Essays on Accounting

Chen (2001, p.374) revealed that the supplier relationship management (SRM) is considered to be a significant part of the enterprise resource planning (ERP) and under the supply chain management module (Top, 2017). The reason for this is that sourcing of materials or products is considered to be an essential process within the supply chain (Ramco, 2017). This is due to the fact that the products sold by the external suppliers are the reason why customers purchase from the company, which means that the inventory ordering process must be both efficient and effective (ERP, 2009, p.3). The result is that ...

There are many challenges faced by the small to medium sized enterprises as they try to keep track of the production process. Luckily, SAP Business One has provided a solution in which case the businesses can keep track of their inventory among other stage-by-stage processes that can be cumbersome. The availability of Bill of Materials (BOM) have contributed significantly to the ways in which enterprises manage, track, and record inventory across multiple warehouse locations, timely ordering and delivery as well as proper inventory accounting practices (Magal and Word, 2011). Four categories of BOM can be realized using the SAP ...

Institutional of Affiliation:

During my early days in school, I had a great passion for numbers and arithmetic, which at the time involved basics tasks like addition, and subtraction. I was later on introduced to general calculations, and Finance related Arithmetic. Dealing with these made me realize my inner desire to become an Accountant. I have since then pursued my passion by taking every opportunity that comes my way. After completing high school studies, I volunteered to work for an auditing firm, a job that kick started my accounting career. Although all I received was just a token as a show of ...

The Financial Accounting Standards Board (FASB) is an independent body which was formed with the intent to develop and improve the generally accepted accounting principles in the United States (Financial, 2017). The financial accounting guidelines and reporting standards promulgated by this body are aimed at protecting the interest of the public, as per order by the Securities and Exchange Commission. The FASB has a role in protecting the public interest, thus it shares a collective mission with with the FAF and the Governmental Accounting Standards Board (GASB). These agencies have a mission “to establish and improve financial accounting and ...

Benford's law also known as the first-digit law deals with the distribution of natural numbers in which it tends to major into their importance regarding significance. The law states that given any arrangement of natural numbers, the smallest number always seems to be the most significant while the largest number in the collection is always the least significant. Therefore, number 1 appears to be the most significant in any given combination of natural numbers 30% of the times. While on the other hand, number 9 appears only 5% of the times as the most significant number. The law states ...

Enterprise Excellence

Stenzel (94) holds that enterprise excellence is not only dependent on the tangible assets which are the focus of accounting practices. Human assets are part of the resource in an organization that contribute to the excellence of the enterprise. The concept of employee competence is important in lean performance. Stenzel (94) illustrates this argument by citing the financial turnaround at Sears following the huge financial losses that the company suffered in the 1990s as a result of focus on the development of employee competencies. Employees who are highly competent can perform their responsibilities with more effectiveness. The resultant effect ...

Careers in Accounting

The first career option for the professional with the accounting education is the audit and assurance job. The main reason for the auditing job is that it is related to the accounting standards such as IAS, IFRS and US GAAP. The main responsibility of the auditor is to inspect and review the annual financial statements of the company. Therefore, due to the professionalism, integrity and the competence level of the accountants, the professionals with the accountancy knowledge can pursue as the professional accountant. (Mally, 2015) Another career option for the professionals with the accounting education is the asset manager ...

IAS37: CURRENT ISSUES IN FINANCIAL REPORTING

IAS37: Current Issues in Financial Reporting Introduction Since the publication of IAS 37, it provides explicit directions for companies to recognize provision, contingent liability and contingent assets. IAS 37 undermines the traditional accounting concepts of prudence hence leading to considerable volatility in companies earning reports. The IAS 37 helps in disclosing the transaction incurred in an organization that is associated with liabilities. In the IAS 37 standard, the word “probable” has been adversely used and hence providing options of creative accounting essential for companies to recognize its provision on balance sheet. Before the amendment of current IAS 37, the ...

Our target companies are the United States’ Home Depot, Inc. and the Canadian Tire Corporation. The Home Depot is an American largest home improvement retailer that specializes in wide range of building materials, home improvement products, lawn, garden products, and as well offer some improvement related services. The company has over 2,200 stores that are spread throughout the United States, Mexico and has some operations in Canada. On the other hand, Canadian Tire Corporation is a family business based in Canada. The company’s revenue streams include royalty sales, retail sales for the products, merchant sales and sale ...

