Accounting Essays | Free Essays on Accounting

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Financial Statements Are Important For Investors And Creditors Accounting Essay

Published Date: 23 Mar 2015

5 Pages (1,717 Words)

You are required to discuss and comment on the above statement with reference to academic books, papers, and other published sources that you have read. Consider all the following in your response: Critically evaluate financial statements in terms of its importance, reliability and relevancy to the key users. Response: As stated by Atrill & McLaney, the financial statements objective is to provide a snapshot of the financial ...

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Performance Measurement Of Financial And Non Financial Results Accounting Essay

Published Date: 23 Mar 2015

10 Pages (3,603 Words)

Every organisation strive for good performance. Performance improvement considers organisational change where management of the organisation puts in place some projects to help boost the current level of performance. In this respect the programmes may completely change the organisation behaviour and conducts to allow the changes to take effect. Management aims to increase the organisational effectiveness and efficiency in delivering its products and services. As the matter ...

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The Measurement issues in financial reporting

Published Date: 23 Mar 2015

6 Pages (2,123 Words)

As a key aspect of financial reporting, we can say that measurements of business financial position and, also, measurements of business performance have a certain disposition towards most of us, on one way or another. How the capital is allocated within individual businesses and companies? Is business regarded as a success or not? What dividends investors receive? Whether employees will earn a bonus, or can they keep ...

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A study of management accounting within McDonalds Corporations

Published Date: 23 Mar 2015

5 Pages (1,885 Words)

McDonalds is the one of the largest food service retailer in the world, operating in 117 countries and serving more than 60 million people, it was owned more than 32,000 restaurants globally. Mc Donald operates its business in any of the three types Franchisee, Affiliate or as a Corporation. Company was founded by Richard and Morris Mc Donald as a single restaurant in California in 1940 initially ...

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The International Financial Reporting Standards In Russia

Published Date: 23 Mar 2015

19 Pages (7,536 Words)

International Financial Reporting Standards (IFRS) and their predecessor, International Accounting Standards (IAS) is gaining in worldwide recognition. All publicly traded companies in the EU must adopt them by 2005 and many other countries either have adopted them or plan to do so in the near future. After break up of Soviet Union, Russia has experienced a lot of turmoil and changes both political and economical the country ...

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The Role Of The Management Accountant Accounting Essay

Published Date: 23 Mar 2015

7 Pages (2,746 Words)

At present, there is an argument about whether the role of the management accountant in organisations has changed when the business environment changed at the same time. The role of management accountants in organisations was measured by: (a) their skills requirements, and (b) the way other managers perceive them in their organisations (Tsamenyi and Yazfifar, 2005).In this essay, the author referred to a great number of literatures ...

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Comparing Accelerated Depreciation And Straight Line Method Accounting Essay

Published Date: 23 Mar 2015

3 Pages (890 Words)

Depreciation is the term used in accounting, economics and finance to spread the cost of an asset over the span of several years. Depreciation is the reduction in the value of an asset due to the usage, passage of time, wear and tear, technological outdating or obsolescence, depletion, inadequacy, rot, rust, decay or other such factors. Depreciation is used to effects the financial statements and in some ...

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Importance Of Audit Evidence Accounting Essay

Published Date: 23 Mar 2015

4 Pages (1,257 Words)

According to Companies Act 1965 Section 174, auditor should perform the following duties, Statutory Duties. Auditor should examine and form an opinion whether the financial statements compliance the financial reporting standards of Malaysia and the Companies Act 1965. Duty to carry out audit. Auditor should examine and form an opinion whether the financial statements give a true and fair view of the financial position of the Company ...

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Accounting Essays - Management Accounting

Published Date: 23 Mar 2015

10 Pages (3,619 Words)

Current Issues in Management Accounting INTRODUCTION Accounting measures of performance have been the traditional mainstay of quantitative approaches to organizational performance measurement. However, over the past two decades, a great deal of attention has been paid to the development and use of non-financial measures of performance, which can be used both to motivate and report on the performance of business and other organizations. The impetus for such ...

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Research For My Career Plan Accounting Essay

Published Date: 23 Mar 2015

4 Pages (1,517 Words)

Introduction My career choice is public accountant. My choice is highly influenced by the passion I have for working with numbers. My second choice career is internal auditing .it is closely related to accountancy. Both the careers entail working with the numbers. Accountancy is a career which involves communicating, summarizing, classifying, interpreting and presenting financial position about an enterprise to the management, auditors, owners or the shareholders. ...

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Over-spending and under-spending of the public sector budget

Published Date: 23 Mar 2015

5 Pages (1,693 Words)

The over-spending and under-spending of a budget is the positive or negative variance between what was actually spent and what was budgeted. Overspending Budgets overruns are the underestimation of costs and time or by the nonconformity of budget managers with the spending maximum defined in the budget, when projected. There are several explanations for overspending. Sometimes, it is simply bad forecasting on part of the budget manager. ...

