The principles of lean and agile Manufacturing

23 Mar 2015

5 (1,752 )

All related literatures are reviewed in this chapter. Lean concept focuses on eliminate waste, while agile concept focuses on flexibility in supply chain. The theories that cite the topic of reducing cycle time in, which related to the lean concept. Detailed topics included in this chapter are 1. Principles of Lean Manufacturing 2. Product cycle time improvement 3. Principles of Agile Manufacturing 2.1 Principles of Lean Manufacturing ...

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A Critical Evaluation Of The Balanced Scorecard Accounting Essay

23 Mar 2015

6 (2,010 )

In 1992, Kaplan and Norton first published a paper about the Balanced Scorecard¼ˆBSC¼‰. It was a huge success and BSC soon became very popular all over the world. Before BSC emerged, organizations usually use traditional methods of performance evaluation focused mainly on financial measures such as ROCE, sales and profits. BSC translates an organization's mission and strategy into a comprehensive set of performance measures that provides the ...

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Examining the history and background of intangible assets

23 Mar 2015

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In the majority of 20th century, tangible assets is considered to be the main source of the commercial value, which include fixed asset such as buildings, land, manufacturing as well as financial assets such as bonds and their valuation. They were shown in the financial statement after valuation which is based on their cost and/or outstanding value. However, it is not mean that people do not recognize ...

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The accounting treatment for research and development

23 Mar 2015

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Under IAS 38 Intangible Assets, the accounting treatment for research and development is different. It depends on whether the expenditure is incurred from research or development. In the Ruritanian Accounting Standard, research expenditure is charged to the statement of comprehensive income and development cost is to be capitalized as a part of intangible assets. Broadly speaking, it is common treatment in most of companies. However, this accounting ...

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The importance to auditing of concept of audit risks

23 Mar 2015

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Messie, Glover, Prawitt & Boh, Margaret , 2007 stated that audit risk is the risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated. In simple terms, audit risk is the risk that an auditor will issue an unqualified opinion when the financial statements contain material misstatement. ISA 200 states that auditor should plan and perform the audit to reduce audit ...

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Traditional Budgeting And Its Criticisms Accounting Essay

23 Mar 2015

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Traditional Budgeting is a value-adding subject and has played a crucial role in management control in organizations. Budgeting has been seen as a considerable approach as well as a tool for evaluation and regulation of specific activities in a firm. It is recognized as "annual budgeting" by front-line managers. This type of budgeting process was used by companies to control demand of consumers/customers, adopt organization design and ...

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Important financial information by company to its stakeholders

23 Mar 2015

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Financial statement is a tool that provided important financial information by a company to its stakeholders about whether to invest in that particular company. However, recently, an increased frequency of restated financial statements in many high-profile cases such as Enron, WorldCom, Royal Ahold, HealthSouth and others have drawn far greater attention on the failures of businesses in which defection of financial reporting and corporate disclosure. This will ...

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How fall of Enron raised concerns about accounting issues

23 Mar 2015

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Enron Corporation of Houston was one of the largest companies in the world. From the start of the 1990s to mid 2000, Enron's stock price increased from about $7 per share to a peak of $90 per share. By December 31, 2000, Enron reported its turnover of $101 billion, and its market capitalization exceeded $60 billion, 70 times earnings and six times book value. Enron was rated ...

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Budgeting And Budgeting Constraints Accounting Essay

23 Mar 2015

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A budget is a quantitative or monetary plan for a period of time that aids the effective and efficient management of resources, by encouraging the effective planning, controlling, organising and controlling of resources. A budget is defined as 'a quantified statement, for a defined period of time, which may include planned revenues expenses, assets, liabilities and cash flows'(Davies & Boczko,p733:2005). Budgeting Constraints The use of budgets in ...

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The Importance Of Costs In The Pricing Strategy Accounting Essay

23 Mar 2015

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It is very important for companies to have a good pricing strategy as it than permits them to earn good profit margin on its product or services and at the same time making it appealing to the customers. Pricing strategies are very important part of business and different organisation spend large sum of money and effort to devise effective and efficient pricing strategies. Following are different types ...

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The Concept Of Internal Audit Accounting Essay

23 Mar 2015

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Internal auditing, it is not a new term for the world of organization. The concept of internal audit is old like 5000 years, at that time people of civilized communities which were economically and politically stable used this approach to check effectiveness of their taxes and businesses so they can check errors and safe the state property from dishonest taxpayers. In modern world especially in the United ...

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Why We Need Accounting Standards Accounting Essay

23 Mar 2015

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This essay talks about Accounting Standards which is important in financial. And it is interesting topic which discusses identified accounting standards which is important to each company. And it is analysis different things which relate with Accounting Standards as: International Accounting Standards (IAS), Accounting Standards Board (ASB), why we need accounting standards? , different accounting standards, and finally advantages and disadvantages of accounting standards Accounting Standards are ...

