Accounting Assignment BUSN2036 Financial Accounting Issues 1.Determine if the assets of the CGU are impaired and, if so, by how much. Show all workings The total assets; Fixed Assets Land $150,000 Buildings $280,000 Machinery $140,000
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Accounting Cycle Specified In Nine Steps Abstract The accounting cycle is a series of steps repeated in a reporting period. The account cycles consist of nine steps. The series of steps are analyze business transactions, journalize business transactions, post a business transaction, prepare a trial balance, journalize-post adjusting entries, prepare an adjust trial balance, Prepare financial statements, closing account, and post closing trial balance. Each steps has its own purpose to allow
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Assignment 1 1. Accrual Basis Accounting: Under the accrual basis accounting, business transactions specifically those relating to income and expenses are recognized and recorded in the books the moment the substance of the transaction has been perfected. Generally Accepted Accounting Principles (GAAP) prefers that financial statements are based entirely on the accrual basis accounting instead of the cash basis accounting. In its simplest terms, the accrual basis accounting assumes that income is recognized
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|Principles of Accounting II | Copyright © 2011 by University of Phoenix. All rights reserved. Course Description This course introduces accounting concepts in a business environment. Students learn to create and apply accounting documents in making better business decisions. Other topics include plant assets, liabilities, accounting for corporations, investments, statements of cash flows, financial
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WHAT IS ACCOUNTING? Identify Communicate What is the purpose of accounting ? Measure Record 9 3 8/13/2014 WHAT IS ACCOUNTING? Accounting information is important because it… Assists decision making Provides information about the past, present and future performance of an entity Measures business activity 10 WHO USES ACCOUNTING DATA? Internal users External users Managers who plan, Investors who make organise and run the decisions to buy, hold or
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Pre-Test 1. Financial accounting is an information system that: tracks and records an organization's business transactions 2. Jeff Brown is the sole owner of Shoe Central, a small shoe shop. One day, he buys a used car for his personal use, and pays $2,000 from his checking account. The fact that this transaction has no effect on Shoe Central's financial accounts is an application of the: 3. Jeff Brown, owner of Shoe Central, a small shoe store, buys cleaning supplies for his store once
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Suggested topics for discussions are provided for each question. Discussion need not be confined to the topics indicated. 1. In figure 5.1, the accounting cycle is illustrated. Explain the purpose and importance of each step in the cycle. Step 1 of the accounting cycle is to capture the data from every transaction involving the entity in the form of source documents, which may take many different formats. For example, source documents can consist of sales or service invoices, cash dockets
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Accounting Theory Lesson 1: Accounting Under Ideal Conditions Lesson Objectives: 1. What would accounting look like under ideal conditions? ...................................................................... 1 1.1. Ideal Conditions under Certainty ...................................................................................................... 1 1.2. Ideal conditions under uncertainty ................................................................................................... 3 2
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comprehensive income is basically the net effect of accounting transactions, which sidestep the income statement and are identified directly in equity. Examples for such other comprehensive income are gains/losses on available for sale securities, unrecognized actuarial gains/losses, change in revaluation surplus, etc. Accumulated other comprehensive income is the accumulated change in equity (gains/losses) since the start of business due to accounting transactions that are directly accounted for in
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Accrual Basis Of Accounting Over Cash Basis This paper will analyze accounting cash basis and accrual basis. It will also show how they are different.Cash-basis accounting is known to record all transactions. Now when cash tends in changing which means when revenue is received in paying out by the company. A payment or a cash receipt may be in a form of, credit card or even electronic transfer which that item is then paid.Cash basis is mainly used by a smaller businesses in which a
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