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Sarbanes Oxley Act Of 2002 Accounting Essay

Published Date: 23 Mar 2015

16 Pages (6,271 Words)

The purpose of this report is to present the Sarbanes-Oxley Act, starting from the history of self-regulation and its regulatory bodies, presenting the governance scandals which triggered the Act's creation, emphasizing the requirements of Section 404 and concluding on recent crises. The history of self-regulation in the United States is structured in two parts: (1) Early Standards, including the Acts of 1933 and 1934, GAAS and GAAP, ...

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Financial Accounting Is Subjective Not Objective Accounting Essay

Published Date: 23 Mar 2015

4 Pages (1,461 Words)

This essay is to discuss how financial accounting information is objective in a true accounting sense. Some accountants base information on subjectivity. But in the true sense of accounting, accounting information is said to be objective due effective evidence and facts that are used to back up the information. Relevant quotes will be used in order to support each arguments illustrated. "Objectivity in accounting is largely a ...

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Budget Information Problem Based In Metroline Travel Engineering Accounting Essay

Published Date: 23 Mar 2015

10 Pages (3,875 Words)

This report outlines a budget information problem based in Metroline Travel engineering and logistical function. The report also presents a discussion and analysis of a budget information problem with reference to the problem solving frame work. The project also includes the 4 P's within the marketing mix, limitations of incremental budgeting, 10 criteria which are proposed for good-quality information and a financial analysis of the logistical function ...

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Investigating the Harmonization of Accounting Practices

Published Date: 23 Mar 2015

8 Pages (2,903 Words)

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 evaluate ...

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Criticism Of Traditional Costing System Accounting Essay

Published Date: 23 Mar 2015

7 Pages (2,686 Words)

The traditional costing can be divided into absorption costing and marginal costing. The main differences between these two costing methods are the treatment of fixed cost. Normally, the absorption costing allocates the fixed cost to the units produced based on labour hour or machine hour whereas the marginal costing treated the fixed cost as periodical costs. That's means the fixed cost will not be allocated to the ...

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A Study On Job Costing And Process Costing Accounting Essay

Published Date: 23 Mar 2015

9 Pages (3,388 Words)

Ans. An advertising agency uses job costing for an advertising campaign for Pepsi because it is likely to be very specific to that individual client. The main aim of job costing is to identify all the specific aspects of each job. Whereas, Process costing can be used to compute the cost of each checking account withdrawal. The process of checking account withdrawals is similar for many customers. ...

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The traditional management accounting system mas has many limitations

Published Date: 23 Mar 2015

7 Pages (2,744 Words)

The traditional management accounting system (MAS) has many limitations to the current MAS as it is not fully applicable to use currently due to the complexity of costing, and changes in the technologies. In Kaplan & Johnson criticisms, managers rely heavily on monthly management reports to reduce costs and increase productivity but not on the quantity and quality measures. Therefore, MAS failed to control on the operations ...

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Management Accounting Systems And Costing Approaches Accounting Essay

Published Date: 23 Mar 2015

13 Pages (4,977 Words)

This document covers two areas within the business; in Part A we examine the advantages and disadvantages of three different management styles which can be applied to the corporation within the Management Accounting Control System. These are Cost Centre Managers, Profit Centre Managers Investment Managers This will include the impact on the organisation and consider how the individual manager's performance can be measured for each of their ...

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Strategic Management Accounting and applying it

Published Date: 23 Mar 2015

9 Pages (3,416 Words)

With the rapid development of the global economy, traditional management accounting has been difficult to meet the business strategic management and requirements. Strategic Management Accounting(SMA) for the modern enterprise is of great significance. However, it is a new techniques and approaches. Although strategic management accounting has been developed over 20 years, the SMA is still debatable. In addition, a number of scholars have experienced to define what ...

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Capital management of Tesco

Published Date: 23 Mar 2015

11 Pages (4,088 Words)

Section B Introduction In this assignment, I will write a report assessing the working capital management of Tesco. I will identify and explain the main component of the working capital and carry out the relevant calculation. I will also interpret the ratios calculated to assess adequacy of working capital management and suggest suitable improvement. Working capital is amount of money that is available to Tesco for ...

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Analysis Of BMW Financial Position And Performance Accounting Essay

Published Date: 23 Mar 2015

13 Pages (4,904 Words)

This is a financial analysis report on BMW. Specifically, in the first part of this report, the financial position and performance of BMW for the four financial years from 2008 to 2011 will be firstly re-formulated, and the financial ratios for the company will be computed - for analysis purposes. In order to perform a throughout financial analysis on the company, the trends of the financial ratios ...

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Advantages And Disadvantages Of Accounting Standards Accounting Essay

Published Date: 23 Mar 2015

3 Pages (1,145 Words)

Introduction: In accounting, for every basis, identification and measurement of the elements of financial statement and the impact of the circumstances and financial status and work results should be defined in a form of standards. These standards are like the rules for accounting in any country. That is why they denote what should be mentioned in any company's accounts. Moreover, they guarantee that certain cases, approaches and ...

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Purpose Of The External Audit Report Accounting Essay

Published Date: 23 Mar 2015

6 Pages (2,092 Words)

This assignment is going to include a discussion on the perception of the external audit report, an explanation how and why wording in the external audit report has evolved, as well as an explanation and discussion on the IAASB's proposals and a comment on possible future developments. Purpose of the external audit report When dealing with the purpose of the external audit report it comes down to ...

