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Internal Control Procedures in Accounting

Culotti’s Pizza operates strictly on a carryout basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for cash. While at the counter, the customers can see other employees making the pizzas and the large ovens in which the pizzas are baked. Instructions: Identify the six principles of internal control and give and example of each principle that you might observe when picking up your pizza. (Note: It may not be possible to observe all…...

Audit Procedures

1. For each of the following specific audit procedures, indicate the type of audit procedure it represents: (1) inspection of records or documents, (2) inspection of tangible assets, (3) observation, (4) inquiry, (5) confirmation, (6) recalculation, (7) reperformance, (8) analytical procedures, and (9) scanning. a. Sending a written request to the client’s customers requesting that they report the amount owed to the client. a. Confirmation i. Existence; trying to determine if A/R is overstated. b. Examining large sales invoices for…...

Difference between capital and revenue items of expenditure and income

Accounting involves any business, company or person recording their financial transactions, such as payments coming in or paying going out. It is very important for a business to record their transactions for a number of reasons: Economic decisions: If a company is going to succeed then it’s needs to be aware of what it can and cannot afford and how the resources available will be effectively used and not put to waste. Inventory: Knowing how much of a product you…...

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Relevant Accounting Standards at Woolworths Company

Intangible Assets An intangible asset, despite not having a physical form to it, has great value to a company and is to be disclosed in the financial reports. Some companies only disclose the brand and goodwill as their only intangible assets, while others include more such as software and the company trademarks (Loftus et al. 2012). The Accounting Standard AASB 138 advises businesses on the accounting treatment of these intangible assets, but only if the specific criteria have been met…...

The Balance Scorecard Initiative

Executive Summary This report provides the analysis of case study given to me. Gail Palmer Ashton Graduate School of Business ranks among the top schools of USA but the dean of the institute feels that the school has deviated from its foundations. This analysis proposes implementation of the balanced scorecard and performance metrics in order to achieve the four strategic goals of the institution. Even the ranking is consistent and high the institute needs performance standards devised along the lines…...

Ball and Brown

In 1968 Raymond Ball and Phillip Brown published ‘An empirical evaluation of accounting income numbers’ in the Journal of Accounting research. After an initial lukewarm response from the academic community it rapidly became what the American Accounting Association now calls ‘the seed that made a difference’. The purpose of this essay is to introduce the study of Ball and Brown(motivations, research questions and findings) and identify its significant contributions in capital markets research. Introduction According to the resources provided, Ball…...

Becoming A Certified Public Accountant

A music star, an actor, a firefighter, doctor, or even President of the United States, vocations most children dream of. I was one of the "other" children who had dreams of jobs that weren't as glamorous. One day we'll see the "other" children excel as president of a Fortune 500 company, or in my case, managing the company's finances, which really seems to serve as the basis for any business. In the following paragraphs, I will discuss several reasons and…...

Assets and Liabilities

Possession is a product of worth owned by the company. Properties can be concrete i. e. those which have some physical existence or can be intangible i. e. which do not exist in physical kind but can be held in the type of contracts or rights. Assets are normally organized in order of liquidity (ease of conversion to cash) on the balance sheet. Cash is for that reason the most liquid of all possessions. Possessions can be classified as: Present…...

Debt versus Equity Financing Paper

In the accounting industry, financing remains an important concept, as many organizations are reliant on them for financial stability and longevity. Although there are a plethora of financing options and types to choose from, the focus of the work will revolve around debt and equity financing. These two commonly used forms of financing are important as they are both unique in how they are utilized. The author of this piece will address these two financing options while providing examples of…...

A Conceptual Framework of Accounting

A conceptual framework of accounting can be considered to be a normative theory of accounting. A conceptual framework makes prescriptions in regards to what the objectives of accounting are, what qualitative characteristics general-purpose financial information should possess, how the elements of accounting should be defined and when they should be recognised and how the elements of accounting should be measured. The view often promoted by various advocates of conceptual framework projects is that it is difficult and perhaps illogical to…...

