Accounting : Page - 3

Article Analysis1. The IASB (International Accounting Standards Board) develop accounting standards to be used by business entities for developing the financial reports. The accounting standards have undergone several changes in past decade. In this context, this section of the report undertakes an analysis and examination of an accounting article related to the emergence of global accounting standards. The article selected is ‘Global ac...

Importance of Organizational StructureThe scenarios of the organizations have been transformed since past few years. The development of the organization is highly dependent on the organizational structure (Ashkenas et al. 2015). An organization consists of various departments which participate in the organizational operation and stimulate the growth of the organization. The managerial department of the organization operates the organizational fu...

Calculation of Planning Materialitya) As per the Australian Auditing Standard 320 Para 9, it is mentioned in the standard that the auditor should consider materiality at the time of determining the nature as well as timing and extent of audit procedure (William Jr, Glover and Prawitt 2016). Addition to that, the materiality concept has to be taken into consideration when it is required to evaluate the effect of misstatement of financial stat...

Importance of the true and fair view conceptThis study deals with analyzing several methods of accounting that are used by an organization while they operate or function in this competitive world (Skyrms, 2014). It is essential for business organization to obey or follow with the accounting standards that is linked with IFRS and GAAP for presenting a good and fair financial report for their business. The current segment explains true and fair ...

Financiers' Control under AASB 10According to the given situation, LBX Pty Limited primarily had different shareholders that had around 25% of shares that was essentially assumed by Millionaires Club along with Pty Limited whilst the left over shares are possessed by the founder of the company LBX Pty Limited. Additionally, it is significant to allow for all the evidences as well as situations for assessing control over financiers. However, Mi...

The concept of consolidated financial statements World Retailing Ltd Consolidation/Elimination Journal Entry Particulars Debit Credit Elimination of Investment Share capital  $ 160,000.00 Retained earnings  $   80,000.00 Revaluation surplus  $ 100,000.00 Goodwill  $ 244,000.00 ...

Confidentiality Related EthicsEthics – it will hamper the ethics related to disclosure of confidential information of the client as the auditor disclosed some important details regarding the products and services of the client to the intended buyer of the business. Recommendation – the principle related to confidentiality is keeping the information of the client confidential and take all the necessary steps for preserving the confid...

Answers: Enero Group Limited Introduction Enero is a company providing joined services of marketing and communication. The services include advertisement, media planning, research, public relations, direct marketing and design and event management (Bloomberg, 2017). It mainly operates from Sydney, London and New York, and many other locations (Enero, 2017). Enero group limited is based in Pyrmont, New South Wales, Australia. The CEO of the c...

Understanding of Warehouse Management SystemsThe Warehouse Management System (WMS) is a kind of circulation focus organization structure and in addition Stockroom organization systems, which is manages different key bit of the generation arrange and fundamentally hopes to control the advancement and limit of materials inside a stockroom and methodology the related exchanges, including transportation, escaping, and picking (Lyon et al. 2017)....

History Of Lehman Brother And Its CollapseThe study is prepared describing the Auditing Issues involved in Lehman Brother and the impact of these issues on the collapse of Lehman Brother along with the reasons for introduction and taking effect of ASA 701-Key matters in the audit report of the company. At the start of the study History of Lehman Brother has been discussed to understand the working and practices of the company with the causes beh...

Answer: Accumulated Superannuation Year Age Salary Opening Super Balance Employer Super Contributions Less: 15% Contribution Tax Net Earnings Closing Super Balance 2016               Jerry 45 $105,000 $195,000 $9,975 ($1,496) $10,140 $213,619 Jenny 45 $0 ...

Similarities and Differences between Financial Accounting and Managerial AccountingMemorandum To: Susan Thompson From: Department Manager Date: May 19, 2017 Subject: Financial Accounting Viz a Viz Management Accounting   Hi Susan!First, I would like to congratulate you on being joining us as assistant in the management accounting department. We know that you have experience in the field of financial accounting and you can prepare t...

