Independence of Mind Example

23 Mar 2015 17 Jul 2017

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Keywords: independence of mind meaning The word of 'INDEPENDENCE' is defined as 'freedom from situations and relationships which make it probable that a reasonable and informed third party would conclude that objectivity either is impaired or could be impaired.' (Kaplan, 2009, pp.117) There are 2 types of independence, that are independence of mind and independence in appearance: Independence of mind The state of mind that permits the ...

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Reporting Irregularities in Financial Statements

23 Mar 2015 06 Jul 2017

7 (2,740 )

Nowadays, especially is Bulgaria, people are becoming more and more hungry for money, that is why the word fraud takes part more often in our speech. Fraud is part of criminal law, and it comes when we have personal gain by fraudulent way or damaging another individual. The most common purpose of frauds are connected with person or entities trying to assign and stole money or valuables. ...

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Barratt Development Account Information Analysis

13 Sep 2016 04 Jul 2017

8 (3,109 )

Keywords: accounting information system analysis, ais example Assessing the role of accounting information and accounting information system at Barratt Development Abstract Accounting information and accounting information systems (AIS) in today's information age play critical roles in facilitating decision-makers with accurate financial status of the organization and activities to pursue strategic objectives. Accountants, who are the disseminators of accounting information, need to ensure that the information provided ...

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Purpose and Use of Different Accounting Records

23 Mar 2015 28 Jun 2017

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Keywords: accounting records types, accounting records uses Accounting record is defined as the all of the documentations involved in the preparation of financial statements and records which are relevant to financial review and audits which include recording of assets and liabilities, ledgers, journals, and any other supporting documents like invoices. Ledger: - Maintaining ledger is a must in all accounting system. Ledger is used for preparing trial ...

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Finance in the Hospitality Industry

23 Mar 2015 27 Jun 2017

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Keywords: hospitality finances, finance planning hospitality Introduction. According to the Barrows & Powers (2009, pp. 3-5) hospitality industry has included hotels , restaurants and other related organisations to the food industry and it has given more emphasis on providing customer sensitive products and services in order to gain profitability and customer satisfaction. Hence, the application of finance and accounting has been done a great deal to achieve ...

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Regulatory frameworks for financial reporting

21 Jun 2017

5 (1,787 )

Discuss the reasons why we need a regulatory framework for financial reporting. What are the advantages and disadvantages of making accounting rules by law as opposed to using IASB standards? The body of rules which determine how financial accounts will be compiled in any particular situation are known as the Generally Accepted Accounting Principles (GAAP); these are drawn from a number of sources. The first of these ...

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Audit and Auditing Literature Review

23 Mar 2015 06 Jun 2017

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Keywords: audit literature review, fraudulent financial reporting 2.1 Introduction This chapter reviewed the detail literature on important keys in this research such as the audit, audit firm tenure, audit firm size, fraudulent financial reporting and relevant past research findings on (i) the relationship between audit-firm tenure and fraudulent financial reporting and (ii) the relationship between audit-firm size and fraudulent financial reporting. 2.2 Audit Definition of audit is different ...

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Control Function in Management

23 Mar 2015 31 May 2017

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Controlling is one of the four main functions in management. It is important to managers in order to ensure all planning, organising and leading run as smoothly as desired. If managers are able to ensure that each plan made and every task given to the employees are carried out perfectly, and the results expected is what had been planned, control is not required. Unfortunately, managers are not ...

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Analysis of historical cost accounting

23 Mar 2015 19 May 2017

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Introduction Accounting is a measurement and communication of financial information about economic activities to interested persons. [1] The primary role of accounting is to provide an effective measurement and reporting system which is also accounting information system for decision making. The corporate form of a large business has created separation of business ownership and control. 'Outsiders' of an organization, usually, don't possess first-hand knowledge of the day-to-day running and ...

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Importance of budgeting analysis

23 Mar 2015 19 May 2017

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Introduction This report is aimed to evaluate the importance of budgeting, analysis the benefits and problems that brought by budgeting and also discusses the behavioral aspects of budgeting. A budget is a comprehensive, formal, coordinated, detailed, quantitative plan that estimates the probable expenditures for acquiring and using financial and other resource for an organization over a specific time period (Margaret, George, 2011). Budgeting describes the overall process ...

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The Importance Of Audit Independence

23 Mar 2015 16 May 2017

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1. Introduction As the development of the modern business, audit is playing a more and more important role to insure the trueness of the financial report and help report users to make proper decisions. Consequently, it is very important for auditors to remain independence in body and mind when conducting an audit based on a public limited company. To expound this topic clearly, the essay is divided ...

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Significance Of Departmental Accounts

23 Mar 2015 16 May 2017

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This report has done on wide research of financial accounting. This report has five parts. First part includes departmental accounting and its significance. Second part shows a calculation for a given question. Third part includes four fundamental accounting concepts such as going concern, matching concept, prudence and consistency with examples. Forth part includes users and uses of financial accounting and statements. Finally fifth part shows a significance ...

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Importance of costs in pricing strategy

23 Mar 2015 16 May 2017

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Price of a product is a major element of the marketing mix. Pricing is one of the most important strategic issue because it is related to the product positioning. The price goes in hand with the other marketing mix elements such as product promotion, channel decisions and its features. For a developing the pricing of a new product, there can be a general sequence of steps that ...