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Financial Accounting Subjective Not Objective Accounting Essay

23 Mar 2015

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Financial accounting can be defined as a process of designing and operating an information system for collecting, information in order to make financial decisions. (Andrew Thomas 2009). It is said to collect accurate financial data and other financial information, and to accumulate and combine it in an organized and systematic way, according to the principles and rules of accounting, for reporting purpose. Financial accounting is objective in ...

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A Budgetary Control Systems Accounting Essay

23 Mar 2015

8 (3,060 )

I have re-read my last years HNC paperwork and used my current years HND paperwork to help with the various aspects of the report. I used my HNC costing booklets and lecture notes, HND Investment Appraisal literature, HND Business Tax literature, HND Capital Allowances literature and HNC Standard Costing literature. I went to the library and used college resources such as ebray for information of more in-depth ...

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Problems In Traditional Costing System Accounting Essay

23 Mar 2015

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Traditional costing systems had been used for decades by organizations in making important decisions and there is not much change in the management accounting techniques since the 1920'. From the book published by Johnson and Kaplan in 1987, they stated that from 1920 to the mid 1980's, there were no new innovation in management accounting techniques and concluded that the traditional costing were less adequate in reporting ...

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Just In Time Benefits For Mcdonalds Accounting Essay

23 Mar 2015

9 (3,581 )

McDonalds uses JIT system in which it doesn't begin to cook (reheat and assemble) its orders until the order is being placed.Initially it used to preheat a batch of hamburgers and let them be under heat lamps for as long as possible.And eventually the burgers that were not sold were discarded.A special order had to be made to get a fresh burger during the old system.McDonalds has ...

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Comparison Of Financial And Management Accounting Accounting Essay

23 Mar 2015

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Introduction Financial accounting and management accounting play an important part in accounting information system .They co-exist in enterprise production and operation of management, constituting the modern enterprise accounting system together. Much information which management accounting required is from financial accounting, while financial accounting also put the established budget, standards organizations, and such daily accounting data from management accounting as the basic premise. However, the reality is that ...

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Main Advantages In Harmonization Of International Accounting Accounting Essay

23 Mar 2015

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Introduction The main purpose of this report is to point out the main advantages that could be benefited from International accounting and the obstacles to the harmonization of this system. The history of accounting began 600 years ago when first accounting records were found; the system of bookkeeping pair was gradually introduced in the early 14th century in some trading centres in Italy. After that due to ...

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Sainsburys corporate governance and information disclosure

23 Mar 2015

4 (1,570 )

This paper attempts to demonstrate the annual report of Sainsbury from its corporate governance aspects and evaluate the information provided in the annual report from 5 parts: the main corporate governance mechanisms, the ownership structure, the audit report, the audit committee, and the voluntary disclosures. 2.0 corporate governance mechanisms The chairman of the Board is Philip Hampton since 2004. It consists of three Executive Directors and six ...

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The Role of External Auditor in Corporate Governance

23 Mar 2015

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External Auditors check company's accounts and report to the company based on the accounts. Basically, the concern is how external auditors conduct these duties effectively. Legislations, such as The Companies Act 1965, have made great efforts to ensure external auditors conduct their duties and obligations effectively. The Code of Corporate Governance in 2001 and the amendment in 2007 have further enhanced the effectiveness of audit in the ...

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The Legitimacy Theory And CSR Disclosure Accounting Essay

23 Mar 2015

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The issue of corporate social responsibility has got a lot of attention in the business and political world since the early 1990's and the major reason behind this was corporate scandals. Organizations had started to realize that the basis on which they were achieving economic growth was unsustainable and hence there was a need to develop a process which would intend at balancing economic growth with environmental ...

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Analysis of the International Accounting Standards on Inventory

23 Mar 2015

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This eassy mainly introduced the information about the International Accounting standards of Inventory(IAS 2). First, we introduced the background of the IAS 2; then we discussed the major requirements of the standards and the importance of these requirements; after that we critically evaluate the IAS 2. Background The IASs, International Accounting Standards, which issued with the IASC setting up in 1973, are the common standards followed by ...

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The North Face Inc Accounting Essay

23 Mar 2015

5 (1,902 )

Financial accountants and independent auditors commonly face challenging technical and ethical dilemmas while carrying out their professional responsibilities. This case profiles an accounting and financial reporting fraud orchestrated by the chief financial officer (CFO) of a major public company and his subordinates. The CFO, who was a CPA, took extreme measures to conceal the fraud from his company's audit committee and independent auditors. Despite those measures, the ...

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The advantages and disadvantages of budget setting

23 Mar 2015

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Direct costs, indirect costs and overhead: Direct costs: those cost that can be directly traced to producing specific goods or services. For example, the cost of leather in making bags can be attributed directly to the cost of manufacturing these products. Depreciation and administrative expenses, are more difficult to assign to specific products, and so are not considered as direct costs. Indirect costs: those costs that not ...

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The formation and objectives of the IFAC

23 Mar 2015

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IFAC the (international federation of accountants) is a non - governmental and a global organization for accountancy professional, formed in 1977 in Munich -Germany at the 11th world congress of accountants'. Currently there are 164member bodies in 125 countries and jurisdictions, representing over 2.5 million accountants. Source: Q FINANCE - The complex world of international auditing regulation. Objectives of IFAC The main functions of IFAC are to ...

