1.Explain the three (3) Objectives of Budgeting
Budgeting involves (1) establishing specific goals, (2) executing plans to achieve the goals, and (3) periodically com
2. Explain how human behavior can effect budgeting
Human behavior problems can arise in
1.Describe the differences between financial and managerial accoun
Financial accounting information is reported at fixed intervals in gen
Managerial accounting information is designed to meet the specific
2. Describe the differences between line and staff
1. Explain the difference between centralized and decentralized operations and give an example of each.
In a centralized company, all major planning and operation decisions are madly top management. For example, a
company is centralized.
In a decentralize
1.Define horizontal analysis and why is it used?
Horizontal analysis is the analysis of increase and decrease in the amount and percentage of comparative financi
2. Define vertical analysis and why is it used?
The percentage analysis of the relationship o
1. Define, explain, and give examples of:
(a) Variable Costs
Variable costs are costs that vary in proportion to changes in the activity base. For example, when activity base is
(b) Fixed Costs
Fixed costs are costs that remain the same in total dollar am
1.What are the three (3) manufacturing costs?
The 3 manufacturing costs are direct material cost, direct labor cost and factory overhead cost.
2. What is a standard?
Standards are performance goals.
3. What are the two standard components of manufacturing
1.What are the three (3) types of manufacturing costs?
The 3 types of manufacturing cost are direct material costs, direct labor costs and factory overhead costs.
2. What is the purpose of a cost of production report?
The cost of production report is to s
1 Explain the differences between the two (2) cost accounting systems.
Job order cost system provides product costs for each quantity of product that is manufactured.
Process cost system provides product costs for each manufacturing department or process.
1 Balance Sheet
3 Income Statement
4 Income Statement
6 Balance Sheet
7 Statement of Owners Equity
8 Income Statement
income statement,statementof retained earnings, balance sheet and statement of cash fows.
Revenues and Expenses
Assets and Liabilities
Balance Sheet, increases are assets, decreases are liabilities
Abalance sheetwith classifications (gr
The statement of cash flows is used by managers in evaluating past operations and in planning future investing and financing a
Cash flows from operating activities. Cash flows from investing activities. Cash flows from financing activities
The direct and
Safeguard assets, Accurate Information, Compliance
The objective is to cut down on fraud and theft. Yes because it establishes a baseline for all to follow.
Employee fraud is the intentional act of deceiving an employer
Ethics are moral principles that guide the conduct of individuals. The two factors include "Failure of Individual Character" a
The business entity concept limits the economic data in an accounting system to data related directly to the activities of th
Under the cash basis of accounting, revenues and expenses are reported on the income statement in the period in which cash
Under the accrual basis of accounting, revenues are reported on the income statement in the pe
Advantage - Multi step includes gross profit in relation to sales. Disadvantage - Multi Step are more complicated and the to
Subtract the total costs of your goods from the revenues the sales generate to find your gross profit. ros
In a perpetual inventor
Short-term debt, such as purchasing goods or services on account. Long-term debt, such as issuing bonds or notes
a form of an interest-bearing note. Like a note, a bond requires periodic interest payments, with the face amount to
Netincome - preferred Div
1 Safeguarding the inventory from damage or theft. Reporting inventory in the financial statements.
2 A physical inventory or count of inventory should be taken near year-end to make sure that the quantity of inven
3 FIFO LIFO and Weighted Average
Fixed assets are long-term or relatively permanent assets such as equipment, machinery, buildings, and land.
Long-term assetsare those held on a company's balance sheet for more than one year.
Vandalism, Mistakes in installation, uninsured theft, damage d
Total wage payment
Federal income tax witholding
Social security tax
Social Security Tax Payable
Medicare Tax Payable
THE LOCAL GOVERNMENT (URBAN AUTHORITIES)
ARRANGEMENT OF SECTIONS
Short title and commencement.
4. Minister to work for meaningful, democratic local government in urban a
Definition of Government:
Government is a supreme body of the
country dealing with all financial,
administration, legal and liberty issues.
Deals with the overall Countrys issues .
GUIDE TO PREPARING
Financial Policy Assurance Unit
Ministry of Finance
Ro Lalabalavu House
The Fiji Government has adopted a new financial management reform
framework that adopts a performance focus and strengthens account
How to Interpret a Correlation Coefficient r
By Deborah J. Rumsey, PhD from Statistics For Dummies, 2nd Edition
In statistics, the correlation coefficient r measures the strength and direction of a linear
relationship between two variables on a scatter pl
Models, Testing, and Correction of Serial Correlation
James L. Powell
Department of Economics
University of California, Berkeley
First-Order Serial Correlation
The general problem of serially correlated disturbances in the linear regression model
yt = x0t
Accounting for Government Units
Accounting for the Governmental units begins
with the adoption of a budget by the responsible
The budget lists the proposed expenditure and
also the source for the financing those
PUBLIC SECTOR ACCOUNTING
Public sector accounting is necessary because of the central role it plays both politically and in economic terms.
The public sector is composed of the following:
UNIVERSITY OF IRINGA
FACULTY OF BUSINESS AND ECONOMICS
BACHELOR OF ACCOUNTING AND FINANCE (BAF)
PUBLIC SECTOR ACCOUNTING
YEAR THREE - FIRST SEMISTER
29th December 2015
This assignment is a group work of a
Illustration No. 01 (Flash Report):
The following relates to Ministry X during the three months ending 30 th September, 2012.