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Sainsburys Ratio Analysis

23 Mar 2015 15 May 2017

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Accounting and Finance Assignment - Sainsbury's Ratio Analysis Nowadays, it is important for organizations to know how to survive in the competitive market in which they are involved, markets that require managers who understand and are aware of the internal and external factors that concerns to the company. Therefore, it is vital to know the existence of different techniques of measurement such as financial tools, which can ...

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Absorption and marginal costing methods

23 Mar 2015 15 May 2017

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Absorption costing treats the costs of all manufacturing components (direct material, direct labour, variable overhead and fixed overhead) as inventoriable or product costs in accordance with generally accepted accounting principles (GAAP), (BARFIELD et al., 2001). 1.2 Marginal Costing Variable costing is a cost accumulation method that includes only variable production costs (direct material, direct labour, and variable overhead) as product or inventoriable costs. (BARFIELD et al., 2001) ...

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CSR in Mauritius – An Overview

23 Mar 2015 12 May 2017

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CSR is not so new in the history of Mauritius. A Mauritian company's engagement in CSR initiatives dates back to 20 years ago, which took place at varying points in time. Following Deloitte (2008)'s survey on the CSR policies and actions in Mauritius and Rodrigues, Figure 1 below depicts the path of CSR activities undertaken by the Mauritian companies. Interestingly, according to the survey, the highest percentage ...

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The controllability principle in responsibility

23 Mar 2015 11 May 2017

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One underlying concept of the traditional management control system is the responsibility accounting. It is viewed as an important feature because it permits the ease of decentralization in M-form organizations. It distributes accountability and provides accounting reports on these distributed accountabilities. It provides a way for large unmanageable organizations to be managed such that all subsystems have similar goals. It can be defined as a system where ...

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Financial Ratio And Operating Indicator

23 Mar 2015 10 May 2017

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Riverview Community Hospital operates as a not for profit facility with 210 inpatient beds. The financial ratio and operating indicator analysis of Riverview Community Hospital will attempt to determine their performance within their market. The further assessment of the cash flows, Du Pont equation, and economic value added (EVA) will offer insight to their financial performance. The assessment of the hospitals cash flows will allow the evaluator ...

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Financial Statements: Food And Beverage Operations

23 Mar 2015 10 May 2017

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Product oriented companies create a production budget which estimates the number of units that must be manufactured to meet the sales goals. The production budget also estimates the various costs involved with manufacturing those units, including labour and material. Cash Flow/Cash budget: The cash flow budget is a prediction of future cash receipts and expenditures for a particular time period. It usually covers a period in the ...

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Importance Of Financial Information To Stakeholders

23 Mar 2015 09 May 2017

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Financial information contain in annual reports that the companies are published in periodically. That period is identified as reporting period. Company obligates to provide financial information to their various stakeholders during the past reporting period. Annual report is a report the company report their comprehensive transactions and events to publish and provide for required parties. There are few reasons to publish annual reports by companies generally as ...

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Management Accounting: Information for decision-making

23 Mar 2015 08 May 2017

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Management accounting information should comply with a number of criteria including verifiability, objectivity, timeliness, comparability, reliability, understandability and relevance if it is to be useful in planning, control and decision-making. Explain the meaning of each of the criteria named above and give a specific example to illustrate each. Give a brief explanation of how the criteria detailed in (a) might be in conflict with each other, giving ...

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The advantages and disadvantages of inventories

23 Mar 2015 08 May 2017

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The subject of this paper is the valuation of inventories. We have looked at the rules of the International Financial Reporting Standards (IFRS) and Dutch rules. The Dutch rules can be dividend in Title 9 of Book 2 of the Dutch Burgerlijk Wetboek (BW) which is a part of the Dutch law and the recommendations made by the Raad voor de Jaarverslaggeving (RJ) which are giving a ...

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Harmonisation Of Accounting Standards

23 Mar 2015 08 May 2017

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Accounting Standards are the reliable statements of best accounting practices issued by recognized expert accountancy bodies relating to various aspects of measurements, treatments and disclosures of accounting transactions and events, as related to the codification of Generally Accepted Accounting Principles (GAAP). This report presents harmonization of accounting standards, a brief history, and the achievements so far and some challenges faced by the organizations such as the International ...

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Management accounting costing and budgeting

23 Mar 2015 05 May 2017

27 (10,409 )

Accounting is key success of business but the word accounting is more sophisticated is in case of business. Almost every business before dealing any project or any other important function it should be design an appropriate budget. To make budget first we should thinking about the cost because the cost of the production is always variable. A well-planned budget will bring success for a project. In my ...

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Importance Of IAS37 Requirements

23 Mar 2015 05 May 2017

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Introduction Since IAS 37 is published, companies obeying by international standards can solve the difficulty of how to recognize and measure provision, contingent liability and contingent asset. It provides an explicit direction for companies to disclose incurred transactions associated with liabilities. However, "probable" or "possible" such words are involved many times in this standard which can allow options and creative accounting for companies on whether to recognize ...

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How the role of management accountant has changed

23 Mar 2015 04 May 2017

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Using appropriate academic literature, critically evaluate the argument that the role of the management accountant has changed in recent years from traditional accounting functions to that of a strategic planner and a business partner". Introduction When it comes to the change of management accounting or management accountant, several researchers and scholars have stated the similar view that people cannot describe the management accountants as 'the bean counter', ...