Introduction

A small accounting firm has 20 computers and two multipurpose printers that are all connected wirelessly to a NETGEAR MR814 device that is connected to a Motorola SB3100 cable modem. The firm also has 20 employees who emails accounts are set up through the organization’s internet service provider. To access their email accounts, the staff use Microsoft Outlook and standard web browsers. The company wants to move from using wireless connection as the primary network connection but want to maintain wireless access for their customers in the building. To do this, the firm has hired a contractor to ...

Introduction

Engineering profession in Canada is self-regulated while in the U.S. it is state-regulated. However, there has been a long-standing debate on whether self-regulation in the engineering profession in Canada has served the public interest in a similar way as the U.S. and other state-regulated regimes. Before engineering was made a self-regulated profession in Canada, there were other professions like medicine and law which were being self-regulated. However, these self-regulated fields had been marred with numerous scandals because they were putting their interests before those of the public. They would increase the cost of professional services and engage in professional ...

Part one

How has the composition of federal and state and local government spending changed over the past 40 years? What social and economic factors might have contributed to this change in how governments spend their funds? The government has been changing its spending in the last forty years. In 1970’s almost half of federal spending was on defense and around 15% on healthcare and social security. Fast forward, in 2000’s health spending and social security exceeded spending on defense. In 2001 expenditure on defense fell below 20% the total federal budget. Besides, health spending by state and local ...

Cardillo Travel Systems

The Cardillo Travel Systems case shows the way the management cooked up the books only to be caught later. This essay will attempt to answer some questions on this case. False Representation to External Auditors: The executives at Cardillo Travel Systems were aware it needed to maintain a minimum of $3 million of stockholder’s equity threshold established by the court outstanding against the organization. (Ritterburg, 2012). This was the reason that shaped their intent to falsify the organization’s books to misrepresent facts before investors and creditors. The issue started with the accountants at Cardillo making an improper ...

How can companies develop compensation systems that are both internally consistent and market competitive?

A company’s compensation system is one of the factors that attract employees and especially those that have been in the industry for a long time. Small companies may not be able to pay the highly qualified personnel. However, a good compensation package can attract them. Designing a favorable compensation program is quite tricky for any company whether a startup company or a long existing company. If unrealistic compensation methods are applied the probability of a company collapsing are very high (Dechow, Myers, & Shakespeare 13). Some of the sustainable methods include:

Working with the available resources

While designing the compensation system, it would be ...

An Assignment Submitted by

Narrative Report After a thorough investigation, it was revealed that two individuals, namely Mr. Smith, the associate director of purchase and Ms. Bad, his administrative assistant, implemented a fraudulent scheme using the corporate funds for their personal gains. The analysis of the evidence determined that these two individuals managed to buy items for personal use instead of the planned corporate purchases. This activity resulted in the loss of $8,795.60 of corporate funds. The investigation came to the conclusion that the main culprit of the fraudulent scheme was Mr. Smith due to his status as the associate director, the ...

BUSINESS – COMPARATIVE ANALYSIS OF THE PROFITABILITY OF ETIHAD AIRWAYS IN 2013 AND 2014

Introduction This proposal will discuss the research topic, questions, and objectives. It will also include the methodology of the research, and the work plan which is designed to guide and track the organization of the research.

Research Question and Objectives

Comparative analysis of the profitability of Etihad Airways in 2013 and 2014 using profit margin ratio and working capital ratio; Purpose and Significance Etihad Airways is considered to be the fastest growing carrier in the history of commercial aviation . From that, we were motivated to prepare a comparative analysis of the profitability of Etihad Airways between 2013 and 2014. The research is expected ...

MANAGEMENT ACCOUNTING

Management Accounting Introduction Setting the annual budget has been one of the mandatory activities in organizations at both tactical and operational levels. The annual budget outlines the projected revenues and costs for the firm in the coming year or the finite time period. Such budget is set to clarify the organizational direction to pursue by identifying the target revenues and variable costs associated with the business operations. It served as a successful budgeting process for several years, but today’s highly dynamic and continuously changing business landscape has made this system obsolete. In the 21st century, the annual budgeting ...

