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Accounting is a significant service activity in business and is concerned along with collecting, evaluating, communicating and recording the results of past events. The history of accounting progress reflects its changing responsibility in response to the changing business and social requirements. Along with the emergence of management accounting, the focus of accounting has been moving from mere recording of transactions to which of aiding the management in decisions.
Accounting can be perceived like an information system that has its inputs, processing outputs and methods. The value of accounting lies in its capacity to offer information to different stakeholders in business so that they could arrive on the exact decisions.
The top accounting personnel are designated along with various nomenclatures. The practice in this regard differs in various companies. The organizational setting for accounting and finance function may also differ in various organizations, depending on their peculiarities, size and nature of business, structural form and technology. At the helm of affairs is generally the Director of Accounts and Finance who is a member of the Board of Directors. Fle is helped by a General Manager who in turn is assisted through Deputy General Manager's in-charge of different sub-functions as accounts, internal audit, finance and data processing, etc. Each of the sub-functions is additionally sub- divided in activities that are the duty of a subordinate manager.
Q. Describe about Borrowed money? The company lent USD 6000 from Chaney's father. Chaney signs the note for the company. The note turn off no interest and the company promised
At the reception it is decrypted and actual data is obtained. Explain the different methods of encryption technique
Q. Example of Income statement of a merchandising firm? To recapitulate the more important relationships in the income statement of a merchandising firm in equation form -
Different Methods Of depreciation Diminishing Value Method Straight Line Method Annuity Method Depletion Method Written Down value Method
You have been asked to ready a bill for services. What information should be contained in the bill? Ans) Service Provider's Details (i.e) Organization name and address. Ser
o depreciation on the building has been recorded in 2016. Depreciation on the building is based on Double-Declining Balance. It was purchased on 1/1/15 and has an estimated useful
difference between credit and debit
Q. Explain FOB shipping point freight collect? FOB shipping point freight collect - Buyer both initially pays and incurs the freight chargers. The proper party (buyer) paid the
SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the org
Determine the concept of Closing entries-(REID) 1) Close Sales account and other income statement accounts with credit balances to Income Summary. 2) Close each expense ac
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