...| | Accounting Cycle Accounting cycle | Accounting cycle refers to the process of recording accounting transactions. 1. Analyze transactions to identify the debit and credit components 2. Record journal entries in the accounting journal 3. Transfer debit and credit amounts to each account in accounting ledger 4. Prepare adjusting journal entries 5. Prepare a trial balance 6. Prepare financial statements by transferring balances from the trial balance to appropriate financial statements 7. Close temporary accounts and transfer revenue and expense account balances to retained earnings account | Accounting cycle | Accounting cycle by key word 1. Analyze the transaction 2. Journal entries 3. Posting to accounting ledger 4. Adjusting journal entries 5. Trial balance 6. Financial statements 7. Close temporary accounts | Debit or credit | Debit accounts include asset, expense accounts Credit accounts include liability, equity, revenue accounts | Debit or credit | Debit is recorded on the left side of journal entry and t-account Credit is recorded on the right side of journal entry and t-account | Debit or credit | On the trial balance, left side lists the balances of all debit accounts On the trial balance, right side lists the balances of all credit accounts | Accounting equation | Left side of the equation is equal to left side of the equation Left side total = Right side total Debit accounts are recorded on the left side of accounting equation ...
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...Accounting Policies for Reporting Income Strayer University Intermediate Accounting 1 – ACC 303 February 6, 2012 Professor Elizabeth Hewitt Accounting Policies for Reporting Income Examining accounting standards and policies information from various sources such as FASB Accounting Standards Codification (Financial Accounting Standards Board), AICPA (American Institute of CPA’s) and FASAB (Federal Accounting Standards Advisory Board) I can give a overview of how these items are defined in various resources. The FASB Accounting Standards Codification is the single source of authoritative nongovernmental U.S. generally accepted accounting principles. Looking at the online FASB site it offers the most GAAP generally accepted accounting principles. The site is set up so that you can access the topics you’re looking for in a sort of drill down menu type of search. The site is somewhat user friendly in that it offers a tutorial on how to use the site. It also offers several useful functions such as cross-referencing and join-sections. The AICPA sets ethical standards for the accounting profession and U.S. auditing standards for audits of private companies, non-profit organizations and federal, state and local governments. This resource offers tabs with drop down menus; one of which is marked Research under this tab you can find Standards that will take you to the Standard page offering a list of topics on Professional Accountant Standards such as ‘Audit and Attest Standards’...
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...organizations is the main expense. That being said, payroll plays a very significant role in the maintenance of a company. The payroll cycle consists of the steps a business takes from the beginning of a payroll period to the end. The steps usually begin with the creation of a payroll system. Following that, hours, pay rate, withholding deductions both required and voluntary, as well as gross pay and take home pay. Calculating these values is very important, and must be done individually per employee. Businesses may do this manually or using a computerized accounting system to do so for them. Regardless of the method used though, the business also must have solid internal controls for the payroll category. These include two main controls, which are, controls for efficiency and controls to safeguard payroll disbursements. Having incorrect records poses one of the greatest risks that a company faces when it comes to accounting for payroll. This is because it is almost like a domino effect in that when one inaccuracy occurs, several more subsequently result. Manual entries are not necessarily considered to be efficient, because here the risk of error is greater, than the risk using a computerized system. The computerized system creates and stores records, documents, and an array of information, all in one place, and computerized systems are equipped with tools that make calculations, write checks, print checks, etc., all virtually and more efficiently than manually doing so for...
