NANYANG TECHNOLOGICAL UNIVERSITY SEMESTER 1 (2008/2009) AA101 - Accounting I – Quiz 1 Wednesday: 17 September 2008 Time Allowed: 1 hour Name: ________________________ Tutorial Group #: _______ Team #:_____ Tutor: ________________________ INSTRUCTIONS: 1. This paper contains TWENTY (20) questions and comprises EIGHT (8) pages. 2. Answer all TWENTY (20) questions. 3. Write the answer next to the correct question number in the table below: Answers:
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1. Question : (TCO 4) Your hospital has just been told that all of your cardiovascular surgeons are transferring their practice to a competitive hospital beginning next year. How would this affect a forecast of volume? Student Answer: First and foremost, if a hospital is suddenly lost all of its cardiovascular surgeons...heads will roll. However, if there are a major lost of service such as the cardiovascular surgeon...there will be a decrease in the volume due to the lost of services. Thus
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bookkeeping * Since emergence of record keeping similar to banks and governments were applied to mercantile affairs, bookkeeping has possessed theory, form, and technology * Ancient theory in bookkeeping was inferred * Double entry arose from a certain methodology – double posting passed the test of mechanical accuracy. It is a fact that every transaction has dual aspect * System of debits and credits was used in ancient times – rise of proprietor and proprietorship allowed use of all financial
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Abstract It is career day at school and I have been personally asked to make a presentation to high school students in my hometown about my role as an accountant. Although many of the students will not become accountants, the majority of them will all have to deal with money sometime in their life and they will need to know how to keep track of their money one way or another. That is where accounting will play a role in their lives. The students will know the primary objectives when it comes to
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Jamona Exercise Keith Mc Auley ACC545 January 30, 2012 Deborah Ashbury Jamona Exercise Date | Cash Received | Interest Revenue (PV) | Bond Premium Amortization | Carrying Amount of Bonds | 1/1/2006 | | | | 322,744.44 | 12/31/2006 | 36,000.00 | 30,545.34 | 5454.66 | 317,289.78 | 12/31/2007 | 36,000.00 | 29,750.40 | 4958.45 | 312,331.33 | 12/31/2008 | 36,000.00 | 27,046.80 | 4507.85 | 307,823.48 | 12/31/2009 | 36,000.00 | 24,588.00 | 4098.04 | 303,725.44 | 12/31/2010 | 36,000
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Financial Transactions theexpgroup.com ExPress Notes FIA FA1 Recording Financial Transactions Contents About ExPress Notes 1. Business transactions and documentation 7 2. Financial statements and their elements 12 3. Double entry bookkeeping: the debits and credits 18 4. Cash and bank 21 5. Sales and credit transactions 24 6. Purchases and credit transactions 29 7. Payroll 32 8. Page | 2 3 Control accounts and initial
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Abstract The following paper will be discussing a speech prepared for a high school career fair. The speech is talking about the roles as an accountant and the importance of having an accountant especially when business are involved. Introduction The definition of Accounting is basically a person that keeps track and puts in order a business’s financial records to help that business know if they are gaining or losing money so that the business may continue successfully. Accounting is the process
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In financial accounting you learn all about the rules of debit and credits, what this means is that it shows different transactions of accounts that a company’s assets and there liabilities and the stock holders equity. Debits and credits have a double entry system which means debits are normally assets, expenses and dividends and credits are normally liabilities, revenues and retained earnings. Investors and creditors are interested in the financial statements because it reveals how much
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1. Recognition of normal balances a. Amounts paid to a mall for rent -expense b. Amounts to be paid in 10 days- liability c. A new fax machine purchases for office use- assets d. Land held as an investment - assets e. Amounts due from customers -assets f. Daily sales of merchandise sold - revenue g. Promotional costs to publicize a concert - expense h. A long-term loan owed to Citizens Bank -liability i. The albums, tapes, and CDs held for sale to customers –assets Normal balance for:
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Financial Accounting Ch. 8: Questions 3 & 4 3. What are the essential features of the allowance method of accounting for bad debts? The essential features of the allowance method of accounting for bad debts are: A) Obtaining approximates for uncollectible accounts receivables and comparing them to revenue in the same accounting period where revenue occurred. B) To subtract estimated collectibles from bad debts expense and credit to payment for doubtful accounts by adjusting the entries
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