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Explain Meaning Of Ethics In A Business Context Accounting Essay

23 Mar 2015

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It's simply says that ethics are the attitude of individuals or groups in deciding the wrong and right decisions with ethical or polite behaviour. The term ''Business ethics'' has a same meanings that I discussed in ethics introduction. On very basic terminology ''Business Ethics'' defines as follows: ''Business ethics boils down to know the difference between right and wrong, also selecting to what is right in any ...

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The two approaches of accounting research

23 Mar 2015

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The positivist approach and the critical approach are the two approaches of accounting research. This article explains the concepts of positivist approach and critical approach, and then explains some of the problems of these two approaches. This article discusses the inter-relationship between accounting research, accounting standards and accounting practice. Through the research findings, this article use the case of intangible assets to illustrates how accounting research impact ...

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The influence of culture on accounting

23 Mar 2015

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Introduction Many studies have demonstrated that culture diversity had influenced accounting practice within national and international borders. Accounting can therefore be said to have been influenced by its environment, which includes the culture of the country in which it is being operated (Nobes & Parker, 2008) Mueller et al. (1994), cited in Alexander.et al, also stipulate that each accounting system is a product of its specific culture ...

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It is important to diferentiate between capital expenditure and revenue expenditure

23 Mar 2015

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Fixed Asset is last longer and not for resale. For example is premises, motor vehicles, machinery, and fixtures and fittings. Current Asset is liquid and bought for resale. For example is cash in hand, cash at bank, stock and debtor. i) Business entity concept is the affairs of a business are to be treated as being quite separate from the non-business activities of its owners. Example is ...

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The advantages and disadvantages of traditional Absorption costing techniques

23 Mar 2015

3 (1,177 )

Introduction Through the years when it comes to planning Managers has developed techniques and methods of forecasting future costs. One of such methods is Absorption costing and activity based costing (ABC) What is Absorption costing? Absorption costing is the traditional method of costing and stock evaluation, having been developed around the 1870s to 1920s is widely used by the manufacturing companies. The idea behind absorption costing to ...

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Window Dressing Of Financial Account Is Fraudulent Accounting Essay

23 Mar 2015

3 (1,011 )

According to Wikipedia Online "accounting is the art of communicating financial information about a business entity to users such as shareholders and managers". The Law of commerce states that business organisation must objectively record the accounts of the business organisation. These laws also state accounts must be clear and represent a fair and true record of the financial affairs of a business; these laws also put in ...

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Limitation of Ratio Analysis

23 Mar 2015

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Limitation of Ratio Analysis Learning Objective Explain to the participants on the limitation of ratio analysis. Important Terms Creative accounting. Accounting Policies. As we have alredy discussed, it is important to compare in order to be able to analyse and to be able to comment and subsequently recommend in order that a business is as efficient as ...

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The purpose of Corporate social responsibility

23 Mar 2015

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Corporate social responsibility (CSR) covers the responsibilities corporations have to the societies within which they are based and operate. More specifically, CSR involves a business identifying its stakeholder groups and incorporating their needs and values within the strategic and day-to-day decision-making process. Therefore, a business' 'society' within which it operates, which defines the number of stakeholders to which the organization has a 'responsibility,' may be broad or ...

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The Importance Of The Conceptual Framework For Accounting Accounting Essay

23 Mar 2015

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A not for profit organization is an organization that does not earn profits for its owners or investors. It uses surplus revenues to achieve its goals rather than distributing them as profit or dividends. Non for profit organization is formed for the purpose of serving a public or mutual benefit. The organizations do not have commercial owners and must rely on funds from contributions, membership dues, public ...

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The career choice

23 Mar 2015

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INTRODUCTION Career choice is a complex phenomenon that can be better appreciated through a study of its key components, i.e. career and choice (Webster's Dictionary, 1998). Dating back to the seminal works of Hughes (1937) and Goffman (1968), career has been the focus of many studies. However, the contemporary formulations of the concept by critical realists embody a layered conception that embraces subjective experiences and objective structures ...

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Study on Is Accounting Profession under Threat

23 Mar 2015

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Recent events in global financial world that is dissolution of companies due to continuous losses has made people to question the efficiency and honesty of the professional accountants in discharging their duties for the interest of public and society. These events have forced global financial scholars and experts to think about the future scope of this profession. this article mainly focus on challenges to accounting profession in ...

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Grays framework is an extension of Hofstedes societal values

23 Mar 2015

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Culture is said to be an identifying mark of any group of persons. The impact of this identifying mark is felt in everything that is done in that environment such that it is reflected in their daily and operational activities. In explaining the impact of culture on activities, Hofstede (1980: 26) defined culture as the 'collective programming of mind that distinguishes the members of one group from ...

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Examining the impact of the Enron Corporate Scandal

23 Mar 2015

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Enron is an energy-based company in Houston, Texas that deals with the energy trade on international and domestic based. Enron Corp. Is one of the world's largest energy, commodities and Services Company was created out of merger of two major gas pipe line in 1985. Enron was created by merge between Houston Natural Gas and Internorth. Houston's gas's CEO Kenneth lay headed the merger of the two ...