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...Acct 220 Principles of Accounting I Final Examination Click below link for Answer http://workbank247.com/q/acct220-principles-of-accounting-i-final-examinati/12453 http://workbank247.com/q/acct220-principles-of-accounting-i-final-examinati/12453 University of Maryland University College Final Examination Acct220: Principles of Accounting I For this exam, omit all general journal entry explanations. Ensure to include correct dollar signs, commas, underlines & double underlines where required. Question 1: 40% points: Flip Company's December 31, 2014 trial balance is as follows: Flip Corporation Trial Balance December 31, 2014 Account Debit Credit Cash $43,500 Accounts Receivable 54,500 Allowance for Doubtful Accounts 500 Notes Receivable 30,000 Merchandise Inventory 55,000 Land 20,000 Building 150,000 Accumulated Depreciation, Building $15,000 Equipment 50,000 Accumulated Depreciation, Equipment 21,000 Goodwill 26,000 Accounts Payable 25,000 Long Term Notes Payable 75,000 Common Stock, $10 par, 2,000 shares authorized & outstanding 20,000 Retained Earnings 147,000 Sales Revenue 700,000 Salaries Expense 150,000 Utilities Expense 3,500 Cost of Goods Sold 350,000 Administrative Expenses 55,000 Sales Expenses 15,000 _______ Totals $1,003,000 $1,003,000 Flip is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting...
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...MA1 Assignment 1 Required a. What is the manufacturing overhead application rate (predetermined overhead rate)? Show calculations. (½ mark) b. Using the data provided, post the transactions that took place for the last week of the year to the ledgers and to the appropriate job cost sheets. show the activity in the job cost sheets and the following accounts (before any adjusting entries for over- or underapplied overhead): Raw materials Work in progress Finished goods Cost of goods sold Manufacturing overhead Selling and administrative expenses Sales International Beans, Inc. ACCOUNT: Raw Materials Description Debit Credit Balance Beginning 63,000 DR Jan-Dec Raw materials purchased 7,245,000 7,308,000 DR Jan-Dec Indirect material issued to production 110,200 7,197,800 DR Jan-Dec Direct materials issued to production 7,092,700 105,100 DR Dec 23 Direct materials issued to production 37,000 68,100 DR Dec 28 Indirect material issued to production 1,800 66,300 DR Dec 28 Direct materials issued to production 4,000 62,300 DR ACCOUNT: Work in Process Description Debit Credit Balance Beginning 63,870 DR Jan-Dec Direct labour 525,300 589,170 DR Jan-Dec Overhead applied 2,592,000 3,181...
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...ACCT 324 Federal Tax Accounting I Entire Course http://www.devryguiders.com/downloads/acct-324-federal-tax-accounting-i-entire-course/ ACCT 324 Week 1 DQ 1 ACCT 324 Week 1 DQ 2 ACCT 324 Week 1 Quiz – Federal Tax Law and Process ACCT 324 Week 2 DQ 1 ACCT 324 Week 2 DQ 2 ACCT 324 Week 2 Quiz – Income Inclusions, Exclusions & Accounting Methods ACCT 324 Week 2 You Decide ACCT 324 Week 3 Course Project: Deductions, Losses & Depreciation ACCT 324 Week 3 DQ 1 ACCT 324 Week 3 DQ 2 ACCT 324 Week 3 Quiz – Deductions, Losses & Depreciation ACCT 324 Week 4 DQ 1 ACCT 324 Week 4 DQ 2 ACCT 324 Week 4 Midterm Exam – Deductions, Losses & Passive Activities ACCT 324 Week 5 Course Project ACCT 324 Week 5 DQ 1 ACCT 324 Week 5 DQ 2 ACCT 324 Week 5 Quiz – AMT, Tax Credits, & Tax Payments ACCT 324 Week 6 DQ 1 ACCT 324 Week 6 DQ 2 ACCT 324 Week 6 Quiz – Property Transactions ACCT 324 Week 7 DQ 1 ACCT 324 Week 7 DQ 2 ACCT 324 Week 7 Quiz – Capital Gains & Losses ACCT 324 Week 8 Final Exam ACCT 324 Federal Tax Accounting I Entire Course http://www.devryguiders.com/downloads/acct-324-federal-tax-accounting-i-entire-course/ ACCT 324 Week 1 DQ 1 ACCT 324 Week 1 DQ 2 ACCT 324 Week 1 Quiz – Federal Tax Law and Process ACCT 324 Week 2 DQ 1 ACCT 324 Week 2 DQ 2 ACCT 324 Week 2 Quiz – Income Inclusions, Exclusions & Accounting Methods ACCT 324 Week 2 You Decide ACCT 324 Week 3 Course Project: Deductions, Losses & Depreciation ACCT 324 Week 3 DQ 1 ACCT 324 Week 3 DQ 2 ...