Types of Cost Audit

Cost Audit to assist Management: The main object of this type of cost audit is to make available accurate, relevant and prompt information to management to assist it in taking important managerial decisions. Cost Audit on behalf of the Government: The government may appoint a cost auditor to conduct cost audit where it is necessary (a) to do so in the opinion of the government under section 233-B of the companies Act, 1956; (b) to ascertain correct cost of certain units when government is approached for protection or financial help; (с) to ascertain correct cost of contract given to private firms under cost plus basis; (d) to fix reasonable prices…...

Accounting Basics: Assets, Liabilities, Equity

Accounting, per se, is based on five types of accounts namely: assets, liabilities, equity, income and expense. These account types belong either of the Balance sheet accounts or Income and Expense accounts. Assets, liabiliites, and equity fall under the balance sheet account and the rest goes to the income and expense accoutnts. Definining each, asset is composed of a group of things that an individual or an entity owns. These includes tangible items like car, cash or often stocks (intangible)…...

Limitations of Cost-Volume-Profit (CVP) Analysis

In any company it is extremely apparent for concerns like, what effect on profit can it expect if it produces more products? What quantity of items and services must a business sell in order to recover cost for the year? What occurs to the breakeven point of the organisation if it chooses to include or increase the amount of a product and services they currently offer? to occur. The analytical strategy that helps the managerial accounting professionals to address these…...

Documentation Payroll System

As Computer innovation nowadays, changes at such time, many businesses factors try to cope up by updating computer system constantly in order to remain competitive. The multifunction ability of technology for its advance system is likewise an important factor for a company to utilize software. It makes efficient use of the advance innovation and has aspiration to discover more. Computer systems have the great impact on the profession of accounting with the fast development of technology today, there is no…...

Case Analysis: The Annual Report

1. The basic factors of communication that must be considered in the presentation of the Annual Report are compliance with accounting principles and regulations, accuracy of the information presented, and how much information you are going to disclose. The management has a lot of control over what and how much information it wants to disclose to the users of their financial report. Users can be shareholders, investors, customers, or if you want it or not, competitors. Therefore management doesn’t want…...

Chartered Accountancy

Chartered Accountancy as a profession is attracting a lot of young and witnessing a rapid growth, thanks to the growing corporate sector globally. Chartered Accountants usually occupy high and respectable posts in an organization. They are the ones responsible for handling accounts and finance related matters, deal with money management. Chartered Accountancy is also a dynamic, challenging and rewarding profession. Chartered Accountancy Course is a professional course in Accounting introduced in our country in 1949, with the enactment of the…...

Is IAS12 too difficult to apply and understand?

International Accounting Standards 12 continues to receive numerous criticisms on applicability and usefulness of numbers in accounting for corporate income taxes. The argument presented is that the standards set by IAS 12 are too hard to apply or even understand. In the plight of these criticisms, two accounting standards boards, UK’s (ASB) and Germany’s (GASB) opted to conduct a proactive project plan aimed at fundamentally reviewing the standards set by IAS 12 prove hard to solve through piecemeal amendment. Their…...

Swot of F&N company

Popularity, easily recognized, a lot of finance, Customer loyalty, International Trade. Weaknesses: Lack of popularity of some F&N’s drinks that most unknown and rarely seen, low profile or non-existent advertising, health issues. Threats: Changing health-consciousness attitude, competition. Opportunities: Many successful brands to pursue, advertise its less popular products, buy out competition, more brand recognition. Essay Form: Strength- F&N company is an extremely recognizable company. Therefore, popularity is one of its superior advantage that almost incomparable. It’s branding is clear and…...

Fpi Assignment - Analyzing the Accounting

Summary The report is regarding to the knowledge of analyzing the accounting data of a listed company, using the various accounting information that provided to identify and examine the competitiveness and efficiency of the listed company. Besides, in order to examine the reliability of the data provided, analysis of the balance sheet and income statement is required. The financial information can be obtained from the annual reports of Harbour-Link Group Berhad. In addition, the report is required to include the…...

Ethical Dimensions of Preparing Two Financial Reports

Ethical dimensions of financial accounting with respect to keeping of two sets of records, one for internal purposes only and the other for internal taxation purposes. Financial accounting, as stated by Garrison, is concerned with providing information those people outside an organization. This includes preparation of financial reports showing the company’s past financial performance which will be the basis for additional investments for stockholders, capacity to pay off loans for creditors or banks, imposing correct government taxes as mandated by…...

