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There are eight accounting concepts: Business entity concept, cost concept, going concern concept, matching concept, objectivity concept, unit of measure concept, adequate disclosure concept, and accounting period concept
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What is the difference between profit making accounting and not for profit making accounting?
The difference between profit making accounting and not for profit making accounting is, that question should answer itself! 8^0
What are the objectives of financial accounting?
The purpose of accounting can be summarized in the following manner: 1. Ascertain the results of operations during a period 2. Ascertain the financial position. 3. Maintaining a control over assets 4. Planning in respect of cash 5. Providing information to tax authorities and other government agencies. 6. To properly match income with expenses. 7. To provide a reliable set of data with which to prepare financial reports for analysis purposes (for owners, lenders, investors, etc). 8. To provide a reliable set of data with which to report income for tax purposes.
List ten users of accounting information?
1 - Owners 2 - Employees 3 - Creditors 4 - Government institutions 5 - Bank 6 - Financial institutions 7 - Investors 8 - Debt institutions 9 - Competitors 10 - General Public
What is the fundamental accounting equation?
B x M = 2 * 7 - 8 +9 =16 _ __(YOUR ANSWER)
What is the steps in accounting process?
1 - Collect source document 2 - Analyze the transaction 3 - Journalize transaction 4 - Posting transaction 5 - Prepare unadjusted trial balance 6 - Prepare adjusting entries 7 - Prepare trial balance 8 - Prepare financial statements
What has the author Thomas G Evans written?
Thomas G. Evans has written: 'The De Witt family of Ulster County, New York ..' 'Foreign exchange risk management under statement 52' -- subject(s): Accounting, American Corporations, Foreign exchange, Risk management 'Accounting Theory' 'The impact of Statement of financial accounting standards no. 8 on the foreign exchange risk management practices of American multinationals' -- subject(s): Accounting, American Corporations, Finance, Financial statements, Foreign exchange, International business enterprises 'Impact of Statement of Financial Accounting Standard' 'Contemporary foreign exchange risk management practices at U.S. multinationals'
What kind of education do you need for a CFO?
Please be aware that a Chief Financial Officer (CFO) requires extensive experience. Typical qualifications for CFO roles include:A minimum of 8, preferably 10, years experience in a senior role.CPA designation preferred.Masters degree in Accounting, Finance or Business.Up to date knowledge of current financial and accounting computer applications.Excellent verbal, analytical, organizational and written skills.Viper1I recommend that instead of a Masters degree. Do a CA (Chartered Accounting degree). This will qualify you to do an MBA (Master of Business Administration). This will give you the financial and business skills that companies are looking for in CFO's.Stephan Casey Iliffe
What is the difference between profit making accounting and not for profit making accounting?
The difference between profit making accounting and not for profit making accounting is, that question should answer itself! 8^0
What are basic element of accounting?
There are 10 basic elements. They are 1) Assets 2) Liabilites 3) Owner's or Stockholder's Equity 4) Investments by Owner 5) Distributions to Owner 6) Comprehensive Income 7) Revenue 8) Expenses 9) Gains and 10) Losses.
List all relevant standard publish by Nigerian accounting standard board?
Sas 1 - statement of accounting policies sas 2 - information to be disclosed in financial statement sas 3 - accounting for property, plant and equipment sas 4 - accounting for stock(inventory) sas 5 - accounting for construction contract sas 6 - prior year, exceptional and extra-ordinary items sas 7 - currency conversion sas 8 - retirement benefit sas 9 - depreciation sas 10 - bank and non-bank financial institutions sas 11 - accounting for lease sas 12 - deferred taxation sas 13 - investment sas 14 - petroleum industry - down-stream sas 15 - bank and non-bank financial institutions (part 2) sas 16 - insurance sas 17 - petroleum industry - up-stream sas 18 - cashflow statement sas 19 - taxation sas 20 - abridge financial statement sas 21 - earnings per share other accounting statements have been issued in recent time
What are the basic elements of accounting?
There are 10 basic elements. They are 1) Assets 2) Liabilites 3) Owner's or Stockholder's Equity 4) Investments by Owner 5) Distributions to Owner 6) Comprehensive Income 7) Revenue 8) Expenses 9) Gains and 10) Losses.
How many years is 2930 days?
It is 8 years and 8 days, accounting for leap years.
What are the objectives of financial accounting?
The purpose of accounting can be summarized in the following manner: 1. Ascertain the results of operations during a period 2. Ascertain the financial position. 3. Maintaining a control over assets 4. Planning in respect of cash 5. Providing information to tax authorities and other government agencies. 6. To properly match income with expenses. 7. To provide a reliable set of data with which to prepare financial reports for analysis purposes (for owners, lenders, investors, etc). 8. To provide a reliable set of data with which to report income for tax purposes.
What are the limitations of accounting ratios?
Limitations of Conventional financial statements are as follows; 1. Companies may use different methods of valuation, cost calculation and recognising profit. 2. The balance sheet does not reflect the true worth of the company. 3. Financial statements can only show partial information about the financial position of an enterprise, instead of the whole picture.
As an accountant do you need both CPA's and MBA's?
To be an accountant, you need a bachelor's degree and at least 8 accounting courses (24 credits in accounting).
Accounting working conditions?
The working conditions of working in accounting will be good. You will work in an office setting and will usually work 8 hours a day.
What has a pH of 8-14?
Basic substances