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environment is under constant threat as a result of modernisation

Published Date: 23 Mar 2015

9 Pages (3,207 Words)

The environment is under constant threat as a result of modernisation, business activities, constant growth and development. All these are human activities that affect the immediate environment. The depletion in natural resources especially by the oil and gas companies such as the Pipeline Product Marketing Company (PPMC) has resulted in serious environmental impacts. Therefore, the need for sustainability and sustainable development cannot be overemphasized as it has ...

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Historical Cost and Fair Value

Published Date: 23 Mar 2015

13 Pages (5,079 Words)

1.0 INTRODUCTION There have been many discussions and debates concerning use of fair value accounting against use of historical cost accounting. Some prefer fair value whilst some have a preference for historical cost accounting. Both methods of valuation have been criticized and as well embraced. It is evident that a quality description and quantitative information about the nature of the financial asset is essentially important and the ...

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Ethics in Corporate Finance Earnings Management

Published Date: 23 Mar 2015

5 Pages (1,791 Words)

For many years, the ethics of finance has been a concern in the corporate world. With the flexible accounting standards under the Generally Accepted Accounting Principles (GAAP) and International Accounting Standards (IAS), there are many grey areas of what is, and is not, ethical, including earnings management. All fraud is earnings management, but not all earnings management is fraud, which makes earnings management fall in this grey ...

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Accounting And Disclosure For Provisions Accounting Essay

Published Date: 23 Mar 2015

8 Pages (3,102 Words)

Introduction: The International Accounting Standards Committee (IASC) issued IAS37 Provisions, Contingent Liabilities and Contingent Assets in September 1998. It replaced parts of IAS10 Contingencies (IAS37 BV2008) and became operative for annual financial statements covering periods beginning on or after 1 July 1999 (IAS37, BV2008, IN23). The objective of this standard is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and ...

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Examining different accounting forms within Samsung Electronics

Published Date: 23 Mar 2015

7 Pages (2,515 Words)

Samsung Electronics Company is a part of the Samsung Group which group was first established in 1969 by the founder of Byumg-chull Lee in Dzegu, South Korea. It is a leading electronics equipment of digital manufacturing group of our home alliances such as television, mobile, refrigerator, etc. In 1978, this company established as a international company to launched in the USA market. In 1984, this company built ...

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Assessing financial management within Tesco plc

Published Date: 23 Mar 2015

18 Pages (7,019 Words)

1.1 Determine how to obtain financial data and assess it validity Tesco is Britain's leading retailer. We are one of the top three retailers in the world, operating over 2,711 stores globally and employing 366,000 people. Tesco operates in 11 countries outside the UK - Republic of Ireland, Hungary, Czech Republic, Slovakia, Turkey and Poland in Europe; China, Japan, Malaysia, South Korea and Thailand in Asia. Everyday ...

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How Management Accounting Is Affected By Changes In The Economy And Business Environment Accounting Essay

Published Date: 23 Mar 2015

4 Pages (1,445 Words)

This assignment shall show how management accounting is affected by changes in the economy and business environment. The advances in information and communication technology upon management accounting will be commented on, described and discussed in detail. Management accounting is important nowadays due to the technology and customers are now seeking high quality products at low prices due to the globalization factor. The main reason recently is due ...

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Variance Analysis As A Tool For Effective Planning Accounting Essay

Published Date: 23 Mar 2015

14 Pages (5,466 Words)

Abstract This project analysis the significance of variance analysis as a tool for effective planning in flour mills industries the project view planning variance analysis and standard costing primary and secondary are used. The use of primary data was heavily relied upon via questionnaire administered, the research adopt simple percentage in testing research Hypothesis. The finding of the project show the significant variance analysis in providing information ...

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The Ethiopian Revenue And Customs Authority Erca Accounting Essay

Published Date: 23 Mar 2015

9 Pages (3,413 Words)

Introduction The Ethiopian Revenue and Customs Authority (ERCA) conduct customs operations under the mandates given to it by proclamation Number 622/2009. A number of regulations and directives issued by the Council of Ministers and Ministry of Revenue also govern its operations. An examination of the Customs Proclamation and its supporting regulations and directives shows that except in the valuation of used goods and vehicles, it is consistent ...

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The Absorption Costing Approach to Cost-Plus Pricing

Published Date: 23 Mar 2015

4 Pages (1,451 Words)

Allocating a fair and proper price to a product or service may be a tricky balancing act for a company. Many firms have an ongoing struggle with setting their pricing strategies. It is a well known fact that the success of any product or service relies straight on the ability to sell them which anon directly depends on the correct pricing strategy (Bosse, 2009). The pricing cannot ...

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Onderwerp pws studie financiering

Published Date: 23 Mar 2015

9 Pages (3,455 Words)

Inleiding Het onderwerp van mijn profiel werkstuk is studiefinanciering geworden omdat het erg speelt momenteel en het voor bijna elke student een noodzaak is. Voor veel studenten zou de afschaffing van studiefinanciering betekenen dat ze hun studie niet kunnen afmaken of überhaupt beginnen. Omdat ik ook volgend jaar ga studeren leek het me interessant om uit te zoeken wat er allemaal bij studiefinanciering komt kijken en wat ...

