discussed different concepts regarding accounting. Some of these key concepts included; the differences between accrual basis and cash basis accounting, adjusting entries, and the adjusted trial balance. Accrual Accounting In accrual accounting, companies post income when it is earned and expenses are posted when they occur. Accrual accounting is based on the revenue recognition principle and the expense recognition principle. The revenue recognition principle means that revenue is claimed when the
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that these objectives are met in large part by a set of financial statements. In this chapter, we take up the task of introducing the balance sheet, income statement, and the statement of cash flows. The presentation is organized around the accounting equation. The equation serves as the basis for elementary transaction analysis. A continuing illustration examines the impact of a number of simple transactions upon the balance sheet of a simple service business. Revenue and expense transactions
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| UCSI UNIVERSITYFACULTY OF BUSINESS AND INFORMATION SCINECE (FoBIS) | Teaching Plan 1. | Unit Code &Unit Title: | BA106 INTRODUCTORY ACCOUNTING | 2. | Course of Study: | BACHELOR OF ACCOUNTING AND FINANCE, BACHELOR OF ACCOUNTING, BACHELOR OF FINANCE AND INVESTMENTS | 3. | Year of Study: | 1 | 4. | Year and Semester: | JAN 2015 | 5. | Credit Hour & Contact Hours: | 3 credit hours Lecture: 3Tutorial: 3Practical: | 6. | Lecturer: | SHAKERIN ISMAIL |
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accordance with generally accepted accounting principles? 1. Balance sheet. 2. Notes to financial statements. 3. Income statement. 4. President's letter to shareholders. When should an expenditure be recorded as an asset rather than an expense? 1. Always 2. If the amount is material. 3. When future benefit exists. 4. President's letter to shareholders Recognition of expense related to amortization of an intangible asset illustrates which principle of accounting? 1. Historical cost. 2. Expense
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Week One Student Guide Accounting is a valuable service function designed to provide accurate and timely information to internal and external stakeholders. Those stakeholders rely on four primary financial statements: the income statement, the capital statement, the balance sheet, and the statement of cash flows. Naturally, you begin by studying those four financial statements and the accounting processes that lead to their creation. Those processes include recording financial transactions in
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PRINCIPLES OF ACCOUNTING Higher 2 (2016) (Syllabus 9755) CONTENTS Page INTRODUCTION 2 AIMS 2 ASSESSMENT OBJECTIVES 2 SPECIFICATION GRID 2 SCHEME OF ASSESSMENT 3 SYLLABUS OUTLINE 3 SYLLABUS CONTENT 5 SUMMARY OF COMMONLY USED RATIOS 15 RESOURCES 16 Singapore Examinations and Assessment Board MOE & UCLES 2014 1 9755 H2 PRINCIPLES OF ACCOUNTING (2016) INTRODUCTION Principles of Accounting aims to provide candidates with a foundation course in accounting at a breadth and depth
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Cash Basis of Accounting Accrual-Basis Accounting * Transactions recorded in the periods in which the events occur. * Revenues are recognized when earned, even if cash was not received. * Expenses are recognized when incurred, even if cash was not paid. Cash-Basis Accounting * Revenues are recognized only when cash is received. * Expenses are recognized only when cash is paid. * Prohibited under generally accepted accounting principles (GAAP). Which
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Assignment 1: Application of Financial Statement Tasha L. Hodge Professor Doshi Acct 557: Financial Accounting. December 5, 2011 Abstract The purpose of this paper is to explain my reasoning on the importance of financial statements in a personal and professional environment. The balance sheet and the income sheet are the two most important factors that all business needs in order to attract and keep investors.
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Laura Forbes HSA525 January 28, 2012 According to Gapenski, financial accounting involves identifying, recording, and communicating the operational results and status of an organization. Financial accounting information is conveyed by a business’s financial statements. The three most important are: income statement, balance sheet, and statement of cash flows. The need for financial statements is to provide accounting information to outside investors so they will have reliable information regarding
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HCS/405 30 June, 2014 Reporting Practices and Ethics The accounting staff is a very large part of the healthcare industry. Accounting staff code and bill products and different services that are offered at that location and maintaining an ethical culture is imperative. There are accounting principles and standards and procedures that are part of the General Accepted Accounting Principles (GAAP). The GAAP principles have four key elements: Planning, Controlling, Organizing and Directing
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