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The Accounting Profit Figure

23 Mar 2015 03 May 2017

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"The accounting profit figure is simply a measure of the true profit of an organisation." Discuss I will start by criticising my initial identification of accounting profit (a calculable amount, with set answer!). Profit is not just a set of calculations which has a defined/set-in-stone answer it can be described as the result after particular accounting rule and conventions have been employed (Deegan and Unerman 2006). These ...

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Incentives For Blue And White Collars

23 Mar 2015 03 May 2017

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The term incentive has been used both in the restricted sense of participation and in the widest sense of financial motivation. The concept of incentive implies increased willingness or motivation to work and not the capacity to work. It refers to all the plans that provide extra pay for extra performance in addition to regular wages for a job. Under this programme, the income of an individual, ...

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The UK Pension System: an Analysis

23 Mar 2015 02 May 2017

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The aim of this essay is to perform an analysis of the UK pension system, understanding its foundation and working. The core focus is to assess the statement "the UK pension statement is fatally flawed and requires that we make fundamental changes in the way we save for old age", by referring to the Pension Commission Reports, and the relative proposals that have been made recently. The ...

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THE INFLUENCE OF CULTURE ON ACCOUNTING

23 Mar 2015 01 May 2017

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The impact of culture on the social institutions like accounting cannot be underestimated. Before the increase in immigration and cross-border businesses, culture has been in the domain of anthropology and archaeology. This work considers whether culture affect unified global accounting practices and whether an understanding of cultural role in accounting can help to understand international accounting standards. These prove will be made evidence using the Anglo-American and ...

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Financial and non-financial consequences of closing down restaurant department

03 Oct 2016 28 Apr 2017

7 (2,467 )

ACCOUNTING 1 Traditions Ltd Author’s name) (Institutional Affiliation) Question One. Marginal costing, Comparison between Traditions Ltd Marginal costing for all departments and without the restaurant department; Without the restaurant, the store is profitable. The store is capable of making a profit of £9,000. This indicates that the restaurant department is making losses. Even without putting the fixed cost incurred by the business into consideration, the restaurant had ...

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Advantages And Disadvantages Of Manufacturing

23 Mar 2015 28 Apr 2017

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Activity-based costing is an information system, that assigning resource of cost to products or services based on the activity consume. The Economist, June 29th 2009, Activity-Based costing Thus, ABC can help the manager to obtain more accurate and up-to-date costing information to evaluate the cost budgeting to maximize profit. (Metin Reyhanoglu, Activity-Based Costing System: Advantage and Disadvantage, Ankara University, Turkey, Pp.2) In additional, ABC can provide a ...

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Job order costing process costing and activity based costing

23 Mar 2015 27 Apr 2017

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A cost accounting system is the sum methods and techniques used by businesses allowing them to track resources consumed in production and distribution of services or goods to consumers. These methods and techniques are used by the management in order to evaluate and reward staff performance, by employees in order to manage recourses efficiently while the cost accounting system is also used for external reporting requirements meaning ...

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The fair representation of financial statements

23 Mar 2015 27 Apr 2017

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INTRODUCTION The Financial Reporting Standards Board was formed to resolve the problems faced by the international financial reporting regiment. In particular, it hopes to promote the standardization of international accounting standards through its International Accounting Standards (IASs) to facilitate transactions and improve financial markets. Underscoring the FRSB's philosophy is to enable the 'fair presentation' of financial statements. This report discusses this concept and evaluates whether the application ...

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Kelloggs Business Strategy

23 Mar 2015 27 Apr 2017

7 (2,429 )

Introduction: The importance of customers and their value plays a major role and cannot be neglected by the companies in today's business world. The implementation of different new strategies and marketing plans will not help if the companies do not pay attention to the customers. Any company's marketing plan agenda should and will always include customers. Customer focus and retention is a powerful strategic advantage that helps ...

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The Possible Reason Of Variances

23 Mar 2015 27 Apr 2017

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Incognitos latest costume set is Meridas outfit in the Disney Pixar film Brave that sold through internet. The purpose of this report is to analyse and compare the differences of standard profit and actual profit. All calculations are available in the appendices. 1.1 Absorption Costing System Absorption costing system is used to cost Merida. It recognizes the importance of absorbing the fixed overhead on valuation of stock ...

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The Advantages and Disadvantages of Lean Six Sigma

23 Mar 2015 27 Apr 2017

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While businesses seek for ways to survive and also to remain competitive in a changing global environment, they either choose adopting business excellence models or continuous improvement philosophies to guide them in the journey of organisational excellence. Lean Six Sigma is a new breadth in the area of continuous improvement, which constitutes strengths and key focuses of Lean and Six Sigma approaches.The purpose of this paper….. Will ...

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Exploring the Pros and Cons of U.S.-GAAP and IFRS

23 Mar 2015 27 Apr 2017

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The joint project between the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) in developing a common accounting language for the world has gained much attention after the Securities and Exchange Commission (SEC) in United States (U.S.) announced its plans to adopt the International Financial Reporting Standards (IFRS). As investments by U.S. investors in foreign public corporations have grown drastically, it is timely for ...

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A report on the liability of auditors

23 Mar 2015 25 Apr 2017

12 (4,690 )

Audits are carried out to ascertain the validity and reliability of the company's information especially financial information and provide an assessment on the effectiveness of the internal control system. Auditors are responsible to express appropriate audit opinion on the financial statements so as to give a true and fair view of the company's financial position based on the audit evidence they obtained throughout the audit procedures performed. ...

