For this assignment week three Financial Accounting course, our class has been tasked with using what we have learned thus-far. Once we have created this spreadsheet we will apply the skills we have learned by applying what we know in this financial spreadsheet. This spreadsheet will be capable of tracking and accounting many different aspects of business transaction. As an example, there will be several types of transaction, but for example, the financial spreadsheet that will account for items such as for financial gains, accounts payable, and several types of financial adjustments to inventory.
The examples in our textbook generalized the types of gains and losses we are to financially account for in the spreadsheet. But to put this assignment in perspective of my previous experiences onboard a US Navy vessel, the changes made by inventory gains and losses are called “GBI's/LBI's”, which are Gains by Inventory and Losses by Inventory. The +/- changes to these these stock numbered items; mainly caused by human error., account for money that either goes back into stock for materials or cause monies spent to reorder items to bring storeroom materials up to optimum operating levels.
In my spreadsheet I have created I used similar textbook events to simulate some of the events that would take place as tracked business events. The business events tracked are simulating an already established business that is carrying over previous months balances. Using this procedure allowed me to understand the process better, being able to better relate how we perform our duties aboard ship in financial accounting and merging it with the procedures used in the civilian sector.
To begin I used a beginning balance of $100,000.00 to bett...
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Works Cited
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IMPLICATIONS (LIMITATIONS AND BENEFITS) OF RETAINING THE STANDARD COSTING SYSTEMS AND APPROPRIATE RECOMMENDATIONS PROGRAMME TITLE: Bachelor of Arts (Hons) in Accounting and Finance MODULE TITLE: Management Accounting Performance Evaluation MODULE CODE: 6AG523 ONLINE TUTOR: Meera Brooks ASSIGNMENT: CW1 STUDENT NAME: Lydia Ntambo-Koya STUDENT NUMBER: 100457047 DATE: 05TH JULY 2017 WORD COUNT: 1174 UNIVERSITY OF DERBY ONLINE LEARNING This report has been prepared in response to the Operations Managers (OM) of a Manufacturing Firm Active Sports Life (ASL) which produces Female Sportswear who has issued a statement following a reduction in the sales
Transactional Processing The accounting software packages developed and distributed by Sage and Microsoft, respectively, each use their own methods for recording accounting information. Sage 50. There are three different areas that must be discussed. These are the revenue, expenditure, and financing cycles. These areas are written about from the author's own knowledge from using the software, as learned from the book by Carol Yacht (2013).
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Different inventory accounting method may have different impacts on Airline company like Qantas. Due to the complexity of the aircraft system and also to ensure the airline operation safety, airlines need to devote a great deal of manpower and material resources to maintain and repair the aircrafts. Inventories such as aircraft components play significant role in repairing and maintaining aircrafts, which is the basis for achieving the goal of on-time flight. So it is a very important
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Inventory management is defined because a science mostly established art of guaranteeing that just enough inventory share is command with a company to fulfill demand (Coleman, 2000; Jay & Barry, 2006). it's mostly regarding specifying the size and keeping of stacked product. Inventory management is usually needed at completely distinct spots within a service or within multiple spots of a supply network to guard the standard and planned course of production up against the random disruption of running low upon materials or product. The scope of inventory administration also concerns the good lines between replenishment period interval, carrying costs of inventory, asset management, investment forecasting, inventory valuation, selection visibility,
Preparing general-purpose financial statements; including the balance sheet, income statement, statement of retained earnings, and statement of cash flows; is the most important step in the accounting cycle because it represents the purpose of financial accounting.
The revenue/cost period-: Revenue and the cost period in accounting that the company get income from normal business activities. It’s referred to normal business income that the company got by selling their product and service.
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