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Activity-Based Costing for Manufacturing CompaniesIn the present era, the production process of multiple products in manufacturing companies is supported by various activities and department due to which it is not feasible to allocate overhead as per the single rate (Oseifuah, 2018). Therefore, traditional costing is not suitable as it leads to a wrong decision regarding cost consumption and profit generation for individual product or departme...
Indicators of Asset ImpairmentMyer Holdings Limited is a merchant store company in Australia. It operates approximately 60 retail stores located across Australia. Myer limited company deals with a range of products including menswear; women wear, children’s wear, electronics, cosmetics, and accessories among others. Impairment of assets occurs on intangible assets which involve identifiable non-monetary assets that cannot be touched, ph...
Evaluation of Owner's Equity of CSL and Cochlear LimitedEvaluation on the accounting treatment of an organization is one of the essential aspects of the corporate finance. It is essential for an entity to follow the accouning standards and principle to recognize, record and present the accounting figures in the financial statement and annual report of the company so that a fair value could be conveyed to the stakeholders of the entity (Romney,...
BackgroundThe current paper has been prepared for the purpose of recognising any noteworthy accounting problems that requires to be examined with regards to Myer Holdings Limited. The company is a high-end chain store in Australia trading with varied commodities such as- outfit, accessories, footwear, home ware, fragrance, books, stationery, food and other grocery products (Myer 2018). The study would focus on discovering the proofs that imp...
Managing Earnings at WorldCom Part (a): Ways through which senior managers at WorldCom managed earnings: Scott Sullivan, the Chief Financial Officer of WorldCom, has distorted the earnings of the organisation by breaching two primary accounting rules, which include capitalisation and accruals. Moreover, the senior managers had overstated the pre-tax earnings of the organisation by disclosing the accrual balance to the profit and loss stat...
Overview of Activity Based Costing (ABC)The main purpose of this paper is to discuss two research-based journal articles relating to Activity Based Costing (ABC). These two articles discussed are “Implementation of the Activity based Costing Model for a Farm: An Australian Case” and “The Impact of Activity based Costing on Organizational Performance”. The paper explains the Activity Based Costing (ABC) method ...
Budgeting practices in a businessManagerial Accounting is a foundation of a business which assess the costs which is incurred by the businesses in different activities of a business and the same is useful in the decision-making process of the business. The focus of managerial accounting is to assess the information which is related to costs of the business which is used by the business for making appropriate decisions in a business. There are ...
Answer: Dr. Cr. Date Particulars Amount Amount 01-06-2018 Cash at Bank $10,120 Accounts Receivable $19,111 Motor Vehicle $32,752 Gym equipment $21,829 Stationery Supplies $409 Accoun...
Definition of Auditor IndependenceIn the present corporate world, enhanced auditor reporting requirement has been effective and due to same enhanced transparency is available to the users. The changes in the audit requirements have been made in accordance with Australian Auditing Standards. Present report emphasizes on assessment of the existence of auditor independence in Apollo Tourism and Leisure Ltd. Further, analysis of key audit matter a...
Fair Value Accounting: Advantages and DisadvantagesThe underlying essay is undertaken for presenting a critical review of the article is written by Antonia Marra and published in the year 2016. This article provides the information on fair value of accounting and how it helps in valuing the elements of financial statements. It also discusses the pro and cons of fair value measurement in the global accounting. The critical review is undertaken ...
Advantages of Fair Value AccountingFor above the last two decades, the fair value accounting concept is followed. The idea behind it is measuring assets and liabilities at their existing values. This has been a significant deviation from the fact that the books of accounts need to be valued at historical cost and not at their existing values. However, this concept leads to a debate, as certain factors need to be taken into consideration for un...
Purpose of the Two StudiesThe management of particular organizations uses budgeting as a tool for planning and control of various activities. The tool is typically used to plan for the present and future activities. Normally in the organizations, the actual costs are estimated against the projected expenditures with the aim of ensuring that the various activities are controlled with the aim of reducing wastage. The key aim of this report there...
