Pittman Company Accounting

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    Accounting

    The Accounting Information System http://edugen.wileyplus.com/edugen/courses/crs6348/kieso978... Print this page CHAPTER 3 The Accounting Information System LEARNING OBJECTIVES After studying this chapter, you should be able to: 1. Understand basic accounting terminology. 2. Explain double-entry rules. 3. Identify steps in the accounting cycle. 4. Record transactions in journals, post to ledger accounts, and prepare a trial balance. 5. Explain the reasons for preparing adjusting

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    Accounting

    of extended absence, pre-numbered documents, and performing evaluations of inventory and documentation at regular intervals. First, separation of duties between two or more individuals reduces the opportunities for either employee to defraud the company. It is difficult for two employees to join in collusion in order to get away with any fraud activity. Adam Kimble's duties were not separated as he was doing the buying and control agent work. Secondly, positions of trust and high importance within

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    Accounting

    CHAPTER 1 INTRODUCTION TO INTERNATIONAL ACCOUNTING Chapter Outline I. International accounting is an extremely broad topic. A. At a minimum it focuses on the accounting issues unique to multinational corporations, especially with respect to foreign operations. B. At the other extreme it encompasses the study of the various functional areas of accounting in all countries of the world, as well as the activities of a number of supranational organizations. C. This book provides an

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    Accounting Cvp

    Case Study 2: [45 marks] Pittman Company is a small but growing manufacturer of telecommunication equipment. The company has no sales force of its own; it relies completely on independent sales agents to market its products. These agents are paid a commission of 15% commission of selling price for all items sold. Barbara Cheney, Pittman’s controller, has just prepared the company’s budgeted income statement for next year. The statement follows: Pittman Company Budgeted Income Statement

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    Accounting

    talks about china s accounting systems and how it has developed and changed continuously till present. It looks into the history of Chinese accounting, followed by explaining how the institutional factors have had an impact and is backed up by 2 theorist, Hofestede and Grays model. It identifies the significant changes that occurred during its journey in adapting to the IFRS standards starting from 1949. Culture is a main aspect of china and has been incorporated into its accounting systems as well.

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    Accounting

    ISSUES IN ACCOUNTING EDUCATION Vol. 26, No. 1 2011 pp. 155–162 American Accounting Association DOI: 10.2308/iace.2011.26.1.155 Bioscience Company: Accounting for Idle Plant Assets Victoria Dickinson, Paul Kimmel, and Terry Warfield ABSTRACT: Bioscience Company and its auditors have been in discussions with the SEC concerning the accounting for its long-lived assets. Among the issues being discussed is the company’s discontinuation of depreciation on productive assets that it had used previously

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    |Principles of Accounting II | Copyright © 2011 by University of Phoenix. All rights reserved. Course Description This course introduces accounting concepts in a business environment. Students learn to create and apply accounting documents in making better business decisions. Other topics include plant assets, liabilities, accounting for corporations, investments, statements of cash flows, financial

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    Accounting Pittman Company Is a Small but Growing Manufacturer of Telecommunications Equipment.

    How long has Agel been in business? Agel Enterprises, LLC was incorporated in March of 2005. The first products shipped in May, 2005. Is there an age requirement to become an Agel team member? You must be at least 18 years of age to participate as an Agel Team Member. The color in the gels is a result of the natural color of the ingredients. We recommend that you consult with your physician before consuming multiple Agel products on the same day. All of the ingredients in the Agel products

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    Accounting

    versus Cash Basis of Accounting Accrual-Basis Accounting * Transactions recorded in the periods in which the events occur. * Revenues are recognized when earned, even if cash was not received. * Expenses are recognized when incurred, even if cash was not paid. Cash-Basis Accounting * Revenues are recognized only when cash is received. * Expenses are recognized only when cash is paid. * Prohibited under generally accepted accounting principles (GAAP).

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    Accounting

    1. Management accounting information focuses on external reporting. Answer: True/False 2. A good cost accounting system is narrowly focused on a continuous reduction of costs. Answer: True/False 3. Modern cost accounting plays a significant role in management decision making. Answer: True/False 4. Financial accounting is broader in scope than management accounting. Answer: True/False

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    Application of Accounting Cycle on a Hypothetical Company

    n 1 January, 2011 Shadow Stormz Ltd. started their company, depositing $2,10,000 in cash in the name of the company, in exchange for 21,000 shares of $10 per value stock of the corporation. Jan 10: Purchased goods on cash $1,00,000 from ABC. 21: Sold goods on cash $80,000 to Pro Asia. Feb 05: Purchased goods on credit $88,000 from ABC. 16: Sold goods on credit $49,000 to Pro Asia. 25: Paid advertisement bill of $5,000. 28: Sold goods to Sarmon’s Brothers for $1

