value common stock in payment of a $1,800 charge from its accountant for assistance in filing its charger with the state. The entry to record this transaction will include: A $300 credit to paid-in capital in excess for par value, common stock. 3. A company issued 60 shares of $100 par value stock for $7,000 cash. The total amount of paid-in capital is: $1,000 4. A corporation issued 5000 shares of $10 par value common stock in exchange for some land with a market value of $60,000. The entry
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Unit 4 Assignment 1 1. Accrual Basis Accounting: Under the accrual basis accounting, business transactions specifically those relating to income and expenses are recognized and recorded in the books the moment the substance of the transaction has been perfected. Generally Accepted Accounting Principles (GAAP) prefers that financial statements are based entirely on the accrual basis accounting instead of the cash basis accounting. In its simplest terms, the accrual basis accounting assumes that
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operations—revenues, expenses, net profit or loss and net profit or loss per share—for the accounting period. The statement of shareholders' equity reconciles the beginning and ending balances of all accounts that appear in the shareholders' equity section of the balance sheet. The statement of cash flows provides information about the cash inflows and outflows from operating, investing, and financing activities during an accounting period. 2. In a speech by Arthur Levitt, chairman of the SEC, he states:
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14/05/2014 Mixed Costs Total Mixed Cost VC Per Unit (Slope) Purpose of Mixed Cost Analysis To predict cost at an activity level with no historical record: Total mixed cost line can be expressed as: 2N Y Total Utility Cost Fixed Cost (Intercept) Level of Activity If your fixed monthly utility charge is $40, your variable cost is $0.03 per kilowatt hour, can you predict the utility of next month when you plan to use 2,000 kilowatt hours? Y = a + bX Variable Cost per KW
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their customers the devices that must be install in the ship and the services, but clients need sign separately contracts for each of ones. Service contracts generally are for twelve months and are billed monthly. The standards prices are $10,000 per unit device and $300 monthly per service. Devices are made to be exclusively with the Lighthouse services. Customers may cancel the service at any time, but amounts paid related to the devices are non-refundable. According to the FASB, “Revenues are
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MANAGEMENT ACCOUNTING Study Material Prepared By INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA for Junior Accounts Officer(Civil) Examination Conducted By CONTROLLER GENERAL OF ACCOUNTS 1 BASICS OF COST ACCOUNTING 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 Evolution of Cost Accounting, Cost Concepts and Cost Classification Introduction Evolution of Cost Accounting Financial Accounting and Cost Accounting Management Accounting Financial, Cost and Management
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Management Accounting Systems Executive Summary The company’s profits are falling and there is a build up of inventory within the production process. This report considers three management systems which could rectify the situation. Considering Theory of Constraints, Just In Time and Programme Evaluation and Review Technique, the report recommends that more information regarding the cause of the problems is undertaken, and a suitable programme of revaluation of the business processes is undertaken
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CHAPTER 10 Budgetary Control and Responsibility Accounting ASSIGNMENT CLASSIFICATION TABLE Learning Objectives 1. Describe the concept of budgetary control. Evaluate the usefulness of static budget reports. Explain the development of flexible budgets and the usefulness of flexible budget reports. Describe the concept of responsibility accounting. Indicate the features of responsibility reports for cost centers. Identify the content of responsibility reports for profit centers. Explain the basis
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Conceptual Framework 1. Two of the fundamental qualitative characteristics of accounting information as outlined in conceptual framework are ‘relevance’ and ‘representational faithfulness’. Provide a brief description of the meaning of these two characteristics. Do you think faithful representation is more important than relevance for accounting information? [ 3+3=6 marks] [Word limit 300] Suggested solution: The fundamental qualitative characteristics identified in the New
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CREDITED UNIT (S) | No. of hours | | | COURSE CODE | COURSE TITLE | | Lec | Lab | TOTAL | HUMA1013 | Introduction to Humanities | | NONE | 3 | 3 | 0 | 3 | MATH2013 | College Algebra | | NONE | 3 | 3 | 0 | 3 | MATH2033 | Plane and Spherical Trigonometry | | NONE | 3 | 3 | 0 | 3 | NASC 2015 | General Chemistry | | NONE | 5 | 4 | 3 | 7 | INEN3342 | Industrial Production Techniques 1 | | | 2 | 0 | 6 | 6 | ENGL1013 | Study and Thinking Skills in English | | NONE | 3 | 3 | 0 | 3 |
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