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Question 1 Particulars Amount ($) Revenue 4.50% 700000 Agency Revenue 31500 Fixed costs Office Rent 3400 depreciation of office furniture 390 electricity 640 multi-line telephone system 380 computer cabling connection 480 ...
Answering Question 1: Differences between management accounting and financial accountingAnswer 1 (1): Accounting is a vast field. In order to simplify the knowledge and its application it has been divided into management accounting and financial accounting. These two are very different from each other. In the discussion below we will discuss these differences: Objectives: the objective of financial accounting is to disclose and present the...
Meaning of Sustainability accounting and ReportingSustainability accounting and reporting is wide known concept and there has been huge debate over this topic due to its relevance in the outside world. Sustainability accounting is now becomes a generic term and there are many definition to this term as it is very wide concept. Sustainability accounting means accounting of financial as well as non financial matters that represents the perfo...
Difference between static planning and flexible budgetStatic budget is the type of budgeting which incorporates the projected values in regard to outputs and inputs that are mostly conceived prior to the period in the question. They are prepared during the beginning of accounting period, highlighting how much an organization project it would receive and spend (Chenxi, 2011). It usually offers or gives realistic objective for accounting perio...
Background5th April 2017 Tony Local news reporter, Email address- Tony @gmail.com Phone num- XXXXXXXX The success and failure of an entity is always depends upon its employees. Even almost all the organization depict in their annual reports about their key executives, managers and other employees and appreciates their effort for the success of the company. Early evidences depict that human resource’s replacement cost is substan...
Analyzing DIPL's Financial Reports for Preliminary Analytical ProceduresIn the method for setting up the review design of Double Ink Printers Limited (DIPL), the investigative procedure related with money related information gives monstrous regard. As a matter of fact, review design passes on the required orientation and principles to the evaluators in the midst of the review operations. Precisely, review design engages the evaluators in keepi...
Capacity to adapt in Continuous Contemporary AccountingContinuous contemporary accounting is a system that measures the value of organizational assets and liabilities by considering the current and fair cash price. This accounting system incorporates determination of company’s profit and loss with respect to the changes in transaction value in accordance with the present value. During the initial period, the accountants based on the hist...
Business OverviewOrganization asset deals with running an organisations resources so as to be able to help improve the performance of the business. It focuses on the activities that are needed to control a company’s records as the personnel are referred to as important but not critical resources. It uses information technology resources and also by virtue of overseeing information resources. Knowledge management is the process of creatin...
Question 1: Management accounting and costsCertain cost elements are associated with the cost of producing a cost or service, five of which are described along with their examples as follows: Materials: The costs of materials are tangible goods required to produce a product. The material costs could be in the form of direct or indirect material costs. The direct costs of materials are the traceable and quantifiable costs incurred in producti...
Key Risks in Auditinga) From the case study, it is recognized that Sharon Gallagher, Josh Thomas, and Jo Wadley are associate members of an audit firm named W & S Partners. Sharon works as an audit manager, Josh is a senior auditor, and he helps the partners. Jo Wadley analyzes the decision of accepting the auditing task of Cloud 9 Pty Ltd for the year ending on 31st 2016. In this matter, Jo has investigated various things, and he discover...
ASIC v Rich Case - Allegations and the Judgment Decision given by Austin J in case law Australian Securities and Investments Commission v Rich (2009) 236 FLR 1 (‘ASIC v Rich’), redraw the provisions related to business judgment rule in Australia. This report discusses the business judgment rule and also the decision in ASIC v Rich. This report mainly focus on three main issues which directly relates with the balance between auth...
Need for Audit from an ExpertThis report contains the analysis of the case study given for DIPL where the services of an expert is used by the company to collect evidences for material misstatements which was founded in financial reports. It is important for a company to prevent material misstatements in the financial records and statements. For this purpose company conduct internal and external audit depending on the demand needed for the typ...
Drivers of Audit QualityAuditing is the process to conduct a formal inspection on the financial and accounting statements of the companies. For this reason, business organizations consider auditing as one of the major drivers for success for their business organizations. It is the responsibility of the auditors to make it sure that the financial statements of the companies are free from any kind of material misstatement (Arens, Elder and Mark ...
