group assignment aa015

ACCOUNTING 1

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Chapter 1 : Introduction To Accounti ng

1.1 Definition of Accounting

1.2 Users of Accounting Information

1.3 Differences between Bookkeeping and Accounting

1.4 Branches of Accounting

1.5 Types of Business Ownerships

1.6 Types of Business Activities

1.7 Types of Financial Statements

1.8 Professional Accounting Bodies in Malaysia

1.9 Potential career in Accounting

Chapter 2 : Basic Accounting Concepts

2.1 Generally Accepted Accounting Principles

2.2 Accounting Concepts

2.3 Accounting Equation

2.4 Double-entry system

Chapter 3 : Accounting Cycle

3.1 Steps in the Accounting Cycle.

3.2 Types of source Documents.

3.3 Journalising Process.

3.3.1 Explain the use of special journals and general journal.

3.3.2 Special Journal.

3.3.3 General Journal.

3.3.4 Subsidiary Ledger.

3.4 Prepare a subsidiary ledger of accounts payable and show its relationship with control account in general ledger. Posting to general ledger.

3.5 Preparation of the Trial Balance.

3.6 Preparation of Financial Statement for Merchandising and services entities.

Chapter 4 : Computerised Accounting System

4.1 Introduction to Computerised Accounting System

4.1.1 Explain the definition of Computerised Accounting System.

4.1.2 Explain input, process and output.

4.2 Components of Computerised Accounting System

4.2.1 Explain parts and functions such as data entry, processing, storage and technical supports.

4.2.2 Input, Process and Output.

4.3 Accounting Software

4.3.1 Business’s Name, address, accounting period, accounting software period.

4.3.2 Charts of accounts.

4.3.3 Beginning Balance.

4.3.4 Recording transactions

4.3.5 Financial Reporting

Chapter 5 : Adjustment At The End Of Accounting Period

5.1 Basis of Accounting.

5.2 Definition of Revenues and Expenses.

5.3 Revenue and Expenses.

5.4 Revenue Expenditures and Capital Expenditures.

5.5 Revenues and Expenses.

5.6 Purposes of Adjustment.

5.7 Types of Adjustments.

5.7.1 Unearned Revenues.

5.7.2 Accrued Revenues.

5.7.3 Prepaid Expenses.

5.7.4 Accrued Expenses/Expenses payable.

5.7.5 Depreciation Expenses.

5.8 Correcting Entries.

5.9 Preparation of Adjusted Trial Balance.

5.10 Preparation of Financial Statement after adjustment.

Chapter 6 : Accounting For Cash

6.1 Definition of Cash.

6.2 Cash Book / Cash receipt journal and cash payments journal and Bank Statement.

6.3 Bank Reconciliation.

Chapter 7 : Accounting For Receivables

7.1 Definition of Accounts Receivable.

7.2 Valuation of Accounts Receivable.

7.3 Bad Debts.

7.4 Accounting methods for Bad Debts.

7.4.1 Direct Write-Off Method.

7.4.2 Allowance Method.

7.5 Recovery of Bad Debts / Record bad debts recovered.

7.6 Presentation of Accounts Receivable in the Statements of Financial Position.

Chapter 8 : Accounting For Inventories

8.1 Definition of Inventories.

8.2 Inventory System.

8.2.1 Periodic System.

8.2.2 Perpetual System.

8.3 Inventory Costing Methods.

8.3.1 First-In-First-Out (FIFO).

8.3.2 Weighted Average

8.4 Effects of Inventory Valuation on Profit.

Chapter 9 : Accounting For Non Current Assets

9.1 Definition and Types of Non-current Assets.

9.2 Compute and record the cost of fixed assets.

9.3 Depreciation.

9.3.1 Calculate and journalize the depreciation based on the following methods:

9.3.2 Straight Line.

9.3.3 Reducing Balance.

9.4 Disposal of Fixed Assets.

9.5 Presentation of Fixed Assets in the statement of Financial Position.

Chapter 10 : Accounting For Liabilities

10.1 Definition and Types of Liability.

10.2 Current Liabilities.

10.2.1 Explain the characteristics of current liabilities (certain) and estimated current liabilities.

10.2.2 Record the issuance of liabilities, interest expanse and repayment of liabilities.

10.3 Non-current Liabilities.

10.3.1 Explain the characteristics of non-current liabilities.

10.3.2 Record the issuance of liabilities, interest expense and repayment of liabilities.

10.4 Presentation of Liabilities in the Statement of Financial Position.

