The document discusses key concepts in the accounting information system including:
1) The basic steps in the recording process such as analyzing transactions, journalizing, posting to ledger accounts, and preparing a trial balance.
2) The use of debits and credits to record transactions and their effect on different types of accounts.
3) The purpose and use of accounts, journals, ledgers, and the trial balance in the recording process.
Acquisition and Disposition of Property, Plant, and Equipmentreskino1
ย
Identify property, plant, and equipment and its related costs.
Discuss the accounting problems associated with interest capitalization.
Explain accounting issues related to acquiring and valuing plant assets.
Describe the accounting treatment for costs subsequent to acquisition.
Describe the accounting treatment for the disposal of property, plant, and equipment.
Acquisition and Disposition of Property, Plant, and Equipmentreskino1
ย
Identify property, plant, and equipment and its related costs.
Discuss the accounting problems associated with interest capitalization.
Explain accounting issues related to acquiring and valuing plant assets.
Describe the accounting treatment for costs subsequent to acquisition.
Describe the accounting treatment for the disposal of property, plant, and equipment.
Accounting - Lesson 2 : The Accounting Equation Elearningpower
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This course covers the complete accounting cycle and is designed for those
who are interested in working in the areas of bookkeeping, clerical
accounting, finance or general office work or are looking to review their
accounting knowledge.Our accounting course teaches principles of
accounting, which are consistent across the globe. Even though there may
be minor differences in accounting principles in different countries, the core
accounting principles are the same.
The Accounting Information System
LEARNING OBJECTIVES
After studying this chapter, you should be able to:
Describe the basic accounting information system.
Record and summarize basic transactions.
Identify and prepare adjusting entries.
Prepare financial statements from the adjusted trial balance and prepare closing entries.
Prepare financial statements for a merchandising company.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Memorandum Of Association Constitution of Company.pptseri bangash
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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๐๐ ๐๐จ๐ฆ๐ฌ (๐๐ ๐๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
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Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
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RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
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Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
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At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
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HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
5. The Accounting Information System The system of collecting and processing transaction data and communicating financial information to decision makers is known as the accounting information system.
6.
7. Accounting Transactions Question: Are the following events recorded in the accounting records? Event Purchased a computer. Criterion Is the financial position (assets, liabilities, or stockholdersโ equity) of the company changed? Pay rent. Record/ Donโt Record Discuss product design with potential customer.
8. Accounting Transactions Assets Liabilities Stockholdersโ Equity = + Transaction Analysis The process of identifying the specific effects of economic events on the accounting equation. SO 1 Analyze the effect of business transactions on the basic accounting equation. Basic Accounting Equation
9. Accounting Transactions Transaction Analysis SO 1 Analyze the effect of business transactions on the basic accounting equation. Illustration 3-2 Expanded accounting equation
10. Accounting Transactions Illustration: 1. On October 1, cash of $10,000 is invested in Sierra Corporation by investors in exchange for $10,000 of common stock. 1. +10,000 +10,000 SO 1 Analyze the effect of business transactions on the basic accounting equation.
11. Accounting Transactions 2. On October 1, Sierra borrowed $5,000 from Castle Bank by signing a 3-month, 12%, $5,000 note payable. 1. +10,000 +10,000 2. +5,000 +5,000 SO 1 Analyze the effect of business transactions on the basic accounting equation.
12. Accounting Transactions 3. On October 2, Sierra purchased office equipment by paying $5,000 cash to Superior Equipment Sales Co. 3. -5,000 +5,000 1. +10,000 +10,000 2. +5,000 +5,000 SO 1 Analyze the effect of business transactions on the basic accounting equation.
13. Accounting Transactions 4. On October 2, Sierra received a $1,200 cash advance from R. Knox, a client. 4. +1,200 +1,200 3. -5,000 +5,000 1. +10,000 +10,000 2. +5,000 +5,000 SO 1 Analyze the effect of business transactions on the basic accounting equation.
