Part I, Question 1 – Fossick Ltd, Transaction Worksheet ASSETS Fixed Assets Opening balances Purchase stock Sales: credit Cost of sales Insurance Advertising Purchase machine Salaries Interest Pay trade creditors Collect trade debtors Tax Dividend 1,150 Trade Debtors Share Capital 700 S/H FUNDS Ret Profits 950 P&L A/C Bank Loan 1,500 LIABILITIES Trade Creds 500 1,000 (500) (50) 950 (90) (150) (1,000) 640 (29) (90) (150) (1,000) (32) 32 29 1,000 (500) (50) (120) Tax Payable Divid Payable - Stocks
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Business And Finance Final Examination Examination Number 06044200 1)Bank Balance 2,950.00 Less outstanding ck# 124 (1,080.00) Less outstanding ck# 138 (720.00) Add deposit in transit 3,200.00 Adjusted Bank Balance 4,350.00 Book Balance 4,010.00 Less bank fee for checks (12.00) Less bank fee for NSF (18.00) Less ATM withdrawal (30.00) Add Broom note collected 400.00 Adjusted Book Balance 4,350.00 2)5x+7y=85 substitute y for x: 5(15-y)+7y=85 75-5y+7y=85 75+2y=85
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6: Impact of changes in IT and internet on hotels and airlines 6 P2.1: Double-entry book-keeping 6 P2.2: Calculattion and account for VAT on purchases and Sales 7 P2.3: Cash receipts, cash payments and bank reconciliation 8 P3.1: How a trial balance is constructed 8 P3.2: Trial balance along with adjustments used to prepare fianl accounts 9 P4.1: Sources of finance available to a business 9 P4.2: Reasons and the process of budgetary
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MEMORANDUM Subject: Share-Based Payment Reporting and SPE Reporting Special Purpose entities (SPE) within publicly traded companies have special accounting rules that one must follow to be compliant with the Generally Accepted Accounting Principles (GAAP). When auditing a company that uses share-based payments and SPE’s this firm needs to be familiar with the proper standards of reporting. To ensure an efficient audit this memo will discuss the treatment of share-based payments as well as the accounting
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the credit agreement. They explain the key features of the credit agreement to help you decide whether our product is suitable for your needs and financial situation. 1. What the agreement is for You can use the credit agreement to finance the payment for different Services, such as insurance policies, school fees, professional membership fees and club fees. However we must agree each use of the credit agreement in this way. We will tell you on request whether we are willing to finance any particular
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Federal Direct PLUS Loan Application and Master Promissory Note William D. Ford Federal Direct Loan Program Warning: Any person who knowingly makes a false statement or misrepresentation on this form or any accompanying document is subject to penalties that may include fines, imprisonment, or both, under the U.S. Criminal Code and 20 U.S.C. 1097. OMB No. 1845-0068 Form Approved Exp. Date 11/30/2013 SECTION A: BORROWER INFORMATION - TO BE COMPLETED BY ALL BORROWERS; READ THE INSTRUCTIONS IN
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in local currency and foreign currency (USD, EURO). Time period (7 days/1 month/3 months/6 months/ 1 year-5 years). Rates are not fixed. Payment on maturity (when time periods over then). It can be rolled over with profit and untimely encashment forfeit applies. Alfalah Mahana Amdan (AMA): It deals in local currency only. Time period (1 year/3 years) Payment by bank each month. It cannot be rolled over with profit and premature encashment penalty
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Accounting Exam #1 Chapter 1 Organizing a business Proprietorship – proprietor – one, proprietor is personally liable Single owner, small retail stores, Partnership – Partnerss – two, partners are personally liable Not a taxpaying entity, income passes through to partners Governement by an agreement Mutual agency – each partner can act on behalf of the entity Unlimited liability Involve risk – limited liability partnerships lessen risk LLC – Members, Members are not personally
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premium amortization. 5. Describe the accounting for the extinguishment of non-current liabilities. 6. Explain the accounting for long-term notes payable. 7. Describe the accounting for the fair value option 8. Explain the reporting of off-balance-sheet financing arrangements. 9. Indicate how to present and analyze long-term debt. *10. Describe the accounting for a debt restructuring. *Material covered in Appendix I. Overview – Long-term Liabilities (Bonds and Notes Payable)
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Finance We have to work with money every day. While balancing your checkbook or calculating your monthly expenditures on espresso requires only arithmetic, when we start saving, planning for retirement, or need a loan, we need more mathematics. Simple Interest Discussing interest starts with the principal, or amount your account starts with. This could be a starting investment, or the starting amount of a loan. Interest, in its most simple form, is calculated as a percent of the principal
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