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Examining The Relationship Between Accounting And Finance Accounting Essay

23 Mar 2015

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Accounting is the methodical or precise recording, reporting, and assessment of financial deals and transactions of a business. Accounting also involves the preparation of statements or declarations concerning assets, liabilities, and outcomes of operations of a business CIMA defines Management Accounting as the process of identification, measurement, calculation, analysis, preparation, interpretation and communication of information used by management to plan, evaluate and control within an entity and ...

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The Published Financial Statement Accounting Essay

23 Mar 2015

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Annual report and accounts consists of different elements. A financial statement contains the financial information which is communicated to various users depending on their needs. The users can be internal or external users. The importance of this information varies, depending on the needs of specific users but according to the framework, the publication of financial information serves to reflect and to provide a clear image of the ...

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Kaizen Costing Method And Its Role In The Management Of An Entity Accounting Essay

23 Mar 2015

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1. Introduction The purpose of my article is to let the managers know about a costing method, which applied even in the current crisis, will not only lead to an avoidance of bankruptcy, but may lead to even make a profit by improving competitiveness and financial efficiency. Quality means to continuously meet the customers' demands, total quality means to continuously meet the customers' demands in terms of ...

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Importance Of Profit And Loss Account Accounting Essay

23 Mar 2015

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The Profit and Loss Account is a Financial Statement which summarizes a company's revenue and expenditure for a specific period of time, usually prepared annually or quarterly. These statements provide information that shows the ability of a company to generate profits by increasing its revenues and reducing costs. The Profit and Loss Account is also known as a "Statement of Profit and Loss", an "Income Statement" or ...

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Content Of Professional Ethics For Accountants Accounting Essay

23 Mar 2015

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Introduction Code of professional conduct for accountants, is the basic content of professional ethics for accountants, which the accountants should follow in the occupation activity and is used to adjust the behavior of accountants. Along with the economic development, the behavior standards, the working types and the social environment has had the change largely. Meanwhile, people's ideology and value is also changing. And the code of ethics ...

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Internal Control Over Fixed Assets Accounting Essay

23 Mar 2015

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Maintaining control over plant and equipment: subsidiary ledgers Unless internal controls over plant and equipment are carefully designed many units of equipment are likely to be broken, discarded or stolen without any entry being made in the accounting records for their disposal. The assets accounts will then be overstated and depreciation programs for such missing unites of equipment will presumably continue. Consequently net income will be misstated ...

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The Threat Of Djc To American Connector Company Accounting Essay

23 Mar 2015

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DJC, who built in Japan the most efficient connector plant of the world, is planning to build its first connector plant in the United States. It can utilise its highly efficient manufacturing process and supplying electrical connectors at a lower cost thereby causing a serious threat to ACC's market share. In this report, we have analysed the reasons behind both, the DJC's cost efficiency and the operating ...

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An analysis of Process costing vs. job order costing

23 Mar 2015

5 (1,727 )

Introduction Management accounting uses several costing techniques. Costing techniques are very important to the business management because they help them make sound decisions for the company. They also help companies keep track of the costs that they incur in the production process. The techniques are mainly for internal use apart from absorption costing which is used by external users like the shareholders and the creditors. This paper ...

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Agency Theory Versus Stewardship Theory Accounting Essay

23 Mar 2015

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Jensen and Meckling (1976) defined an agency correlation as a contractual set-up under which the business owner or the principal engaged a manager or the agent to execute some service on his behalf and may usually entail some decision making exclusively by the agent. The agency theory revolves on the basic proposition about humans, which deals with principals and agents as self-oriented focusing on exploiting their personal ...

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Understanding Cost Accounting and Depreciation

23 Mar 2015

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General: Delta's cargo, the major transportation services in the Gulf Coast region. The Cargo manager Driscoll was making plan to buy a new crane from J.M. Crane Company. He was having issues about the depreciation for the crane and also for the forklifts that he had. Case analysis: The overall cost of the machine is $ 2,288,000 on which includes (Shipping, assembly, Handling, Operator wages, Training cost, ...

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Evaluating the costing system in place at Apple

23 Mar 2015

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This report will address three issues of concern to Apple plc. First is the role and nature of management accounting information in strategic and operational decision making. Management needs to understand the type of decisions to be made at both strategic and operational levels, the traditional techniques that supported such decisions and the limitations of those techniques. Also, which contemporary techniques replaced the traditional techniques and why? ...

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The Limitations Of Activity Based Costing Accounting Essay

23 Mar 2015

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ABC Costing is a modern costing technique that is used to determine the cost of the product for the management reporting purposes. ABC Costing System is a tool that is used in decision-making process. However, it has some certain limitations. ABC Costing System is very costly to implement and maintain in a manufacturing and serving departments. Data concerning numerous activity measures must be collected, checked, and entered ...