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...has been but a dream. I am excited to now be in a position where that dream can finally become a reality. Getting to this point in my life has not necessarily been the easiest or most straight forward thing. Upon leaving the Antigua State College, my love for music led me to enter the world of teaching. At times, I would find myself with students my own age. While this proved to be challenging at first, it helped me to further develop my abilities as a leader, which continue to be beneficial to me in both my personal and professional life. Following my short stint as a violin instructor, I entered the banking and finance sector where I worked as a customer service representative for two years. In this position, I saw my interpersonal and communication skills grow at an exponential rate. The time spent working at the bank also solidified the practical application of concepts I would have come across at the post-secondary level. It was at this time that I decided to go back to school and pursue my bachelor’s degree. I decided to undertake a double major in both Accounting and Economics given my keen interest in both subject areas. Upon successful completion of the program, I returned to my home country and joined one of the Big 4 Accounting firms. As a CPA and senior accountant, I have developed a solid foundation in teamwork, analytical, and problem-solving skills. My designation has facilitated specialized financial knowledge, but to achieve my goal I need theoretical and practical...
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...Confession of a college student Dwanna Dorsey GEN/195 June 29, 2011 Regina Ford I came into this world on the 14th day of March, in the island of the Philippines. My parents named me Dwanna, which is unique and throughout the years, it fits my personality. When I turned 12, my mother moved my two sisters and me to Carson City, Nevada. The state is beautiful in many ways; outdoor activities are widely available, wildlife is vast, individuals here are welcoming and pleasant. Ever since I was little my mother always said, “Everything happens for a reason,” it was until my mother passed that I understood what she meant. I came to realize life is short. Without any warnings, my life changed. When my beloved son had arrived, I was ecstatic. My family gathered and my sisters asked, “Now that your son is born. What are your plans?” As a result, I read many reference books about how to accomplish goals to ease some thoughts and questioned myself “what am I going to show and tell my son about what I have accomplished in life?” Therefore, I decided to attain a degree in business and accounting. This would help me acquire a good paying job as a public accountant. Making a commitment at this stage of my life, I am afraid that I am incapable to keep up with the extra work and eventually fail. My husband and I discussed the option of not going back to school. However, he has inspired me to become a better person and displayed how easy it is to succeed...
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...GCSE English Literature Specimen Assessment Materials 1 For assessment from 2013 GCSE ENGLISH LITERATURE SPECIMEN ASSESSMENT MATERIALS GCSE English Literature Specimen Assessment Materials 3 Contents Page Question Papers English Literature Unit 1 (H.T.) English Literature Unit 2 a and b (H.T.) English Literature Unit 1 (F.T.) English Literature Unit 2 a and b (F.T.) 5 Mark Schemes English Literature Unit 1 (H.T.) English Literature Unit 2 a and b (H.T.) English Literature Unit 1 (F.T.) English Literature Unit 2 a and b (F.T.) 93 GCSE ENGLISH LITERATURE Higher Tier UNIT 1 Specimen Assessment Materials 2 hours SECTION A Question 1. 2. 3. 4. 5. Of Mice and Men Anita and Me To Kill a Mockingbird I Know Why the Caged Bird Sings Chanda’s Secrets SECTION B 6. Poetry 12 Pages 2-3 4-5 6-7 8-9 10 - 11 ADDITIONAL MATERIALS Twelve page answer booklet. INSTRUCTIONS TO CANDIDATES Answer both Section A and Section B. Answer one question in Section A and the question in Section B. INFORMATION FOR CANDIDATES The number of marks is given in brackets after each question or part-question. You are reminded that assessment will take into account the quality of written communication used in your answers. JD*(S-2011 Higher) Turn over. 2 SECTION A 1. Of Mice and Men Answer part (a) and either part (b) or part (c). You are advised to spend about 20 minutes on part (a), and about 40 minutes on part (b) or part (c). (a) Read the extract on the opposite...