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Critical accounting theory

Published Date: 23 Mar 2015

6 Pages (2,279 Words)

Introduction There are several reasons there is no one universally accepted theory of accounting. The reasons are of two sorts. The first is philosophical. The second is practical. This essay discusses each of these. It then provides examples from accounting theory. Philosophical reasons The statement "There is no universally accepted accounting theory" is true by definition. Scientific understanding of the term theory denies that any theory ...

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Contemporary relevance of Porter’s Five Forces to corporate strategy

Published Date: 23 Mar 2015

11 Pages (4,073 Words)

Introduction Porter's Five Forces introduced back in 1979 by Michael E. Porter from Harvard University in his first book "Competitive Strategy". It becomes international best seller, and considered by many to be a definitive work on corporate strategy. The book itself had been published in nineteen languages and re-printed almost sixty times, changes the way business leaders thought and remains a guide of choice for strategic managers ...

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The Characteristics Of Financial Statement Accounting Essay

Published Date: 23 Mar 2015

10 Pages (3,915 Words)

The main purpose of this assignment is to determine the five types of accounting users, their needs for Continental Limited financial statement, prepared an income statement and balance sheet with necessary working for Continental Limited for year ending 31 Dec 2010 for the internal use, prepared the income statement and balance sheet of Continental Limited for year ending 31 Dec 2010 in accepted format for external reporting ...

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The Threat To Auditors Independance And Impartiality

Published Date: 23 Mar 2015

16 Pages (6,141 Words)

This research is basically to access and analyse the threat to auditor independence and impartiality. This is crucial because the position of an auditor when auditing a financial statement will determine if he or she will be independent and impartial when drawing a conclusion on a financial report. This is why this research is very important. What this research wants to assess is to find out if ...

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internal audit proficiency and internal controls

Published Date: 23 Mar 2015

3 Pages (1,117 Words)

LITERATURE REVIEW 9.0 Introduction This chapter is a review of the related literature generated by the researcher on the subject of study. The chapter entails the relationship between internal audit proficiency and internal controls; internal controls and corporate governance; internal audit proficiency and risk management; internal controls and risk management; and risk management and corporate governance. 9.1 Internal Audit Proficiency Internal auditors should possess the knowledge, ...

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Weakness In Corporate Governance And Lack Of Transparency Accounting Essay

Published Date: 23 Mar 2015

6 Pages (2,087 Words)

Weakness in corporate governance and lack of transparency are considered causes of the Asian financial crisis. (Wan et al 2010 ). The corporate scandals happened in the early 2000s urged regulators around the world to suit the medicine to illness of the global financial stability by institute CG reforms. For instance, the Combined Code and the Sarbanes-Oxley Act were then introduced and enacted in UK and US ...

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Value Chain Analysis and Traditional Management Accounting

Published Date: 23 Mar 2015

5 Pages (1,654 Words)

Along with the development of world economic integration, the modern enterprises are facing the competitions and challenges not only from the domestic market, but also from the international markets. The companies are confront with the different economic environment, so that the social environment of accounting may also undergo some major changes(Pierce and O'Dea,2003). The first one is the research and development of science and technology become an ...

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The Importance of understanding break even analysis

Published Date: 23 Mar 2015

5 Pages (1,745 Words)

First of all, production managers and management accountants need to have a clear understanding of break-even analysis. This analysis is used as a general guideline for business decision making and is important for a number of reasons, including the ability to forecast the future cost and revenues and determine whether the business is making profit or loss, and also be able to develop a pricing strategy. The ...

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Career planning incorporates is long and short term goals

Published Date: 23 Mar 2015

6 Pages (2,316 Words)

The perfect career is not a standard of living .it's a state of mind and state of being. In the perfect job I'm applying the talent I enjoy most to an interest I'm passionate about in an environment that fits who you are and what you value. With the rapidly changing world of work. It can be difficult to make specific career plans for the near future. ...

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Accounting Essays - Management Accounting Techniques

Published Date: 23 Mar 2015

5 Pages (1,891 Words)

Critically discuss the difference between activity based costing and throughput accounting. Changing external business environment has resulted in further developments in the tools and techniques used for management accounting. Traditional management accounting techniques had certain limitations associated with them, for instance, absorption costing methods have been found to be inappropriate in the modern environment. Similarly, standard costing' suitability with respect to its general philosophy and detailed operations ...

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The Implication of creative accounting on the firms

Published Date: 23 Mar 2015

12 Pages (4,614 Words)

This project will explore several definitions of creative accounting and the range of reasons for a company's directors to engage in creative accounting. It explores the nature and occurrence of creative accounting practices within the context of ethical considerations. In addition, it considers the various ways in which creative accounting can be found and summarizes some empirical research on the nature and incidence of creative accounting. The ...

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The Management Accountant Is The Most Important And Challenging Profession Accounting Essay

Published Date: 23 Mar 2015

11 Pages (4,140 Words)

The Management Accountant, is the most important and challenging profession in the world economy today, in terms of resource allocation, and controlling & measuring business performance. Its role has become more important now, than at any other time in our lifetime. The role of the Management Accountant in particular, has become more important, not only in the corporate level, but also at the national level, and even ...