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Determining How To Obtain Financial Data And Assess Its Validity Accounting Essay

23 Mar 2015

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This study is based on world's leading electronic and software based company Apple Inc. which is known as computer giant and it has already placed its identity as an innovative company and it has demonstrated that innovation can lead to market dominance. Apple encompasses a range of electronic and software product and services such as PC, Mac Book, iPhone, iPad, Apple TV, iTunes, Mac OS X, iLife, ...

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Posting Journal Entries To Ledger Accounts Accounting Essay

23 Mar 2015

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Analysing the transactions and recording them as journal entries is the first step in all the accounting cycle. It is begins at the starting of an accounting period , continues during the whole period. Some common data included in journal entries such as : Journal entry number; batch number; type amount of money; accounting period; and description; name, auto-reversing; date Journal entries are enter in chronological order ...

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Evaluating Ethics Of Bernie Madoffs Investment Securities Fraud Accounting Essay

23 Mar 2015

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Every business has an ethical responsibility not only to stakeholders but also to society at large. This responsibility should be in line with stakeholder interest and society's welfare. The government and regulators have a responsibility of ensuring that firms follow these ethical objectives. Failure to do so may lead to losses which will not only affect stakeholders but society at large. The financial fraud which was experienced ...

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The need for qualified staff in the hospitality industry

23 Mar 2015

31 (12,348 )

Abstract from main body The aim of our project is to discuss and analyze the need for qualified employees in the hospitality industry and the way they contribute to the development of this segment. Our objective is to find out if education is an indispensable element or if there is another string in the mix that accounts for the success of today's leading hotel chains. We had ...

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Accounting standards Setting Approach: principles-based vs rules based

23 Mar 2015

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Rules-based accounting is generally a list of detailed rules that must be followed when preparing financial statements. Principle based standards derive from a conceptual framework that provides for broad 'principles' to be adopted within standards and also requires professional and managerial judgment in relevance to particular transactions and events. US secretary Heary Paulson had once said "We must rise above the rule based mindset that asks Is ...

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Accounting Essays - Tax Evasion Popularity

23 Mar 2015

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Tax evasion is a national pastime that is growing ever more popular. Nick Montague defines taxation as the means by which a civilised society performs that sometimes-uncivil task of taking money from one group in order to give it to another. This definition highlights an important purpose served by taxes. As it is already known, that taxes are a fiscal policy instrument used by the government to ...

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Importance Of Cost Control In Construction Projects

23 Mar 2015

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The purpose of this report is to explain the importance of cost control in construction projects and its function. The Cost Control is an important process in construction project. It is widely practiced by contractors and needs to carry out throughout the life of project. The main objective of cost control of a project is to gain the maximum profit within the designated period within the budget. ...

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Management Practices Traditional vs Modern Innovative

23 Mar 2015

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In last many years, few management accounting innovations has been developed. Managers have to make decision on a daily basis as well make decisions regarding the future and how to survive and grow in an energetic market place with ever growing uncertain circumstances. Traditional or modern management accounting system give relevant information to all levels of management, financial and other information to make decisions about planning, control ...

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Management's incentives for establishing and maintaining strong internal control

23 Mar 2015

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25. Discuss management's incentives for establishing and maintaining strong 'internal control'. Before we start answer this question, let us understand what the definition of internal control is. Internal control is designed and implemented by an entity's management, those charge with governance of the entity, and other personnel to provide reasonable assurance regarding the achievement of objectives. In addition, internal control is also can be refer to a ...

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The Advantages And Disadvantages Of Traditional Absorption Costing And Activity Based Costing

23 Mar 2015

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The major distinguishing features of ABC compared with traditional costing system are that ABC systems assign costs to activity cost centres rather than departments. (Drury, 2008) Although traditional absorption techniques may apparently seem to less complicated or tedious as opposed to ABC, the report will show why, ABC is the best most accurate technique. The traditional technique used to determine which technique is better of the two ...

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The History and structure of IASB

23 Mar 2015

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On April 2001, in the needs for international accounting coordination, the International Accounting Standards Board (refer to IASB in the following context) took over its predecessor known as IASC (Board of the International Standards Committee) and was dedicated for international accounting standards settings. At the first meeting of IASB in London, UK, the main highlighted statement was that "any existing standards issued by IASC would remain being ...

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Ethics And Scandals In Financial Reporting Accounting Essay

23 Mar 2015

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Integrity is of utmost importance for a successful career in business and finance in the long run. Some believe that the world of finance lacks ethical considerations. Whereas the truth is that such issues are prevalent in all areas of business. The business environment in much of the world is reeling from the revelation of several financial scandals in the past few years. The optimism of the ...

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The definition, history and importance of environmental auditing

23 Mar 2015

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Introduction Environmental auditing is defined by the international chamber of commerce as the systematic examination of the interactions between any business operation and its surroundings. This includes all emissions to air, land, and water; legal constraints; the effects on the neighbouring community, landscape and ecology; and the public's perception of the operating company in the local area. An environmental audit does not stop at compliance with legislation. ...