Introduction

The SOX (Sarbanes-Oxley) Act was enacted in 2002 by the Congress of U.S. As President Bush signed the Act, he characterized the law as the most far-reaching reformations of business practices in America business practices since the reign of Franklin Delano Roosevelt." The motive of the legislation was to protect investors and the public in general, from fraudulent practices and accounting errors in business. The bill also aimed to better the corporate disclosures' accuracy. The Security and Exchange Commission (SEC) of the U.S. is in charge of the act, publishing rules and setting compliance deadlines on requirements. The Act ...

Chart of Accounts

Wild, Shaw and Chiappetta (2015, p.58) defines the chart of accounts as a list of financial accounts used by the company to identify specific transactions in its journal/ledgers. Warren, Reeve and Fess (2005, p.48) pointed out that the ledger accounts are usually listed in a specific order, which is either from the most significant value or its ease of liquidation. But some companies list their chart of accounts based on their order of appearance in the financial statements (Warren, Reeve and Fess, 2005, p.48). However, in order to facilitate the tracking of business transactions for future references each of ...

Introduction

It is the role of every employee and the management of a firm to ensure that the firm succeeds. To make sure that a firm succeeds, there are ways through which the firm can track its performance. These ways are performance management system and the balance scorecard process. CliftonLarsonAllen is an example of a firm in the United States that uses these two methods to track its performance.

Performance Management

Performance management is the process through which all employees and their staff join hands and work together to strategize, monitor and track the performance of every employee in the firm, the ...

Re:

Introduction

In 2000, the Chief Executive Officer (CEO) of Qwest, Joseph Nacchio, was charged civil and criminal liabilities after it has been found that he violated the provisions of GAAP against fraud and insider trading. He was sentenced to six years in prison in 2007 and was slapped with a $19 Million fine and a forfeiture order for proven illegal stock sales transactions worth $52 Million. In this memo, the author discusses the different aspects of Qwest’s case, emphasizing the role of GAAP and the PCAOB.

The Generally Accepted Accounting Principles (GAAP) refers to a standard framework of ...

The U.S Securities and Exchange Commission refers to the United States’ agency that is tasked to enforce the securities laws, policies and guidelines, including the country’s stock and options exchange activities. It is the objective of this agency to “ protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation” (U.S, 2017). One of the main roles of the SEC is to ensure that investors who turn into the securities exchange market are protected and activities that are geared towards capital and investment formation are sustained for economic growth.

The Creation of the PCAOB

The Public Company Accounting Oversight Board (PCAOB) was ...

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Accounting Standard Setting under the Australian Conceptual Framework and Application in Business Practices

Introduction A conceptual framework establishes the concepts and provides the guidelines that underlie financial reporting. As a coherent system of notions that flow from an objective, which in turn serve to identify the purpose of financial reporting, a conceptual framework also provides guidance on the identification of the boundaries of financial reporting. Its concepts further provide guidance on the selection of transactions, related events, and circumstances to be presented, and how such elements should be summarized and ultimately reported (Financial Accounting Standards Board [FASB], 2008). One such conceptual ...

Possible Deliverable

The client expects that certain standards are developed in the newly merged organization that sets the guidelines for expected and unexpected behaviour. It is obvious as the merger has created a precarious situation for the employees from both companies as they must have learned different guidelines during their employment term at PALEDENIM or UWEAR. Therefore, to settle employees and educate them about the new guidelines in the merged company, it is best if a new set of guidelines is developed that settles the employees from both companies. These guidelines will become part of the new code of conduct for ...

When it comes to management of a company’s finances, it is essential to know that the information can cause a manager to be vulnerable to misinterpretation, manipulation and deliberate deception. The purpose of the fiscal documents is to assist the top managers to make a decision, but the decision has to undergo many ethical considerations to ensure that the decision benefits the company regarding sales and does not negatively affect its financial status in the market (Coombs, Hobbs & Jenkins, 2005). Matters of ethics when it comes to management of finances have not been the primary attention of many ...