Chapter 11 : Accounting For Incomplete Record And Single Entry System

11.1 Definition of Incomplete Records and Single Entry System.

11.2 Profit or Loss Determination.

11.2.1 Capital Comparison Method.

11.2.2 Analysis Method.

11.3 Preparation of Financial Statement.

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Court rejects parents’ attempt to opt kids out of LGBTQ-inclusive reading assignments

( The Hill ) — A federal appeals court rejected a bid from a group of Maryland parents to require Montgomery County Public Schools to allow them to opt their children out of lessons that involve LGBTQ-inclusive material.

A divided three-judge panel of the 4th U.S. Circuit Court of Appeals affirmed a  lower court decision  denying a preliminary injunction on the basis that the parents had not yet demonstrated how the country’s board of education book policy would infringe on their right to free expression of religion.

Three sets of parents – who are Muslim, Jewish and Christian – along with a parental rights organization, sued the Maryland school district after it said it would no longer allow parents to opt their children out of lessons that used a slate of newly approved LGBTQ-inclusive books.

The parents argued that the books “contradict their sincerely held religious beliefs about marriage, human sexuality, and gender” and that the lack of an opt-out policy violates their children’s First Amendment right to free exercise of religion.

U.S. Circuit Judge G. Steven Agee, writing for the majority in the opinion, said there was not enough evidence on the record to assess how the books were being used in the classroom and, therefore, to assess the likelihood of the case succeeding.

“We take no view on whether the Parents will be able to present evidence sufficient to support any of their various theories once they have the opportunity to develop a record as to the circumstances surrounding the Board’s decision and how the challenged texts are actually being used in schools,” Agee, appointed by former President George W. Bush, wrote.

“At this early stage, however, given the Parents’ broad claims, the very high burden required to obtain a preliminary injunction, and the scant record before us, we are constrained to affirm the district court’s order denying a preliminary injunction,” he continued, in the opinion, which was joined by U.S. Circuit Judge DeAndrea Benjamin, an appointee of President Biden’s.

U.S. Circuit Judge A. Marvin Quattlebaum, Jr., an appointee of former President Trump’s, dissented, arguing the board violated parents’ right to influence their children’s religious upbringing.

Eric Baxter – vice president and senior counsel at the Becket Fund for Religious Liberty, which is representing the parents – pledged to appeal the ruling on Wednesday, in an emailed statement to The Hill.

“The court just told thousands of Maryland parents they have no say in what their children are taught in public schools,” Baxter said in his statement. “That runs contrary to the First Amendment, Maryland law, the School Board’s own policies, and basic human decency.”

“Parents should have the right to receive notice and opt their children out of classroom material that violates their faith. We will appeal this ruling,” he added.

In August 2023, U.S. District Judge Deborah Boardman found that the parents were unlikely to succeed on the merits and denied their request to keep the policy in place while the case proceeds. She found that they failed to show that the lack of an opt-out policy would result in the “indoctrination of their children” or “coerce their children to violate or change their religious beliefs.”

“The parents still may instruct their children on their religious beliefs regarding sexuality, marriage, and gender, and each family may place contrary views in its religious context,” Boardman wrote in the order last year.

“No government action prevents the parents from freely discussing the topics raised in the storybooks with their children or teaching their children as they wish,” she added.

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