Category: Accounting

WHAT THEY DO: Accountants and auditors examine financial statements for accuracy and conformance with laws. Accountants and auditors prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. Accountants and auditors assess financial operations and work to help ensure . . . Read more

A number of reports by academicians and practitioners all over the world have called for significant change in the accounting methods and research and their relevance in the 21st century. Many believe that the accounting model is outdated with little relevance to the changes taken place in the wider world. . . . Read more

Accounting Report is the leading provider of competitive intelligence for accounting firms. It is renowned for its straight reporting and analysis of the news, developments, and trends that have defined the profession for over 20 years. Topics covered include breaking news, in-depth firm profiles, mergers and acquisitions, office closings, auditor . . . Read more

1. In today’s society, business and cultural environment are playing a significant change in the life of many people. More and more businesses are beginning to operate both domestically and internationally. The expansion of business has to lead the world into a new era filled with creative technology, making life . . . Read more

Introduction In the UK today, only 15% of the labour force are in manufacturing; this will go down to about 10% by the year 2010. In Pakistan, approximately 15% to 25% of accounting students are increasing every year. The number of professional commerce institutions has increased from 36 to 100 . . . Read more

Financial Accounting Case Study Module 1: A. General Mills Consolidated Statements of Earnings: 1. The recorded sale amount of almost $8 billion is not the actual amount of cash collected. The amount of $8 billion includes cash and credit sales. 2. Sales increased each year from 2000 to 2002. The . . . Read more

Risk, plays a large part in the world of Auditing. Audit risk, represents a risk to an auditor or an audit firm, as the risk of paying damages to a client may arise out of negligent work when trying to show a true and fair view of a set of . . . Read more

Critically evaluate marginal and absorption costing Introduction The key issue between absorption costing and marginal costing is how the costs of a business’s input resources are best organised and presented so as to identify individual product/service and total business profit. The choice of costing system may be influenced by the . . . Read more

Advantages and disadvantages of historical cost accounting, alternatives to historical cost accounting Introduction Accounting concepts and conventions as used in accountancy are the rules and guidelines by which the accountant lives. The historical cost accounting convention is an accounting technique that values an asset for balance sheet purposes at the . . . Read more

Comparison of the United States, United Kingdom, and Chinese Accounting Systems, Accounting Standards, Accounting Practices This report discusses the accounting practices of the following countries the U.K, U.S.A and China. An analysis of these different accounting systems will be conducted on issues such as the growth and background, social, economic . . . Read more

Critically evaluate the role of the accountancy profession in recent corporate scandals such as Enron, Xerox and WorldCom It is expected that the accountancy profession would play quite an important role in scandals such as Enron, Xerox, and Worldcom, as all they all deal with the financial accounts not showing . . . Read more

Need for Harmonization of International Accounting Standards Introduction As there has been tremendous growth in the market place with the existing accounting practises, this leads us to question why do we need harmonization of International accounting standards, what are its advantages and what are the barriers that hinder harmonization? Although . . . Read more

Discussion of Internal Controls that are placed in an Accounting Information System In accounting systems, certain controls are needed to ensure that employees are doing their jobs properly and ensure that the system runs properly. These checks are in the best interest of the organization. These controls come in the . . . Read more

Political, Economic & Social effects of Accounting Standard Setters ‘The view that accounting standard setters consider the economic, political and social consequences of accounting standards is consistent with the view that accounting reports if compiled in accordance with accounting standards and other generally accepted principles, will be neutral and objective’ . . . Read more

Retail Inventory-Level Planning consists of retail inventory method (RIM) which is an accounting procedure whose objectives are to maintain a perpetual. It also can book inventory in retail dollars amounts and maintain records that make it possible to determine the cost value of the inventory at any time without taking . . . Read more