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Financial Accounting
IntroductionAdvancing the interests of shareholders only as suggested by the shareholder theory embrace Milton Friedman’s perspective that suggests that businesses are socially accountable to enhance business and ensure the interests of the shareholders in terms of value in their shares are basis for the goals and the objectives of the organization (Sumanjeet, 2011, p.1). Although stakeholder theory suggest that the management should consistently and fairly favor all the interests of all stakeholder ...
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Financial Accounting
Financial AccountingThe interest of shareholders is paramount when dealing with accounting and financial statements. The essence of preparing any documents dealing with accounts and/or finance is to arrive at the ultimate outcome of either profit or loss at any accounting period (Avis 98). The financial statement for a particular period would provide the basis upon which decisions would be made. It is on this premise that the directors of a company should endeavour to achieve profitable margins in ...
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Advanced Financial Accounting
“AUSTRALIAN ACCOUNTING STANDARDS BOARD FRAMEWORK with a detailed analysis of the different Measurement Bases.”(word count: 2,485)ABSTRACTThe conceptual framework provided for by the Australian Accounting Standards Board (AASB) addresses the preparation and presentation of general purpose financial statements which caters to a wide array of users. Users of financial information include investors, employees, lenders, suppliers and other trade creditors, customers, government and its agencies and the ...
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Financial Accounting Advanced
1) Trace the development of financial reporting approaches to valuation / measurement from the debate over the shortcomings of historic cost (in the context of attempts to deal with inflation accounting in the 1970s) to present.In the 19th and early 20th century, valuation methods were primarily based in fair value, which is also known as replacement cost or current cost accounting. However, when the Great Depression hit the world in the 1930s, values which had been overstated during the 1920s were ...
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Advanced Financial Accounting
The theories of regulation People usually have different feelings concerning business regulation. The general public recognizes the great economic power possessed by the business and hence the need to regulate it. On the other hand, the public at times view the governmental bureaucracy as being too intrusive and controlling especially when it puts in restrictions that are not welcome by the public. Why does regulation exist then? Generally, there are three theories of regulation which include the ...
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Financial Accounting Assignment
The Difference between Accrual and Cash AccountingThe two methods of accounting are acceptable but companies select the method to be used in their business. The bottom line results are at times very different when the two methods are compared. The cash method is a method mainly used in the small businesses. In this method, expenses and income are not counted until the transactions are done i.e. a check or cash is received for income and money is paid for the expenses. Since the cash method is easy ...
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IAS 16 - Financial Accounting
Executive SummaryThe report presents the way IAS 16 is being used by business units and the way it will help business units value their assets. The report presents the scope IAS 16 has for business units. It also presents the how the non current assets value will be found, situations when the assets need to be treated as long term, the treatment relating to deficiencies and surplus and impairmentThe report thus shows the way it will help business value their assets correctly which will act as a guide ...
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Intermediate Financial Accounting - Accounting scandals
Enron’s accounting scandal Corporate governance is a term used in business organizations to define the overall direction of the enterprise and method of control used by the executives. This involves the use of proper management techniques by the chief executive officers and major shareholders of the company, who must act in the best interests of the company. Failure to follow through with effective governance will automatically lead to the collapse of a vibrant business venture. One such example ...
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Management Accounting, Financial Accounting and Cost Accounting for the Optimal Decision-Making in Business
The paper “Management Accounting, Financial Accounting and Cost Accounting for the Optimal Decision-Making in Business" is an outstanding example of coursework on finance & accounting. Accounting systems take economic events and transactions, such as sales and materials purchases, and process the data into information helpful to managers, sales representatives, production supervisors, and others. Managers often need the information presented through accounting that can be used according ...
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CORPORATE REPORTING -TAXATION
CORPORATE REPORTING -TAXATIONThe reporting entity has been an entity that has been providing the financial statements as a source or information about finance and that would be given to external users. The reporting entity has been determining the activities that would be covered by the financial statements and that would include the operations also. The reporting entity for the financial statements has been prepared normally on the broader terms and that would be normally considered for the non-profit ...