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How costs are classified in different types of organisations

23 Mar 2015 25 Apr 2017

18 (6,886 )

Costs are associated with all types of organizations business, non-business, manufacturing, retail and service. Generally, the kinds of costs that are incurred and the way in which these costs are classified depend on the type of organization involved. In your assignment you should explain with examples (use dollar value in your examples): How to measure cost behaviour (cost measurement)? In management accounting, the classification and measurement of ...

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A Positive Theory Of Accounting

23 Mar 2015 25 Apr 2017

4 (1,358 )

In the nature of theory, a positive theory of accounting or Positive Accounting Theory is a descriptive theory, which describes particular aspects of financial accounting practice. It seeks to predict, observe, and explain which accounting methods accountants will or will not use in particular circumstances and why managers and/or accountants elect to adopt particular accounting methods in preference to others. While a normative theory of accounting is ...

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Reacquired Franchise Rights

23 Mar 2015 25 Apr 2017

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Worksheet 1: Summary of Reacquired Franchise Rights Verifying Mathematical Accuracy of Reacquired Franchise Rights Balance It has been assumed that the beginning balance of reacquired franchise rights was audited last year. Therefore, changes (if any) to this account are audited in the current year so that an auditor can give an opinion on the balance of this asset. Reductions to this asset are likely to be due ...

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Job Costing Method And Batch Costing Method

23 Mar 2015 25 Apr 2017

4 (1,521 )

There are various types of business in the world now. Each and every business has to choose a particular method to ascertaining the costs are available in the business. Simply costing methods is a method of collecting cost. As in the diagram 1.1 costing methods are drifting apart. Specific Order Costing is the basic costing method. This method is suitable to those businesses where the work consists ...

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The Relevance Reliability Comparability And Understandability

23 Mar 2015 25 Apr 2017

4 (1,571 )

The purpose of financial statements is to give financial statements information about the change in financial position, financial performance and financial position of the organization. These can provide data use in decision making such as investment, credit and economic decision making which are useful for various users. There are seven main groups of users which are public, investors, lenders, employees, customers, supplies, government and other agencies and ...

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Exploring the four stages of the audit process

23 Mar 2015 25 Apr 2017

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Internal Audit is an independent function that provides an objective assurance and consultancy activity to improve and add value on an organization's operation. The auditors aim to help the Merami Berhad accomplish its objectives by evaluating the effectiveness of its risk management, control, and governance processes by bringing a discipline, systematic approach. The audit process is divided into four stages which are Planning (Preliminary Review), Fieldwork, Audit ...

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Advantages and disadvantages of private limited companies

23 Mar 2015 24 Apr 2017

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Financial Accounting Is the information to make decisions related to the organizations, it begins with the principles, concepts, and applications of financial accounting. Financial Accounting follows a set of rules and legislation known as accounting concepts, accounting policies, and procedures like the entity and prepayments. Financial Accounting explains for us what are the financial statements, tells us what are the rules of legislation while they are getting ...

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Solving Business Problems Using Sensitivity Analysis

23 Mar 2015 24 Apr 2017

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For a given linear programming model, finding the optimal solution is of major importance. But it is not the only information available. There is a very good amount of sensitivity information. It is basically the information that accounts for what happens when data values are changed. Sensitivity analysis basically talks about how the uncertainity in the output of a model can be attributed to different sources of ...

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UBS accounting information system

23 Mar 2015 24 Apr 2017

9 (3,341 )

The purpose of this report is to discuss how effective the computerized accounting information system will benefit a business that is expanding in expenditure, revenue and other key areas of business. Introduction to Accounting Information System AIS is a system that collects and stores accounting data, after that process the data into useful information used by the decision makers (internal and external users). The information produced by ...

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Shareholders and managers: A principle-agent problem

23 Mar 2015 24 Apr 2017

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This essay identifies the principle-agent problem between shareholders and managers. It also overlooks UK's corporate governance compared to Germany and Japan. Furthermore effectiveness of UK's system will be analyzed amid recommendations to reduce the vulnerability. Economic theory speculates that a firm's goal is to capitalize on shareholders wealth; achievable with entrepreneurial firm since owners are managers. However, ownership nowadays is significantly diluted, with companies owned by large ...

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Do we need to regulate financial reporting?

23 Mar 2015 24 Apr 2017

5 (1,808 )

Acoording to Leuz and Verrecchia (2000) the accounting literature presents proof that the quality of accounting has economic consequences for e.g. costs of capital , efficiency of capital assignment (Bushman et al. 2006)etc. Land and Lang (2002) in their research mentioned that economic changes also have homogeneous consequences by stating that the quality of accounting has improved globally since 1990s. Land and Lang (2002) also say that ...

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Role And Significance Of Budgetary Control

23 Mar 2015 24 Apr 2017

6 (2,065 )

Introduction: Enterprise is a complex man-made running coupling system and a contractual association with body; it is very necessary to the business activities of its process and implements control. According to the modern management guru Robert • Simon's theory, management control achieve management objectives. Through the implementation of a series of management control lever, so it should increase the importance of budgetary control and devote energies to ...

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The main purpose and objectives of annual reports

23 Mar 2015 24 Apr 2017

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The literature review section talks about the background of research being undertaken. It provides an illustration about the importance of the different sections of the annual reports and the qualitative characteristics of information that make it useful for users of accounting information. Hence, it outlines on the previous research done on the study of annual reports and the importance of annual reports to users who have a ...

