Select three (3) Accounting Concepts and Principles and give an example business scenario showing the concept/principle you select. Write in 2 to 3 sentences.
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Q: Please state the three basic Accounting Principles d explain each with a sentence or two at most.
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Q: Question 1: Write an essay covering the following points; - Characteristics of management…
A: SOLUTION- MANAGEMENT ACCOUNTING- IT IS THE PROCESS OF ANALYZING BUSINESS COST AND OPERATIONS TO…
Q: Briefly discuss the relevance of accounting theory to accounting practice in FOUR (4) distinct ways
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Q: Topic 3: Choose a real-life service company and describe three business transaction examples that…
A: Business transactions refer to the transaction entered by a business organization with its…
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- Discuss three techniques by which the management accountant can achieve the objectives of management accounting.(approx 250 words)Answer the following: Question One: State the accounting equation and define its components with examples.You are a Management Accountant who will be required to work with the financial accounting system. Describe three (3) areas where there will be similarities between the two functions.
- 1. Choose three of the following five technologies/techniques and explain why you think it is helpful in accounting analytics based on your lab experience in this course. Use some examples in your explanation. Limit your answer to 500 words in total. A. XBRL B. Tableau C. VLOOKUP function D. Pivot table E. RegressionDraw a comparison between the formal accounting systems as applied in the formal business sector and an accounting system as we may find in use for the informal business system. Do this comparison in tabular form. You need only list five comparisons.Chapter 3 of the text focuses on The Accounting Framework, which includes a discussion of the qualitative characteristics of financial information. While much of this discussion is beyond what a student taking an introductory course really needs to be concerned with, there are a few considerations that all business students should have a basic understanding; Discuss a scenerio where Cost vs. Benefit, Materiality or Prudence would be considered. Your example should focus on one of the three characteristics.
- Subject/Course: Financial Accounting. Note: Provide workings of each and every step. If possible, attach the excel file with the solution.row_forward Question Given below question on accounting information system subject. You are required to give answers based on your own understanding with revelent examples. 1. What are the four levels of activity in the pyramid representing the business organization ? distinguish between horizontal and vertical flows of information. 2. What is the relationship among data, information and an information system? 3. Distinguish between Accounting Information System (AIS) and Management Accounting System (MIS) 4. What are the characteristics of good or useful information? 5. What are the levels of data hierarchy ? 6. Distinguish the roles of internal and external auditors 7. Distinguish between the centralized and distributed approaches to organizing the IT functionSolve 5 questions with steps and reasons . The subject is Managerial Accounting.
- 1. Enumerate 10 reason why do you need to study Information System in the field of accounting. 2.- Give at least 5 Accounting software and give brief description about it.Choose one topic from accounting and write a report on it.Question 2: ABC Company has the following information for the period ended 31 December 2020. Direct material purchased OMR 360000 Direct labor OMR 200000 Factory maintenance Power and heat–factory Direct Expenses Indirect factory labor Freight In Depreciation - Factory Advertisement expenses Inventories, 1 January 2020: OMR 29000 OMR 18500 15 % of the direct labor cost OMR 21000 OMR 7000 OMR 22300 OMR 8500 Direct Material OMR 41700 Work-in-process Finished goods OMR 50000 OMR 75000 Purchase returns of direct materials OMR 7400 Depreciation-administrative OMR 13800 Inventories, 31 December 2020: Material OMR 19000 Work-in process OMR 32000 Finished goods 3000 Units Total Production Units 35000 units Finished goods are valued at the current unit manufacturing cost. You are required to prepare: I. Manufacturing Statement II. Calculate unit production cost.