Question 1Business organizations are largely emphasizing on becoming more responsible by increasing their involvement in activities that benefits the community and environment as a whole. The information related to the social, economic and environmental performance of a business entity is disclosed through development of sustainability reports. Sustainability reporting is also known as triple bottom line (TBL) reporting that emphasizes on disc...
Explanation of activity-based costing (ABC) systemWith the increasing speed of globalisation, all business organisations are focused towards raising their profits. Under such condition, when there is increase in sales revenue, the variable costs tend to rise as well. Hence, this has mandated the need for the organisations to select a suitable costing method having the ability of recording and analysing the business costs (Chenhall and Moers 20...
Understanding the differences between Capital Market Line and Security Market LineInvestors use different type of techniques for evaluating the current valuation of the stock and detect viable investment scope, which helps in strengthening their portfolio. The different valuation such as CAPM model, minimum variance portfolio, capital market line and security market line is used for enhancing their exposure in the capital market. investors uti...
Relevance of Fair Value AccountingIt is observed that for the past two decades the practice of fair value accounting to measure the asset and liabilities at estimated current value is rising rapidly and the measuring process is very different from the traditional historical cost book-keeping method. The changing pattern of asset and liability measurement has a huge impact on the business world effecting the business activities, investment choi...
What is Impairment of Asset?Impairment of asset is a major accounting adjustment. As per the AASB 136, Impairment of Assets, impairment refers to the permanent or the irreversible brought down of the value of the fixed or the tangible assets and intangible assets. Impairment happens when the carrying value of the asset is maintained at a higher level in relation to its recoverable value. This means that the asset of sold shall fetch a value wh...
Question 11.As in the given case study, it can be seen that Kody and Ryder have started the organization named Astounding Gifts Pty Ltd. Both partners are agreed with the contract that they hold 45% of an organization’s share and remaining 10% will be given to Salman who work in the organization as an accountant. The main issues associated with the organization is that, salman as an accountant,...
Explanation of Activity based costing methodFor effective financial transaction and performance within organisation, management accounting one of the most significant concepts by which firm can effectively carry its activities. It is a procedure to analyse and assess the financial performance of the corporation by which effective decision can take by finance manager for future activities of business unit. Management accounting is a systemati...
Main points of the argumentThe purpose of the report is to explore generally how mining industry practise and carry out its social responsibility. The report also explores the social responsibility in the mining industry and the association between environment and CSR, quality management system and safety. Mining industry has been focusing and adopting these measures in the last decade. The report also reveals that social responsibility is assoc...
Profitability AnalysisThe main purpose of this assessment is to analyze the financial statements of Flight Center Travel Group Ltd which is engaged in providing flight services to the customers. The report will be considering the financial information of the business which are taken for the annual report of the company for a period of five years. The assessment will also be including computation of key financial ratios of the business which ar...
Two Key Assertions at Risk In Relation To InventoryThe main purpose of this paper is to identify and explain two key assertions at risk in relation to inventory as well as identify and describe two substantive audit procedures that are performed in response to each identified risk. The paper also explains the requirement of ASA 701 that relates to communicating key audit matters. In addition to this, the paper seeks to identify and explain two...
Introduction:The major purpose of making this report is to provide proper acknowledgment of using management accounting tool in real life organisation. This reading is based on research journal articles which will explain importance, use and significance of management accounting tool through detailed analysis. Analysis will be based on accounting and management journal and articles. Activity based costing is to be chosen as per instructions an...
Financial CrisisFinancial Accounting which is commonly known as accounting is the basic branch of business dealing with the records, analysis, transactions and all other data of a particular business firm during a particular span of time. Financial accounting is the base of every business and it was practised since olden days, the difference being now is the change of method and types. Financial accounting is basically the day to day record of...
Introduction to Standard CostingManagerial Accounting is an accounting process which considers the costs aspects of a business and how the same can be used by businesses in decision-making process which is undertaken by the management. The accounting process is closely related to cost accounting process and the main functions of this are to classify, measure, identify, analyze and communicate information to the managers of the business so that...