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The different types of budgeting systems

Published Date: 23 Mar 2015

16 Pages (6,248 Words)

Budgeting systems of different types, usually customised to the needs of individual organisational managements, are in use in various types of organisations, business, governmental and not for profit, across the world. The use of traditional budgeting has in recent years come under intensive critique by different academic and experts for its detrimental impact on different organisational areas and especially upon the overall performance of organisational employees and ...

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Analysis Of Budgeting And Budgeting Control Accounting Essay

Published Date: 23 Mar 2015

29 Pages (11,223 Words)

This paper should not be reproduced by any means, in full or in part, except for short extract in a fair dealing, for research or private study, critical scholarly review or discourse with an acknowledgement. No part of this dissertation may be reproduced, stored in any retrieval system, or transmitted in any form or by any means without prior written permission of the author or Coventry University. ...

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How internal and external users benefit from financial information

Published Date: 23 Mar 2015

3 Pages (1,117 Words)

Nowadays the role of accounting is very important in business because it help the business to grow and expand. Accounting is the process of identifying, measuring, recording and communicating economic information. These steps help the manager to make financial decisions to improve their business. Internal users use financial information to plan, control and make decisions based on the situation and resources of business such as salary cost ...

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There Are Five Golden Rules In Best Corporate Governance Practices Accounting Essay

Published Date: 23 Mar 2015

5 Pages (1,841 Words)

Abstract The Corporate governance is the system in which the entire organization's functional aspects are run.In many cases management runs the firm/industry but it is also the responsibility of the Board of Directors to GOVERN the industry by way of managing and representing the interests and wishes of the firm's shareholders.So, the corporate governance implementation is a Strategic Management tool in the organisation's functionality. As per norms ...

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Unqualified With Explanatory Paragraph Or Modified Wording Accounting Essay

Published Date: 23 Mar 2015

7 Pages (2,517 Words)

An audit report is an evaluation done by an internal or an external independent professional auditor, regarding the financial status of a business entity. Auditor will express his/her opinion on whether the information on the financial status of a company is free of any misrepresentations or not in the audit report. This report is essential for all the users of financial statements such as individuals, companies or ...

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Corporate Governance A Case study on Apple Inc

Published Date: 23 Mar 2015

7 Pages (2,705 Words)

The PC manufacturer and the operating system markets are the main revenues sources of Apple Inc. The gross profit margin of Apple has been increasing over the years; in 2009 (Q4) rose by nearly 2%. Main competitive advantages of Apple are its leadership in innovation, the brand equity and a clear target market. Apple contributes a part of its revenue for the R&D of its products. Apple's ...

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Critical Review Determination Of Accounting Standards Accounting Essay

Published Date: 23 Mar 2015

8 Pages (2,967 Words)

Ross L. Watts and Jerold L. Zimmerman explore factors that motivate companies in lobbying on accounting standards and examine whether their opinion on certain standards are associated with their size. They use data from the companies which submit comments to the FASB's Discussion Memorandum on General Price Level Adjustment. The empirical evidence supports the argument that the firms tend to "choose accounting standards which report lower earnings ...

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Why Accounting is highly subjective

Published Date: 23 Mar 2015

6 Pages (2,202 Words)

Many scholars and theorists have supported the concept of subjectivity in accounting and have also used this concept has an argument against academics that have a different perspective to this conceptÂ¸ who considers accounting to be objective. Morgan argued that accounting/accountants are 'constructors of reality', 'subjective' (Morgan, 1988, pg. 477) and they produce and represent situations in financial statements with some degree of subjectivity and one-sided ways. ...

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Perception of the Effectiveness of Internal Audit Function

Published Date: 23 Mar 2015

18 Pages (7,068 Words)

Management is constantly striving to effectively its objectives and protect assets. Therefore, management needs to continually evaluate the activities of every department in their organisation. Internal audit (IA) has become an important and an integral function of organisations in achieving their objectives and protecting assets. Thus, a study of the role and effectiveness of internal audit function in developing countries such as Libya could enable an understanding ...

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Importance Of International Accounting Standards Accounting Essay

Published Date: 23 Mar 2015

3 Pages (1,188 Words)

The Committee on Accounting Procedure (CAP) was the first accounting standard board that issued the Accounting Research Bulletins (ARBs) which started what the Committee on Accounting Procedure believed generally accepted accounting principle should be. Nonetheless, the Accounting Research Bulletins only made recommendations and preparers of accounting information along with auditors did not have to hold to them. Though the Committee on Accounting Procedure played an important part ...

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Qualitative Characteristics And Constraints Of Decision Useful Financial Reporting Information Accounting Essay

Published Date: 23 Mar 2015

4 Pages (1,359 Words)

This chapter describes the qualitative characteristics of useful financial information. The qualitative characteristics can be categorized as fundamental (relevance and faithful representation) or enhancing (comparability, verifiability, timeliness and understandability) based on how they influence the usefulness of financial information. However, it can limited by two pervasive constraints which is cost and materiality in providing useful financial information. 1. Fundamental qualitative characteristics I) Relevance Relevant financial reporting information ...