Enron, the Most Tricky Guys in the Room

Enron was one of the biggest scandal of all time in the stock market. The three main guys leading the pack was Ken Lay, Jeffrey Skilling, and Andy Fastow. The company was not making profit so they decided to do "future value accounting". This was shown to shareholders so they can spend money and invest in Enron. The future value accounting just shows a list of future profit that was predicted. What actually happened? Why it can happen again? What…...

Computer Based Enrollment System

The Accounting Office is charged with the preparation of financial statements and other records, recording all official financial transactions, journal entries and account classification and keeping and maintaining complete, accurate and update subsidiary ledgers for all accounts. The University offered 14 courses with specific major fields and 2 short term programs. And as of 2006-2007, there are 1,750 enrollees in the university and it increases every year. This computer based enrolment system will help the university to handle some of…...

Duport Analysis: the Number Game

From these equations, the higher the ratios meant the better of the company’s financial condition, or more liquidity. The acceptable ratios vary from different industries. In general, company’s quick ratio should be 1 or higher, and its current ratio should be above 1. 5 to be considered liquid. In the comparison between two companies’ ratios, DCM Molding has shown a better financial condition on average in the past four years, and Plastichem has barely met the acceptable average or is…...

Digitizing Accounts Payable Documents

When accounting files are sent to the archives at the end of the year, the portion taken up by the accounts payable documents usually exceeds that of all other documents combined. For some companies with high accounts payable files, it is a major expense to remove all the paperwork, box it up and identify it, and ship it off to a warehouse, from which it must be recalled occasionally for various tasks. Digitizing the documents is a means of avoiding…...

Converting Your Manual Bookkeeping

If you're converting a manual bookkeeping system to a computerized system, your conversion will take a bit more time than just starting fresh because you need to be sure your new system starts with information that matches your current books. The process for entering your initial data varies depending on the software you've chosen. To ensure that you properly convert your bookkeeping system, use the information that comes with your software; read through the manual, review the startup suggestions made…...

Convergence Towards IFRS in Malaysia: Issues, Challenges and Opportunities

In the year 2008 the then Malaysian Accounting Standard Board’s (MASB) chairman, Dato' Zainal Abidin Putih, announced that Malaysia will be converging with International Accounting Standard Board (IASB)’s International Financial Reporting Standard (IFRS). From that point onwards many initiatives were lined up by MASB and the Malaysian Institute of Accountants (MIA) in order to educate, train and inform all the relevant stakeholders in tandem with fast approaching deadline to converge, which is for the earliest year-end financial reporting date, 31…...

Managerial Accounting for Hospitality Industry

INTRODUCTION Gagan Sharma the owner representative hired by Ms. Katrina in Katrina & company which is managed by the SRK corporation. Ms. Katrina hired me to make the budget data reports and analyze the CVP to know the actual position of the company and to set the new targets on the basis of the budget data.When Ms. Katrina appointed me as owner representative the management of the company provided me the data of September, 2018 on the basis of the…...

Accounting Cycle - 10 Steps of Accounting Process

The accounting cycle, when followed properly, is a process that provides an accurate balance in a company's finances. This is a 10-step cycle that involves analyzing transactions and recording of the inputs and outputs of a company's general ledger. An accurate accounting cycle is fundamental in showing the company's finances and income generated. As stated previously, the accounting cycle is a 10-step process that starts with analyzing and recording transactions and finishes with a post-closing trial balance. (Warren, Reeve, &…...

Volkswagen Company Profile

Volkswagen Group is a German multinational automotive manufacturing company headquartered in Germany and owned by the Austrian Porsche and Piëch families. Volkswagen group is one of the leading companies in the world in the manufacturing and selling of vehicles around the world. In 2016, it was the world's largest automaker by sales, overtaking Toyota and keeping this title in 2017 and 2018, selling 10.8 million vehicles making a net profit of €13.9 billion in 2018. It has maintained the largest…...

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