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    How the Public Company Accounting Oversight Board Differs from the Independence Standards Board”

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    Accounting

    Development Life Cycle By: LeDarius Norwood October 20, 2013 Accounting Information Systems A structure that a business uses to collect, manage, store, process, retrieve, and report financial data to accountants, consultants, high ranking corporate officers, or tax agencies is the prime definition of an accounting information system. Accounting information systems are responsible for every facet of numerical data in a company and a malfunction could potentially cause a disaster within the

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    Accounting

    financial accounting As we all known, the system of financial accounting is getting more and more perfect because of the emergency of a great amount of the financial transaction . Generally speaking, the developed speriod of accounting can divide three parts:Ancient Accounting, Contemporary Accounting and Morden Accounting. Accounting gets a better growth with the development of the world and science and technology after we step into the 21th century. Ancient Accounting About

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    Chris Pittman

    Chris Raub Professor Okine Constitutional Law 4/29/14 Christopher Pittman was 12 years old when he fatally shot both of his grandparents, just before setting fire to their house. He was intoxicated with antidepressants. After running away one night, state troopers picked him up and took him to an institutional facility for troubled kids. Whilst there, he was first prescribed Paxil for mild depression. When taken out of the facility by family members, he was taken to his grandparents, in

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    Accounting Aspect of the Company

    work well for the accounting aspect of the company. The company had been using Quickbooks software for in the early stages of its growth, but later found that the company was growing beyond the powers of Quickbooks. The company invested large sums of money and hours into finding software to specifically meet the needs that they were looking for as an SME. The owner, Kurt Daems as noted in the book by the CFO, Ron Schwab, “was fed up he finally came to me and said he was ready to look at a SAP software

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    Accounting

    Accrual Basis Of Accounting Over Cash Basis This paper will analyze accounting cash basis and accrual basis. It will also show how they are different.Cash-basis accounting is known to record all transactions. Now when cash tends in changing which means when revenue is received in paying out by the company. A payment or a cash receipt may be in a form of, credit card or even electronic transfer which that item is then paid.Cash basis is mainly used by a smaller businesses in which a

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    Accounting

    WHAT IS ACCOUNTING? Identify Communicate What is the purpose of accounting ? Measure Record 9 3 8/13/2014 WHAT IS ACCOUNTING?  Accounting information is important because it…  Assists decision making  Provides information about the past, present and future performance of an entity  Measures business activity 10 WHO USES ACCOUNTING DATA? Internal users External users  Managers who plan,  Investors who make organise and run the decisions to buy, hold or

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    Accounting

    Accounting Equation Paper k Accounting Equation Paper Assets that are financed by borrowing money and assets that are bought with money of the company shareholder can be demonstrated in the accounting equation. In a company, assets are owned by the company. Liabilities are the debts and obligations of the company, also liabilities characterize claims of creditors on the assets of a company. Stockholders’ equity shows the entitlements of owners on the assets of the company. The equity is divided

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    1.Describe the Legal and Ethical Issues Surrounding Andersen’s Auditing of Companies Accused of Accounting Improprieties.

    In this case study, the causes of that the Andersen’s auditing of companies accused of accounting improprieties, it’s has a main factor. Because Athur Andersen do not think about the company who is to cooperate whit it is like Athur Andersen to make deceptive accounting. These four real cases to show us how they operate the deceptive accounting. First point, “Sunbeam.” 1997 sunlight company (SUNBEAM) is referred to the forge sales volume, the profit and the expenditure. Under its partner discrete

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    Accounting

    statements report a company's business activities for a 1-year period.  FALSE   AACSB: Communications AICPA BB: Industry AICPA FN: Decision Making Difficulty: Medium Learning Objective: C1   4. A fiscal year refers to an organization's accounting period that spans twelve consecutive months or 52 weeks.  TRUE   AACSB: Communications AICPA BB: Industry AICPA FN: Decision Making Difficulty: Medium Learning Objective: C1   5. Adjusting entries are made after the preparation

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    Accounting

    This report is based on Pittman Company which manufactures telecommunication equipment. It is also included financial matter of the company as well. In the report, it has been given the company’s Budgeted Income Statement for the year ended by 31st of December. In this report, commission rate, Break Even Point in Dollar (BEP in $) and Contribution Margin (CM) has been given as the main calculations. Furthermore, every calculation is conducted with comments which can tell the company’s expenses