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Changing In The Role Of Management Accountant Accounting Essay

Published Date: 23 Mar 2015

5 Pages (1,806 Words)

Abstract This essay gives an overview of the changing role of management accountant and the management accounting practices. An idea of how these changes were developed and the factors behind the changes what were the reasons for implementing the changes, what were the main drivers and to what extent these changes are now being practice in the real business world? Introduction Over the few decades- many writers ...

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The History Of Earnings Management Accounting Essay

Published Date: 23 Mar 2015

8 Pages (3,141 Words)

In the last few decades the world economy has changed. Undoubtedly, major factors on its shape had globalization, business integrity and technology. These processes changed the functioning of small, medium, and big businesses. In the beginning of 21st century there are many spectacular cases that are related to earnings management frauds. These events unbalance worldwide economy; they bring lack of trust to investors for market stock and ...

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Defined Benefit And Define Contribution Pension Schemes Accounting Essay

Published Date: 23 Mar 2015

7 Pages (2,410 Words)

Pension is fund that is built during the working life of the employee and then used to secure the income after retirement. These funds can be operated by employer (occupational pension) who invests over time or alternatively employee can invest in a fund of their choice (private pension scheme). Both of these schemes generate income after retirement. The pension funds are operated in many countries. According to ...

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Cash flow accounting, accrual accounting, which ones better

Published Date: 23 Mar 2015

8 Pages (2,945 Words)

It is argued occasionally, cash flow accounting or accrual accounting which one that can be provided better information for users. Leading to the primary basis on which the financial results of companies are reported. Firstly, the report would talk about review of the extant literatures between cash flow and accrual accounting's role and intention of corporate reports. Secondly, evaluating which accounting basis satisfies the informational needs of ...

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A study of the Cylinder Manufacturing Company

Published Date: 23 Mar 2015

9 Pages (3,357 Words)

The cylinder manufacturing company is a large producer of oil tanks and located in the North of Buckinghamshire in the United Kingdom. It was started as a company in 1970 and has enjoyed steady growth in both sales and profits. From 1970 to up to 1998 company producing the products using standard accounting system. In 1998, the founder's daughter Davina Brinkwater joining the company after completing the ...

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The Importance of Working Capital Management

Published Date: 23 Mar 2015

4 Pages (1,243 Words)

Working capital management defines the management in the short term of the relationship between a company's current assets and liabilities. The most common elements of working capital will include inventory, receivables and payables which represent the operating working capital (OWC) held by a company usually within a year. Fig.1 below shows the interaction between these elements of OWC. The goal of OWC management is to ensure that ...

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Describe The Mandatory Rotation Of Audit Firm Accounting Essay

Published Date: 23 Mar 2015

5 Pages (1,913 Words)

Introduction From the 2008 financial crisis, the weakness of audit system has exposed in several aspect. European Parliament and public consider that the auditors fail to play during the financial crisis. The European Commission said that the auditors only consider majority of banks had exposed a great quantity of loss from 2007 to 2009 in both on and off balance sheet in the financial crisis, however, it ...

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New Public Management in the UK

Published Date: 23 Mar 2015

7 Pages (2,646 Words)

This chapter is devoted to the New Public Management (NPM) aspects regarding the UK perspectives. It begins with the meaning and the origin of the NPM. Some discussions are raised whether it is a conceptual thought or a practical application of management in public service. Then, it draws the line of NPM development along the UK history since the public administration had been emerged. Four main trends ...

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Examining methods for allocating overhead costs

Published Date: 23 Mar 2015

7 Pages (2,631 Words)

Overhead cost is an ongoingÂ expenseÂ of operating a business and is usually used to group expenses that are necessary to the continued functioning of the business, but cannot be immediately associated with the products/services being offered as in the costs do not directly generateÂ profits. Overhead cost includes indirect product cost or indirect cost of responsibility centre. Indirect product cost is known as manufacturing overhead whereas indirect cost of ...

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Cima Defines Management Accounting As The Process Of Identification Accounting Essay

Published Date: 23 Mar 2015

5 Pages (1,906 Words)

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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Costing and Budgeting within management accounting

Published Date: 23 Mar 2015

8 Pages (3,075 Words)

As part of business studies, we must need to have knowledge on this subject. Today business environment are very dynamic, competitive and even complex and in order to survive and run a business successfully in this climate. we need to have sufficient experience and knowledge in term of management accounting which are related to business. And as part of it we need to develop focusing and need ...

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Introduction To The Activity Based Costing Accounting Essay

Published Date: 23 Mar 2015

5 Pages (1,893 Words)

"Traditional managerial accounting is at best useless, and at worst dysfunctional and misleading." (Shank, 1994) The Relevance Lost: The rise and fall of Management Accounting published by Theodore Johnson and Robert Kaplan in 1987 marked as the revolutionary criticism of the traditional costing system. Traditional Costing System was developed in early 20's when companies were almost 99% labour intensive (Kidd, 1994), no automation (Jan Emblemsvag, 2008) and ...