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The development of accounting system in China

23 Mar 2015 20 Apr 2017

9 (3,257 )

Abstract This report put the accounting development in China into perspective. Describe the history and changes in the accounting environment of China during the recent economic reforms by using the Grey's (1988) accounting value to analyzing the culture impact on accounting system's development in China, and then, illustrate the institutional and environmental factors which driven China's accounting system made changes, the reasons of those changes and then ...

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Reflective Statement Of Financial Accounting

23 Mar 2015 20 Apr 2017

4 (1,522 )

Accounting has always been an interest of mine. Since I was a child, I have always been good in calculation, which makes it clearer that accountancy would be a good choice. After years of studying it, I realised accounting is not only about numbers but theory that require various skills in order to perform a good accounting. The increase number of students in the accounting field has ...

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Financial and Managerial Accounting

24 Feb 2017 19 Apr 2017

5 (1,934 )

Keywords: Management accounting, financial accounting, cost Executive Summary Though, financial accounting and managerial accounting systems prepare and analyze the same financial data, they also differ in some aspects. For example the users of the information are different. Also the procedures for their preparations differ including the time frames. Cost accounting is another sphere of accounting that deals with the analysis of costs of products and activities in ...

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What is process costing? The methods used

23 Mar 2015 18 Apr 2017

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A process costing method is used for Indus trick producing chemical, petroleum, textile, and flour, pharmaceutical, shoos and coal. This type of costing is also used by firms manufacturing such things methods is the assembly type industry which manufactures such things as type writers, automobiles. Airplanes and house hold electric appliances. Finally certain service industries, such sagas, water, and heat, cost their products by using process costing ...

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How did the corporate culture of Enron contribute to its bankruptcy?

23 Mar 2015 18 Apr 2017

4 (1,368 )

According to Albert Camus "A man without ethics is a wild beast loosed upon this world" At first sight, Enron looks like a mega-size illustration of the bad apple among the ripes ones. It projected itself as financial of Business Ethics. On December 2.2001 Enron Corp. Filed the largest bankruptcy in U.S history due to many unethical issues. The 'Enron Scandal' shocked the world. Enron had an ...

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SWOT Analysis: The Football Association

23 Mar 2015 18 Apr 2017

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This paper looks to produce a report that seeks to analyse the work of the Football Association (FA) in the context of an evaluation of the impact of its strategy regarding the advancement of the national game and its legitimacy as an organisation in England. This report provides a background to what is the FA's general remit and how this fits with sports strategic management emanating from ...

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Preliminary analytical procedure: A definition and analysis

23 Mar 2015 13 Apr 2017

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Auditors are required to prepare the preliminary analytical procedure at the planning as a part of the risk-assessment procedures under ASA 315.6. The definition of preliminary analytical procedure is that 'comparison of client rations to industry or competitor benchmarks provides an indication of the company's performance'. The purpose of preliminary analytical procedure is to obtain understanding of the client's company and industry. (textbook) In common, two major ...

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The Concept of Accounting

23 Mar 2015 12 Apr 2017

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There are likely to be various user groups with an interest in a particular organisation, in the sense of needing e to make decisions about that organization. User group Competitors - they use for: to assess the threat to sales and profits posed by those businesses. To provide a benchmark against which the competitors' performance can be measured Employees (non-management) - to assess the ability of the ...

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Making effective business decisions through accounting

03 Oct 2016 11 Apr 2017

5 (1,797 )

“The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information”. According to American Accounting Association Committee, 1966. This may be considered as a good definition because of its focus on accounting as an help to decision making. Writing an essay on this topic brings an attention on how accounting helps manager in taking effective business decision. ...

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Parmalat Accounting Scandal summary

13 Sep 2016 16 Mar 2017

26 (10,242 )

Keywords: parmalat accounting scandal, accounting fraud, parmalat scandal auditors The Parmalat Accounting Scandal 1. The events leading up to the Parmalat accounting scandal and ultimately the revelation of the accounting fraud and the reasons behind the scandal? Evolving from a small dairy shop into an international concern, Parmalat appeared to be a gigantic and stable dairy producer. At some point in time, it may well have ...

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The concept and practice of Fair Value

13 Sep 2016 09 Mar 2017

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The concept and practice of Fair Value. Introduction The issue of the use of fair value as a model for financial standards and reporting has been subjected to significant debate and argument since the IASB[1] Framework was first introduced in 1989. As can be seen from a number of accounting industry responses, such as that of Peter Willams (2005), the use of fair value is ...

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Industrial Development Bank of India

24 Feb 2017

10 (3,918 )

Keywords: Industrial Development Bank of India, Narasimam, United Western Bank The Banking Industry was once a simple and reliable business that took deposits from investors at a lower interest rate and loaned it out to borrowers at a higher rate. However deregulation and technology led to a revolution in the Banking Industry that saw it transformed. Banks have become global industrial powerhouses that have created ever more ...

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Modigliani Miller Proposition

23 Feb 2017

6 (2,173 )

Keywords: Modigliani-Miller Proposition, finance, investing 1. Introduction According to many research of corporation finance, the capital structure decision is one of the most fundamental issues facing to the executives and management level. The corporate finance is a specific area of finance dealing with the financial decisions corporations make and the tools as well as analysis used to make these decisions. The discipline as a whole may be ...

