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Accounting Assignment

Accounting Assignment

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Published by: pisces1985 on Mar 08, 2010
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Accounting System:
Accounting system consists on the following activities in my projectreport:1.Balance Sheet2.Profit & Loss Accounts3.Statement of Changes in Equity4.Statement of Cash Flows5.Statement of Premiums6.Statement of Claims7.Statement of Expenses8.Statement of Investment IncomeEach contains the detailed entries of its specific field.
Activities in Cash flow:
 The following are three activities in cash flow statement.
OPERATIONS Activities:
Cash transactions associatedwith running the business.
INVESTMENTS Activities:
Cash used in or provided bythe firm’s investment activities.
FINANCING Activities:
Cash raised from the issuance of new debt or equity capital or cash used to pay businessexpenses, past debts, or company dividends.
Partnership:
 
A partnership is defined as the relationship that exists betweenpersons carrying on a business. These persons agree to combinesome or all of their property, labour, and skills. This relationship isbased on a contract.ORWhen two or more individuals engage in an enterprise as co-owners,the organization is known as apartnership. This form of organizationis popular among personal service enterprises, as well as in the legalandpublic accountingprofessions.
Advantages:
Partnerships allow for a greater amount of money, skill, andother resources to be pooled.
 They are relatively easy to organize.
 They are subject to limited government regulations and do notface high tax rates.
Disadvantages:
Partnerships have a limited life.
Each partner is subject to unlimited liability. This means that if the company fails, creditors can take action against both thepartnership and the persons who are in it.
Partners have mutual agency. This means that one partner canmake decisions without consulting the other(s).
International Accounting Standards:
 The IAS (International Accounting Standards) is a set of standardswhich state how certain types of transactions and other eventsshould be reflected in financial statements. The International Accounting Standards are formulated and issued bythe International Accounting Standards committee (IASC) has so farIssued
41
International Accounting Standards and their outlines aregiven below:
 
IAS-1:
Disclosure of Accounting Policies.
IAS-2:
Valuation and presentation of inventories in thecontext of the historical cost system.
IAS-3:
Consolidated Financial Statements.
IAS-4:
Depreciation Accounting.
IAS-5:
Information to be disclosed in financialstatements.
IAS-6:
Accounting responses to changing prices (supersededby IAS-15).
IAS-7:
Cash flow statements.
IAS-8:
Unusual and prior period items and changes inaccounting policies.
IAS-9:
Accounting for research and development activities.
IAS-10:
Contingencies and events occurring after thebalance sheet date.
IAS-11:
Accounting for construction contracts.
IAS-12:
Accounting for taxes on income.
IAS-13:
Presentation of current assets and currentliabilities.
IAS-14:
Reporting financial information by segment.
IAS-15:
Information reflecting effects of changing price.
IAS-16:
Accounting for property, plant and equipment.
IAS-17:
Accounting for leases (revised).
IAS-18:
Revenue recognition.
IAS-19:
Accounting for retirement benefits in thefinancial statement of employers.
IAS-20:
Accounting for government grants and disclosure ofgovernment assistance.
IAS-21:
Accounting for the effects of changes in foreignexchange rates.
IAS-22:
Accounting for business combinations (revised).

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