The Accounting Cycle Kaplan University AB114-02 Accounting I Professor Richard Franchetti Barbara Kerr April 8‚ 2013 THE ACCOUNTING CYCLE 1 The accounting cycle begins with analyzing and journalizing transactions and ends with preparing the accounting records for the next period. There are ten steps one must follow in the accounting cycle. The first step in the accounting cycle is to analyze and record transactions in the journal using the double entry-accounting
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HISTORY OF ACCOUNTING Accounting has a history that is usually discussed in terms of one seminal event- the invention and dissemination of the double entry bookkeeping processes. Paul Garner and Atsuo Tsuji (1995) report that the first printed treatise of bookkeeping in the world is the Summa de Arithemetica‚ Geometria‚ Proportioni et Proportionalita written by Luca Pacioli. The treatise was published in Venice in 1494‚ and was reprinted at Toscolano in 1523. This work is one of the most important
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Question W 1-8 Shareholder of the oil company would be the ones most interested in the financial reports. The financial statements that would be disclosed‚ would eventually affect the price of the share. Their investment would be on stake. Higher price would mean a higher share price and more returns and dividends. Furthermore prospective share holders can decide whether they want to invest in the oil company or not and whether it is safe to invest in the company or not. The creditors of the company
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Hybrid Records and Retention Rules Jessica Fisher WGU Missouri Hybrid Records and Retention Rules Hybrid records are records that are part paper based and part electronic health record. They are a common occurrence due to the implementation of the electronic health record. Many facilities have not gone to the complete form of the electronic record and must keep partial portions of the medical record in paper form. The hybrid record is a step up from the all-paper record in many ways. It allows
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alient Features of Computerized accounting 2.1. Fast‚ Powerful‚ Simple and Integrated Computerized accounting is designed to automate and integrate all the business operations‚ such as sales‚ finance‚ purchase‚ inventory and manufacturing. With Computerized accounting‚ accurate‚ up-to-date business information is literally at the fingertips. The Computerized accounting combine with enhanced MIS‚ Multi-lingual and Data organization capabilities to help the company simplify all the business processes
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| |7. |Of the two methods of accounting for uncollectible receivables‚ the allowance method provides in advance for uncollectible | | | |receivables. |True False | |8. |Generally accepted accounting principles do not normally allow the use of the direct write-off method of accounting for |
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*Functions of Accounting Work ( Recording / Classifying / Summarizing *Accounting- “art of recording‚ classifying & summarizing in a significant matter and in terms of money; transactions and events w/c are in part at least of a financial character and interpreting the results thereof.” ( How? (AICPA – American Institute of CPA) *Science- existing body of knowledge that governs accounting practice (Accounting Theory) *Art- creative skill & ability *4 Functions of Accounting 1. Recording-
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Bank Accounting Bank accounting consists in making written‚ permanent records of every transaction. Every penny must be accounted for. The statement of the bank‚ which we have just discussed‚ shows the general‚ or control‚ accounts of the bank‚ and the various books of the bank show the detail of these items. It would not be impossible‚ but it would be entirely impractical‚ to enter every figure directly on the statement of condition. We might imagine an enormous sheet on which the capital is entered
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IFRS 8-1: “Basic accounting and reporting issues related to recognition and measurement of receivables‚ allowance accounts‚ recording discounts‚ the allowance method to account for bad debt and factoring are basically the same between IFRS and GAAP. However‚ the FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) are taking steps by working to implement fair value measurement‚ the amount they currently could be sold for‚ for financial instruments. “The
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authorized. *Accounting estimate—An approximation of a monetary amount in the absence of a precise means of measurement. This term is used for an amount measured at fair value where there is estimation uncertainty‚ as well as for other amounts that require estimation. Where ISA 540 2 addresses only accounting estimates involving measurement at fair value‚ the term “fair value accounting estimates” is used. *Accounting records—The records of initial accounting entries and supporting records‚ such
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