Today’s modern accounting systems implement basic accounting needs while at the same time offering increased correctness in tracking trends, enabling partnership, and giving quick access to data. Computers run everything from home to work. Computerized solutions offer faster transaction processing and better classification of data while at the same time growing the range of input data that give a clearer and more complete picture of a company’s financial bottom line. Modern accounting systems help
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Instructor: Date: 1. Advantages of a sole trader * Ease of formation and dissolution Compared to other forms of business, sole trader is one of the cheapest businesses to set up and to administer. Its administration system requires only the accounting and bookkeeping system to show the business profits or loss, and the business revenue and expenses. * Direct motivation and secrecy The owner owns all the risk associated with the business hence he or she is motivated to work hard to minimize
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Partner (a) Example of “specific partnership property”: A and B each contributed a car for the partnership. The two cars are specific partnership property. (b) Example of “interest in the partnership” — the partner’s share of the profits and losses (without mentioning any particular or specific property). (c) Note that the right to participate in the management is a very valuable property right. Art. 1811. COMMENT: (1) Co-Ownership in Specific Partnership Property The law says “a partner
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Recognized Courses in Accounting/Tax Research and Analysis and Accounting/Business Communications September 3, 2014 The Texas State Board of Public Accountancy requires each candidate to complete a minimum of two semester hours in accounting research and analysis or tax research and analysis from a recognized college or university. The semester hours may be obtained through a discrete course or offered through an integrated approach. If the course content is offered through integration
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choose EduCare Service. 1. Investment Appraisal Methods There are four types of Investment Appraisal methods. They are- 1. NPV (Net Present Value) 2. PBP (Pay Back Period) 3. IRR (Internal Rate of Return) 4. ARR (Accounting Rate of Return) Among them, NPV (Net Present Value) method is the best way to estimate the profit of the venture. Among these four Investment Appraisal methods in evaluating investment proposals, I prefer NPV (Net Present Value) method most. Because
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GAAP ACCOUNTING FOR PARTNERSHIPS Formation [i]. The Revised Uniform Partnership Act defines a partnership as a. Any association of two or more persons or entities. b. An association of two or more persons to carry on as co-owners a business for profit. c. A separate legal entity for most legal purposes. d. An entity created by following statutory requirements. Gleim [ii]. The partnership agreement is an express contract among the partners (the owners of the business). Such an
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Business Organization A joint-stock company is a partnership or corporation between two parties. An electronic company has stocks that are issued to each party in the company in return for each contribution. The shareholders are allowed to transfer or sell their investment at any point in time by selling their stock to another party. A limited liability Company is when the investors are only limited liable in case the business or the investors that were invested in go bankrupt. Creditors can only
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1. A business owned by a single individual is called a: a) corporation. b) sole proprietorship. c) general partnership. d) limited partnership. e) limited liability company. 2. The decisions made by financial managers should all be ones which increase the: a) size of the firm. b) growth rate of the firm. c) marketability of the managers. d) market value of the existing owners' equity. e) firm’s current sales. 3. The primary goal of financial management is to: a) maximize current dividends
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1. A business owned by a single individual is called a: a) corporation. b) sole proprietorship. c) general partnership. d) limited partnership. e) limited liability company. 2. The decisions made by financial managers should all be ones which increase the: a) size of the firm. b) growth rate of the firm. c) marketability of the managers. d) market value of the existing owners' equity. e) firm’s current sales. 3. The primary goal of financial management is to: a) maximize current dividends
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and Spencer’s Accounting Choices ” 20 February 2015 Semester 2, Period 1 2014/2015 Samantha Jay (10962670), Tutorial Group 1 Michelle Liva ()10962581, Tutorial Group 2 ___________________________________________________________________________ 1. Exhibit 1 and 2 report the income statements and excerpts from the notes to Marks and Spencer’s financial statements for the fiscal years ending between March 21, 2005 and March 31, 2009. Critically analyze M&S’s accounting choices. What
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