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Preliminary Analytical Review Introduction An audit planning (ASA 300) report has been prepared for one of the small companies. The trial balance of the entity has been given and based on the same the preliminary analytical review has been done. As a part of the audit procedures, the materiality level has been determined and also the common size income statement and the trend analysis has been prepared for the 2 given years to find out the m...
Discussion and AnalysisThe company, which has been selected for analysis, is Vision Investments limited. It is one of the companies situated out of Fiji and is listed on the South Pacific Stock Exchange. The company has had a presence of many years in Fiji and the Pacific and is one of the most reputed companies and the market leader in electrical, consumer electronic, furniture and other durable home goods and the company is into consumer fin...
Background of the Case Study Audit Assertions are the representations made by the management about the various items and information contained in the financial statements. These representations are about the recognition, measurement and presentation of financial data. They are also known as Management Assertions and Financial Statement Assertions (Alexander, 2016). Depending on the item to which it relates to, these assertions are clas...
Overview of the Greater Sydney CommissionCommittee for Sydney is an institution deeply interested in the future of cities. Sydney is being reshaped under the leadership of Arcadis, a member of Committee for Sydney. It has changed the expectations of people regarding autonomous vehicles (AVs) and the change they’ll bring in the cities. These autonomous vehicles are going to have a great impact on the everyday life. They’ll be ab...
Introduction to ACFS LogisticsACFS is considered to be one of the largest privately-owned container logistics operators in Australia. Here, the facilities are generally seen to be located in the different port locations with maximising the quick and the efficient utilisation of wharf. It works with western facilities in Sydney and Melbourne, where the company is also focusing on using compliments for diversified clientele based metropolitan ar...
The Differences between Management Accounting and Financial AccountingManagement accounting is significantly different from financial accounting. Financial accounting is more concerned about the reporting aspect from a compliance and regulatory point of view whereas management accounting is mostly related to planning, cost management and decision making. An analysis of historical data is done mixing it with future projections to come up with a...
Description of PentalActivity-based budgeting is a budgeting framework that is designed to manage the company’s overheads and create greater transparency in the budget processes. This report brings out the practical implication of Activity-based budgeting in the organisations. The organisations have been experiencing elimination of wasteful resources by using this method. Moreover, the companies have abandoned following the traditional m...
Explanation of TheoriesThis study mainly focuses on the accounting theory along with its importance in different business organizations. Generally, companies are developing their financial background to provide quality products in the market. At the same time, appropriate finance or accounting is helping organizations to measure and control the cost, which assists in making a reasonable profit from the market. Through the study, two theories h...
Cash Flow from Operations Computation of cash cycle (JB Hi-Fi) Cash show statement (JB Hi-Fi –Annual Report FY2017) Cash flow from operations – A significant increase in the cash flows generated from operations is apparent in FY2017 which is the result of acquisition of “The Good Guys”. As a result, the customer receipts have surged which despite being partly annulled by rising payment to suppliers and employees stil...
Materiality: Definition and CalculationMateriality is one of the most important element of the audit report of any company. It is covered by ASA 320, which states that materiality is very important for the overall audit planning by the auditor. Any kind of misstatements, omissions and errors are material in nature if they have any effect on the financials of the company and might end up affecting the overall decisions of the user of financia...
ASA 315, Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and EnvironmentWith the changes in time and applicability of the accounting standards, each and every auditor should undertake the possible auditing and accounting works. With the increasing complexity in the accounting and reporting frameworks, auditors have played pivotal role in the financial reporting compliance of company. The governance...
Overview of Vodafone PLC and SingTel OptusVodafone PLC and SingTel Optus are the two companies to be used to complete the exercise in this document. A brief description about the two companies and their operations would provide the point of references to the users of this document to understand the various elements discussed here. Vodafone PLC operates in Australia with the corporate identity of Vodafone Australia. The company is worldwide te...
