Denise Davidson AB114-02 / Accounting I Unit 6 – Writing Assignment Kaplan University Prof. Richard Franchetti March 13‚ 2012 As many are familiar with the term accounting‚ not many know what the accounting cycle is comprised of. The term “accounting” itself is defined as “the theory and system of setting up‚ maintaining‚ and auditing the books of a business; art of analyzing the financial position and operating
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often needs a way to keep score when conducting business operations. Accounting usually fits this need because it allows create to companies financial reports that can be compared with other companies or an industry standard. Business owners and managers also use accounting to review the efficiency of operations. This information may help owners and managers make business decisions and improve the company’s profitability. Accounting is basically defined as the process of identifying‚ measuring and
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$54500 $36000 $110000 $55000 $55000 $29000 $26000 Answer 4: The Owner can prevent irregularities by the following ways:- Keep checking the Ratios at small interval of time. Taking Bank Reconciliation Statement. Matching the Revenue with Expenses. Take Consistency in method of recording the transaction. Case 3 Answer 1: Yes Lequita Adkins is a clever business person because Firstly she took a grace period of 90 days from 30 days‚ thereafter on final payment she also took
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the company’s two largest current liabilities at the end of its 2 most recent annual reporting periods? What were the company’s total liabilities at the end of its 2 most recent annual reporting periods? What were the company’s revenues (or net revenues) for the last 3 annual reporting periods? What was the company’s net income for the last 3 annual reporting periods? What was the change in dollars in the company’s net income from its most recent annual reporting period to the previous
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Mr. Blackheath had promoted Lee High to vice president of finance. Lee had practically been running the firm for several years during which time sales and profit had been declining. On November 15‚ 1977‚ Mr. Blackheath announced that his son. Trafalgar Blackheath‚ would take over as owner and president on January 1‚ 1978. Trafalgar was a graduate of an MBA program and for several years had been working for a large consulting firm as a marketing specialist. In their private discussions Mr. Blackheath
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Accounting for the iPhone at Apple‚ Inc. (HBS 9-111-003) 1. Exhibit 3 provides the journal entries under subscription accounting. Refer to the example in Exhibit 3. a) Complete the following FSET assuming the Apple follows subscription accounting to account for iPhone’s sales revenue (separately for the transaction in Quarter 1 and in Quarters 2 to 8). Balance Sheet Income Statement Transaction Cash Asset + Noncash Assets - = Liabilities + Contrib. Capital + Earned Capital Revenues
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1. Businesses must implement controls to help guide the behavior of their employees toward business objectives. 2. The methods or procedures used to record and report financial data are called the accounting system. 3. Systems analysis is the final phase in the creation or revision of an accounting system. 4. Processing methods are the means by which the system collects‚ summarizes‚ and reports accounting information. 5. Accounting systems evolve through a three-step process:
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Steps to the Accounting Cycle The term‚ accounting cycle‚ refers to the steps involved in accounting for all of the business activities during an accounting period. These steps are repeated each reporting period. There are ten steps to the accounting cycle. We will go through each one in detail later. But let’s review the basics. Step one begins with analyze transactions. Step two – journalize. Step three – Post. Step four – prepare unadjusted trial balance. Step five – adjust. Step six – prepare
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University of Phoenix Material Accounting Memo interoffice memo to: Accounting Team mate from: Andrew Accountant subject: LIFO FIFO explanation date: 6/10/2015 Team-mate We need to get together later this week—boss has requested we give her an overview of Last In/First Out (LIFO) versus First In/First Out (FIFO) as it might apply to our company. She needs the background info to present to our president and the board late this month. This is to help management make the decision of which inventory
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LJB Company | Memo To: The President! From: Mark Buchanan CC: Date: 11/22/2011 Re: Internal Control Evaluation Going Public: All publicly traded companies in the United States are required to maintain an adequate system of internal controls per the Sarbanes Oxley ACT of 2002 or SOX. Corporate executives and boards of directors must ensure that these controls are reliable and effective. In addition independent auditors must attest to the adequacy of the internal control system. Companies that
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