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Accounting Theory and Practice

23 Feb 2017

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Keywords: accounting, theory, history Abstract This paper discusses the statement: "there is no universally accepted accounting theory." In addition, it offers some basic and historical background regarding accounting and discusses the different approaches to develop an accounting theory, before describing three common accounting theories. Finally, the reality of the above statement and the factors that confront a universal accounting theory are debated. Introduction Accounting is a very ...

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Restaurant Business and Operations Plan

23 Feb 2017

7 (2,694 )

Keywords: delicias, restaurant, business, customers Executive Summary Delicias unlike other typical restaurants will provide a unique excellent food at value pricing within an entertaining atmosphere. Delicias will be setup due to an increasing demand in value for everything the food purchased; customers are not willing to accept anything that does not meettheir expectations and a need for entertaining while dining. Delicias will provide soups/salads, appetizers, desserts and ...

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WHAT ARE THE DIFFERENT APPRAISAL TECHNIQUES AVAILABLE TO FINANCE MANAGERS TO MAKE DECISIONS RELATING TO INVESTMENT PROJECTS? DISCUSS EACH OF THEM AND RECOMMEND, GIVING YOUR REASONS, WHICH OF THEM YOU CONSIDER AS THE BEST TECHNIQUE APPLICABLE TO YOUR COMPA

23 Feb 2017

10 (3,983 )

Keywords: appraisal, investment, finance manager, budget INTRODUCTION: “What are the different appraisal techniques available to finance managers to make decisions relating to investment projects? Discuss each of them and recommend, giving your reasons, which of them you consider as the best technique applicable to your company”. INVESTMENT APPRAISAL: Investment appraisal also known as capital budgeting. As finance manager one of the important areas of decision-making for the ...

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Benefits of using Cost Volume Profit analysis

03 Oct 2016 19 Dec 2016

8 (2,897 )

Keywords: cost volume profit analysis, cvp analysis Cost Volume Profit Analysis Table of Contents Introduction CVP analysis and decision making Relationship between revenues, costs, profits and volume Fixed vs. variable costs Break even analysis: Margin of safety 1.Non- Linear CVP analysis: 2.Linear CVP analysis: Operating Leverage Income Tax benefits: Future forecasting Preparation of Budgets: Cost Control: Price Determination: Profit Planning: Risk Assessment: Decision Making: Conclusion References ...

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Costing methods, variance analysis and continuous improvement

03 Oct 2016 19 Dec 2016

11 (4,265 )

Keywords: marginal costing, Absorption Costing, Costing Methods Assignment 1 – Cost Accounting DBSM703 – Business Financial Principles and Techniques 13 November 2014 Marginal Costing and Absorption Costing (Questions 1&2) Definition.Marginal Costing is a method for computing costs which takes into account only the varying costs involved in the manufacturing process. Absorption costing is a costing method which considers all costs involved in the production ...

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Creative Accounting

03 Oct 2016 14 Nov 2016

5 (1,892 )

Creative Accounting Introduction There exist no single definition for the term creative accounting. A few creators contend that, creative accounting is 'a gathering of methods, choices and opportunity room left by accounting regulation, without moving far from laws or accounting necessities, permitting to the directors to change the fiscal result or the monetary explanations' (Gillet, cited by Shabou and Boulika Taktak, 2002). An alternate meaning of ...

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management accounting assignment

03 Oct 2016 17 Oct 2016

4 (1,378 )

1. Activity: General ledger department reconciles and updates the general ledgers. Objective: The main purpose of having reconciliation in an organization is to ensure that the overall accuracy, completeness and consistency of account balance. Narrowly, it is to compare accounting information that exists in two systems or locations (‘Reconciliation of Balance Sheet Accounts’, n.d.). Jessica (n.d.) also found that reconciliation helped in identifying the misstatement in ...

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Importance and role of accounting

03 Oct 2016 17 Oct 2016

5 (1,930 )

Accounting 601 assignment Accounting is the management of money and money is an important part of that business. Accounting is mainly preparation of financial statement and involve with transaction, budgeting and Cost controlling. According to Cote(2007), it is process of measuring the amount of money, analysing results, understanding them and make decision better. A proper accounting system is an essential to any business in order to ...

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Corporation tax and tax avoidance essay

03 Oct 2016 17 Oct 2016

6 (2,280 )

After the financial crises, the public has started to raise their attentions to the tax avoidance of some of the Global firms, such as Starbucks, Google and Amazon. These companies have a huge business turnover in UK, but they just pay a few or even no corporation tax to the government. Since that, the public has labeled this tax avoidance action as “immoral”. Before discussing the ...

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Capital budgeting techniques: Sensitivity and Scenario analysis

03 Oct 2016 17 Oct 2016

5 (1,992 )

Graphically show and explain the following terms, how you could link them to capital budgeting techniques in your decision making (1000 words) Sensitivity analysis Scenario analysis Sensitivity Analysis Sensitivity analysis is a ‘what if’ tool that examines the effect of increase or decrease in a company’s net profit. Sensitivity analysis can help in answering question like ‘What would be the forecasted net income if ...