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Top Down Approach For Audit Of Internal Control Accounting Essay

23 Mar 2015

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An audit of internal control begins by using a top-down approach. The top down approach starts with a companies financial statements, and the auditor gaining understanding of the risks related to internal control over financial reporting. Once the auditor has this background knowledge the next step is to look at entity-level controls and move downward to significant accounts, disclosures, and assertions that may indicate a material misstatement ...

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Suppy Chain Management At H C Starck Accounting Essay

23 Mar 2015

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I. Background: Richard Morse, a MIT graduate started National Research Corporation (NRC) as a process development company focused on developing vacuum technology. NRC initially used the technology to produce frozen orange juice concentrates and instant coffee. In 1950 NRC applied this technology for producing of high purity metals and started with tantalum (Ta) production in 1959. NRC went through a series of ownership, with HC Starck AG ...

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Answering Questions On Ethics In Marks And Spencer Accounting Essay

23 Mar 2015

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Marks & Spencer is one of the UKs leading retailers, with over 21 million people visiting their stores each week. M&S offer stylish, high quality, great value clothing and home products, as well as outstanding quality foods, responsibly sourced from around 2,000 suppliers globally. M&S employ over 75,000 people in the UK and abroad, and have over 600 UK stores, plus an expanding international business. M&S is ...

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Why Are Ethics So Important In The Field Of Accounting Accounting Essay

23 Mar 2015

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Based on what you know about accounting, what role do you see it playing in business operations? How dependent do you think a business is on its accounting department? Why? I think that accounting plays a very large role in business operations because it is needed to show the financial status of that business. It is also necessary to know what the status is in order to ...

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Advantage And Disadvantage Of Fixed Budget Accounting Essay

23 Mar 2015

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However from a bird's- eye view, budget can be defined as a management tools that put the managers in control of a finical health of the organisation. The objective of the budget is to measure of the financial structure of the organisation and budget is a tool that forces management to be accountable in a structured and objective way. How manager manage the budget is key to ...

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An analysis of internal controls

23 Mar 2015

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Internal control as "a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives" in Three categories: 1. Effectiveness and efficiency of operations 2. Reliability of financial reporting, and 3. Compliance with applicable laws and regulations 1.Internal control our EDP System Internal controls are a vigorous part of accounting and data processing systems. It is ...

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Pros and Cons of traditional absorption costing techniques

23 Mar 2015

4 (1,466 )

Introduction The purpose of this report is to discuss the advantages and disadvantages of Traditional absorption and Activity based costing. In addition, analysis will be carried as to why a company needs either the Traditional based costing or the Activity based costing. Differences between both steps will be looked into. Moreover, this report will also consider, explanations of an allocation, an apportionment, absorption rates and suggestions will ...

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Budgeting Slack Kills All Benefits Of Budgeting Accounting Essay

23 Mar 2015

4 (1,530 )

In an organization when a manager is responsible for planning incomes and expenses for the a future period, they can plan income very low and expenses very high so that this amounts gets approved by senior management. The Manager basically does this thing to be sure of meeting the budget with a very low income goal, the manager should be able to achieve it and go over ...

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Cadbury Company An Analysis of Financial Statements

23 Mar 2015

5 (1,628 )

This analysis is to examine the performance of Cadbury in 2007 and 2008 from their financial statements which are shown below. There is a significant improvement in Cadbury's confection revenues which increased 15% to £5.4bn. Cadbury increased their price in their selling in 2008 for balancing the rise of their input cost and besides increased the price of their product, Cadbury also sleek their cost base, by ...

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Early Theories of Motivation: Maslow

23 Mar 2015

6 (2,066 )

"If you want people to do a good job, give them a good job to do." Introduction Employee resourcing ensures that the organisation obtains and retains the people it needs and employs them efficiently (Armstrong, 2006). Employees stay with organisations because effective HR practices provide a supportive work environment, thus, it is imperative that organisations develop effective policies that enable them to recruit, select, and retain competent ...

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How To Prevent Another Satyam Like Fraud Accounting Essay

23 Mar 2015

5 (1,937 )

Satyam a leading global business and information Technology Company, delivering consulting, systems integration, and outsourcing solutions to clients in over 20 industries. Satyam Computer Services Ltd was founded in 1987 by B.Ramalinga Raju. The company offers information technology (IT) services spanning various sectors, and is listed on the New York Stock Exchange and Euro next. Satyam's network covers 67 countries across six continents. The company employs 40,000 ...

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One set of Global Accounting Standards Good idea

23 Mar 2015

5 (1,664 )

The US GAAP has influenced accounting standards in many countries. A decade ago, some still expected that it would eventually become globally accepted but in recent times, this is not likely because there has been a distinctive global shift towards the use of International Financial Reporting Standards (IFRS) in the past few years. Many nations such as Japan, China and India have active programs designed to achieve ...

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The Development Of Accounting In Malaysia Accounting Essay

23 Mar 2015

14 (5,588 )

A tendency towards adopting the style of accounting institutions and practices of western developed countries that colonized the developing countries has been dominated in the latter countries (Ali, Lee & West, 2008). Apparently, the Malaysian accounting development is strongly influenced by the accounting framework that the United Kingdom (UK) applied. The British colonial presence can be considered as a key phrase that brought about the noteworthy influences ...

