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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.
In June 2011,Kelly purchased new equipment for $26000 to be used in her business.Assuming Kelly has net income from her business of $75000 prior to the deduction,what is the maximu
An accounting ledger that reveals the transaction history and amounts owed independently for each supplier from whom the business gets credit for purchases. The balance in the cust
Q. Uses of journal in accounting? Organizing journal entries in a computerized system is different than in a manual system. The computer usually asks for the number of the acco
John is considering the best capital structure for his firm. Suppose there are two capital structures for him to choose from. Structure A would have 7,000 shares of stock and $160,
Two friends, Joe and Bill, both have carpentry skills and decide to go into business as partners together ?tting kitchen cabinets. Joe's uncle has agreed to provide £20,000 of capi
Establishing the Change Fund Change Fund (asset) is debited and Cash is credited. Only time this fund would be used is if the fund is established or increased, just like Pet
A company absorbs overheads on machine hours that are budgeted at 11,250. The budgeted overhead is $281 250. Results illustrate actual hours of 10 980 and overhead of $276 652.
Why is it important for accounting information to be accurate and timely?
what are the implications of applying accounting concepts wrongly
A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $7
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