14. Accounting Transactions 5. On October 3, Sierra received $10,000 in cash from Copa Company for advertising services performed. 4. +1,200 +1,200 5. +10,000 +10,000 3. -5,000 +5,000 1. +10,000 +10,000 2. +5,000 +5,000 SO 1 Analyze the effect of business transactions on the basic accounting equation.
15. Accounting Transactions 6. On October 3, Sierra Corporation paid its office rent for the month of October in cash, $900. 4. +1,200 +1,200 5. +10,000 +10,000 6. -900 -900 3. -5,000 +5,000 1. +10,000 +10,000 2. +5,000 +5,000 SO 1 Analyze the effect of business transactions on the basic accounting equation.
16. Accounting Transactions 7. On October 4, Sierra paid $600 for a one-year insurance policy that will expire next year on September 30. 4. +1,200 +1,200 5. +10,000 +10,000 6. -900 -900 7. -600 +600 3. -5,000 +5,000 1. +10,000 +10,000 2. +5,000 +5,000 SO 1 Analyze the effect of business transactions on the basic accounting equation.
17. Accounting Transactions 8. On October 5, Sierra purchased a three-month supply of advertising materials on account from Aero Supply for $2,500. 4. +1,200 +1,200 5. +10,000 +10,000 6. -900 -900 7. -600 +600 8. +2,500 +2,500 3. -5,000 +5,000 1. +10,000 +10,000 2. +5,000 +5,000 SO 1 Analyze the effect of business transactions on the basic accounting equation.
18. Accounting Transactions 10. On October 20, Sierra paid a $500 dividend. 4. +1,200 +1,200 5. +10,000 +10,000 6. -900 -900 7. -600 +600 8. +2,500 +2,500 10. -500 -500 3. -5,000 +5,000 1. +10,000 +10,000 2. +5,000 +5,000 SO 1 Analyze the effect of business transactions on the basic accounting equation.
19. Accounting Transactions 11. Employees have worked two weeks, earning $4,000 in salaries, which were paid on October 26. 4. +1,200 +1,200 5. +10,000 +10,000 6. -900 -900 7. -600 +600 8. +2,500 +2,500 10. -500 -500 11. -4,000 -4,000 3. -5,000 +5,000 1. +10,000 +10,000 2. +5,000 +5,000
23. Debit and Credit Procedures If Debits are greater than Credits, the account will have a debit balance. $10,000 Transaction #2 $3,000 $15,000 8,000 Transaction #3 Balance Transaction #1 SO 3 Define debits and credits and explain their use in recording business transactions.
24. Debit and Credit Procedures If Credits are greater than Debits, the account will have a credit balance. $10,000 Transaction #2 $3,000 Balance Transaction #1 $1,000 8,000 Transaction #3 SO 3 Define debits and credits and explain their use in recording business transactions.
25.
26.
27.
28. Debits and Credits Summary Normal Balance Credit Normal Balance Debit SO 3 Define debits and credits and explain their use in recording business transactions.
29. Debits and Credits Summary Balance Sheet Income Statement = + = - Asset Liability Equity Revenue Expense Debit Credit SO 3 Define debits and credits and explain their use in recording business transactions.
35. Steps in the Recording Process Business documents , such as a sales slip, a check, a bill, or a cash register tape, provide evidence of the transaction. SO 4 Identify the basic steps in the recording process. Illustration 3-17 Analyze each transaction Enter transaction in a journal Transfer journal information to ledger accounts
36.
37. The Journal Journalizing - Entering transaction data in the journal. Illustration: Presented below is information related to Sierra Corporation. SO 4 Explain what a journal is and how it helps in the recording process. Sierra issued common stock in exchange for $10,000 cash. Oct. 1 Sierra borrowed $5,000 by signing a note. 1 Sierra purchased office equipment for $5,000. 2 Instructions - Journalize these transactions.