Public companies work under the mandatory disclosure that consists of the security act of 1933 and the Security Act of 1934. The laws detail the disclosure law when it comes to the company’s financials, operating activities, management, compensation and other production areas (Inc, 2017). The organizations have to adhere to the rules, and SEC (Security and Exchange Commission) is the one that oversees that. The development of the laws was to protect investors through disclosure of business and financial information, which is essential when it comes to making an investment decision. The SEC regulations require that public companies ...

Procter & Gamble is a Multinational consumer goods company which was incorporated in 1905 in Ohio, United States. It manufactures several consumer products and offers around 65 different brands under several product categories such as “Beauty; Grooming; Health Care; Fabric & Home Care; and Baby, Feminine & Family Care” (The Procter & Gamble Company, 2016). The company sells its products in almost 200 countries and conducts on-the-ground operations in almost 100 countries.

Balance sheet

P&G follows generally accepted accounting principles applicable in the Unites States for presentation and preparation of its financial statements. Much like other publically traded companies, P&G also electronically files its annual, ...

Introduction

Bank typology has grown more complex as more formerly niche banking services gain greater customer bases, encouraging different banks to shift focus from the traditional retail banking format to a more complex and specialized arrays of banking services. Moreover, large banks, particularly multinational companies, maintain their retail operations while serving non-retail accounts, such as businesses, investors, and purely online customers (Pritchard, 2016). Further, certain organizations offer banking-like services to its members, such as credit unions and savings and loans associations (S&Ls). Thus, to manage this typological complexity, this explorative paper covers only primary forms described in its most typical ...

One question always arises when it comes to accounting and the question is whether is it alright to keep paid-in capital and separate it from earned capital. Accountants today must be exceptionally watchful particularly with such a large number of accounting laws changing in the US. More than likely there will dependably be a financial specialist needing to know whether earned capital is more vital than paid in capital, or basic EPS are more imperative than the diluted EPS. The aim of this paper is to answer these inquiries and explain which one is more imperative and give a ...

One of the considerations that the HR person should have is the individual’s skills and performance. This would address the person’s actual job tasks. The person’s abilities would also be a consideration. The abilities vary from physical, mental and stamina abilities that are required to perform the job effectively. The person’s integrity is also a consideration. The HR ought to be interested in the applicant’s attitudes, honesty, dependability, reliability and trustworthiness especially because they will have high-level access to the company. The HR should focus on the applicant’s likelihood to engage in inappropriate ...

Part 1

The relevant costs in making expansion decision are the fixed and variable costs as well as the costs of forgone alternative. The Opportunity costs refer to the profit that could be realized if the plant expanded into the general pastry market. The actual costs incurred in the expansion of the business are the cost of machinery, new building and variable cost of production i.e. additional ingredients and workers. The short run costs are costs that will be incurred to ensure the business increases production to utilize its idle production capacity. These costs include the cost of ingredients and additional ...

Introduction

There are many accounting systems all over the world, which exist in order to help various companies with the management of their businesses. The relative new financial approach is the Activity-Based Costing (ABC). Following Kaplan and Cooper, it is the type of accounting, which helps to solve the financial problems by using different strategies and approaches to each and every separate financial facility on the bases of the consumed materials and information (Kaplan and Cooper). ABC provides proper management of quality for the service industry with mentioning the peculiarities of development and emphasizing activities that conduct the whole businesses. ...

The managers of public sectors are confronted by the dilemmas related to ethics because they effort to select options surrounded by the values set. Ethical problems might emerge from similarly alluring alternatives that may perhaps be defended as the right one in some circumstances (Ehrich, Cranston & Kimber, 2004). The starting of the twenty-first era has shown the profession of accountancy as the biggest challenge to continue. Such task highlighted the need for the profession to make stronger the self-assurance of public in its ethics plus efficiency (Onyebuchi, 2011). The scandals related to accounting that is found out frequently in ...

Introduction

This report is a critical analysis of an ethical dilemma in the workplace. It will include the evaluation of the facts of the case in order to establish the fundamental issues and matters at stake. From there, a review of the fundamental theories of the situation will be conducted. This will culminate in the identification of the different approaches and views. Afterward, there will be the application of the theories to the facts of the case in order to conclude with recommendations on how to deal with the issues at hand. This will include the review of important theories ...