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A comparison between US GAAP and German HGB

03 Oct 2016 17 Oct 2016

7 (2,619 )

A comparison between US GAAP and German HGB ByJanuary 2014 Supervisor: PERMISSION TO STORE RESEARCH PAPER IN LIBRARY AND MAKE AVAILABLE FOR USE I, Claudiu Ghiuzan, do hereby irrevocably consent to and authorize the Library of University of Applied Management Studies, Mannheim, to file the attached Research Paper entitled: “A comparison between US GAAP and German HGB”, and make such paper available for use, circulation, and reproduction ...

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The Usefulness Of Financial Statements To Stakeholders

10 Jun 2016

7 (2,669 )

Introduction: Finance for managers is very important subject for businesses. All stakeholders must have to know about it. Because it helps their businesses to run properly and make profit. Finance for managers helps people to know about the purposes and requirements for keeping financial records, what are the techniques for recording financial information, what are the legal and organisational requirements of financial recording, the usefulness of financial ...

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Accounting Essays - Sarbanes Oxley Act

23 Mar 2015 08 Mar 2016

7 (2,676 )

Sarbanes Oxley Companies Abstract Sarbanes oxley act 2002 was passed on July 30, 2002 and only the public companies are now feeling its impact. This act frequently called the “most significant accounting or auditing legislation since the securities exchange Act of 1934”. After the implementation it has established its demands to the companies for proper management and disclosure of risk. Nortel networks is a giant corporate in ...

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Accounting Essays - Accounting Goodwill Treatment

23 Mar 2015 08 Mar 2016

4 (1,306 )

Accounting Goodwill Treatment Introduction Arnold, J., Egginton, D., Kirkham, L., Macve, R. and Peasnell, K., ‘Theoretical Considerations’, in Goodwill and Other Intangibles, The Research Board, London, pp3-18. According to the authors, financial reporting of goodwill has assumed importance just recently. In its earlier definition goodwill just meant customer loyalty. They attribute two main reasons for the increase in goodwill’s importance. First is the increase in merger and ...

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A study on Fraud prevention and Detection

23 Mar 2015

12 (4,587 )

The aim of this writing is to present how fraud is defined today, why fraud prevention and detection is global concern and introduce main means of detecting and preventing fraud. It can be seen that fraud can range from small employee theft, fruitless behaviour, embezzlement of company`s assets and fraudulent financial reporting. This kind of actions can have strong adverse effect on company`s market value, reputation and ...

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Auditing Is The Accumulation And Evaluation Of Evidence Accounting Essay

23 Mar 2015

6 (2,079 )

Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria. Auditing should be done by a competent, independent party and communicate the results to interested users. (Elder, and others, 2007, p .4) The purpose of audit is to enable the auditor to express an opinion whether the financial statements present a true ...

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Factors that influenced the change in management accounting

23 Mar 2015

15 (5,650 )

This chapter will review the relevant literature and the understanding of the traditional role of the management accountant. The chapter will begin with an understanding of the concept of management accounting. This provides a background for discussion of the traditional role of management accountant. Finally, a review of all the factors that may influence on the role and promoted the change of the role are explored. 2.1 ...

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Current Purchasing Power Accounting Accounting Essay

23 Mar 2015

7 (2,650 )

Accounting theory is a set of basic assumptions, definitions, principles, and concepts surrounding the accounting rule. It includes the reporting of accounting and financial information to relevant or interested parties. There are several approaches that are used in the development of accounting theory. The two main ones are normative theory approach and the positive theory approach. Normative theory approach is a theory that is not based on ...

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An analysis of the Depreciation Methods in GAAP in the UK

23 Mar 2015

4 (1,309 )

Depreciation is the allocation of the cost of a plant asset to expense over its useful (service) life in a rational and systematic manner" (Weygandt, Kieso and Kimmel, 2003:416). There are three factors affect the calculation of depreciation, which are asset cost, useful life and salvage value (Weygandt, Kieso and Kimmel, 2003). Accountant in different companies will use various methods to compute the depreciation. There are straight-line ...

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Definition of fixed cost and variable cost

23 Mar 2015

7 (2,625 )

Fixed cost (FC): is a cost that remains constant, in total, regardless of changes in the level of activity. Fixed costs are not affected by changes in activity. Consequently, as the activity level rises and falls, total fixed costs remain constant unless influenced by some outside force. But fixed cost per unit decreases as the activity level rises and increases as the activity level falls. (Garrison etal., ...

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Exploring the objectives of Borealis new budgeting system

23 Mar 2015

6 (2,039 )

Borealis abandoned its traditional budgeting system in 1995 and implemented a new system, which is set to achieve 4 objectives: Improve financial management and performance measurement. Decentralise authority and decisions. Simplify the budgeting process. Reduce the resources used in the process. In this report, we would examine failings in the current budgeting process and modifications that would make the existing system more useful. We would then provide ...

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In trinidad and tobago the spiraling crime situation

23 Mar 2015

5 (1,990 )

Introduction In Trinidad and Tobago the spiraling crime situation has been committed predominately by young males. This study focuses on the relationship between the violence in schools and the crime situation in the wider society in Trinidad. By curbing school violence it will greatly reduce the criminal activities occurring in society. Studies have shown that young minds are easier to mould rather than adult minds. This ...

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Differences between financial accounting and management accounting

23 Mar 2015

4 (1,554 )

It is not so easy to define accounting as this word had many broad applications in the business, but a very precise definition by American accounting association is "the process of measuring, communicating and identifying economic information to grant informed judgments and decisions of information made by the users!" In today's world everyone follow the discipline of accounting weather they are in job sectors or running their ...

