have treated such disbursements as normal operating costs. If I had been forced by management to indulge in such an unethical behavior‚ I would see myself enforced to have reported the company to the authorities as this is a serious violation of accounting ethics‚ and I would not want to be part of such violations. WorldCom’s reaffirmation of earnings had put the company in default of bank agreements. Such default resulted in loans being called in for immediate payment. WorldCom’s financial problems
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University of Phoenix Name XACC/280 Week four checkpoint Date Checkpoint: Besides the general journal‚ there are four different special journals; the Sales Journal‚ the Cash Receipts Journal‚ the Purchases Journal‚ and the Cash Journal. The Sales Journal records all sales of merchandise on account‚ cash and credit sales not included. The advantage of the sales journal is that it is time saving and easy because not every transaction has to be singled out‚ total can be reported instead
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Nine Steps of Accounting Cycle William Watkins XACC/280 March 6‚ 2012 Donna Adams Nine Steps of the Accounting Cycle Screen Shot 08 March 2012 [pic] The nine steps of the accounting cycle ae generally described as follows. These steps are designed to follow a logical sequence to record transactions and prepare financial statements‚ and begins with transaction analysis and ends with closing of the books. Step 1. Collect and analyze the transactions
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line item under assets because we used cash and credit $100‚000 under liability because we now owe a debt. After fully balancing the equation‚ we had $200‚ 00 in assets (what we invested) and $100‚000 in liabilities and shareholder’s equity. Chapter 1 Accounting in Action: E 1-5 pg. 34 Instructions: For each of the three situations‚ say if the accounting method used is correct or incorrect. If correct‚ identify which principle or assumption supports the method used. If incorrect‚ identify
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Accounting consists of basic assumptions‚ principles‚ and constraints. There are four basic assumptions of accounting that are the fundamental basis of any set of accounts. The four basic assumptions of accounting include: monetary unit assumption‚ economic period assumption‚ time period assumption‚ and going concern assumption. Monetary unit assumption states that only transaction data that is expressed in terms of money can be included in the accounting records. Economic period assumption states
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Accounting Team Project Naomi Konen and Chue Lee 8-2 a) Joan’s first mistake is not using control of cash receipts. She is having only one person go through the whole accounting controls process. There should be other people involved in this process including Joan herself. Joan must also realize the limitations of human controls. One person going through the entire process is bound to make a human error. b) Joan initially failed by trying to joke about her employee stealing. Stealing
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This document of XACC 280 Week 1 CheckPoint 1 - Accounting Assumptions‚ Principle and Constraints consists of: Business - Accounting Write an essay in 250 to 300 words‚ including the following: · The basic assumptions of accounting · The principles of accounting · The constraints of accounting A conclusion stating how you think sound financial reporting depends on principles‚ assumptions‚ and constraints. Refer to the U.S. GAAP in your response. Do not purchase
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There are three ways to analyze financial statements there is the vertical analysis‚ which uses the base percentage to express the assets or liabilities and stockholders’ equity. Horizontal analysis or the trend analysis is how someone can evaluate the financial statement over a period. With this method‚ one can determine an increase or decrease in assets liabilities or stockholders equity. This can be done in percentage or totals Horizontal analysis is used primarily with an intercompany comparison
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Welcome to WritePoint‚ the automated review system that recognizes errors most commonly made by university students in academic essays. The system embeds comments into your paper and suggests possible changes in grammar and style. Please evaluate each comment carefully to ensure that the suggested change is appropriate for your paper‚ but remember that your instructor’s preferences for style and format prevail. You will also need to review your own citations and references since WritePoint capability
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Week 6 Checkpoint The accounting cycle is a series of procedures that allow a company to record their transactions and prepare their financial statements in the most accurate way possible. Every cycle starts with a single transaction and ends with the books being closed out for a specific time period. There are nine steps in all. 1. Analyze Business Transactions – As financial transactions occur they are analyzed and considered with respect to their effect on their financial position in the
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