Failure of the Introduction of the New Conceptual FrameworkThe main objective of the essay is to analyze the financial reporting, as there is a need for an analysis on the failure of the introduction of the new conceptual framework. For this reason, it is needed to bring radical changes in the introduced conceptual framework (Weil, Schipper & Francis, 2013). The introduction of SAC-4, that is Statement of Accounting Concept, has made it ne...
Benefits of Budgeting for the company and its role in business developmentEvery business, whether small or large, operates to achieve its goals and objectives. The objectives can either be financial or non-financial. To achieve those objectives the businesses needs formulation and implementation of various plans. Proper planning is necessary for the survival and growth of the business. Budgeting is the integral part of planning process of an o...
Financial Performance Analysis of AB plc and its CompetitorThis case depict about a company which is trying to buy the shares of an unlisted company. In this report, various ways has been analyzed through which the company could enhance the funds and raise the funds from various available sources. In this report, AB plc’s case has been studied and it has been found that this company is trying to acquire an unlisted company to grab the ma...
Liquidation Causes in the CompaniesThrough taking cases of the chose organizations those are all around distributed, for example, ABC Learning, HIH Insurance and One Tel Phone Company; the present paper will consider uncovering a few factors that added to liquidation of these organizations alongside specific governance and administration angles that depicts such money related anxiety. Liquidation of an organization can be clarified as a pro...
What are the signs that a company is insolvent, and what actions and proactivity is required of the directors in these circumstances?Insolvency refers to such a situation in which the person is unable to pay back the money which they owed to the others. In terms of a company’s insolvency, the company is unable to pay the debts owed by it, to different stakeholders. Insolvency broadly has two forms, i.e., the cash flow insolvency and the ...
Conversation with the CEO of a CompanyConversation with Chris, CEO Threat of Advocacy has been identified in relation to the auditor independence (Edwin, 2015). In the conversation with the Chief Executive Officer of the company, he has said that Geoff, audit partner of the audit firm Clarke and Johnson, have to promote the business of the company by revealing the benefits of the products of the company along with the other advantages ...
Why the Change of Depreciation Method?This paper is an analysis of one of the Sunshine Limited operational models. The Sunshine Limited is a large department store in Australia. Since the inception of the company, The Sunshine Limited has been employing straight-line depreciation model in their daily business’ activities. During the company’s financial year that ended in June 2015, the Sunshine Limited made a good profit; a trend t...
Cash flow TableIn this report, an attempt is made to analyses the project using the NPV, IRR, payback period and Profitability index. The report also analyses the sensitivity of the projects using different techniques. The main aim of the report is to evaluate and suggest the projects. Statement showing Cash Flow Particulars Year 0 Year 1 Year 2 Year 3 Year 4 Initial Investments ...
Acquisition Analysis as at 1 July, 2015 Net fair value of identifiable assets and liabilities of Zack Ltd. Share Capital 1,50,000 General Reserve 34,000 Retained Earnings 20,000 Lan...
Processes to Reduce Audit Expectation GapAuditing is the process of inspecting the financial reports of the business organizations in order to confirm that there is not any material misstatement or frauds in them. In the process of auditing, one of the major concepts is the Audit Expectation Gap. Audit expectation gap can be defined as the difference between the expected and actual performance of the auditors (Gold, Gronewold and Pott 2012). A...
Introduction:Economic decision in every society must be made based on the information that is available at the time of decision-making. For example- the decision relating to giving a loan by the bank is made based on the financial relationships with the business, the financial condition which is reflected as per the financial statements of the company. If the decision is consistent according to the decision makers the information used in the d...
MethodologyManagement accounting, in simple terms, refers to the processing of financial data to evaluate company performances, in view of its profitability strengths and challenges. Not only does an effective management accounting system help with the conduct of a risk-averse strategic framework, but also assists in the identification and mitigation of transparency threat in the overall process. Early identification of financial risks, widening...