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Definition Of Relevant Costs And Irrelevant Costs Such As Future Costs Accounting Essay

23 Mar 2015

12 (4,665 )

Ref: A report submitted to Board of Directors on key roles of strategic management accountant, relevant and irrelevant costs and revenues term in strategic management accounting decision making and benefit and limitation of activity based costing. EXECUTIVE SUMMARY Jessup Ltd is a medium to large, a fast growing company in advertising and public relations. The company is run by four directors who are advertising experts. The purpose ...

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Audit internal review activities within an organization

23 Mar 2015

17 (6,525 )

Internal audit function is the crucial part of an entity's corporate governance. Their has been important concern about the level of fraud within the company. The purpose of this study is to evaluate whether the companies with an internal audit function can detect fraud with those without. We find that the companies with internal audit function are performing more well than those without the function of internal ...

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A standard costing and variance analysis

23 Mar 2015

5 (1,777 )

Study suggests that many companies use standard accounting to determine costs and for measuring performance. However, there has always been speculation on standard costing being the most effective measurement. The actual cost usually differs from the standard costs, which is based on calculations and assumptions. Standard accounting takes into account various factors like price, specifications, quantity and quality of the material. The estimations involved in analyzing and ...

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A ratio analysis comparison of Rolls Royce and GE

23 Mar 2015

10 (3,993 )

Rolls Royce and GE are two of the most renowned names in the global engineering sector. The GE is based in the US while the Rolls Royce has its origins in Europe. Due to the difference of the regions, the companies follow different accounting principles in reporting their performances. The GE uses the US GAAP and the Rolls Royce uses the IFRS. The difference in the formation ...

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Motivation Behind Creative Accounting Accounting Essay

23 Mar 2015

5 (1,944 )

Creative accounting is a practice that potentially being undertaken as a result from some individual care more on their own interest and indirectly causes issues arise in ethical dimension of creative accounting. From information perspective, agency theory gives a clear picture on creative accounting scenario. Whereby managers misuse their privileged position in manipulating financial reporting in their own interest which providing superior information content to shareholder. Lack ...

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Understanding the accounting cycle and importance of accounting

23 Mar 2015

3 (1,197 )

The Importance of Accounting To understand accounting information and use accounting information is important for any business. "Information that is provided to external parties who have an interest in a company is sometimes referred to as financial accounting information," according to Williams, Haka, Bettner, and Carcello (2006, p. 4). The main reason in providing accounting and financial information is the use of said information in decision-making purposes. ...

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Accountability Representation Control Three Pillars of Organizational effiency

23 Mar 2015

9 (3,428 )

Accountability, representation and control are often perceived as the three different entities; however, they are three interconnected topics which form the base of the organization. They function on the various aspects of the accounting which is a diversified field and can be studied under these three heads in more detail. I have tried to illuminate the major aspect of all these three topics with respect to accounting ...

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Nature And Purpose Of The Conceptual Framework Accounting Essay

23 Mar 2015

15 (5,858 )

Introduction The accounting conceptual framework has been criticized for not providing an adequate basis for standard setting. This inadequacy is evidenced through the FASB's standards becoming more and more rule-based. Nevertheless, no empirical evidence has been gathered to support the criticisms of the conceptual framework. We analyzed the five qualitative characteristics of accounting information from the conceptual framework in conjunction with an individual's intention to use/rely on ...

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Critical Reflection On Corporate Social Responsibility Projects Accounting Essay

23 Mar 2015

4 (1,580 )

The aim of this paper is to provide a critical reflection considering the ethical point of view of the CSR projects which companies are increasingly launching with the global emerging trend of corporate social responsibility in the business world today. The purpose is to evaluate the objectives of these campaigns, comparing if they are rather actions targeting profits or/and better corporate image or if they are truly ...

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Positive Accounting Theory

23 Mar 2015

7 (2,682 )

INTRODUCTION Purpose The purpose of this report is to analyse the effect of adopting AASB 2 Share-based Payments. Besides, this report will also provide discussions about the reaction of some parties related to this adoption. Background In July 2004, there is a significant change in the accounting requirements for share-based payments. The previous standard that governs share-based payment was AASB 1046 Director and Executive Disclosures by Disclosing ...

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Literature Review on the determination of accounting standards

23 Mar 2015

7 (2,527 )

Introduction Ross L. Watts and Jerold L. Zimmerman have written a remarkable paper in accounting research which attempt to provide positive theory about factors influencing companies in lobbying on accounting standards. The paper also discuss the question whether the size of the companies affect their opinion on certain standards. This paper is important because it makes contribution to the positive accounting theory development. It might be the ...

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Experiences in real working environment

23 Mar 2015

8 (2,936 )

Introduction One of the requirement parts of the course WORK-N352 at Sharjah Women's College, of work experience subject, which is under the supervision of Mr. Abbot Jason Haroon. This course provide us to experience work in real working environment which will give students the opportunity to develop good working experience, habits and practices that has been observed in real working environment which will enable students to transfer ...

