Defined Benefit And Define Contribution Pension Schemes Accounting Essay

23 Mar 2015

7 (2,410 )

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

23 Mar 2015

8 (2,945 )

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

23 Mar 2015

9 (3,357 )

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

23 Mar 2015

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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

23 Mar 2015

5 (1,913 )

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

23 Mar 2015

7 (2,646 )

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

23 Mar 2015

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Overhead cost is an ongoing expense 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 generate 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

23 Mar 2015

5 (1,906 )

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

23 Mar 2015

8 (3,075 )

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

23 Mar 2015

5 (1,893 )

"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

23 Mar 2015

10 (3,923 )

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

23 Mar 2015

7 (2,406 )

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

23 Mar 2015

5 (1,993 )

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

23 Mar 2015

7 (2,735 )

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

23 Mar 2015

3 (1,150 )

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

23 Mar 2015

4 (1,353 )

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

23 Mar 2015

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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

23 Mar 2015

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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

23 Mar 2015

7 (2,778 )

> 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?

23 Mar 2015

3 (1,093 )

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

23 Mar 2015

14 (5,494 )

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?

23 Mar 2015

6 (2,297 )

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

23 Mar 2015

4 (1,307 )

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

23 Mar 2015

10 (3,764 )

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

23 Mar 2015

13 (5,083 )

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

23 Mar 2015

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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

23 Mar 2015

6 (2,295 )

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

23 Mar 2015

6 (2,328 )

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

23 Mar 2015

4 (1,447 )

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

23 Mar 2015

5 (1,972 )

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

23 Mar 2015

9 (3,475 )

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

23 Mar 2015

11 (4,091 )

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

23 Mar 2015

10 (3,624 )

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

23 Mar 2015

8 (2,895 )

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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