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...Eusebio and Isabel in 1978. The store was named after Joseph and his older brother Melvin. Before jumping in, Joseph observed that the business was run like a sari-sari store. The core product, animal feeds, would be weighed on the spot and handed to customers, and the money was kept in a money pot or in a drawer. J. Melvin’s had branches in Malolos, but their main markets were the farmers in Plaridel. He envisioned the backyard business as a professional corporation. He bought an accounting software that took him a year to master and tailor-fit to the store. According to Joseph Calata “It was definitely trial-and-error but I wanted to prove that it could be done with patience and determination,” he said. “I asked myself, ‘Will I end up working in this store, merely giving change for animal feed?’ I decided to professionalize it. I worked 24/7. I could not make a new transaction if the previous day’s sales had not been encoded…because I saw how things would pile up. I wanted to perfect the system. I had to know how much we made every day. Was there profit? How much?” Joseph Calata was single-minded in proving that putting a system (and a paper trail) in place was the way to go. Although recording the inventory was tedious, it guaranteed accuracy. Joseph and a staffer would do separate inventories; he often spotted discrepancies. His mother resisted additional expense, such as added manpower and a P2,000 printer. Out of his P8,000 monthly salary, he allotted P2,000 for his salesman...
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...In the early 1980’s computers were unknown. The only real computers were called mainframe computers and they took up an entire room in size. They used a special code called binary that only worked with 1’s and O’s. All of the data had to be inputted by stretches of tape or by flipping switches. It took people to develop a computer language for the computer to take off. The first language was called Cobal and it was followed by Fortran and Basic. Because of the large size of computers, having one would require having space big enough to house a room size machine. It took a company named Intel and its founder Gordon Moore, to develop a microprocessor, which shrunk down the size of the processor by placing millions of transistors on a single chip. Now computers instead of taking up an entire room could now fit on a desk. After this discovery people wanted to make a computer the average person could afford. Ed Roberts the owner of a computer calculator company called MITS was the architect of this endeavor. He came up with the first P.C. and called it Altair. It was designed as a kit that the buyer had to put together. As with anything, if you did not put it together properly it would not work. After the introduction of Altair other people wanted to make computers as well. People such as Steve Jobs and Steve Wozniak, and because of all of these “nerds” they help fuel the economic boom of the 1980’s and changed how businesses ran companies. The first P.C Altair was a large box...
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...NCAA Football And The Possible Realignment of The Teams into Super Conferences Mergers and Acquisitions Anthony Pranger October 2011 Introduction: NCAA football is a wonderful and exciting sport, of which I basically know the rules and enjoy watching when I have the time. To be perfectly honest though, this is not a topic that I know much about when it comes to the rankings, divisions and how they determine who will play against who in the upcoming season. Since I lack in knowledge regarding this topic and am not one to back down from a challenge, I have decided to run forward and tackle the topic and research college football, and the inner workings of the sport. This will give me the opportunity to learn more than just accounting and business principles while attaining my master’s degree. First things first, I feel a good description of the sport and its foundation is in order. This will really help put things in perspective, so that I can charge forward and score a touchdown with this paper. NCAA football is also known as College football or pigskin football. Each team is a college (university) and they compete in divisions. The division that has the best teams is called the Division IA and is divided in too many different conferences. The players are amateurs (they do not get paid to play) but they do receive a college scholarship. Each football team can offer a free education to 85 players. College football is all but clear because it does not...
