Accounting : Page - 2

Sources of InformationVarious sources are available to the auditors to obtain the required information to gain an understanding of the client company. The following discussion identifies and assesses two such sources which can be used by the auditor to obtain information for gaining an adequate understanding of Gift: The audit file of the previous year is a major source of information. Accessing this file will provide the auditor with an unde...

Differences Between Management Accounting and Financial AccountingActivity-based management or ABM has brought significant as well as radical changes in the cost management systems. ABM tries to support the excellence of business by providing relevant information that helps in facilitating long-term strategic decisions regarding aspects of product mix as well as sourcing (Berg & Madsen 2020). ABM at the same time also tries to support contin...

Value and Growth Stocks: Accounting MetricsRisk-averse investors choose growth companies, which are high-risk but potentially higher-returning investments. All of those are stocks of firms that have the potential to develop rapidly and continuously in the foreseeable future (Calandro 2016). Value shares are preferred by long-term investors who are willing to take on less risk and they are limited in quantity and provide long-term investment re...

What are Audit Services and Non-Audit Services?Audit in simple sense represents an impartial inspection of the financial records of a business organisation. So, audit services are the services employed by any independent individual professional or an audit firm for providing an opinion and commenting on the reliability and relevance of the financial statements prepared by the company which is the audit client. This means that the sole purpose ...

ISA 500 pertains to ‘Audit Evidence’. The standard defines ‘audit evidence’ as any information which the auditor can make use for framing a conclusion which forms the basis of the auditor’s opinion. Audit evidences include information which pertains to the accounting records of the financial statements and any other information. This standard elucidates that the objective of the auditor should be to perform...

About the organisation Provide an overview of the organisation and product/services/programs. Describe the key functions and activities of the work area you will develop an operational plan for. Briefly describe at least two objectives outlined in the strategic plan (if there is no strategic plan for your business, develop two objectives for your work area or business). Describe your job role. Explain how your job role contributes...

Company BackgroundDomino’s Pizza is a multinational quick-service restaurant organization which was established in the year 1960 and is headquarter in United States. The company operates or runs through three primary segments: U.S Stores, International Franchise, and Supply Chain. Thus, segment of U.S Stores includes operations concerning all Franchised & company owned stores through the United States. Hence, its stores consist o...

Establishment of Separate Departments to Enhance Internal ControlThe organizations depend upon the information systems for carrying out along with managing all operations, interatom with the suppliers as well as customers, and competing within the marketplace. An information system is a components' integrated set to collect, process, and store data, along with to provide digital products, knowledge and information. An information system is use...

Answers Answer to Question 1) Requirement a) Acquisition Analysis:         Amount Amount Amount Total Purchase Consideration   $138,000   Less: Dividend Payable on 1 July 2020   $10,000   Net Purchase Consideration     $128,000 Less:     &n...

What are Hedge Funds?A hedge fund is a type of private placement investment that is managed by investment management firms and is made up of sophisticated or institutional investors. The fundamental reason why various individuals participate in hedge funds is to protect themselves from losses in other assets. Managers of investment pools employ a variety of tactics, including leverage and esoteric asset trading, in an attempt to outperform the...

Debt Capital MarketsAfter a period of uncertainty during the pandemic, which resulted in one of the steepest drops in global GDP in history, the prognosis for 2022 is brighter and more affluent. According to JPMorgan analysts, 2022 will be a year of global recovery following the end of Covid 19-induced limitations and the return to normalcy (JPMorgan, 2022). With the return of mobility throughout the world and a rapid increase in consumer expe...

Part A - Risk And Return CharacteristicsThe goal of this research is to identify and understand the risk and return characteristics of five worldwide asset classes, as well as make suggestions on whether or not each asset class is viable for investment. The first section of the research examines five asset classes: Australia's stock market, Canada's stock market, Australian 10-year government bonds, oil, and gold. A few statistical measures su...

Management/Cost AccountingThis report will be a focus on the Contemporary Issues in Accounting that includes management/cost accounting and environmental, corporate, and social accounting. The two issues will be discussed briefly and the last recommendation will be discussed to solve the contemporary issue. Contemporary accounting challenges examine a variety of current and growing worldwide difficulties to familiarise self with the corporate ...