38. Journalizing General Journal SO 4 Explain what a journal is and how it helps in the recording process. Sierra issued common stock in exchange for $10,000 cash. Oct. 1 Cash Common stock 10,000 10,000
39. Journalizing General Journal SO 4 Explain what a journal is and how it helps in the recording process. Sierra borrowed $5,000 by signing a note. Oct. 1 Cash Notes payable 5,000 5,000
40. Journalizing General Journal SO 4 Explain what a journal is and how it helps in the recording process. Sierra purchased office equipment for $5,000. Oct. 2 Office equipment Cash 5,000 5,000
42. The Ledger Ledger contains the entire group of accounts maintained by a company. SO 6 Explain what a ledger is and how it helps in the recording process. Illustration 3-19
43. Chart of Accounts Accounts arranged in sequence in which they are presented in the financial statements. SO 6 Explain what a ledger is and how it helps in the recording process.
44. Posting Posting โ the process of transferring amounts from the journal to the ledger accounts. General Ledger General Journal Oct. 1 Owner investment J1 10,000 10,000 101 J1 SO 7 Explain what posting is and how it helps in the recording process.
45.
46. The Recording Process Illustrated SO 7 Explain what posting is and how it helps in the recording process. Follow these steps: 1. Determine what type of account is involved. 2. Determine what items increased or decreased and by how much. 3. Translate the increases and decreases into debits and credits. Illustration 3-21
47. The Recording Process Illustrated SO 7 Explain what posting is and how it helps in the recording process. Follow these steps: 1. Determine what type of account is involved. 2. Determine what items increased or decreased and by how much. 3. Translate the increases and decreases into debits and credits. Illustration 3-22
48. The Recording Process Illustrated SO 7 Explain what posting is and how it helps in the recording process. Follow these steps: 1. Determine what type of account is involved. 2. Determine what items increased or decreased and by how much. 3. Translate the increases and decreases into debits and credits. Illustration 3-23
49. The Recording Process Illustrated SO 7 Explain what posting is and how it helps in the recording process. Illustration 3-24 Additional Transactions
50. The Recording Process Illustrated SO 7 Explain what posting is and how it helps in the recording process. Illustration 3-25 Additional Transactions
51. The Recording Process Illustrated SO 7 Explain what posting is and how it helps in the recording process. Illustration 3-26 Additional Transactions
52. The Recording Process Illustrated SO 7 Explain what posting is and how it helps in the recording process. Illustration 3-27 Additional Transactions ,
53. The Recording Process Illustrated SO 7 Explain what posting is and how it helps in the recording process. Illustration 3-28 Additional Transactions
54. The Recording Process Illustrated SO 7 Explain what posting is and how it helps in the recording process. Additional Transactions Illustration 3-29
55. The Recording Process Illustrated SO 7 Explain what posting is and how it helps in the recording process. Illustration 3-30 Additional Transactions
56. The Recording Process Illustrated SO 7 Explain what posting is and how it helps in the recording process. Illustration 3-31 Additional Transactions
57. Summary Illustration of Journalizing SO 7 Explain what posting is and how it helps in the recording process. Illustration 3-32
58. Summary Illustration of Journalizing SO 7 Explain what posting is and how it helps in the recording process. Illustration 3-32
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Editor's Notes
1. On the topic, โChallenges Facing Financial Accounting,โ what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Forward-looking Information Soft Assets (a companyโs know-how, market dominance, marketing setup, well-trained employees, and brand image). Timeliness (no real time financial information)
Service Cost - Actuaries compute service cost as the present value of the new benefits earned by employees during the year. Future salary levels considered in calculation. Interest on Liability - Interest accrues each year on the PBO just as it does on any discounted debt. Actual Return on Plan Assets - Increase in pension funds from interest, dividends, and realized and unrealized changes in the fair market value of the plan assets. Amortization of Unrecognized Prior Service Cost - The cost of providing retroactive benefits is allocated to pension expense in the future, specifically to the remaining service-years of the affected employees. Gain or Loss - Volatility in pension expense can be caused by sudden and large changes in the market value of plan assets and by changes in the projected benefit obligation. Two items comprise the gain or loss: difference between the actual return and the expected return on plan assets and, amortization of the unrecognized net gain or loss from previous periods