...Over the last 500 years, the double-entry system of accounting has provided the accounting profession with a reliable and accurate way of tracking the economic events of companies. However, with the implementation of computer-based accounting systems over the last few decades, event based accounting has gained popularity. The theory behind event based accounting is that each business transaction can be broken down into one, or a combination of three types of events: economic, business, and information. An economic event is one in which the quantity of resources change, such as selling an item or purchasing a service. Events like receiving an invoice from a supplier, or sending out a purchase order to a vendor are examples of business events. They are necessary to the company even though they are not the monetary or physical transactions for goods or services. Tasks like creating reports and inputting new customers are considered information events. Information events provide the necessary data for the economic or business events that transpire. The double-entry system of accounting focuses on taking those separate events and aggregating them into journal entries. By aggregating them, a great deal of the total information of the event is left out. Under an event based accounting system each event is recorded with as much of the information as possible, and then stored in tables of data that allow the user to recall and compile this information into usable reports. This...
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...Accounting is the most basic framework of business. People use accounting in their daily lives when they study financial statements to make investment decisions, assess interest rather to pay off their house mortgage and calculate rates for car payments. God himself recognize accounting, for he said in his Holy Bible that everyone would be accountable before him when this world comes to an end.(Matthew 12:36) The practice of accounting can be traced back to ancient times, with "accounting books" of various forms discovered as early as 3500 B. C. From the time of 3500 B. C., accounting has progressed slowly through the development of the modern double-entry system published by Luca Paciolo in the fifteenth century until the advent of the computer. In 1581 the first college of accountants was organized with power to regulate entry into the field. Along with the development of modern accounting, a stereotypical image of the accountant was developed, because of its task being routine and purity mathematical in function. The accountant is view as a dull person that is chain to his desk all day. A survey of college students proved that accounting is treated with mental formulaic concepts, thus it has a stereotype image. Accounting may be defined as an information system that provides reports to various individuals or groups about economic activities of an organization or other entity. Accounting is information sciences used to collect, classify, and manipulate financial data for...
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...Journal Entries: Reflection and Reader Response • Journal Entry 1: “What does it mean to be a soldier?” (Reflection/RR) • Journal Entry 2: “Only the dead see the end of war…” (Reflection/RR) • Journal Entry #3: “How does being a solider change a man (or woman)? Are people changed for better or worse or both? What is the effect on the person, and what is the effect on the nation?” (Reflection/RR) • Journal Entry #4: “Reflect on the duality of words. How do words hold infinite power in their ability to simultaneously create and destroy? How do words affect conflict? How do they affect people?” (Reflection/RR) • Journal Entry #5: “Who or what determines our respective identities? Who or what makes you who you are? Why? How? Is it fair? Do we have control over who we are? Who we are perceived to be?” (Reflection/RR) • Journal Entry #6: “What does Oscar Schindler prove about people amid war and destruction? What characters have we encountered thus far in the semester who could also fit into this category? Why is it so important we remember them and tell their stories?” (Reflection/RR) • Journal Entry #7: “What does it mean to have courage? Is it truly more honorable to die than to live? Is this always the case? If not, reflect on the ambiguity of such a statement.” (Reflection/RR) • Journal Entry #8: “What tangibles and intangibles do you carry with you every day? Why are they important to you?” (Reflection/RR) • Journal Entry #9: “In your opinion, can there...
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...ACCT290 WEEK 4 REVERSING ENTRIES JOAN GAPP Journal entries are used to change accounting information in financial systems. Following the double-entry system used in modern accounting, these entries always affect at least two accounts -- one account is debited, while another account is credited. A reversing entry is a journal entry that inverts a previously recorded "regular" entry. The use of reversing entries is optional, but it offers certain advantages, making them very popular in the accounting world. When you reverse an entry made in a prior period, you prevent duplication of revenues or expenses, which improves accuracy. For example, you made an entry to recognize a phone expense last month as part of the closing of the month process. Now the bill has been entered in the accounting system, and an expense was again recognized. The reversing entry will zero out the expense, correcting the situation. Reversing entries related to period closing always are paired with entries from the past. You can enter a journal entry in January and reverse it in February to avoid duplication in February. You don't normally go back to January to reverse an entry done in February. Reversing entries is a simple process that can be performed by any employee without much knowledge of accounting. Basically, the account originally debited is now credited and vice versa. There's no need to research or conduct any calculations -- all you need to do is reverse the original entry using the same exact...
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...1 National Goods and Services Tax Bill, 2014 introduced in Lok Sabha It is also called Constitution (122nd Amendment) Bill It seeks to introduce Goods and Services Tax (GST) regime Inserts article Articles 246A, 269A and 279A in the Constitution Provides for Union Finance Minister headed GST Council Sets in a uniform and integrated indirect tax regime in India 14th Finance Commission submitted its report to President It covers the period between 1 April 2015 and 31 March 2020 The Commission headed by former RBI Governor Y V Reddy Provides for devolution of tax receipts from the Centre to the States Article 280 of Constitution provides for appointment of Finance Commission First and 13th Finance Commission was headed by K C Neogy & Dr Vijay Kelkar resp. Union government decriminalized Attempt to Suicide For this purpose Section 309 of Indian Penal Code removed 20th Law Commission headed by Justice A P Shah recommended in its 210 Report 210th Report on Humanization and Decriminalization of Attempt to Suicide France was the first country to decriminalize this offence Lok Sabha passed the Repealing and Amending (Second) Bill, 2014 Introduced as a periodic measure for updating the list of laws in force Seeks to repeal 90 laws and pass amendment to two laws Proposes to amend the two laws to rectify typographical errors The laws are Railways...