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The Arguments For Regulation Accounting Essay

23 Mar 2015

6 (2,267 )

History is filled with examples where crisis and scandals paved the way for regulatory interventions in the financial markets. The UK introduced major changes in its regulatory practice after the fall of the Barings Bank as a result of the financial scandals during the 1990s. The Financial Services Authority was deregulated in order to develop more rigid and consolidated regulations that conformed to the practice that were ...

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The Achievements Or Successes Of Both Eu And Iasc Iasb Accounting Essay

23 Mar 2015

8 (3,094 )

Introduction Growth in international trade has been on the increase over the years necessitating several organisations to be involved in the efforts to harmonise accounting practices either regionally or internationally. Among those, leading in this effort were the European Union (EU) and International Accounting Standards Board (IASB) (formerly International Accounting Standards Committee, IASC). This essay will look at background and harmonisation process of the two organisations and ...

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Fundamental concepts of the IASB framework

23 Mar 2015

8 (3,051 )

The International Accounting Standard Board herein referred to as the IASB, sets forth standards that outlined in its Framework for the Preparation and Presentation of Financial Statements. The IASB framework applies to general-purpose financial statements. That is, the primary financial statements (income statement, balance sheet, etc.) and the accompanying notes but not additional financial or nonfinancial information, such as directors' reports, management discussion and analysis, etc. The ...

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Examining major problems caused by worldwide accounting diversity

23 Mar 2015

5 (1,851 )

Multinational corporations have been contributors to worldwide accounting problems as they have made or contributed to changes in which different countries have been using their accounting principles not only have they change the way accounting standards carried out but have contributed to the different problems that have been noted out in this answer. It basically looks into these issues and also coming up with ways in which ...

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What is conceptual framework of accounting

23 Mar 2015

2 (764 )

Financial Accounting Standard Board defines Conceptual Framework as 'a coherent system of interrelated objectives and fundamentals that is expected to lead to consistent standards. The rules are set in accounting standard that are formulated from the framework, but it takes preferences over the framework during the time of conflict of interpretation. Conceptual framework is a type of intermediate theory which attempts to connect all aspect of inquiries ...

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The process of budgeting and its uses

23 Mar 2015

4 (1,597 )

"Budgeting is an important control system in almost all organizations (Armstrong et al., 1996; Ekholm and Wallin, 2000; Merchant and Van der Stede, 2003 cited in Hansen and Van der Stede)". In an organisation all the activities are coordinated together by preparing plans for the future. These plans are called as Budgets. "A budget can be defined as the quantitative expression of a plan action and an ...

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Is Accrual Basis More Reliable than Cash Basis Accounting

23 Mar 2015

16 (6,045 )

Currently, accrual based accounting is the most widely accepted standard for accounting valuations. Nevertheless, it is often argued, on theoretical grounds, that a cash basis approach is much more reliable to users. Our study focuses on the question of whether the accrual basis of accounting more reliable than the cash basis of accounting, where we compare the theoretical rational of interviewed industry professionals with theory. In order ...

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The Benefits And Challanges Of Accrual Accounting Versus Cash Accounting Application Accounting Essay

23 Mar 2015

13 (5,163 )

ABSTRACT This paper propose a depth understanding and critical evaluation of the benefits and challanges of accrual accounting versus cash accounting aplication for budgeting and reporting in Municipal Council of Kota Kinabalu, a local government in Malaysia. Motivation of this paper is drawn on the potential benefits of accrual accounting in budgeting and financial reporting of a local government as empirically established in other countries. However, despite ...

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The Education In Reduce Audit Expectation Gap

23 Mar 2015

19 (7,313 )

Introduction The issue of "audit expectation gap (AEG)" has been very significant to the accounting profession since mid 1970s and continues to be debated until today. In the 1970s and 1980s, massive corporate failures have caused the accounting profession to be severely criticized by the public. For example, in 1973, Equity Funding - an insurance firm based in Los Angeles - collapsed when its computer-based fraud was ...

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Calculation Of Finance Lease Straight Line Method Finance Charge Accounting Essay

23 Mar 2015

7 (2,580 )

Total lease payment = 5*6000= 30000 (Less) Market Price of asset = 22000 8000 Allocation of finance charge: = Finance charge = 8000/5 = 1600 No: of years Depreciation: = Market Value =22000/5= 4400 Useful life Liability Schedule: Years Liability at Beginning Finance charge Total Payment Liability at end 1 22000 1600 23600 6000 17600 2 17600 1600 19200 6000 13200 3 13200 1600 14800 6000 8800 4 8800 1600 10400 6000 4400 5 ...

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Advantages and disadvantages of outsourcing the internal audit functions

23 Mar 2015

4 (1,480 )

Internal auditing is an appraisal or monitoring activity established within an entity as a service to the entity. It functions are, among other things, examining, evaluating and reporting to the management and the directors on the adequacy and effectiveness of components of the accounting and internal control systems. An internal audit department in an organization is set by the management or appointed by the board of directors ...

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Examining issues with audit quality

23 Mar 2015

14 (5,231 )

The major accounting scandals occurred worldwide has brought the focus of public to the audit profession and the audit quality. Enron and WorldCom cases in United States and Parmalat case in Europe are the example of major scandals as a result of the failure of audit services. In Malaysia, the Transmile case which involved around RM530 million of accounting fraud has also addressed the problem about the ...

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