Significant Areas Addressed by Management

Cedar addresses the compliance of the guidelines of Government Accounting Standards Board in the city accounting reports. Compliance to (GASB) regulations through the provision of an overview of its financial performance for the fiscal year Accounting Policies Utilized by the City The policies include Analysis of financial statements The policies of liabilities, assets, deposits and investments (Rodenbeck, 2013) Statistical Section The statistical section will cover the computational outcomes of the management decisions. For example Depreciation of capital assets over the respective annual ranges The effects of deposits and investments Determining the values of the net assets, and its liabilities ...

Introduction

Accounting is loosely defined as the action of keeping accounts that are financial in nature. Careers in accounting are numerous. They include auditors, accountants, Bookkeepers and Management Trainees. Auditors are people with extensive knowledge in accounting. They are tasked with examining and analyzing the financial records of companies. Auditors are individuals who ensure that financial records are accurate and that remittance of taxes is done accordingly and in time. They are people who calculate the taxes that companies owe the Revenue Authorities. The auditors are individuals who suggest ways and mechanism of cost reduction and organize the financial records ...

Venn diagram

Venn diagrams graphical expressions used to show the relationship between two or more different sets of groups (Edwards, 2004). They show the logical relations among different sets indicating their similarities and differences (Edwards, 2004). For instance, if a class has 40 students with 25 students taking Accounting and 30 students taking Mathematics while five students are taking both Mathematics and Accounting, Venn diagrams can be used to show graphically the number of students taking each subject only as well those taking both subjects. In her article, Amy Myers articulate that Venn diagrams are not limited to three or fewer ...

My name is and I was born on the 23rd of December, 1988 in Keelung, Taiwan. My parents were and . I have one older brother who works as a firefighter for the FDNY. He also was part of EMT (FDNY) for 3 years. My family immigrated to the United States in 1994. Our only support here was my uncle . He is the only one from our family who speaks English. We moved to the United States because my parents wanted me and my brother to have a good education and have a better job. It was really hard for ...

Pervin Goker

Introduction Man has created various concepts for his convenience, one of which is institutions, and these are essential for maintaining order in that they streamline the activities to achieve a particular objective. There is a formal organisation to institutions which lay out rules and regulations for the conduct of the operations earmarked for them. This essay deals with the issue of mind and culture over institutions in nurturing social capital in four selected nations of the world. The essay has basically two parts viz. the theoretical basis and the implementation. The theoretical basis consists of resource, bare necessities and ...

Introduction

TSU has managed to build a business name in the industry in the past few years and has managed to maintain the name and increase the turnover due to the collective duty of each employee in the workplace. Hence, the success of the firm relies on the activities and actions of the employees as well as how they handle their duties and responsibility and ability to work together as a team. Despite the success of the firm, there exist potential areas that the employees can work together and steal from their employers. These are the areas that fraud could ...

An Overview of the Standard-Setting Industry And Its History

Introduction Accounting Standards have been in existence since the beginning of the recorded history. Some of these standards were set up by rulers or reigning kings. However, as the world developed, States started coming up with bodies aimed at controlling the quality and standards of products and services in the accounting sector. In the ancient world, the man used to come up with standards with a desire of harmonizing his activities with important changes in the environment. Some standards were also set in response to a rise in needs in the society. The standard setting body in America was ...

Two distinct set of financial reports are used in managing a company, one made by Financial Accountants and the other by Managerial Accountants. These reports are aimed at the company’s external stakeholders such as investors and creditors and are prepared for each quarter and at the end of the financial year and. The format and content of these reports are laid down in laws such as the SOX (Sarbanes- Oxley) Act and in accounting regulations such as the GAAP (Generally Accepted Accounting Principles) and the IFRS (International Financial Reporting Standards). Financial reports become comparable across companies. Managerial accounting ...

Introduction

Earnings or Net Income is the single most important figure in a company’s financial statement for the average investor. Even a small fall in the reported earnings can result in the loss of millions of dollars in stock value and subjects company managements to scrutiny by investors and financial analysts. Corporate executives are under therefore under pressure to meet market expectations resulting in “earnings management”. Earnings manipulations can range from minor adjustments within the law and the accounting standards to the outright fraud of showing non-existing profits (Carruth, 2011). The Sarbanes- Oxley (SOX) Act of 2002 was enacted ...

