ratios to measure liquidity are shown below
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retentious or standoffish personalities‚ although business is considered to be relaxed. Acting informal before a relationship is built is discourteous and Greek business colleagues may get quiet when they have been offended. Business meetings are necessary‚ however should be made 1-2 weeks in advance and confirm by telephone. Many business people eat lunch between 1 and 3 p.m.‚ so this not an optimum time to schedule a meeting. Have materials including business cards printed in both English and Greek. Meetings
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element of the Japanese business world. When conducting business in Japan‚ strong relationships and loyalty to the group are critical for success. The Japanese tend to be withdrawn in their ways‚ and aren’t open to outsiders input. They are very relationship concerned and the group they belong to is their priority. According to Japanese belief‚ everyone gains when each member seeks to make the group more efficient‚ or when the individual works to help the group as a whole. In business terms‚ this means
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Assignment 8: The Business World (24.0 points) 1. Choose a good that you are familiar with‚ such as a t-shirt‚ a tennis racket‚ a cupcake‚ a pair of sunglasses‚ or any other good. Be sure to choose something specific. Then‚ analyze its economic utility‚ using the questions below. a. Describe the good you chose to analyze. (1 sentence. 0.5 points) I chose a t-shirt to analyze. b. Describe the form utility of this good. Is the form utility good or bad? Can you think of ways to improve it
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