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...trade was much less popular. Throughout the fourth and sixth centuries, long-distance trade was operating successfully, until the plague appeared, which killed around one-third of the citizens in the Byzantine Empire, and ruined the trade networks. The Byzantine economy had recovered in the tenth century, and Italian merchants contributed to its steady growth in the Mediteranian through the tenth and eleventh centuries (Katz 27-39). To begin, the decades of instability as well as foreign invasions mostly by Germanic tribes, led to an establishment of a new military, political, and administrative framework under Diocletian (284-305), and Constantine I, which also led to a new economic power in Byzantine and Constantinopole. From 395 to 476, the Empire was in a big crisis until the Germans left the territory. Emperor Justinian I provided the growth of the economy, but also the growth period ended with the “Justinian Plague” that broke out in Egypt in 542, and reduced the population in all provinces of the empire. The “Justinian Plague” continued until the 8th century. At the same time, political disadvantage occurred with the warfare against Sasanian Persia in 6th and 7th century, which had a really bad impact on Byzantine economy. In the 7th century, after the death of Prophet Mohammed, the Arabs started to invade eastern parts of the empire, and the Byzantine was still weak from the war with Persia, and until 642, most of the revenue of the empire was gone,...
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...trade was much less popular. Throughout the fourth and sixth centuries, long-distance trade was operating successfully, until the plague appeared, which killed around one-third of the citizens in the Byzantine Empire, and ruined the trade networks. The Byzantine economy had recovered in the tenth century, and Italian merchants contributed to its steady growth in the Mediteranian through the tenth and eleventh centuries (Katz 27-39). To begin, the decades of instability as well as foreign invasions mostly by Germanic tribes, led to an establishment of a new military, political, and administrative framework under Diocletian (284-305), and Constantine I, which also led to a new economic power in Byzantine and Constantinopole. From 395 to 476, the Empire was in a big crisis until the Germans left the territory. Emperor Justinian I provided the growth of the economy, but also the growth period ended with the “Justinian Plague” that broke out in Egypt in 542, and reduced the population in all provinces of the empire. The “Justinian Plague” continued until the 8th century. At the same time, political disadvantage occurred with the warfare against Sasanian Persia in 6th and 7th century, which had a really bad impact on Byzantine economy. In the 7th century, after the death of Prophet Mohammed, the Arabs started to invade eastern parts of the empire, and the Byzantine was still weak from the war with Persia, and until 642, most of the revenue of the empire was gone,...
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...LIBERTY UNIVERSITY BAPTIST THEOLOGICAL SEMINARY The Impact the Alleged Conversion of Constantine the Great had on Christianity Submitted to Dr. Gregory Tomlin, in partial fulfillment of the degree requirements for the completion of the course CHHI 520-D02 History of Christianity I By Jerome O. Holmes May 4, 2014 TABLE OF CONTENTS INTRODUCTION 1 CONSTANTINE BACKGROUND 2 CONSTANTINE’S CONVERSION 3 THE AUTHENTICITY OF CONSTANTINE’S CONVERSION 4 CONSTANTINE CONVERSION AND ITS IMPACT ON CHRISTIANITY 6 CONCLUSION 12 BIBLIOGRAPHY 13 INTRODUCTION In an effort to create a, “new Rome,” out of the declining Roman Empire, Constantine the Great implemented many changes that included, but not limited to, openly embracing and supporting the Christians who had been persecuted under Roman emperors for three centuries. Edward A. Johnson, in his article, Constantine the Great: Imperial Benefactor of the Early Church stated that Constantine was an important figure in Roman history because, “…he ended the imperial persecution of the Church and unified the declining Roman Empire. Not much is known about Constantine personally. Much of what has been written regarding the emperor was writing by the historian Eusebius of Caesaria; and he presented Constantine in the best possible light. Constantine, as stated, is best known for his support of Christianity by the decisions he made and the edicts he passed. However, many scholars...
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