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Fundamental CharacteristicsThe objective of this report is to assess how the capital market participants use operating lease in the off-balance sheet at the time of evaluation of the credit risks of the organizations. The study will focus on the risks that are associated with the operating lease. It will also focus on the accounting information and its treatment in the balance sheet with regard to the operating lease. From the economical aspec...
Similarities between financial accounting and management accounting Analytically discuss how management accounting varies from financial accounting. Accounting is the process of recording all its transactions of a specified period to know to ascertain the financial performance of a company. Accounting is not only done to know the financial performance but it also help us to gain information about the non financial performance. Accounting c...
Analytical Procedures at Planning StageAuditing is the important aspect of every company working anywhere in world. By doing audit of Financial Results present by the company, the auditor authenticate the results of company which has be used by third party present in internal and external environment in their decision making about the affairs of the company. It shows that role of audit and auditor is important for everyone for management of th...
Explaining the pricing strategy for HWLThe relevant declining pricing strategy is mainly used by the organisation, as the popularity of the solar panels is relatively going to diminishing in three years. Hence, the organisation could adequately choose the depicted prices of the units produced, as it might help in identifying the overall viability of the project (Armstrong 2014). Calculating target cost per unit Year ...
ABC System for Cost AllocationThe following table shows the assignment the costs to the activity centres using the resource driver consumption patterns shown in Schedules 1 and 2: (Amounts in $) Cost category Wages Building costs Depreciation Consumables Energy Other Total New product development &nbs...
Explanation of the Assumptions:The explanations to the assumptions follows that the revenue derived from the occasion with little amount of overhead. This provides the occasion with the speedy break-even point with little amount of overhead (Akintoye, 2014). Prior to arriving at the net profit tax rates are taken into the considerations for information. The event will not carry any loan burden which would be effected by the rate of tax. An ...
CrowdfundingTitle: Research on different aspects and the laws surrounding crowdfunding Capital is a key requirement for any company as for buying the inputs, for paying salaries, for buying land, equipments and for numerous other works of any business, capital is needed. There are different manners in which a company can raise its capital. The conventional methods include issue of shares, debentures, taking loans and the like. However, the un...
Question 1 Particulars Amount ($) 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...
Auditor's IndependenceThis article will be written with the objective of finding the feasibility of independence of auditor with the context of auditor- client relationship with special emphasis on the regulations made by regulatory authority of Australia in the form of The Corporation Act, 2001 of Australia (Intheblack, 2014). To make this use more detailed we have to consider the reference of Australian Securities and Investment Corporati...
1. i) The luxury Travel Holidays LTD (LTH) will re-engage Clarke & Johnson (CJ) as the auditor for the upcoming audit for the 30th June 2015 financial report on one condition i.e. the audit partner Geoff would have to give a speech about LTH for their business promotion and attracting investors. Here independence of appearance has been affected where the auditor, having knowledge of all facts of the company, has been forced to address the t...
Importance of Auditor Independence in Providing Unbiased OpinionsThe primary responsibility of the auditors is to provide the shareholders of the companies with an honest opinion as to whether the financial statements of the company reflect true and fair financial position of those companies. For this reason, it is important to have independence in the audit process so that the audit opinion of the auditors is not influenced by any relationshi...
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...
Identifying relevant details of work placeDowner Group is a public engineering and infrastructure company situated in Sydney, Australia. Grant Fenn, the Managing Director and CEO of Downer Group own the company. The company is reputed to provide services for mining, communications, technologies and transport services. In order to establish contact with the company, people need to visit the official website and drop emails as per requirements. ...
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...
Analyzing DIPL's Financial PerformanceAnalytical procedure is a part of auditing process which involves calculation of key financial ratios which enables to compare and analyse the performance of the company. It helps the auditor to form an overall opinion on the financial statement that whether they are showing true and fair view or not. It helps in comparing the past performance of the company with the present performance. The financial stat...
Conceptual framework and its reportingThe most important reference while measuring the financial performance of a company are its accounting statements which have been prepared by the administration of the concerned entity. This is done in accordance to the policies and regulations set by the financial institutions. Therefore, the adherence to the financial and other criteria or standards is very important in order to produce the accounting st...
Introduction to QuickBooks Accounting Software PackageThe organization was chosen which provides the best Accounting Software Package is QuickBooks which is mainly handling the development of the Australian system. The company has been able to address the small and the medium-sized business with the offering of the on-premise accounting applications as well as the management of the different versions of the cloud systems. (Schiff et al., 2014)...
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...
Preliminary Analytical Procedures for DIPL's Financial Report InformationAnalytical procedures are the procedures performed by the auditor at the end of the year in order to help the auditor create overall opinion regarding financial statements in his report. It is done to ensure that the financial statements are in the perspective of the firm’s auditor. It helps to distinguish between financial and non-financial information, a...
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...
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