- •1)Describe the different types of job in accounting
- •Tell about the International Accounting
- •International accounting
- •Give the definitions of four basic principles of accounting: the matching principle, the going concern principle
- •Describe the meanings of debt, liabilities and shareholder
- •6.Tell about Chartered Accountant.
- •Describe the structure of the Statement of Financial Position.
- •8. Describe the structure of Statement of Earning.
- •Describe some types of tax: income, property, value added, corporate.
- •What provision for income tax and deferred income tax balances mean?
- •21.Describe the main assumptions used by accountants.
- •22.Describe the most important accounting principles.
- •2. Monetary Unit Assumption
- •23.Give the definitions of four basic principles of accounting: the prudence principle and the consistency principle.
- •24. Give definitions of following words: to impose tax, to increase tax.
- •25. Give definitions of following words: tax evasion, tax exempt
- •35. Мы не проходили
- •42. Definition of 'Gross Profit Margin'
- •Definition of 'Earnings Per Share - eps'
- •The formula[edit]
- •Inventory turnover
- •45. Describe the following methods of depreciation: straight line, declining balance
- •46. Describe the following methods of depreciation: unit of production, hours of use.
- •Time Depreciation (hours of use) Formulas
- •47. Describe the following methods of depreciation: sum of-the-years digits. Sum of the Years' Digits Method of Depreciation
46. Describe the following methods of depreciation: unit of production, hours of use.
Units of Production Depreciation Method, also known as Units of Activity and Units of Usage Method of Depreciation, calculates depreciation on the basis of expected output or usage.
For example, a machine may be depreciated on the basis of output produced during a period in proportion to its total expected production capacity. Therefore, useful life of an asset under Units of Production Method is stated in terms of production output or usage rather than years of service.
Depreciation per annum = (Cost - Residual Value) / Useful Life
The Formula for calculation of depreciation under Units of Production Method is as follows:
Stage of Completion % |
= |
Value of Work Certified as complete |
x 100 |
|
Total Expected Production or Usage |
|
|||
Where:
Cost includes the initial and any subsequent capital expenditure.
Residual Value is the estimated scrap value at the end of the useful life of the asset. Since residual value is expected to be recovered at the end of an asset's useful life, there is no need to charge the portion of asset's cost equaling the residual value.
Time Depreciation (hours of use) Formulas
Similar to the activity depreciation, the time depreciation calculation results from 2 equations. Depreciation per unit time and depreciation for a period based on total time the asset was used in that period.
Depreciable Base = Asset Cost - Salvage Value
Depreciation per Unit Time = Depreciable Base / Useful Time Units
Depreciation for Period = Number of Time Units Used in a Period x Depreciation per Unit Time
47. Describe the following methods of depreciation: sum of-the-years digits. Sum of the Years' Digits Method of Depreciation
Sum of the years' digits method of depreciation is one of the accelerated depreciation techniques which are based on the assumption that assets are generally more productive when they are new and their productivity decreases as they become old. The formula to calculate depreciation under SYD method is:
SYD Depreciation = |
|
Depreciable Base × |
Remaining Useful Life |
Sum of the Years' Digits |
|
In the above formula, depreciable base is the difference between cost and salvage value of the asset and sum of the years' digits is the sum of the series:
1, 2, 3, ... , n ; where n is the useful life of the asset in years.
Sum of the years' digits can be calculated more conveniently using the following formula:
Sum of the Years' Digits = |
n(n+1) |
2 |
Sum of the years' digits method can also be applied on monthly basis, in which case the above formula to calculate the sum of the years' digits becomes much useful.