Accounting : Page - 10

Role of financial accounting in internal and external environment Question 1: Difference between capital expenditure and revenue expenditure: Capital expenditure of an entity represents about the expenses on the fixed assets which is expected to improve the productivity of an asset for a long time whereas the revenue expenditure of an entity is the total cost which is associated to particular revenue transaction such as cost of goods so...

Case 1: Short-term and Long-term Debt FinancingCase 1 From: STUDENT NAME, Consultant To: CEO & Audit Committee Date: November 12, 2017 Subject: Critical analysis of short term & long term financing Dear Sir Financing is crucial for the smooth functioning and expansion of any business. With regards to various sources of financing, some provide short term financing such as commercial papers and working capital loans. On the ot...

Advantages and Disadvantages of Fair Value Accounting (FVA)The main purpose of this assessment is to analyze the concept of fair value accounting and how the same has affect the overall accounting process. The concept of fair value has an important significance in accounting and is used for measuring the assets and liabilities of the business. The fair value accounting principle requires businesses to value their assets and liabilities at curren...

Stakeholder theory: Managerial perspectiveConstitution of audit committee is not mandatory for all corporations in Australia. However, it is recommendatory for all entities to constitute audit committees to ensure compliance with the provisions of Corporations Act 2001 and other legislative requirements for corporations established and incorporated in the country. Companies unlike earlier now requires to make disclosures in relation to corpora...

External Costs and Inefficient Resource AllocationExternal benefits or external cost either in consumption or in production process interrupts efficient resource allocation. These are benefits or costs that though present in economic transaction but are not accounted by the direct parties involve in the transaction. Such benefits and costs are thus not reflected in the market price. External cost refers to the additional cost present in the pr...

Overview of Vallée de Goût's Business and Service ChallengesVallée de Goût is a French Cuisine that has been growing with steady rate due to the contemporary fine dining and luxurious comfort at their restaurant. The quality standard can be rated high however, the handling of overcrowded customers during weekends are not being managed by the restaurant due to several human errors. Introduction of a sophisticated Infor...

Learning Objectives AchievedAnswer: Vitragroup is one of the world's largest manufacturer of commercial facade panels. The company manufactures a wide range of facade products, in addition to being the leading producer of coating applicators of wall cladding panels and products with super high performance and flexibility. Our inspiration comes from our vision to be the world's leading manufacturer of quality facade and cladding products; throu...

Medicare Levy 1.50%   Employees worked 7 hours or more overtime in this pay period                     Period ending 11-10-2018   Given Name Last Name Week 1 OT Hours Week 2 OT Hours                         Overtime Rate 1.5   Smith Aeddula 8 3       ...

Assessment Description:The Business-to-Business (B2B) model of e-commerce has been primarily chosen for the conduction of the assessment. The B2B is regarded as a form of business model in which more than two business would be able to interact with each other in daily business transactions (Janita and Miranda 2013). This process involves the form of business transactions among each of the businesses. These kind of business transactions involve...

Classification of Items Accounting for share capital Work note 1 Table for shares Applied, Allocated, Cash received related to application & Excess cash received. Applied Allocated 6,000,000 5,000,000 No. Of shares No. Of shares allocated (B) Total cash received (C) Cash received that related to application Excess cash received from applicati...

Article 1: Reasons for selectingThe report contains an overall study of the two journal articles selected on the topic accounting for Employee Benefits. International Accounting Standard Board has formulated a standard IAS 19 Employee Benefits which lay down some provisions requirements to be followed while accounting for all type of employee benefits. The benefits include all type of services that are provided to the employee in exchange of i...

Backgroundi. Whether OW is bound by the supply contract with Seedy Vineyards given that a. Priya has exceeded her authority b. The agreement is in breach of the objects clause in OW’s constitution; ii. Ted can enforce the clause in the constitution appointing him as company solicitor and what type of remedy would be applicable. When any company is formed then it is an artificial legal personal in law (Salomon v Salomon & Co...

