challenges from different angles though its prospect is bright in the future. Money and Banking is the center around which all-economic science clusters. Financial statements are prepared on the basis of facts in the form of cost data recorded in accounting books. The original cost or
Words: 1489 - Pages: 6
FORECASTING FINANCIAL STATEMENTS: PROFORMA ANALYSIS Roger Clarke and Grant McQueen August 2001 ABSTRACT This teaching note explains why and how managers project financial statements into the future. The note is designed for an introduction to corporate finance class. The note prepares students for either a case such as Clarkson Lumber or a real-word project in which proforma statements are needed. This note explains how to build a proforma balance sheet and intentionally does
Words: 5391 - Pages: 22
Liabilities- B Equity- I Investment by owners- C Distribution to owners- D, K Comprehensive Income- L, G, E, C Revenue- J, H Expenses- H Gains- A Losses- A E2-7.) a. Fair value changes are not recognized in the accounting records. HISTORICAL COST PRINCIPLE b. Financial information is presented so that investors will not be misled. FULL DISCLOSURE PRINCIPLE c. Intangible assets are capitalized and amortized over periods benefited. MATCHING PRINCIPLE d. Repair tools are expensed
Words: 795 - Pages: 4
every transaction affects at least two accounts. One Debit and One Credit ACCOUNT | Debit | Credit | Assets | + | - | Expenses | + | - | Dividends or Withdrawals | + | - | Revenue | - | + | Liabilities | - | + | Capital | - | + | Retained Earnings | - | + | Normal Balance- side the account increases Contra Account- has a normal balance opposite of its companion account balance. Few examples of contra account – Allowance for doubt full account (ADA) for A/R - Sales Discount for
Words: 4145 - Pages: 17
assurance about financial information primarily used by managers, investors, tax authorities and other decision makers to make resource allocation decisions within companies, organizations, and public agencies. The terms derive from the use of financial accounts. Accounting is the discipline of measuring, communicating and interpreting financial activity. Accounting is also widely referred to as the "language of business".[2] Financial accounting is one branch of accounting and historically has involved
Words: 23794 - Pages: 96
granting the loan. Current assets- receivables expected to be collected within one year or the current operating cycle, whichever is longer, the rest is classified as Noncurrent. Trade receivables- the majority of a company’s total receivable balance. Account receivable- non-written promises by customers to pay for goods or services. Notes receivables- unconditional written agreements to receive a certain sum of money on a specific date. Nontrade receivables- arise from transactions that are not directly
Words: 1541 - Pages: 7
relationship is implicit in the: A. Realization principle. B. Historical cost principle. C. Matching principle. D. Going concern assumption. 2. Accounting standard setting has been characterized as: A. A political process. B. Using the scientific method. C. Pure deductive reasoning. D. Pure inductive reasoning. 3. The FASB's conceptual framework's qualitative characteristics of accounting information include: A. Historical cost. B. Realization. C. Faithful representation. D. Full disclosure
Words: 1730 - Pages: 7
Internship Report On Management Accounting Practice At Beximco Pharmaceuticals Ltd: A Review Of Costing Function ‘Management Accounting Practice At Beximco Pharmaceuticals Ltd: A Review Of Costing Function’ by Syeda Afrina Sarwar ID: 07304063 BRAC Business School BRAC University, Bangladesh August 2011 ‘Management Accounting Practice At Beximco Pharmaceuticals Ltd: A Review Of Costing Function’ Submitted By: Syeda Afrina Sarwar ID: 07304063 BRAC Business School Submitted
Words: 15094 - Pages: 61
July 25, 1999 Chapter 2: Normative Accounting Theory The purpose of this chapter is to identify those characteristics of accounting information that are thought to make one system of accounting better than another. Since the material is based on eighty years of accounting research, by countless researchers, it is clearly neither possible nor desirable to review all the arguments, or even the main arguments, used by advocates of all the different competing accounting systems. For instance, it
Words: 12883 - Pages: 52
ACCT1501 Practice Exam Questions & Solutions QUESTION 1 (10 marks) 2015S2 Accounts Receivable Rupert Ltd maintains subsidiary ledgers for debtors and creditors. At 31 May 2014, the debtors control account has a debit balance of $50,120 and the creditors control account has a credit balance of $30,670. An extract of totals from the special journals for the month of June 2014 is as follows: $ Credit sales 86,500 Cash sales 6,100 Credit purchases 93,200 Cash received from debtors
Words: 3314 - Pages: 14
