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What is reliable accounting information? Identify and define the ingredients of reliable accounting information.
What is recognition? What is realization? What two factors provide guidance for revenue recognition? Why is revenue usually recognized at the time of sale?
What is conservatism and how might it conflict with neutrality?
For the IASB Framework, list the objective of financial statements and identify the underlying assumptions, qualitative characteristics, and constraints.
In today's technology environment, hackers present a substantial risk to a firm's accounting or business system.
What information can you tell your clients about the purpose of the double entry framework, the importance of maintaining the equality .
Calculate the drawings for the following-Capital at the beginning 15000, Profits during the year 8000.
He introduced additional capital of 15000 during the yearand he withdrew 35000 for domestic purpose. Find out the profit for the year 2002-03.
Analysis of the bank data reveals that the credits consist of $78,994 of July deposits and a credit memorandum of $4,828 for the collection of a $4,752.
Outline the benefits of using an online accounting software tool over an organisation relying on maintaining a manual set of books.
After goodwill has been recorded, what were the individual capital balances of the original partners?
Assuming the declining-balance depreciation rate is double the straight-line rate, compute annual depreciation for the first and second years .
What effect does lowering the estimate for doubtful accounts have on the income statement and balance sheet?
Write a short paragraph explaining to Yolanda why her account was increased by a credit entry.
Money market account with check cashing privileges 50,000 90-day CD, due 2/28/Y2 25,000 180-day CD, due 4/15/Y2 75,000 Petty cash fund 50 Postage stamps .
When an employee of an organization attempts to conduct fraud through the misuse of a computer-based system, it is called internal computer fraud.
What is the value of the company's closing inventory of engines at 30 April 20X6?
Journalize the four entries required to close the accounts. If an amount box does not require an entry, leave it blank.
Describe the various types of enterprise wide accounting systems used in organizations.
The only accurate way to account for the success or failure of an entity is to accumulate all transactionsfrom the opening of business until the business.
Critically analyse the advantages and disadvantages of consolidated financial statements.
Accounting treatments of goodwill are write off goodwill to reserves at the time of acquisition.
Cross-sectional analysis (comparisons between different businesses over the same period) and trend analysis (comparisons between the same business ).
Calculate the depreciation charge for each of the four years under the reducing balance method using a depreciation percentage of 40 per cent.
An explanation of the net book value (NBV) of a partially depreciated fixed asset.