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Examining the importance of cost allocation

Published Date: 23 Mar 2015

10 Pages (3,923 Words)

Cost allocation is the process of identifying and assigning the costs of services necessary for the operation of a business or other type of entity. Unlike a cost rating, the allocation is less concerned with the actual amount of the cost, and more concerned with allocating or assigning the cost to the correct unit within the organization. From this perspective, cost allocation can be seen as a ...

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Mmcl Would Require Us To Bear The Closure And Reclamation Costs Accounting Essay

Published Date: 23 Mar 2015

7 Pages (2,406 Words)

Executive Summary The strategic location of the South Face Mine, owned by Mountain Mining Canada Ltd (MMCL), catches the attention of Can-Do to make an offer for purchasing the mine. If our company successfully acquires it, the combination of better surface logistics and optimal location of new drift mines could provide an annual cost saving of up to $1.5 million for 20 years. However, MMCL has closed ...

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Indian Accounting System And International Financial Reporting Standards Accounting Essay

Published Date: 23 Mar 2015

5 Pages (1,993 Words)

1. History: The roots of accounting system in India had been evolved in early sixteenth century when India had built trade links with Europe and central Asia. Later, with entry of east India company had made a huge impact on trade and commerce of India. The British raj (rule) states that the accounting and financial practice between India and England was almost similar. Moreover at the time ...

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Analysis of Institutional theory and Stakeholder theory to ASES

Published Date: 23 Mar 2015

7 Pages (2,735 Words)

The increase in the environmental degradation caused by carbon emission and climate change has necessitated the governments to pass several laws to ensure that business organisations integrate the environmental issues in the management policy. To satisfy the stakeholders, many large and medium organisations have integrated the environmental issues in the management policy in order to enhance overall corporate image. (Kumar, Chandra, Bhagaban, 2007). However, the issue is ...

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The Financial Statement: understandability, relevance, reliability

Published Date: 23 Mar 2015

3 Pages (1,150 Words)

The financial statement should contain information "sufficient in quantity and quality to satisfy the reasonable expectations of the readers to whom it is addressed" (Statement of principles, 1999). According to the sentence, it is means that the financial statement should contain useful and meaningful information which included quantity and quality so that the reader who we make the financial statement to the person knows and understand it. ...

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Exploring career prospects for accounting graduates

Published Date: 23 Mar 2015

4 Pages (1,353 Words)

Accounting graduates have a healthy career prospect which makes them land lucrative jobs right after college. In fact it is said that, ''an accountant is a man who watches the battle from the safety of the hills and then comes down to bayonet the wounded.'' The jobs range from working in a small business, an individual client, to working for a large organization. Market standards for accounting ...

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Not For Profit Organizations Prepare Financial Statement Accounting Essay

Published Date: 23 Mar 2015

9 Pages (3,382 Words)

Contributions are the primary revenue to a Not-for-profit organization. Because of the fundamental accounting of NFPO is different with profit-oriented companies, NFPO has its own accounting method for recognizing contributions. There are two methods of recording contributions are restricted fund method and deferral method. The objective of paper is to identify which method should be used. The restricted fund method recognizes restricted contributions as revenue when they ...

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A study of the new century financial corporation

Published Date: 23 Mar 2015

11 Pages (4,301 Words)

New Century Financial Corporation was originally founded in 1995. It was a Maryland corporation based in Irvine, California in business to originate, purchase, sell and service home mortgage loans. Court documents reported the company experienced phenomenal growth during its 10 year history, originating $350 million in mortgage loans in 1996 to $50 billion in 2005 with earnings per share increasing $.013 to $7.17. New Century was an ...

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Carrefours Measurement Of Strategic Objectives Accounting Essay

Published Date: 23 Mar 2015

7 Pages (2,778 Words)

> Now Strategic Management Accounting or say SME has been distinct as "a form of management accounting where emphasis is placed on data which relates to attributes external to the company, in addition to non-financial and financial information and internally produced information." According to Ken Smmonds, this is the collection of information related to management accounting which can be used for monitoring and formulating strategies. This has ...

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Has the accounting profession lost its way?

Published Date: 23 Mar 2015

3 Pages (1,093 Words)

Introduction If communication uses a language to be able to be understood, business has its own language too and it is known as accounting. Accounting is essential to a business. It is needed to evaluate the situation of the business. The information generated by accounting should be clear to whom it is intended for and should be prepared for the purpose of how the information should be ...

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Accounting Theory And History Accounting Essay

Published Date: 23 Mar 2015

14 Pages (5,494 Words)

Accounting has evolved since it was first developed and has continued to evolve. The aim of this essay is to explore and discuss why accounting, both financial and management has changed over the last millennium. In order to achieve this aim an in-depth approach will be taken into the origins of accounting, its purpose and need. This will mean examining history papers which are evidence-based but are ...

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Does traditional budgeting work in modern business?

Published Date: 23 Mar 2015

6 Pages (2,297 Words)

The essay below is an attempt to analyse the issue of Traditional budgeting and discusses the fact that how now-a-days formal, traditional budgeting does not prove quite apt for modern businesses. To begin with, the essay will give a brief explanation of what is a budget and what is budgeting. This will be followed by a short note on modern budgeting and there will be a concise ...

