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What is accounting?
Accounting is concerned with analysing, collecting as well as communicating financial information. Purpose is to help people who use this info to make more informed decisions. If financial information which is communicated isn't capable of improving the quality of decisions made, there would be no point in producing it. Sometimes impression is given that purpose of accounting is basically to prepare financial reports consistently. Though it's true that accountants undertake this kind of work, it doesn't signify an end in itself. Ultimate purpose of the accountant's work is to give people better financial information on which to base their decisions.
A new shopping mall is considering setting up an information desk staffed by one (1) employee. Based upon information obtained from similar information desks, it is believed that p
Beginning balance 24,000 cash Sales 250,000 Gross profit 45% of sales Accounts receivable increase by 24,000 Accounts payable increased by 51,000 Inventory increased by 98,000 Sell
Interest revenue: At the end of 2012, a manufacturer sells machinery to a customer for $90,000. $30,000 is paid immediately, and the customer signs a promissory note for the r
At year-end (December 31), Chan Company estimates its bad debts as 0.30% of its annual credit sales of $753,000. Chan records its Bad Debts Expense for that estimate. On the follow
CONVERSION INTO A COMPANY The partners may convert their business and trade in form of a company. This may be due to some of the advantages a company has over a partnership. E.g.
is it compulsory to give premium for goodwill while entering into a business..
Promissory Note - Evidence of a DEBT with specific amount due and interest rate. Note may specify a maturity date or it may be payable on demand. Promissory note may or may not acc
Q1. what are the roles and objective of FASB and IASB? Q2.what are the main reason for the joint project undertaken by the FASB and IASB? Q3.state some critics by individual and th
like Amazon.com face with respect to safeguarding its assets? What types of controls do you think it already has in place to minimize these risks?
Realisation of assets 1. Divisible property : The ownership of the company's property does not vest in the liquidator (unless the court makes a vesting order: s.240); but
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