Identify how information or processes not directly related to accounting will be impacted by the proposed change.

Number Cruncher Versus Strategic Thinker It is one thing to be able to look at a financial report and analyze it using ratios and comparisons. However, keep in mind that, when you do that, you are studying historical information. Your true value as an accountant will come if you can use that historical information to […]

Which type of ratio is best suited for an outside potential investor?

Revenues:   28,000 Less: Operating Expenses Rent Expense 1,200 Salaries Expense 4,500 Income Statement Utilities Expense 300 Insurance Expense 100 Supplies Expense 400 Depreciation Expense 500 7,000 7,000 21,000 Balance Sheet Assets: Cash 101,800 Accounts Receivable 20,000 PP In 1,100 Supplies 2,600 Equipment 55,000 Accumulated Depreciation (500) Total Assets 180,000 Liabilities and Stockholders’ Equity Liabilities: […]

Calculate the gain arising for 2019-20 and 2020-21 before any applicable reliefs

A1 Assessment Brief (word count – 1500) Bridget Bardot is a UK resident taxpayer. She purchased a house in London with a large garden on 01.10.1999 for £160,000 and paid 1% stamp duty plus legal fees of £863 in addition to the purchase price. She lived in the property up until 22/12/2012 when she rented […]

Explain the impact of the first adoption of IFRS on the entity’s financial position and performance according to the requirements of IFRS 1

You are an accounting adviser in an entity in a particular country. The entity faces the problem of first translation of its financial statements into IFRS. You are asked to explain the process of first adoption of IFRS Note 1: You are required to prepare a case study which is NOT based on accounting records […]

Identify the relevant business cycles that are related in accounting.

identify the relevant business cycles that are related in accounting. Include a brief description of each business cycle. For the revenue cycle, include the following audit objectives that you feel are the most relevant and that you will use in accordance with management assertions: Existence Completeness Accuracy or valuation Rights and obligations Presentation and disclosure

What is Small’s portion of the net income? What is Big’s portion of the net income? Make the entry for this allocation.

Two people are starting a small IT firm. They come to you for advice on how to form a partnership. They have listed 2 scenarios and are asking you how to make journal entries for each one of the following transactions: Two partners, A and B, start a partnership. Partner A’s investment is the following: […]

Recording events in the general journal, posting it to T-accounts, and preparing trial balance

Assignment 2 Instructions This is an individual assignment. The assignment carries 3 questions. The assignment covers Chapter 3&4 and 15% of your total marks. The assignment need to be submitted as a soft copy in EduOasis, typed in Microsoft word file or written clearly in an A4 paper (upload a scanned copy of the document). […]

How should Mr. Wrong have recorded the transaction? What are the ethical aspects of Mr. Wrong’s action?

You are an accounting student taking a class in accounting. Your professor has given you an assignment for the weekend. He wants you to look at each ethical scenario listed below and answer the questions related to that scenario. Mr. Right and Mr. Wrong own an antique store in a partnership. They share profits and […]

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