ACCOUNTING SCHOOL-BASED ASSESSMENT EXEMPLARS – CAPS GRADE 12 LEARNER GUIDE ACCOUNTING SCHOOL-BASED ASSESSMENT EXEMPLARS – CAPS GRADE 12 LEARNER GUIDE CONTENTS Introduction.................................................................................................................... Task A 1 First Term Report: Companies This task is suitable for Grade 12 learners from 2014 (CAPS). Question paper.....................................................................
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INTERVAL CONCEPT, in accounting, requires that financial statements be prepared at regular intervals, e.g. monthly, quarterly, annually. Final accounts are prepared at the end of the accounting period ie one year. Internal accounts can be prepared monthly, quarterly or half yearly. DUAL ASPECT CONCEPT Dual aspect concept states that every transaction has two effects if there is any debit entry then there must be credit entry. This state that there are two aspects of accounting, one represented by
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of Standard Setting 1a: When FASB makes standards, it can have a significant effect on investors or other related interest groups. A change in accounting standard can cause economic and social consequences from that action and the wealth of the society will be redistributed. Thus, FASB has to balance the accounting and non-accounting variables to make sure their proposed standards do not cause possible adverse economic impact (Zeff 1978). It has to consider potential economic consequences
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Decorus Dea Notes to Consolidated Financial Statements Notes 1 Summary of Significant Accounting Policies Nature of Operations: The Decorus Dea (the “Company,” “we” or “us”) business is focused on providing high end, off the runway clothing and beauty products of superior quality and value. Our stores are located in four different states, Georgia, Florida, California and New York and consist of 56 stores. Our stores are located inside traditional malls, outside shopping centers and through
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Chapter 8 Segment and Interim Reporting Chapter Outline I. FASB Accounting Standards Codification Topic 280, Segment Reporting (FASB ASC 280), provides current guidance on segment reporting. A. ASC 280 follows a management approach in which segments are based on the way that management disaggregates the enterprise for making operating decisions; these are referred to as operating segments. B. Operating segments are components of an enterprise which meet three criteria.
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statements report a company's business activities for a 1-year period. FALSE AACSB: Communications AICPA BB: Industry AICPA FN: Decision Making Difficulty: Medium Learning Objective: C1 4. A fiscal year refers to an organization's accounting period that spans twelve consecutive months or 52 weeks. TRUE AACSB: Communications AICPA BB: Industry AICPA FN: Decision Making Difficulty: Medium Learning Objective: C1 5. Adjusting entries are made after the preparation
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versus 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).
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Accounting FOR DUMmIES 4TH ‰ EDITION By John A. Tracy, CPA Accounting For Dummies®, 4th Edition Published by Wiley Publishing, Inc. 111 River St. Hoboken, NJ 07030-5774 www.wiley.com Copyright © 2008 by Wiley Publishing, Inc., Indianapolis, Indiana Published by Wiley Publishing, Inc., Indianapolis, Indiana Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical
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Running Head: Accounting Principles and Ethics Article Accounting Principles and Ethics Articles Myrthe SaintLouis HCS/457 November 30, 2009 Victoria Odom Abstract A healthcare organization is one of the most successful business inside of a healthcare organization theres so many different profession within, from healthcare providers such as physician, nurses ,Medical assistants and so many more. .A healthcare organization also provide care, , consistency,
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What is Accounting? Accounting is the language of business Nature of Financial Accounting The Nature of Accounting is the identification, measurement and communication of financial information about economic entities to interested persons Objectives / functions of Financial Accounting One of the main functions of financial accounting is the preparation of final accounts, also commonly referred to as financial statements. Pillars of Accounting Assets Liabilities Capital Revenues Expenses
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