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Accounting

Management accounting

The purpose of management accounting in the organisation is to support competitive decision making by collecting, processing, and communicating information that helps management plan, control, and evaluate business processes and company strategy. The process of management accounting is the process of creating and using cost, quality, and time-based information to make effective decisions within the …

Kanthal – accounting

Kanthal, the largest of six divisions of Kanthal-Hoganas, specializes in the production and sales of electric resistance heating elements. Kanthal has over 10,000 customers and produces over 15,000 items. The company consists of three divisions. Kanthal Heating Technology, world leader, with 25% market share in supplying heating alloys. Kanthal Furnace Products, a dominant player, with …

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Financial Accounting Function

The financial accounting function keeps a record of financial events. They keep account of all the money that has been paid to or by Marks & Spencer and also debtor and creditor transactions. They also take care of wages for employees and deductions such as national insurance and pension. They will also produce periodic records …

Interpreting Financial Accounting

This report aims to provide detailed analysis on T & S Stores Plc and Greggs Plc, and to provide recommendations on which company to invest in. It will compare the recent years trading results compared to the previous year and also a comparison between the two companies. T & S Stores Plc is a retailer …

Evaluate the uses and benefits of computers in accounting

The use of computing in accounting is a very important if a business is to be successful in a highly competitive environment of business. Using computers can perform complex calculations, thus saving time to do all calculations manually. Client data can be stored in database bringing it up fast and efficiently. Automated form filling can …

Accounting for Decision Making – case study in Wotif company

The company is engaged in online accommodation bookkeeping service It operates at its headquarter in Brisbane, Australia and it has its field offices located at the New Zealand, Singapore, Malaysia, Thailand, Vietnam, China and Canada. The bulk of its business is found in Australia with 3. 1 million room night sold in 2007. For other …

Generally Accepted Accounting Principles

Directors and officers are the representatives and intermediary officials between stakeholders and management of a company. Sarbanes-Oxley Act 2002 has awakened corporate governance for transparency and accountability and also in making the jobs of CFO, CEO and directors more demanding which means that both directors and officers have to share equal interest in compliance of …

Internationally Accounting Standards

We have to change the following entries as they appear in the Internationally Accounting Standards. We should make sure that all financial instruments should give a fair value in order to come to good conclusions. There should be good usage of the financial instruments and the price to use should always be the fair representation …

Pension and the International Accounting Standards

Pension obligations: The International Accounting Standards deals with the obligated employers who are to pay their employees as agreed during the working time. Thus, pension is seen as the only and the source of obligation to the employees in any one time in the given company or firm for that matter. The entire pension accrued …

International accounting standards and the problems

International accounting standards is a board that looks into the well being of all accountants in the whole world and helps them in putting professional ethics and the systems that are workable and may help an average accountant at any place in the whole world. There are many problems associated with the accounting profession in …

The Overview of International Accounting Standards

This paper seeks to write about an overview of international accounting standards. The paper will discuss the nature and purpose of these accounting standards, the makers and users. This will also discuss accrual and cash accounting, as way of explaining the importance of these standards. 2. Analysis and Discussions 2. 1 What is the nature …

Management accounting business

1. Background Information The following hypothetical situation will be considered in order to illustrate the preparation of functional and master budgets. Maggie Lee has recently commenced the operations of a new fast food shop in a seaside town.  She has made the following estimates in the first year of operations: ·         She will pay £10,000 …

History of Accounting

A person’s daily activities consist of making decisions, from personal, political, economic, or social nature. Often people rely on relevant information to make a decision. One pertinent information people deal with everyday is economic information. Economic activity ranges from producing, trading, buying and using up goods. Thus it is important to process economic information accurately. …

Harmonization of Accounting Standards

The Enron scandal was identified as one of the most devastating scandals in the history of modern business. The effects of this single scandal spread throughout the United States and critically calls for significant changes in financial evaluation standards (‘The Enron Effect’. 2006). In the beginning, Enron was recognized as a respected modern day company …

Unethical Behavior in Accounting

The Enron scandal in 2001 had a significant impact in regulating the accounting practice. The scandal is considered by many as the worst example of unethical accounting behavior in the modern business environment. The scandal was not an isolated incident in the era of “loose” accounting principles: Worldcom, Halliburton, Rite-Aid, Adelphia Communications and Xerox were …

The Role of Accounting in Business

Accounting is a part of your daily life, it is not a branch of Mathematics, however, you need to be able to add, subtract, multiply and divide, otherwise, you would not know how much money you had with you, how much you would have spent or whether the change you received was correct. Accounting is …

Financial and Managerial Accounting

Financial and Managerial Accounting             To make a sound economic decision based on a firm’s performance, you must first understand and know the different accounting methods and principles that can help a business thrive and succeed.  Most businesses have three main objectives: to earn a profit, remain solvent and have longevity.  By using different accounting …

Financial Statements in Accounting

Financial Statements in Accounting 1. Why are the dates on financial statements important?  How do the primary financial statements (income statement, balance sheet, and cash flow) tie together?  What managerial assessments can you make about a company that has a profit and a negative cash flow in the same accounting period?     The dates of …

Managerial accounting

Describe in detail the method used in administering the operating budget or the capital budget for your organization. In the modern business world, budgeting is the prime objective and a significant activity for every organization’s departments or SBUs like production, marketing and finance etc. Budgeting helps the management to take prompt and correct decisions and …

Managerial Accounting

Aside from legal and ethical implications, Accounting Technology has played an important role in keeping track of corporate numbers. Traditional paper based methods are often prone to human errors, providing means to internal fraud and is susceptible to unethical practices. Dishonest employees can easily scratch off numbers from a list or shred invoices, sales orders …

Financial Accounting and Reporting

Outlines of Accounting Pronouncements As indicated previously, this manual consists of 14 modules designed to facilitate your study for the Financial Accounting and Reporting section of the Uniform CPA Examination. The table of contents at the right describes the content of each module. Module 9: Basic Theory and Financial Reporting A. Basic Concepts Key Terms …

Stock Option Accounting

Enron Company used over the counter derivatives in order to be able to hide that nature of what it was doing to make money. Today many former employees, retirees and investors are paying the price of their company’s desire to operate confusing, murky and unregulated transaction. (Enron Watchdog) The stock option accounting loophole has caused …

Financial Accounting

The FIFO method will consider goods coming in first to the issued by the company ahead of the last goods coming in case of sale. The result is therefore felt in the inventory of the company where the new or last purchases will form part of the ending inventory. This method or practice will therefore …

Accounting process

Financial statements are the end-products of the accounting process which serve the financial information needs of various interested parties. The financial statement should be a faithful representation of the economic activities of the business. While a full description of the actual economic activity of the organisation is not possible, the financial statement should contain as …

Purposes of Financial Statements

The main objective of financial statements is to endow financial information to interested users in order to aid them in their economic decisions. This point has been claimed by a number of accounting associations, highlighting its importance. For instance, the Accounting Principles Board stated that the function of accounting is to provide quantitative information, primarily …

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