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The Public Accounting Firm Accounting Essay

Published Date: 23 Mar 2015

4 Pages (1,307 Words)

As an external auditor is required to be independent of the company when perform auditing services. If an auditor being to perform internal audit and management consulting services for the same company which they provided auditing services, there will have some issues arise. The issues included whether the auditor can be independent in mind and in appearance when providing such services. In US, there is prohibited the ...

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Definition And Nature Of Intangible Assets Accounting Essay

Published Date: 23 Mar 2015

10 Pages (3,764 Words)

The case study addressed the issues relating to intangible assets. It concentrated on explaining the nature of intangible assets and the valuation and recognition of intangible asset with identifiability and separability concepts. The case described the normative theory of accounting, prescribes how accounting should be practised. Normative theory that is considered in this case study includes current cost accounting and current cash equivalent or exit price accounting. ...

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What is Corporate Social Disclosure (CSR) Disclosure in Perspective Accounting

Published Date: 23 Mar 2015

13 Pages (5,083 Words)

Social Responsibility's company is not a new concept in society but progressively expand along with other concepts. Social responsibility's company which is referred as Corporate Social Responsibility theoretically still generated the contradiction. Corporate Social Responsibility started to become the big issue and studied by a lot of party since early year 1960 in United States and in the early 1970 in Europe. In this time, Corporate Social ...

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Modern Management Accounting

Published Date: 23 Mar 2015

6 Pages (2,337 Words)

A) “Critically discuss the role of modern management accounting, and the extent to which it shapes, or is shaped by, the changing organizational and global context within which it is practiced”. B) “With reference to relevant literature, critically evaluate the effectiveness of Three recent developments in management accounting techniques, within specific organizational or national contexts of your choice (e.g. Manufacturing or Service Sectors, Advanced or Emerging Economies)”. ...

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The purpose of cash budgets

Published Date: 23 Mar 2015

6 Pages (2,295 Words)

Cash budget is an inflow and outflow of cash estimate prepared by management in a business for a specific period of time. It helps management in credit control and determines whether there is available fund for extending operations. The purpose of undertaking this report is to forecast a cash flow for the six months ending 30th June 2011, setting up healthy credit control system, and identifying the ...

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The relationship between corporate governance and internal audit

Published Date: 23 Mar 2015

6 Pages (2,328 Words)

Introduction This assignment is an effort to describe the relationship between corporate governance and internal audit. But the first thing that has to be done is to understand what really corporate governance and internal audit are, and how they can be defined. Corporate Governance cannot be defined precisely; however, there are some theories and definitions. Corporate Governance can be considered as "a field in economics that investigates ...

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The uses of absorption and variable costing

Published Date: 23 Mar 2015

4 Pages (1,447 Words)

Accounting is the most important concept of any business. Various organizations adapt various accounting concepts in order to match the requirement and pattern of the business. Costing is an integral part of the accounting concept because the same helps in determining the cost of a product and related expenses. Costing is termed to be the basic concept and all the accounting model is structured in lines with ...

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Defining the purpose of Strategic Management Accounting

Published Date: 23 Mar 2015

5 Pages (1,972 Words)

Since the 80s a new term has been coined in management accounting literature: "Strategic Management Accounting" (SMA) (Simmonds, 1981). Since then, an ongoing debate about what strategic management accounting comprises has been originated. The terms SMA is used by accounting academics and sometimes practitioners in the UK, Australia and New Zealand, while strategic cost management (SCM) is commonly used in the USA literature. There are various studies ...

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The Working Principle of Milling Machines

Published Date: 23 Mar 2015

9 Pages (3,475 Words)

In previous chapter, the literature review piece and objective of present work has been discussed. This chapter introduces the speculative background of response surface methodology, introduction of milling machine, cutting principal, milling cutter taxonomy, machining parameters, chip thickness formation and milling machine parameters which influence the surface roughness 2.1 BACKGROUND As an central subject in the statistical design of experiments, the Response Surface Methodology (RSM) is a ...

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The Implication For Users Of Financial Statements Accounting Essay

Published Date: 23 Mar 2015

11 Pages (4,091 Words)

Financial statements should be well understood by those who read it especially those individuals who have considerable knowledge of business and economic world and those ones willing to learn the information carefully. There are various users of financial statements. These users are classified into two broad categories. These users have different purposes for using these statements. The first category of these users is the internal users. The ...

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Adopting the international accounting standards issued by the IASB

Published Date: 23 Mar 2015

10 Pages (3,624 Words)

According to a report published by IASB in 2008, more than one hundred countries throughout the world have adopted and announced the international accounting standards issued by the IASB. However, the cross-country diversity in financial reporting and auditing practices has not been reduced by global acceptance of international accounting and auditing standards. This diversity acts as a barrier for different country companies to perform globe transactions and ...

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The advantages and disadvantages of Strategic Management Accounting

Published Date: 23 Mar 2015

8 Pages (2,895 Words)

In recent years, the strategic management process has become more complex and costly. Growing competitiveness in many markets and along many combinations of dimension is increasing of analysis facing managers. The term strategic management is used to refer to the entire scope of strategic-decision making activity in an organization. We can define Strategic Management Techniques in many ways. Strategic management is the process of managing the pursuit ...

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