Chapter 1 & 2 Summary Accounting is a process of identifying‚ measuring‚ and communicating economic information to permit informed judgments and decisions by users of the information. It is a service activity and the language of business. Its main function is to provide qualitative information that is intended to be useful in making economic decisions. The Accounting process is a series of repetitive activities of recording‚ summarizing and reporting economic transactions from the beginning
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1.1 Types of Inventories Inventory is a list of goods and materials‚ or those goods and materials themselves‚ held available in stock by a business. 1) The type of inventories using by Padini Holdings Berhad is categorised under “Goods for Sale”. For example‚ cotton‚ polyester‚ viscose‚ fibre‚ yarn and et cetera. For “Goods for Sales” inventory is usually divided into 1. Raw Materials : a) Natural Raw Materials: Cotton‚ Wools and etc. b) Synthetic Raw Materials: Acrylic‚ Viscose‚ Nylon
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Skylab Education SCHOOL OF CHARTERED MANAGEMENT ACCOUNTING Course Title: Fundamentals of Management Accounting Course Code: C01 Batch 131 Section: 01 Instructor: Kamruzzaman Sabbir Class Time: FRI & SAT 10.00AM – 12.00PM Office hours: By Appointment Cell: 01674906177 Web: www.ksbcima.blogspot.com e-mail: ksb.mmu@gmail.com ================================================================================ COURSE OBJECTIVES:
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Glasson Holding Ltd is a group of companies. Use the financial report to identify 3 companies in the group. The three companies are: Hallenstein Bros Limited Hallenstein Properties Limited Glassons Limited. Question 4: a) What is meant by the accounting term "consolidation"? Consolidation means combining two or more organizations fund‚ etc into one. b) Explain briefly how it will apply with the Hallenstein group of companies. This will apply with the Hallenstein group of companies because there
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function or item of equipment in respect of which cost are ascertained. 2. Define cost accumulation and cost assignment Cost accumulation refers to the process of collecting cost data through an accounting system. Usually costs are collected under general ledger accounting headings‚ which follow natural classifications‚ such as materials‚ labour‚ power‚ electricity‚ fuel etc. Cost assignment is a general term used to cover 1. Tracing of costs to cost objects‚ 2. Apportionment of
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* The author here talks about the fundamental problems in education‚ he emphasizes that it not being an education problem at all. He rather says its more of a social problem between adults and children. * “ The fundamental problems in education is not an educational problem at all: it is a social one. It consists in the establishment of a new and better relationship between the two great sections of society- children and adults” – Dr Montessori * * The education system that exists
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This essay will explain the fundamental economic problem in Hospitality Industry at Restaurant Sector. It will also discuss about the determinant of demand and supply in Restaurants. The central economic problem is scarcity. This problem applies around the world. According to Sloman‚ Norris & Garratt (2010‚ p.5) “scarcity is the excess of human wants over what can actually be produced to fulfil these wants”. It means human wants are virtually limited. Every country can only produce limited quantity
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“The theories we use to help us understand standard-setting in national arenas (such as Australia) don’t work so well at the international level where the . . . International Accounting Standard Board (IASB) is taking a leading role. We will have to modify them or expand our theoretical repertoire” Discuss the above statement‚ clearly indicating your agreement or otherwise about the basis for your views. Abstract: The theories that are presented in this paper all assume the importance of a
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accountant is able to measure and chooses to measure…” (p. 480). Required: Discuss the extent to which the “scientific” world-view of mainstream accounting researchers‚ is grounded on a belief that “reality” exists independently of thee human subject and the possible implications this has for accounting theory development. Introduction Accounting is a subject that is guided with principles and regulations. Thus‚ it is often regarded as a rigid‚ rigorous‚ and highly analytical discipline with
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Prescriptive Theory and Descriptive Theory 3 Economic Theory 4 Decision Usefulness Theory 5 Critical Accounting Theory and Critical Theory 6 System-Oriented Theories 7 Open System Theories 8 Behavioral Decision Theory 9 Legitimacy Theory 10 Political Economy Theory 11 Institutional Theory 12 Stakeholder Theory 13 Agency Theory 14 Normative Theory 15 Public Interest Theory 16 Capture Theory 17 Economic Interest Theory/Private Interest Theory 17 Positive
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