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Limitations of Traditional Management Accounting PracticesControl, compliance along with competitive report serves as vital aspects that have facilitated in development of the management accounting practice. Such tradition process of carrying out management accounting practice has certain limitations that includes that they just focus on the financially based business performance measures so that the financial perspective has a considerably in...
Step 1: Understanding the curriculum contextCompleting this audit will take approximately 2-3hours. As you are using this tool to evaluate your current historical skills, knowledge and conceptual understanding, you should complete this without conducting any ‘research’ (internet or textbook searches!). There are several steps in completing this ‘audit tool’. Please note this is an indicative tool ONLY – it does ...
Question 1: Use Classical Political Economy Theory to explain JB Hi-Fi’s decision to release its profit downgrade in the way it did. Make sure you explain what Institutional Theory is, and support your observations with evidence from the case study. Classical Political Economy Theory can be effectively used to explain the decision of JB Hi-Fi to release its profit downgrade through expounding on crucial attributes prese...
Should Accounting Standard Setters Consider Economic and Social Consequences?Accounting standards are one of the most important aspects of the functioning of any business corporations. Each and every business organisation perform their functions to the best of their abilities. The financial department of each and every business organisation along with the audit committees of the companies take proper care in the implementation and the applicat...
Addressing the Financial ConstraintAll the mining companies and the other companies, in general, face many constraints which tend to limit their production. For the companies to achieve their desired results, they must come up with some ways which will help them to address these constraints. The major constraint which limits the production of companies is the capital or the financial constraint since for any company to operate at its maximum c...
Background1: Your answer is written here. According to the classical political economy theory adequate relevant measures needs to be conducted by individuals and organisations for minimising the implementation of regulations by governments. The classical political economy theory directly explains the relevant measures that needs to be taken by organisations in the current era for nullifying the responses from appropriate authority such as ASX....
AASB 16 and its Impact on Financial ReportingRequirement 1 AASB 16 brings with itself single lessee accounting model and requires a lessee to recognize all the assets and liabilities of the leases which have a time period of more than 12 months. If the underlying asset is of low value, then there is no need to recognize it. This new standard brings many changes in lease accounting used by many companies. Specifically, the lessee accounting ch...
Identification of Key Audit Matters for Each BankIn the report a few companies from various industry segments have been analyzed. On this basis of the analysis the key audit matters have been found. The identification of the key audit matter i.e. which topic required most audit analysis focus for each company has been made. It has been investigated that every company basis its nature of business and working style has a separate key audit matte...
Motives behind directors not revaluing property, plant and equipmentThis particular requirement seeks to address benefits that are enjoyed by reporting entities by the adoption of international financial reporting standard which have the consequence of improving financial reporting quality. It is indicative of the fact that the establishment of accounting standards intends to ease the process of preparation of financial report and thereby faci...
Comparison of Audit FirmsThe study intends to compare Deloitte a company founded by William Welch Deloitte in 1845 in the UK. The company is considered to be leading among the “Big 4” audit companies in the world as the reports presented by Statista in 2017. Additionally, Deloitte provides huge service network of professionals in the world (Statista, 2017a). On the other hand, Lodha & Co a “non-Big 4” was establis...
Activity-based CostingBeach Energy Limited is an Australian company which deals in the oils and gas exploration and production of many types of energies. The company said to the company said to work mainly on the Cooper basin which is said to have energy sources and also an average of land having no less than 69000 square kilometres of area. It was in 1961 that the organization was founded and in the year 1962 the Australian securities exchang...
Importance of the new standardIn the Auditor’s Report, the Auditing Standard ASA 701 Communicating Key Audit Matters describes major topics that the auditor is obliged to state in his audit report. Many transactions are there, that have an influence on the organisation and it is useful all that has an impact on the company based on substance should be well mentioned in the audit report. The stated standard provides the auditor with the...
Summary of Ethical Violations and Standards Breached1.Based on the provided case studies, it could be found that Mary and Johnny have breached specific ethical principles and standards, which are enumerated as follows: In accordance with the professional scenario, it could be cited that there are two missing documents in the ABC Company’s work paper, which include the worksheet of a major item and final version of the signed letter of e...
