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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.
The accounting records of Nu-tonics Inc., include the following information for the year ended December 31, 2013: Materials Inventory as at 1 January 2013 $ 20,000 Materials
the Dwyer corporation incurred costs of 114000 in purchasing a process which it eventually had patented. The patent was issued on July 20x1. To secure the patent, an additional 6
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Q. General principles of accounting? Organizations that have contributed towards the development of the principles are the 1)American Institute of Certified Public Accountants
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Determining needed adjustments Adjustments are required since certain changes take place during the accounting period. As time passes, although, the value of the asset is consu
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what are the basic theory of accounting
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