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Corporate Reporting Case Study Diageo plc

23 Mar 2015

8 (3,116 )

1. Information about the company Diageo, formed in 1997, from the merger of Guinness PLC and Grand Metropolitan PLC, is a multinational company, trading in over 180 markets across the world, listed on both the London Stock Exchange (DGE) and the New York Stock Exchange (DEO). It is the world's leading premium drinks business. The company containes 24,270 employees worldwide with offices in around 80 countries. Company ...

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The significance of budgeting in a non-profit organization

23 Mar 2015

5 (1,727 )

Introduction Budgeting is enormously significant in a non-profit making organization. A profit enterprise centralizes on maximum the profits and shareholder value, whereas, a non-profit organization is focus on their goals. Deficient of financial flexibility always appear in a not-for-profit association as they are not undertake an exchange transaction, they just provide social service and their funds is rely on the donation. There will be a disaster for ...

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HIH Insurance The failure in corporate governance

23 Mar 2015

10 (3,768 )

In the past few years, the collapse in large public listed companies has raised stakeholders concern about corporate governance, which is a leading issue area for business worldwide. While numerous definitions of the term corporate governance have been suggested, it is generally defined as the framework of processes and structures to control and manage a corporation with the objective of enhancing company and shareholder wealth, whereas at ...

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Factors Affecting The Reliability Of Audit Report Accounting Essay

23 Mar 2015

10 (3,964 )

Introduction The end of an independent audit closed with a written audit report. According to section 205 of the Companies Act 2001, the auditors shall make a report to the shareholders on the audited financial statement (FS). The objective of an audit is to render an opinion about the fairness of the client's financial statement. Audit report contains information value for users. Durendez Gómez-Guillamón (2003) states that ...

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How culture has influenced accounting

23 Mar 2015

5 (1,831 )

Many studies have demonstrated that culture diversity had influenced accounting practice within national and international borders. Accounting can therefore be said to have been influenced by its environment, which includes the culture of the country in which it is being operated (Nobes & Parker, 2008) Mueller et al. (1994), cited in Alexander.et al, also stipulate that each accounting system is a product of its specific culture and ...

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The roles and objectives of AASB

23 Mar 2015

8 (3,011 )

"The AASB is hardly an independent standard setting body. Its policies and activities are subjected to the dictation and supervision by at least two big brothers - the IASB and the FRC, not to mention the ASIC." A critical evaluation of this statement has been done in the light of the present accounting regulatory environment in Australia. This study had a detailed analysis within the concerned Government ...

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The Importance of independence for external auditors

23 Mar 2015

11 (4,056 )

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.' (Anon, www.europeanlawyer.co.uk) [Online] 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 expression of a conclusion without ...

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The Need Of Accounting Standards Accounting Essay

23 Mar 2015

3 (961 )

In the course of this essay, the topic that will be discussed is the importance of having international accounting standards. If we merely look at accountings' basic purpose of accounting standards, it is to facilitate the provision of financial information as well as, to give a clear picture to corporations' investors of their cash inflow, assets, equity and liability , revenues and expenditures etc. Accounting has existed ...

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A Report on the Balanced Scorecard for Yunnan Lucky Air

23 Mar 2015

6 (2,098 )

The Chinese airline industry is a heavily regulated industry which provides limiting flexibility to both new as well as growing airlines. In the recent years many low-cost airlines have mushroomed, Lucky Air being one of them. Lucky Air was founded in July 2004 with an initial capitalisation of US$2.2 million. The ownership of the airline is with Hainan Airlines, Shanxi Airlines and Yunnan Shilin Tourism Aviation.The airline ...

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Accounting Essays - Microfinance: Theory and Practice

23 Mar 2015

5 (1,718 )

Microfinance: Theory and Practice Analysis of a Microfinance Institution: MIKROFIN Banja Luka The institution's mission, although non-profit, is to fulfill this mission while remaining financially viable. This is common for many microfinance institutions and is a defining point of the microfinance industry. MFI's have to fulfill their social mission, eradicating poverty for low-income active people, while being financially practical. This is why social performance is equally important ...

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Exploring Ridderstrales aim with the account management system

23 Mar 2015

5 (1,758 )

Carl-Erik Ridderstrale, president of Kanthal, was motivated to develop a system to measure customer profitability. According to Ridderstrale, "we needed an account management system if we were to achieve our strategy for higher growth and profitability. An account management system as a part of the Kanthal 90 Strategy will enable us to get sales managers to accept responsibility for promoting high-margin products to high-profit customers." Ridderstrale wanted ...

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Public Private Partnership The Concepts And Theories Accounting Essay

23 Mar 2015

5 (1,935 )

Introduction: Public Private Partnership has been inferred to as Public Action Partnership than a mechanism for providing services and good governance. The assumption, nevertheless, is that the process in which the citizen influences decision to be made by government or an organisation that is exclusive of profit lust is what is being referred to as public action while private partners are characterised by the signpost of profit ...

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