In theory, financial accounting and reporting should be objective and neutral. However, the standard setting process can be a challenge as it is influenced by external factors and groups with different interests (Gaffikin, 2005). In different countries, financial accounting tends to be heavily regulated, with laws governing how particular transactions and events are to be recognized, measured and disclosed (Gaffikin, 2005). As such, the accounting process leads to the generation of general purpose financial reports. There are two approaches to the accounting regulation process, the regulated and non-regulated approach (Hossain, 2011). The non-regulated approach is also known as the ...

Abstract

The Madoff Securities scandal was one of the biggest Ponzi schemes to hit America. This essay would examine the Madoff scandal from an audit perspective since it was the complacency (or collusion) of the auditors that encouraged the perpetrator of this scam. While the scam that was pulled by Bernie Madoff, was both large and difficult to spot, its detection also helped expose a crucial flaw that existed in corporate America at the time. This was the lack of regulatory oversight in the Securities business. While one could lay the blame for this scandal on the Regulator, another important ...

Business Management and Entrepreneurship

Introduction Business management or being an entrepreneur is one of the interesting jobs but also challenging. Entrepreneurs or business managers face various challenges as they manage their business. Some of the challenges can include coming up with products/services that attract customers, executing different business objectives, recruiting and retention of the right employees and also maintaining a wide range of business laws and regulations. In most cases, entrepreneurs that are most successful in managing their lines of business have a conceptual knowledge in managing business functions. Therefore, it is important for an entrepreneur or business managers to take business management ...

The FA

The FA i.e. The Football Association refers to the English football’s governing body, which was established in 1863. Ebenezer Morley is considered the father of The Association. The activities of the company include overseeing, promotion and development of the game at different levels like The FA Cup and England International Teams. The activities also include broadcast and media rights, sponsorship, licensing, merchandising along with sales of tickets (The Bloomberg, 2017).

Financial Position of the FA

Current position with respect to financials of the company as on 31st July 2015 provided an overview of that the company is continuously striving to generate commercial revenues ...

Abstract

The paper involves the study of the implementation of management accounting in the business environment as a way for companies to attain competitive advantage. The aspect of the paper is of high importance because every business needs to succeed or be ahead of a competitor and the only way to achieve that is through use of the competitive advantage. Competitive advantage can be difficult to obtain especially if a firm does not implement Porter’s competitive resources to analyse and understand the market environment. The paper will also briefly describe the aspect of management accounting and the activities it ...

Introduction

Management accounting (MA) involves collection and dissemination of accounting information for purposes of decision making. Over the recent past, management accounting has experienced significant changes, an aspect that is explained by different scholars (Sven, 2007, p. 336). The topic has attracted different concerns from various stakeholders, linking recent changes to globalization and changes experienced in the organizational settings. The concept of MA is understood to have significant impacts on organizational management as it is used in making strategic decisions (Arroyo, 2015, p. 287). This paper evaluates various theories explaining factors influencing change in management accounting. To achieve study objective, ...

Introduction

The concept of discrimination at the workplace has gone through a significant transformation as societal norms evolved under the pressure of globalization and urbanization, international mobility and access to information. While a lot have changed since the US have accepted equal employment opportunities and freedom of its black population, many will argue that gender and racial discrimination are still deeply embedded in employment relationships (Shen et al, 2009). The point that should be made here is once the first step was done to promote diversity and inclusion in social and business contexts, the society cannot go back and accept ...

Introduction

This report is about Northumbria Country Foods (NCF), a family run company dealing with the production of traditional and contemporary English food, with ten years of experience in the industry. However, despite tremendous performance in the past, the company is experiencing many challenges in the management of its information. To remain competitive in the market, NCF has to understand the changing needs of its customers and embrace a system that can support achievement of its goals. The accounting system used by the business is ineffective, and most of the records are managed manually. It is for this reason that ...

