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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 accounting cycle steps of a merchandising company?
The accounting cycle steps of a merchandising company include: 1) identifying and analyzing transactions related to sales and purchases, 2) recording these transactions in journals, 3) posting the journal entries to the general ledger, 4) preparing an unadjusted trial balance, 5) making necessary adjusting entries, 6) preparing adjusted trial balance, 7) creating financial statements (income statement, balance sheet, and cash flow statement), and finally, 8) closing the temporary accounts to prepare for the next accounting period. This cycle ensures accurate financial reporting and compliance with accounting principles.
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 a solution of Accounting problem meigs and meigs 9th edition chapter 8 Exercise 8-3?
I don't have direct access to specific textbooks, including "Accounting" by Meigs and Meigs, 9th edition, or their exercises. However, to solve accounting problems typically found in such textbooks, you would analyze the financial data provided, apply relevant accounting principles, and calculate the necessary figures such as balances or ratios. To find the specific solution for Exercise 8-3, I recommend reviewing the chapter's concepts and examples in your textbook, or seeking help from a study group or online resources.
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.
What are the accounting cycle steps of a merchandising company?
The accounting cycle steps of a merchandising company include: 1) identifying and analyzing transactions related to sales and purchases, 2) recording these transactions in journals, 3) posting the journal entries to the general ledger, 4) preparing an unadjusted trial balance, 5) making necessary adjusting entries, 6) preparing adjusted trial balance, 7) creating financial statements (income statement, balance sheet, and cash flow statement), and finally, 8) closing the temporary accounts to prepare for the next accounting period. This cycle ensures accurate financial reporting and compliance with accounting principles.
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
How many years is 2930 days?
It is 8 years and 8 days, accounting for leap years.
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.
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.
Why is accounting regarded as an aid to management?
Accounting as an Aid to ManagementAccounting asan aid to management:The main object of Accounting is to record financial transaction systematically in the books of accounts and to find out profit-loss and financial position of a business. Ascertainment of profit-loss and financial position, interpretation and analysis of accounts and statements, development of accounting system, collection of statistical and economic data, formulation of financial principles and financial planning and controlling result as per plan etc. are the main function of accounting. In the modern age accounting is directly related with financial management. The function of management are planning, organizing, collecting business elements, motivating, coordinating and budgeting etc.Accounting helps the management in the following ways:(1)Planning:Proper planning is very much needed for successful completion of various management activities. These planning – cash planning, sales planning, procurement planning, determining quantity of stock, development of planning, fixing up target – profit et are very much dependent on accounting data and information.(2)Organization:Accounting plays a very vital role in proper execution of the important function of management-organization. Accounting helps management-organization by providing information likepercentageof profit over capital, capitalinvestmentposition, management efficie3ncy in controlling etc.(3)Motivation:Labor-employees are to be motivated for achieving expectedperformance. Financial help is one of the main motivating factors of work. The management is to be aware of financial position of the business for providing financial benefits. Accounting helps the management by providing necessary information for taking proper decision.(4)Co-ordination:One of the main function of the management is to achieve the final target of the business by coordinating various activities of different departments. Accounting helps in coordinating various activities of different department of the business.(5)Control:The main function of the modern management are planning and controlling. Controlling is essential for completion of activities according to plan. Accounting can help management much in controlling.(6)Preparation of final accounts:The management’s responsibility is to communicate operating results for a certain period and financial position of a business concern to the owners and parties concerned.(7)Media of communication:Accounting plays a vital role as a media in communicating various information of different departments,business and managementplan of action to various departments.(8)Budgeting:Preparation of various budgets is essential to run the business successfully. Thehistorical informationwhich is needed in preparation of budget is supplied by accounting.(9)Professional advice:An efficient and honest accountant helps the management with valuable professional advice for the development of its business. In the modern age with the complexities ofbusiness managementhas also become complex. In this aspect the role of accounting is very important. Accounting is an essential tool of management.
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).