SDGs as a WholeThe United Nations (UN) Sustainability Reporting Goals (SDGs) can be regarded as the blueprint for achieving a better and more sustainable future for all. The SDGs include 17 interlinked global goals focusing on different facets of sustainability (sdgs.un.org 2022). This essay aims at specifically discuss about different aspects associated with the SDG 4 Quality Education (SDG 4). First, this essay briefly discusses about the SD...

Operational PlanOperational planning is an outline of goals and objectives that a company creates in order to reach those goals. It contains an elaborate document containing responsibilities that the team members need to follow to understand and achieve those goals (Towbin et.al. 2018). The key elements of an operational plan that the organization crafts include a clearly defined vision or goal of the organization. This is followed by breaking...

Task 1 Laissez-faire economics refers to a theory that says the economy should not be intervened by the government except for protecting the inalienable rights of individuals. Laissez-faire policies must require three components to work that is capitalism, the free market economy, and rational market theory these are the key premises of laissez-faire economics (The Balance, 2022). Assumptions are made as per the rational market theory that in...

Complete this section before the stakeholder meeting Provide an overview of the business and its strategic objectives and goals. Worlducation is a social start-up that manufacturers different forms of tablet computers for the primary students.  The purpose of the organization is to develop and change the way of learning in schools and develop a process that can ensure the progress of a child. Some of the objectives of th...

The Meaning of AI a) What is the purpose of your report? The purpose of this report is to explain the opportunities and threats attached to AI to my accounting and non-accounting clients who are torn between the AI impacts in their present business models in order to recommend a position on whether or not the AI should be adopted or embraced.  This will help allay the fears of my clients and also buttress belief of the AI proponents ...

Background Information on BP's Response to the Oil SpillThe economic cost of the BP’S response to the Deepwater Horizon Oil Spill is continuously addressed as a controversial concept that has brought about several arguments. BP also released its group income statement for the fourth quarterly of 2010 on February 1, 2011. Consequently, is a reflection of a pre-tax charge of US$ 40.9 billion which is connected to the Deepwater Horizon Spil...

Types of Financial StatementsFinancial statements are considered as an essential component of the companies and organizations. The statements relate to the projection of values estimated for the business processes. Typical examples of the financial statements are the balance sheets, income statement and cash flow statement (Palepu, Healy and Peek 2013). The commonality of the term “statement” in all the three data bears correlation...

Situation Case 1   Clarke and Johnson have been auditor of Luxury Travel Holidays, which is a travel company for the past years. As the Board of Directors is impressed with the wok of auditors, they wanted to continue them as auditors of the company for next year also. However, another request which is made by the management to the auditor provides a speech in next seminar of the company regarding promotion of the company so that...

Compliance with AASB standards of ADCORP Australia Ltd.To illustrate this article tow companies selected are ADCORP Australia Limited and APN News and Media Ltd. both these companies are from the GICS group of Media. ADCORP is represented by ASX code AAU while APN News is represented by the ASX code APN. Both companies have registered office at NSW, Sydney, Australia. They are maintaining their annual fiscal period ending on 30th June. ...

Importance of Conceptual Accounting FrameworksPrinciple based standards is a flexible method of preparation of financial report where predetermined goals have been set out for the purpose of disclosing financial statements efficiently and effectively. Except rules based standards, principle based standards can be adjusted in variety of ways and its goals supports various different examples which can be used as a supervision to those examples. ...

Causes of the Global Financial CrisisThe financial crisis of 2007 and 2008 is seen as the worst financial crisis after the  great depression of 1929. The financial decline in the mortgage market in United States is considered as the starting point of the financial crisis (Erkens, Hung & Matos, 2012). The accounting rules and principles had a role to play in this crisis. Many accountants all over the world believe that the process of f...

Focus and approach followedThe present report deals with the context and application of AAS 15 (Accounting for revenue from the contract with customers). The standard was an amendment to all the previous standards which dealt with the revenue from contracts. The standards which were replaced by this new standard were AASB 111 (Construction contracts), AASB 118 (Revenue) and AASB 1004 (Contributions). The report explains the major dissimilariti...