Introduction and backgroundThe auditors are currently responsible for both the civil as well as the criminal offences. The criminal offences takes place when the companies breaches the rules and the regulations that have bene imposed by the government. There are mainly 2 types of laws, one being criminal which deals with the transactions between the entity and the state and the civil law that deals with the transactions between the individual ...

Client’s Details Client Details Applicant's details Clients Clients First name/s Jacqueline Hugh McDowall Surname McDowall McDowall Number of dependant None None Relationship Wife Husband Employment status Full time Full time Occupation Nurse Truck Driver ...

MethodologyThe audit of a business is conducted with the intention of ensuring that the financial statement which is prepared by a business is showing accurate view of the financial position of the business. The financial statement of the business is the main source of information about the company which is presented to the investors on the basis of which the investors have to judge how the company is performing (Knechel & Salterio, 2016)....

Perpetual and Periodic Inventory SystemsIn the present days, there has many accounting softwares arrived in the market; however, the utility of Excel still persists. The Excel spreadsheet provides variety of functions and modality which is the most crucial advantage of using Excel in business management. The other accounting softwares are made customized to cater specific business needs. So, the utility of excel increases due to its flexibilit...

Nature of Enterprise and Processes Selected by the OrganizationBusiness organization have been facing a lot of dynamic challenges with the change in the time. In this globalized time, businesses have been requiring various strategic thinking for developing their businesses in the market. The proficiency of the tasks have been expanded in the advancement of organization in the market. The transportation arrangement of the organization has been ...

Overview of Trunkey Creek WineThe mechanism of ratio analysis refers to the financial statement assessment for obtaining the financial performance company measurement in the major areas of the business. For the current organization of Trunkey Creek wine that is chosen the accounts which are to be examined includes investments, accounts receivables, marketing expense and property assets. In this section, risk of audit deals is analyzed that dea...

How to use the Jaro score for matching Martha and Marhta 1 >a < - ‘Martha’ 2 >b < - ‘Marhtas’ 3  A = 6 (length of a) 4  B = 6 (length of b) 5  m = 6 (number of shared symbols) 6   t = 1 (number of necessary transpositions 7 >d < - function (A,B,m,t) { 8 +   ...

Benefits of Activity Based CostingThe overall report work has provided for the usefulness of the management accounting technique so s to enable the organization concern to grasp the varied sets of the benefits associated with the costing. Further provided, the report has highlighted on the significant factors that are related to the Activity Based Costing so that the resources can be used in the best manner. Further provided, the report projec...

Behavior, Contingency, and Influence Theories of Leadership The term leadership, when it comes to business, can be defined as the ability of the management of an organization to set as well as achieve challenging goals, outperform the competitors, take swift and decisive action and finally provide effective intrinsic as well as extrinsic motivation to the followers so that an enhancement in the yearly revenue can be obtained. From time immemori...

Importance of Ethics in AccountingThe use of ethics in accounting is in general concerned with making good and moral decisions in relation to transparency and disclosure of financial information. However, over prediction of financials would not be breach of ethics. This is due to the reason that, failure to maintain transparency and disclose relevant financial information to the investors would actually affect the decision of the investors (Le...

IAS 16 Compliance for Carrying Value Determination1.The determination of carrying amount of Property, Plant and Equipment needs to be in compliance with IAS 16 which deals with Property, Plants and Equipment. As per the provisions which are stated in IAS 16.43, in case the business uses cost model, each part of the property, plant and equipment with a cost which is considered to be significant in relation to the total cost of the asset must be...

Steps for determining materialityWhile the auditor carries on the audit procedure the main objective is to express the opinion regarding whether the financial reports are presented in all the material aspects, as per the applicable framework for financial reporting. This is separate decision and separate responsibility that is made by the company while preparing the financial reports (Christensen, Glover & Wolfe, 2014). In auditing context...

What is a Contract of Service?A ‘Contract of Service’ explains the association between employer and employee. It comprises of the terms and conditions of employment such as essential clauses, eh scope of the job and hours of work. Thus a contract of service is an agreement in which one individual express his consent to appoint other person as his employee and the other individual approves to assist the employer as an employee. The ...