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    Accounting

    AN OVERVIW OF CREATIVE ACCOUNTING AND WINDOW DRESSING Introduction: Every organization is expected to operate within the confinement of best practices or core competence at least, which has tendency of leading them to distinctive competence or exceptional practice. Since business operations center basically on finance, firms therefore take the accounting records of their organizations very serious as it determines their stay in industry or extinction from the market (business operations). It is

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    Accounting

    Sarbanes Oxley Companies Abstract Sarbanes oxley act 2002 was passed on July 30, 2002 and only the public companies are now feeling its impact. This act frequently called the “most significant accounting or auditing legislation since the securities exchange Act of 1934”. After the implementation it has established its demands to the companies for proper management and disclosure of risk. Nortel networks is a giant corporate in telecom industry and as it is expected they also have faced the challenges

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    Accounting System in a Company

    Accounting System in a Company Almost all the countries in the world allow foreign companies to compete with domestic firms nowadays, which make the costs of spending in the international trade plummet over the past decades. However, global markets provide more potential for the competitive companies. In other words, the companies have to face more challenges. If they can’t win the game, they will vanish from the global market. It is not a game winning by the capital; it is a competition with

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    Accounting

    expectation that it will provide future benefit. Current Assets: Current assets are the assets that a company expects to convert to cash or use up within one year or its operating cycle, whichever is longer. A balance sheet account that represents the value of all assets that are reasonably expected to be converted into cash within one year in the normal course of business. In accounting, a current asset is an asset on the balance sheet which can either be converted to cash or used to pay

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    Accounting

    Credits If the words "debits" and "credits" sound like a foreign language to you, you are more perceptive than you realize—"debits" and "credits" are words that have been traced back five hundred years to a document describing today's double-entry accounting system. Under the double-entry system every business transaction is recorded in at least two accounts. One account will receive a "debit" entry, meaning the amount will be entered on the left side of that account. Another account will receive a

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    Accounting System in a Company

    Almost all the countries in the world allow foreign companies to compete with domestic firms nowadays, which make the costs of spending in the international trade plummet over the past decades. However, global markets provide more potential for the competitive companies. In other words, the companies have to face more challenges. If they can’t win the game, they will vanish from the global market. It is not a game winning by the capital; it is a competition with wisdom, good customer service, and

    Words: 2795 - Pages: 12

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    Christopher Pittman Verdict Opinion

    justice is achievable and pursuit for justice remains a noble order. In this case, a 12 years old boy, Christopher Pittman from the state of South Carolina on February 15, 2005 shot his two grandparents using his father’s shotgun while they lay on their beds, he then set the house on fire, drove his grandparents truck and fled with cash and weapons in his possession. The petitioner, Pittman was only 12 years of age when he committed this malicious acts. He was charged with premeditated murder and put

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    Accounting

    Accounting Practices Name: XXXXXXXX oooo Accounting I-ACC100 Professor XXXXXXXXX Date: XXXXXXXXX Accounting Practices The year is 2011, and this country has been nearly crippled financially with the corporate accounting scandals. One of the most famous is the scandal of Enron, Waste Management, WorldCom, Qwest Communications, Health South Corporation, and then the infamous Bernard L. Madoff Investment scandal. The Medoff Ponzi scheme robbed millions of hard working people of the savings

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    Pittman Company Assignment

    Summary This new reports about analysis of sales of new Perodua Myvi. The new Perodua Myvi will be launch on June 16, will boost passenger vehicles sales this year according to automotive analysts. The Perodua’s revised sales forecast this year was easily achievable due to the earlier than expected launch of the new Myvi. The sales increase about 11.9% which from 171750 units to 195000 units. New Perodua Myvi also upgraded its Malaysia automotive total industry volume (TIV) forecast for 2011. New

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    Target Profit and Break Even Analysis; Case 4-33; Managerial Accounting

    Target Profit And Break Even Analysis; Case 4-33; Managerial Accounting Case 4-33: Cost Structure; Target Profit and Break Even Analysis Question 1: Compute Pittman Company’s break-even point in sales dollars for next year assuming: a. The agents’ commission remains unchanged at 15% $12,000,000 in sales is needed to break even while employing an outside sales force with commissions of 15% of sales. b. The agents’ commission rate is increased to 20% $13,714,286 in sales is

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    Company & Accounting Ethics

     procurement and information technology,  and strives for an integrated approach.    ORIGIN AND DEFINITIONS TO SCM:  The  term  "supply  chain  management"  entered  the  public  domain  when  Keith  Oliver,  a  consultant  at  Booz  Allen  Hamilton  (now  Booz  &company),  used  it  in  an  interview  for  the  Financial Times in 1982. The term was slow to take hold. It gained currency in the mid‐1990s,  when  a  flurry  of  articles  and  books  came  out  on  the  subject.  In  the  late  1990s  it  rose  to 