Activity Based Costing ACTIVITY BASED COST REPORT PARTICULARS ARCHITECTURE FIRMS WINDOW TREATMENTS TOTAL TOTAL OF BOTH THE OPERATIONS ADAMS BETZ TOTAL CHATHAM DEDHAM ELM Direct Costs 147000 117200 264200 218400 115720 57040 391160 655360 Overhead Costs (WN1) 85100 136160 ...
Overview of Traditional Costing MethodActivity-based costing is a method of cost computation in which cost is determined by allocating overhead expenses on the basis of consumption of cost drivers. In this method, Cost behaviour pattern is time-related, volume related, scope related and transaction-related (Dale & Plunkett, 2017). Further, in the present era where the production process is comprised of several activities, this method ...
Dick Smith's history and networkDick Smith was an Australian based retail company for dealing with the products related to consumer electronics. It sells wide range of products in 4 categories that is mobility, office, entertainment and various other services and products. It had 2 segments – Dick Smith New Zealand and Dick Smith Australia. Its store network includes more than 393 stores all over Australia and New Zealand (Dicksmith Au...
SWOT AnalysisThis report includes brief evaluation on case assessment of “The business,” which is assumed as strategic management system that is specialised in the retailing home improvement and outdoor living products. In the report with the development of different strategic tools and techniques, the market performance, and estimate, increase in performance are evaluated and analysed. The major objective of the report is to dev...
Overview of the Patient Observation Health PolicyIn this paper, the health policy selected is the "Patient observation health policy" It involves monitoring the vital signs as the essential components while caring for the patients in order to assess the effects of the diseases and its treatment effects. It also involves procedural detection of complication and being in a position to detect and identify early signs in the health set up by nurse...
Direct tracing Salary of cell supervisor Direct tracing Power to heat and cool the plant in which cell is located Allocation Material used to produce the motors Direct tracing Maintenance of equipment of cells Driver tracing Labor used to produce the motors Direct tracing Depreciation on plant Allocation method Depreciation on equipment used to produce the motors Driver tracing Ordering cost that is i...
Understanding Accrual Basis and Cash Basis AccountingThe present case facts brings forward the issue of accounting process and tax implications. As understood from the case of Frank Lloyd he began the business of architect. During the early phases Frank worked from garage before being appointed as the architect for the plan. Frank was even appointed as the architecture and soon began his business with the annual turnover amounted to $2.5 milli...
ESMA's 22nd Enforcement Decision AccountThe piece 22nd enforcement decision account declared by The “European Securities and Markets Authority-ESMA” dated on April 20th 2018 are considered for the current study. This piece of writing basically represents extracted information from private evidence of enforcement pronouncement. Inherently, it can be mentioned that the current batch manages definite decisions in relation to different...
Advantages of Standard costing techniqueThe system of cost accounting bears great significance in the smooth functioning of the business of every organization. Various methods of cost accounting are in practice and every organization adopts that method of cost accounting which is most suitable for its business. We in our report will be discussing about one method of cost accounting, which is Standard Cost accounting system. Standard costing is...
MethodologyIn the given report the discussion will be held on the auditing, and key financial ratios regarding the balance sheet and the profit and loss statement (Sinha and Arena 2018). Many auditing procedures have been analysed in the report.The focus of this analysis will be on materiality. Significance of auditing contingency, audit, and auditing procedures and others will be discussedfrom the reports of Independence Group NL thatis an AS...
Unit Learning Outcomes assessedQuestion 1 Income Statement Sales Revenue $ 5,000.00 Direct Material $ 450.00 Direct Labour $ 1,600.00 ...
Advantages of Standard costing techniqueThere are various cost accounting techniques which are followed by different organizations. Standard Costing can be defined as a cost accounting technique with which an expected cost is substituted for an actual cost in the accounting records and then variances showing the difference between the expected cost and actual cost are calculated and recorded in the books. This accounting technique is being used ...
Types of Physical Assets in Work Organizations In a work organization as well as in a training institute generally the following physical assets can be identified: Plant and equipment. Motor vehicles. Air conditioner. Water purifier (Haggerty al. 2017). Two primary reasons to maintain asset registers are: Asset register helps an organisation to keep track of its assets a...
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