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...News INTERNATIONAL Mahama Re-elected as Ghana’s President : On 10 December Ghana’s incumbent President John Dramani Mahama of the ruling National Democratic Congress (NDC) has won the country’s presidential election.Mahama took 50.70 percent of the total valid votes cast, while his closest challenger, Nana Addo Dankwa Akufo-Addo of the New Patriotic Party (NPP) obtained 47.74 percent.With his re-election, Mahama becomes the fourth president to be elected under the Forth Republic.He had served as Ghana’s vice president since 2009. UN, Pakistan Launched ‘Malala Fund’ : Pakistan joined forces with the United Nations on 10 December 2012 to launch a fund aimed at boosting girls’ education throughout the world.The fund is named for Malala Yousafzai, the 15-year-old Pakistani girl. Pakistan’s President Asif Ali Zardari also announced a $10-million donation for a global war chest to educate all girls by 2015 set up in the name of Malala Yousafzai for campaigning for girls’ education. Shinzo Abe Elected As Japan’s New PM : The former Prime Minister and the Leader of LDP Shinzo Abe elected as a Prime Minister with a clear victory over the Prime Minister and leader of the Democratic Party of Japan(DPJ) Yoshihiko Noda in the Parliamentary Elections on 26 December 2012.The lawmakers in Japan voted in favour of Abe by 328 votes. Opponent Banri Kaieda, the newly chosen leader of DPJ received merely...
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...India Page No. 5 Bharat Ratna Award Designed by: Chandan Kumar “Raja” For Advertisement Contact at : 9958790414 Join us at Facebook: https://www.facebook.com/iasexamportal Follow us at Twitter: https://twitter.com/iasexamportal CURRENT AFFAIRS National Issues International Issues India & the World Economy Science and Technology Sports Awards & Prizes In The News 6 14 20 23 39 51 58 64 Disclaimer: Editor and Publisher are not responsible for any view, data, figure etc. expressed in the articles by the author(s). Maps are notational . All Disputes are subject to the exclusive jurisdiction of competent courts and fourms in Delhi/New Delhi only. Selected Articles from Various Newspapers & Journals Page No. 67 91 Cyberspace Page No. 93 Regional Rural Banks The Mauryan Empire Model Paper G.S. Paper I 94 117 Join Online Coaching For IAS Pre & Mains Exams http://iasexamportal.com/civilservices/courses Project Mausam and Maritime Silk Route SWACHH BHARAT MISSION Throughout the world around 2.5 billion people do not have toilets to use, out of those 250 crore people 65 crore live in India alone. In order to solve this big challenge government of India has launched “Swachh Bharat Mission” on the birth anniversary of Mahatma Gandhi and former Prime Minister Lal Bahadur Shastri. Due to magnanimity of the problem solving it will not be easy. Government has to face the problems associated with...
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...Human Development Report 2014 Sustaining Human Progress: Reducing Vulnerabilities and Building Resilience Empowered lives. Resilient nations. The 2014 Human Development Report is the latest in the series of global Human Development Reports published by UNDP since 1990 as independent, empirically grounded analyses of major development issues, trends and policies. Additional resources related to the 2014 Human Development Report can be found online at http://hdr.undp.org, including complete editions or summaries of the Report in more than 20 languages, a collection of papers commissioned for the 2014 Report, interactive maps and databases of national human development indicators, full explanations of the sources and methodologies employed in the Report’s human development indices, country profiles and other background materials as well as previous global, regional and national Human Development Reports. Human Development Report 2014 Sustaining Human Progress: Reducing Vulnerabilities and Building Resilience Empowered lives. Resilient nations. Published for the United Nations Development Programme (UNDP) Human Development Reports 1990–2014 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007/2008 2009 2010 2011 2013 2014 Concept and Measurement of Human Development Financing Human Development Global Dimensions of Human Development People’s Participation New Dimensions of Human Security Gender and Human Development Economic...
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...Hundred in one Brief intro: Sabi nga nung mga kaibigan ko dati, masarap daw ang pakiramdam ng sikat. Yung tipong, ikaw yung hinahangaan. Naisip ko naman, lahat naman ng positive side, may kaequal sa negative side. Hindi naman puro maganda ang kinalalabasan. I'm just the girl next door. Well, hindi naman yung literal na meaning. Typical girl kumbaga. Yung mamemeet mo sa pangarawaraw. In short, average lang. Pero may nagsasabi sa akin na hindi raw ako average. Sometimes above or below. Kainis na mga yun!!! Ang lakas ng loob na sabihing above average ako? 4th year high school na nga pala ako. Bagong school. Sa katunayan, hindi naman na talaga bago sa akin ang 'Edison High School.' Nakatira naman na kasi kami dito sa lugar na ito, dati pa. Kaya lang nadestino yung Papa ko sa ibang lugar kaya napilitan kaming lumipat. Pero ngayon, stayput na siya. Hindi na yata namin kailangang lumipat uli. Kaya bumalik na naman ako sa pinanggalingan ko. Makikita ko na naman yung mga naging kaibigan ko dati. I have two brothers. Yung isa mas matanda sa akin, yung isa mas bata. Nagkataon namang yung mas bata sa akin eh ang mortal kong kaaway sa bahay namin! Si Kuya naman, hindi nakatira sa amin dahil college na siya. Bakasyon pa naman. Inienjoy ko pa naman dahil kapag nagpasukan na, magsisimula na ang nightmare. Hindi pa maayos yung bahay namin mula sa pagkakalipat, marami pa kasing hindi nabubuksang kahon. Pero syempre, inuna kong ayusin yung kwarto ko. Aba, yun ang pinakamahalaga...
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