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    Accounting

    Statements candidates are often required to prepare accounting ratios and to interpret them. The main ratios that candidates will need to know are discussed in this article, and the formulae for them are given in Figure 1 on page 43. Financial statements provide important financial information for people who do not have access to the internal accounts. For example, current and potential shareholders can see how much profit a company has made, the value of its assets, and the level of

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    Accounting

    UNIVERSITY OF EDUCATION WINNEBA COLLEGE OF TECHNOLOGY EDUCATION KUMASI NAME : ASSEM GABRIEL AKROFI PROGRAMME : BSc (ACCOUNTING EDUCATION) LEVEL : 100 CLASS : B SUBJECT : ACCOUNTING COURSE CODE : ACC 111 NAME OF LECTURER : J.Y DWOMMOR INDEX NUMBER : 5151010092 QUESTION With the introduction of computer, accounting as an area of studying has out lead its importance because with two or three weeks of training, a computer programmer can prepare financial statement using

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    Accounting

    Introduction In the case of Accounting for Enron, the scandal of Enron was revealed in October 2001 and eventually led to the largest bankruptcy in American History at the time. Enron, an American energy company based in Houston, Texas, and the dissolution of Arthur Anderson, which was one of the five largest audit and accountancy partnerships in the world. Enron collapsed in large part because of unethical practices of its top officials; they abused their power and manipulated information, and

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    Accounting

    change and continuity underlying the diffusion of management accounting systems Ran Tao Introduction Accounting is the process of identifying, measuring and communicating financial information about an entity to permit informed judgments and decisions by users of the information. (Weetman, 2010) Management accounting is a specialist branch of accounting which has developed to serve the particular needs of management. It helps companies to formulate business strategies and make right business decisions

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    Accounting

    Introduction to Financial Accounting Accounting works as an indicator of success (making or losing money) for a business, or a tool that is used to make decisions regarding how a company should grow. “ACCOUNTING IS THE LANGAUGE OF BUSINESS”. Definition: Accounting Information system that identifies and records the economic events of an organization and communicates to interested users. Accounting information are reported and presented in financial statements! Users of Accounting information can

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    Accounting

    ACCOUNTING SCHOOL-BASED ASSESSMENT EXEMPLARS – CAPS GRADE 12 LEARNER GUIDE ACCOUNTING SCHOOL-BASED ASSESSMENT EXEMPLARS – CAPS GRADE 12 LEARNER GUIDE CONTENTS Introduction.................................................................................................................... Task A 1 First Term Report: Companies This task is suitable for Grade 12 learners from 2014 (CAPS). Question paper.....................................................................

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    Accounting

    P R E FAC E THE ACCOUNTING ENVIRONMENT Accounting is the most employable, sought-after major for 2009, according to entrylevel job site CollegeGrad.com. One reason for this interest is found in the statement by former Secretary of the Treasury and Economic Advisor to the President, Lawrence Summers. He noted that the single-most important innovation shaping our capital markets was the idea of generally accepted accounting principles (GAAP). We agree with Mr. Summers. Relevant and reliable financial

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    Companies

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    Accounting

    Pre-Test 1. Financial accounting is an information system that: tracks and records an organization's business transactions 2. Jeff Brown is the sole owner of Shoe Central, a small shoe shop. One day, he buys a used car for his personal use, and pays $2,000 from his checking account. The fact that this transaction has no effect on Shoe Central's financial accounts is an application of the: 3. Jeff Brown, owner of Shoe Central, a small shoe store, buys cleaning supplies for his store once

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    Pittman Company

    895 2 If the company wanted to generate the same net income as contained in the budgeted income statement while paying a commission of 20% they would have to have sales totaling $17,142,857. Pittman Company Contribution Income statement For the month of Total Cm Ratio Sales $17,142,857 100% Less: Variable expense $11,142,857 65% Contribution margins $6,000,000 35% Less: Fixed cost $4,800,000 Net operating income $1,200,000 3 If the company wanted to generate the

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    Accounting

    and wide; they are commonplace throughout the business and accounting frontiers. Accounting for leases, however, is not so clear cut. Since there are various ways to account for leases, many companies pick and choose which they feel best suits their situation, even when this sweeps dirt under the rug along 3 the way. The financial procedures for dealing with leases should entail benefits as well as limitations to ensure each company is fairly representing all of its financial information. Off-balance

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    Objectives..................................................................................................... 2 Basic Accounting Concepts ....................................................................................... 3 Cash versus Accrual Accounting................................................................................7 Qualitative Characteristics of Accounting Information ...........................................9 Valuations on the Balance Sheet .............................

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