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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. Cash collection as point of revenue recognition? Several small companies record revenues and expenses at the time of cash collection and payment which may not take place at
The capital structure of Wild West Inc. is as follows: - Debts: $5,000,000 (face value) bonds with coupon rate at 8.00% and present price at par - Preferred shares: $2,000
can a buyer still avail the 2% discount if he/she partially paid the accounts receivable at the 5th day and the full payment is on the 10th day of the given discount period in th
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Debtors are the major role of the business. He is the whole back bone of the business. The goodwill of the concern is in the hands of debtors because he is the person who takes our
Q. Financial statements in European countries? In a few European countries the financial statements contain secret reserves. These secret reserves occur from a company not repo
A characteristic organization chart for finance and accounting function is presented in following figure 2. You will notice the person at the helm of affairs the Director of Financ
S olvency Ratios (Long Term): These Ratios measure the long term financial provision of the firm. Creditors and Bankers are mainly interested in liquidity. But shareholders, and
how to make adjusting entries
Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available: The
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