Current Organizational Structure: Supreme CoffeeThe aim of this research report is to present an account of strategic significance of information systems in context of critical organisational factors that may determine the success or failure of the organization’s investment in the system. The report used a wide variety of secondary resources including relevant books, journals and professional magazines to present an analysis of usefulnes...

BackgroundThe researchers in the article “Rethinking Stock Returns” defines as the growth and value stocks in terms of book value to market value ratio. The researchers state that the stocks having high ratio of book value to market value fall under the category of value stocks and the stocks which have low ratio of book value to market value fall under the category of growth stocks. Fama and French, the researchers, found that it ...

Answer: Answer to question 1: In the Books of Chili Journal Entries Date Particulars Debit Credit  01-01-2017 Bank A/c………………………………Dr  € 3,00,000.00     To Share Application A/c    € 3,00,000.00   (Being share app...

Advantages and Disadvantages of Auditors Providing Non-Audit ServicesPart A The Assurance services refer to the professional service that has been provided by a CPA or Chartered Certified Accountant with an intention of improving the information context so that the information can be relied on by the decision makers in a better way. There are different assurance services that can be provided by the auditor. Some of them are as follows: A...

Answer: Introduction Principles of accounting may be defined as broad underlying concept which guides bookkeepers while preparing financial statements. According to Bradbury & Schröder (2012), this report presents the financial statements of a new restaurant Apple which includes journal entries, ledger accounts, trial balance, income statement and balance sheet of restaurant for recording the daily business transactions in the books ...

Background Of FirmThe firm came into existence in the early period of eighteen centaury when businesses were started growing. The founder of the firm Henry Lehman started selling the dry goods to farmers in United State of America in his name. After six years of trading, two brother of Henry Lehman become the partner in the firm and the name of firm changed to Lehman Brothers. With new persons new ideas came in the firm and firm started sellin...

Doctrine of Judicial PrecedentThe judges in the lower courts follow the practice of following the decisions already decided by the higher courts. The process when the judges follow the decisions of the previously decided cases we call it as Judicial Precedent (Chaney and Martin 2013). The doctrine is a source of law where the past decisions regarded as law for the judges to decide in any similar case in future. The doctrine of judicial preceden...

Article SummaryThe main purpose of this paper is to critically evaluate an article in the context of accounting research in order to develop understanding about accounting theory and current issue. The selected article is "Half a defence of positive accounting research" by Dunmore (2010). This article is mainly based on positive accounting research in terms of identifying the main deficiencies in its current use. The author defined positive ...

Answer: Introduction In this report, an attempt is made to discuss the important topics of optimal portfolio and the systematic risk of the shares of a company. The portfolio that maximizes the return of the investors based on the preference of risk is known as optimal portfolio. The investors prefer an efficient portfolio because the characteristics of risk or reward of the portfolio satisfies the utility function of the investor. It is impo...

Background of the CompaniesThe following report aims to present the discussion on the strength and weakness of the company’s capabilities together with the discussion on relevant issues in the theory used by the companies. In order to present the discussion, Coca- Cola Amati and Pacific diaries beverage companies have been selected that incorporates identification of relevant accounting theory. The assignment covers the discussion based ...

Answer: Acquisition Analysis: Particulars   Fair Value Carrying Amount Net Fair Value Share Capital   0 0 380000 General Reserve   0 0 52000 Retained Earnings   0 0 40000 Plant & Machinery   199000 187000 12000 Net Fair Value of Identifiable Assets &...

Competitive rivalry among five suppliers of computer brandsAnswer to question 1 The classmates or the students can be able to provide an analysis of the competitive rivalry among the five suppliers of computer brands. This is due to the little differentiation in the supplier power of the personal computer. The rivalry also occurs due to the costing correlated with changing suppliers, the other reason is the buyer power that originates from th...

Situations that Require Auditor's AttentionIn the business organizations, the occurrence of certain incidents, events and conditions require the work of an audit expert to get to a proper solution. In this context, the International Auditing and Assurance Standards Board (IAASB) offers great assistance to the business organizations by providing the description of these situations or events or incidents that need the help of audit expert. More ...