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Question -
(a) What is the Accounting Equation?
(b) What is meant by the "Double Entry" system of Accounting? What are its main advantages?
(c) In Australia the AASB from time to time issues Accounting Standards.
(i) What are these Accounting Standards?
(ii) What is their purpose?
(d) What is the purpose of an accounting system?
(e) List at least 5 key provisions of relevant legislation, regulations, standards and codes of practice that accountants must be aware of in preparing Financial Reports.
(f) Distinguish between the place of a Journal and a Ledger account in the Accounting Cycle.
(g) Identify the Accounting standard relevant to Inventories.
Checks issued but not returned with the bank statement were No. 462 for $16 and No. 483 for $60. Prepare a bank reconciliation as of October
Review the assignment requirements for the Final Paper in Week 5. In a one to two page APA-formatted paper address the following:
Total stockholders' equity 320,000. Determine the company ratio of fixed assets to long-term liabilities and Round to one decimal place
Jane, Kent, and Tracy have income ratios of 5 :3 :2 and capital balances of $34,000, $31,000, and $28,000, respectively. Noncash assets are sold at a gain. After creditors are paid, $119,000 of cash is available for distribution to the partners. ..
In this age of high technology and computer-based information systems, why are accountants concerned about physical (human) controls?
Shown below is activity for one of the products of Denver Office Equipment. Compute the ending inventory and cost of goods sold assuming Denver uses FIFO.
on point inc. is interested in producing and selling a deluxe electric pencil sharpener. market research indicates that
\Ms. Clara Crayola, a teacher, received a cash award of $5,000 from the Chamber of Commerce in recognition of her past accomplishments in the field of education.
Calculate the total amount of interest expense over the life of the bonds for the following independent situations
The part would be sold for $7000 or modified for $10000 and sold for 20300. Which of data is relevant to the decesion about the obsolete parts?
a family inn is a bed and breakfast establishment in a converted 100-year- old mansion. the inns guests appreciate its
Record the transactions. Post to the correct Journals and Ledgers. 8 Purchased 11 Zii Game Consoles from Big Telco for $1,192 each, terms net 30.
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