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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.
The Soft-Flow Ink Company's income statement for the preceding year is presented below. Except as noted, the costs revenue relationship for the coming year is expected to follow t
Aristo Ltd uses a system of absorption costing. The product passes through a machining department and an assembly department before it is completed. The assembly department is labo
natasha kingrey to calculate present value of salary differential for completing mba
GOLD MOUNTAIN SKI RESORT CASE You work for a venture firm and have been asked to analyze a proposal from a group of investors interested in building a new ski area in Colorado. The
As of January 1, 2011, the partnership of Canton, Yulls, and Garr had the following account balances and percentages for the sharing of profits and losses: Cash 80,000 non cash
BALANCE SHEET Grouping of items: Items in the Balance Sheet should be grouped under appropriate headings. In particular, a trust operating the provisions of the Trustee Act
Clarity and transparency The terms of the payment package must be clear and transparent so that directors and shareholders are in no doubt as to when rewards have been earned o
SYSTEM ONE-THE HEAD OFFICE MAINTAINS ALL THE ACCOUNTS This system is suitable for an enterprise that has small branches (possibly in another area of the town or city where the
(a) You are working as the CFO of Jeans Co. The company is currently seeking a new supplier for their goods. There are two main suppliers of choice, XYZ Ltd and ABC Ltd. The contra
EXAMPLES OF HOW VAT SYSTEM WORKS
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