Essays on Accounting Data

The first task to perform in the SD case was to Create New Customer and this essentially involved creating the master data for a new customer record. Basically, there are two types of customer data stored i.e. accounting data and sales data. However, there is also the issue of general data about a customer (names, address, email) which is common in both types of data mentioned previously and thus the customer master data was created in three different views (groups) i.e. general data, sales data, and accounting data. New customers can be centrally added such that all data views ...

**Business 4465**

Be sure to put your name and student number at the top of the email attachment. Your document must be less than 10 typed pages. Please read the questions carefully. Write all you answers in a word document, label all questions carefully. The best answers are those that answer the questions well and concisely using material within the scope of the course and not irrelevant material from other sources or from the internet. Answers that are beyond the scope of the course will receive no marks. Answers that are not written in the own words of a ...

Abstract

National accountants have been confronting critical public scrutiny because traditional accounting models take for granted the cost of environmental damages. Supporters of environmental accounting argue that the complete consolidation of the economy and environment can merely be attained through calculation of the actual costs of the interplay between the economy and the environment. As revealed in the case studies, developing countries, like Ghana, have initiated massive attempts to determine the cost of damages or depletions to their natural resources. In contrast, highly developed countries, like France, Sweden, and the UK, appear to be satisfied with gathering environmental protection costs ...

Introduction

In the recent years, forensic accounting has acquired a great deal of attention from scholars belonging to several countries. Forensic accounting is a specialty in the field of accounting, which involves professional accounting skills for resolving potential civil or criminal litigation, such as lost profit and loss accounts, income statements, assessment of internal controls, assets, fraud and other finance-related transactions (Ozkul & Pamukcu, 2012, p. 23). The word ‘forensic’ refers to any information meant for use in the courts as evidence. Forensic accounting has become a limelight due to an increase in white-collar crimes as law enforcement institutions have failed ...

Accounting Standard followed by the company:

i) General Mills Inc:

General Mills Inc, for the purpose of its financial reporting, follows Generally Accepted Accounting Principle(GAAP).

ii) Meiji Holdings: The company, for the purpose of the financial reporting and also for its subsidiaries, follows Generally Accepted Accounting Principle(GAAP). The company declares that the accounting standards are different from International Financial Reporting Standard(IFRS).

Accounting Standard followed by the auditors:

i)General Mills Inc: The financial statements of the company are audited by KPMG LLP, which are the external auditors of the company. The external auditors have used standards of Public Company Accounting Oversight Board(United States). The standards obligates the auditors to ensure that all the financial statements of the company are free from any material ...

The importance of accounting analysis was emphasized in the Chapter 3. The authors stated that disclosures of the financial statements are made on the basement of accounting analysis. Also, they noted that understanding of accounting information collected helps use the financial information more effectively.

Chapter 3 of the book highlights three important concepts namely: factors influencing the quality of financial reports based on accounting analysis, the drivers of accounting choices, and incentives of the managers that should be considered when making the financial reports. According to Sarbanes-Oxley Act, CEO, CFO, Board of Directors ...

a. Purpose of Managerial Accounting Managerial accounting is the process of preparing accounts and management reports that provide timely and accurate statistical and financial information. Managers require such information in making short and long term decisions (Wild, Shaw and Chiappetta, 2013). Unlike financial accounting that produces annual reports used by external stakeholders, management accounting generates reports means for an internal audience and use. The objective of management accounting is to improve on the effectiveness of both control functions and management planning. Management accounting serves four functions; cost control, cost evaluation, management planning and performance evaluation. It provides ...

Introduction

With the emergence of a global competition, every business faces a challenge to capture more market share by improving the bottom line of its financial statements and reinvesting much of the earnings to expand operations. For this organizations implement tight internal controls so that none of the business transaction goes unchecked. In this regard, an auditor’s role is critical to track any possibility of fraudulent activity within the business finance. With such a concept in mind, this paper has been written to identify the roles and responsibilities which an internal auditor assumes within an organization. The major focus of this ...

Accounting plays a vital role in today’s automated world. In order to improve the efficiency, there have been some major changes in the field of accounting during the past few years. McCarthy (1982) suggested a substitute approach in order to represent accounting information. Instead of concentrating on debits and credits, which neglect some essential data about economic events, he proposed to present the detail about every resource in the firm’s control, the events that bring a change in the amount of these particular resources, and the agents who are a part of these events (‘The Resources, Events, and Agents (REA) Approach’). ...

Residual Income Model

In general, the residual income model makes no assumptions relating to the future earnings and earnings growth. However, if we assume a constant growth and dividend growth, a residual income model can be derived that efficiently illustrates the fundamental drivers of the residual income. Thus, under such assumptions, a fundamental based equation for justified Price/Book Value which can be derived will be: Po/Bo= 1+ (ROE- g)/(r-g) Interestingly, since the justified price is equivalent to stock’s intrinsic value, we can re-arrange the above equation to find the intrinsic value of the stock. For Instance, since Po= Vo, we ...

Executive Summary

Wal-Mart Stores Incorporation boasts of market leadership in the provision of retail products and services to clients located across the globe. According to Walmart (2013), the retailer relies upon its 10,900 retail units spread across 27 countries to increase its share of the retail market. The retailer, listed on the New York Stock Exchange, is the largest in the United States of America. Essentially, the company provides all products under a single roof. This ability appeals to customers who have limited time to shop around for consumer and commercial products. The company has grown its internal operations to ...

Accounting is by itself indeed information to various parties in an organization who includes management, employees, as well as external parties such as the suppliers and government. It provides information concerning various aspects of needs in the organization and outside the organization. The accounting information provides the basis for making most of the crucial decisions in the organization. Accounting information processing is a branch of accounting information system, which is mainly concerned with the processing of information collected and stored. The accounting information is obtained from the daily activities done by organizations named as accounting transactions. The process derives the ...

Differences between managerial accounting and financial accounting

Financial accounting is mandatory since some external parties like tax authorities’ creditors and shareholders’ require such periodic statements, while managerial accounting, is not mandatory. Managerial accounting reports are prepared for use by managers while financial accounting reports are made for external parties. The former must be prepared according to the GAAP standards, while in managerial accounting some provisions are ignored. Though the two procedures use the same data, the relevance is different; financial accounting data are verifiable and objective and used when to solve situations at hand (Tulsian, 2002). On the other hand, managerial accounting data is flexible and ...

Introduction

There are certain differences between internal and external financial accounting. Internal financial accounting is also known as managerial accounting. The main differences between the two activities are the users of the financial statements, the types of information, the frequency of preparing the statements and the regulatory oversight of the accounts. The external financial information is a summary of the historical data of the company and it is mandatory for the accountants to prepare these statements. On the other hand internal financial accounting is detailed in nature and tends to be futuristic in terms of projections, budgets and estimations. It is ...

Introduction

Managerial accounting commonly referred to as management accounting deals with analyzing and making use all the essential accounting information by the management in making informed business decisions. The accounting data used provides the premise on which the decisions of the management will be based. A more thorough definition has been provided by the Chartered Institute of Management Accountants (CIMA). In its definition, CIMA states that management accounting is the discipline that employs identification, determination, analysis, preparation and use of accounting data in planning and executing strategies that will ensure proper use of company resources to attain the goals of ...