Introduction

Over the last few decades, there have been several changes in the roles of audit companies notably due to challenges that have affected the ethics and integrity of the institution of auditing. Traditionally, audit companies are mandated with the responsibility of analysing the financial systems, financial records as well as the compliance of companies’ financial reporting procedures with the specific national regulations. The effectiveness of audit companies in implementing these duties is extremely important in the public trust in business organizations around the world. Local and international investors rely on the accuracy of audit reports produced by audit companies ...

Report on Sierra Ltd.

Report on Sierra Ltd.

Introduction

This report will assess the dip in profit of the Sierra Ltd. and will closely monitor the current costing and pricing strategies. It will also assess whether the activity based costing is suitable for the company or not. On further, if activity based costing is implemented, the steps that should be taken by the management to ensure the implementation will also be analyzed. Mr. Kaur’s suggestions will be deeply assessed to ensure if going along his way is safe and profitable. The important concerns of the Sierra Ltd. are due to the refinancing to ...

About the paper

The paper discusses the use of funds in government accounting and will delineate how the fund balance represents the available spending resources of the entity. In addition, we will also comment on the special purpose fund in government accounting.

Government Fund and Balance of Fund

With regards to government accounting, Funds refer to the independent accounting mechanism with a self balancing set of accounts. The equity account, that represent the difference between assets and liabilities, refers to the fund balance, which the government or the respective department can use for future investment or to meet working capital needs. In fact, the overall objective of fund ...

Both managerial and financial accountings have entirely different users. For instance, financial accounting helps organizations to present their financial status to various stakeholders like board of directors, investors and financial institutions. Financial accounting also presents the monetary details of an organization for a specific period in the past and helps the audience to understand how the company has performed during the above period. On the other hand, managerial accounting helps managers to take day to day business decisions. In other words, managerial accounting has nothing to do with the past performance of a business organization, but with the current ...

China's leading role on the world market is undeniable. Over the years, Chinese reforms transformed this country from a backward agrarian one into a leading industrial power, by industry of which the stability of many countries depends on. Another proof was the fact that since 2010, China has become the second largest economy in the world after the US, ahead of Japan, which had occupied this position for 42 years (Greenaway & Milner, 2010, p. 20). Today, China is the largest consumer, producer and exporter in the world. China encourages the discovery of new commercial and industrial enterprises, the implementation ...

Introduction

Sierra Ltd. is an automotive parts’ manufacturer situated in Eastbourne, England. The company manufacturers several distinct products and follows the traditional cost management system. It uses machine hours as the basis of allocation of overheads to its product costs. This report provides an assessment of Sierra’s finance director’s proposal to adopt the Activity Based Costing system for allocating overhead costs more appropriately and to increase sales margins. The most important issues faced by Sierra Ltd. are the declining revenue and profits since the last five years, low projected net profits for 2016 and high product costs. Sierra ...

Introduction to Governmental and Not For Profit Accounting

The music outreach program organization duly formed is a form of not-for-profit organization. This is because the organization is established to meet the needs of the youth within the community. According to Razek & Hosch (1985), a not-for-profit organization is that organization whose agenda is to satisfy the needs of a group or entire community. It is an organization that does not focus on generating profits for its members rather it pursue the goal of bringing the members together to address a certain issue facing the community. Based on the case at hand, the organization focuses on bringing on board ...

Compare and Contrast Financial and Managerial Accounting

Compare and Contrast Financial and Managerial Accounting

Introduction

In the current world, the environment in which companies operate has become more competitive, and this trend worsens by the day. As such, it has become imperative that firms focus more on advanced and sophisticated means of gathering accounting information for them to react as required towards market dynamics. In this consideration, it is important for these companies to employ proper accounting practices, which might either be financial, managerial or cost accounting (Hoffjan, Nevries, and Stienemann, n.d.). This paper will, however, focus on the first two. It will explore their similarities, differences ...

Significant Facts

Oakland School District has a steadily growing numbers of orders as processed by the department. The restrictive School District accounting policies force the various departments to write an excessive number of requisitions to the supply management to write a detailed report as per the accounts plans.

Major Problem

Why is Oakland School District making a significant number of orders and unpredictable changes on the same orders? Another major problem is why are the accounting policies too strict? Possible solutions/Alternatives The first possible solution (A) to the biggest issue is to increase the number of suppliers. This solution will ease the workload ...