Efficient Portfolio and Capital Allocation Line1.Mentioning about five asset classes and depicting about its nature based on Arithmetic Mean (AM), Geometric Mean (GM) and Standard Deviation of each: Year Australian Shares Australian Bonds (RBA cash rate) S&P500 (USD) US Fed Funds Rate (USD) Brent Oil (USD) 1996 9.90% 6.00% 22.96% 5.30% 31.80% 1997 8....
TaskThe art of observation and inserting the observation fear into the observed individuals could be termed as panopticism. Jeremy Bentham has established this theory and the following diagram would help in explaining the concept: As per the above diagram, the construction of the above place is simple because an observation tower is present in the centre and the cells are used for lodging the prisoners. This has helped the in-charge o...
Assessment task part A (Activity based costing)Activity based costing (ABC) is the accounting system that recognizes activities of a firm and then allocates the indirect costs to the products. The ABC system identifies the relationship among the products, cost and activities and through the relationship allocates the indirect cost to the products. However, few costs are not easy to allocate through ABC method. For instance, indirect cost lik...
Adelaide Brighton CementIn this particular report, Time-Driven Activity-Based Costing System (TDABC) is discussed from the viewpoint of a consultant recently employed in a firm. Therefore, it is assumed that one of the major clients of the firm is Adelaide Brighton Cement, which is one of the top manufacturing organisations of Australia. The first segment of the report would focus on the business operations of Adelaide Brighton Cement. Th...
The Corporation Act 2001 and its regulation of companiesThe corporation act regulates the companies in Australia and deals with the matter related to formation of the company, operation of the company, and duties of the officer, fundraising and takeover. The corporation act 2001 requires that the executive officers and directors of the company exercise their duty and discharge their power with care and diligence. The powers and the duties of ...
Double Entry Bookkeeping In An Integrated Accounting SystemAn integrated accounting system is a software application, which standardises the processes to record transactions along with disseminating financial information. The following steps would be followed to implement an integrated accounting system: Firstly, the accounting method needs to be selected, which might be cash or accrual accounting. Cash accounting records cash receipt...
Defence Strategies in NetworkingInternet service providers face malicious threats from hackers every now and then that had formed the source of various risks associated with the transferring of internet to the clients. Therefore it is required that a network is made absolutely impermeable to assure that there is no risk associated with the networking system (Chang & Ramachandran, 2016). It becomes necessary that the defender system in a ne...
Date Details Debit ($) Credit ($) 01-Nov Bank and Cash a/c 1,540.00 To Revenue a/c 1,540.00 (Being cash received form a student towards fee for watch-making school) 02-Nov Drawings a/c 183.00 To Bank and Cash a/c 183.00 (Being s...
ASX Listed Company's Accounting PoliciesBackground of the company AGL energy is an Australian company which is listed in ASX stock exchange. It is a public sector company which is involved in retailing of electricity and energy generation for the household and commercial use. Currently the company has market capitalisation of 10.589B in AUD. AGL limited has adopted Australian accounting standards and Corporations act 2001 for preparation o...
IASB Conceptual Framework and its emphasis on qualitative characteristicsThe effectiveness of details that are being represented in the financial statement are developed through the existing IASB conceptual framework through ensuring relevancy and reliability of those information. The qualitative characteristics of useful details and knowledge such as relevance and fundamental characteristics recognized in the IASB Conceptual Framework are to ...
Profitability measures: Profit margin, return on assets, return on equityThe investors who generally invests in equity are apprehensive about the ability of the company to create, preserve and raise the amount of income. The extent of profitability can be assessed various interconnected dimensions. Primarily there is a relationship of the profit of the company in accordance to the revenue, which is even known as the residual return on per sa...
Industry and Situation Analysis of CPU4UThe case study is about the company CPU4U that engages in manufacturing hardware components for computers, phones, automated manufacturing equipment and electronic equipment (Theriou 2015). After completing the report, it will be easy to understand and explain the concept of strategic management as used in the contemporary business environment. It will even help in identifying the suitable objectives as ...
