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Q. Illustrate a simple accounting system?
James Stevens was captivating an accounting course at State University. as well he was helping companies find accounting systems that would fit their information needs. He recommends one of his clients to acquire a software computer package that could record the business transactions and prepare the financial statements. The licensing agreement with the software company specific that the basic charge for one site was USD 4000 and that USD 1000 must be paid for each additional site where the software was used.
James was pleased that his advice to acquire the software was followed. Though he was upset that management wanted him to install the software at eight other sites in the company and did not intend to pay the extra USD 8,000 due the software company. A member of management stated that the software company will never know the difference and besides everyone else seems to be pirating software. If they do discover out we will pay the extra fee at that time. Our expenses are high sufficient without paying these unnecessary costs. James supposed he might lose this client if he didn't do as management instructed.
Q. Responsibility of General Manager and salesperson? Upon promotion to manager Tracy will start the transformation from auditor to executive. She will manage numerous audits a
A method of expressing the relationship between one accounting result and the other, which is intended to give a useful comparison. Accounting ratios helps in measuring the efficie
Having trouble with word problem: Planned Acquisition cost $2.1M Salvage Value $0 16% discount rate savings = year end Savings: year 1 150k year 2 175k year 3 300K year
Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-term Debt $36,000 Building $150,000 Notes Payable $9,000 Equip
Explain the term- CASH SHORT AND OVER This account is used to record both a shortage and overage of cash in cash drawer. When change is made during a business day, mistakes can
TDS (tax deducted at sources) .The person whereas making payments of income,covered by the scheme are responsible to deducted TDS and deposite the similar in goverment treasury wi
The Kauai Surf Company sells high-end surfboards to tourists. The inventory is purchased from a manufacturer in Honolulu.
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
A department transferred 7,000 units to the finished goods storeroom during a month. There was no beginning work in process inventory, but 500 units were still in process at the
I am trying to figure out FIFO LIFO and AVERAGE COST of the ending inventory and the cost of goods sold.
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