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The Rules of Debit and Credit
The paper "The Rules of Debit and Credit" is an outstanding example of an essay on accounting. The rules of debit and credit as applied to various accounts in financial accounting are specific. Each transaction in a particular account is recorded twice according to financial accounting rules. The different accounts in financial accounting are assets account, liabilities accounts, owner’s equity account, revenues account, and expense account. In financial accounting, the debit and credit are ...
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Managerial Accounting in Managing Complex Organizations
Managerial Accounting in Complex Organizations Contemporary developments in the organization and technology of manufacturing and in the deregulation of service industries are generating demand for entirely new approaches to cost accounting and managerial control. The traditional direct labor focus of most cost accounting systems has become obsolete in light of the much smaller ratio of labor to total manufacturing costs and the increased importance of capital costs and knowledge workers. Current ...
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Tools and Techniques to Solve Financial Problems and Make Effective Business Decisions
The paper “Tools and Techniques to Solve Financial Problems and Make Effective Business Decisions" is a  worthy example of an assignment on finance & accounting. External users of financial accounting reports or statements such as creditors or investors have a direct financial interest in the economic status of the organization, while managerial accounting reports are primarily of interest to parties involved in the day-to-day management of the organization.  In this assignment, ...
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Critically Examine And Discuss The Impact Of Lobbying On Standard Setting In Accounting
The impact of lobbying on standard setting in accountingIntroduction Accounting is a broad discipline and as such, it is subjected to various frameworks which are in turn formulated by a number of bodies. The main aim of the regulation is to eradicate any inconsistencies that may arise in accounting. Over the years, the International Accounting Standards Board (IASB), International Financial Reporting Standards (IFRS), Financial Accounting Standards Board (FASB), Securities and Exchange Commission ...
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A Comprehensive And Durable Conceptual Framework For Financial Reporting Is Unlikely To Be
CONCEPTUAL FRAMEWORK OF FINANCIAL REPORTINGINTRODUCTIONThe conceptual framework is a body of statement of interrelated objectives and generally accepted fundamentals of financial reporting. The framework tries to identify the goals and purposes of financial reporting and uses the concepts of theoretical principles that help to achieve these goals. (Foster and Johnson, 2001) These theoretical principles are actually used to develop the new accounting standards or evaluate the existing ones for their ...
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Essay
IntroductionInternational conceptual framework treats reliability and relevance as the main characteristics of accounting information where useful decisions are made from. The joint project by Financial Accounting Standards boards (FASB) and International Accounting Standards Board (IASB) revisited a conceptual framework that started in October 2004. The FASB’s draft of exposure, “Fair value measurements” of June 2004, has sparked debates on trade-offs between relevance and reliability with respect ...
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Week 6 Discussion and Participation Questions
1. The most common type of dividend is a cash dividend. When companies mention that dividend was paid everybody assumes that is a cash dividend. Financial ratio formulas such as the dividend payout ratio are structured for cash dividends. There is a second alternative for companies. The second alternative is to pay a stock dividend. A stock dividend pays the investor common stocks of the company instead of cash as dividend compensation. One of the negative aspects of stock dividends is that it dilutes ...
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Breakdowns of Accountability by Baker
The paper "Breakdowns of Accountability by Baker" is a brilliant example of an essay on finance and accounting. Accountability is a term that goes beyond the financial accounting aspect, into requiring a moral and compassionate angle of caring for the other (Baker, 2). The fact that there were many people who perished during the catastrophic Hurricane Katrina in the New Orleans State of the USA is an indication that the moral aspect of accounting is lacking. Institutional racism was a major contributor ...
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Corporate Failure And Forensic Accounting
1.0 OverviewLargest insurer across the globe, with market value of US$172.24 billion in 2009. AIG is engaged in general insurance, life insurance and retirement services operations and also provides financial services and asset management services (Datamonitor, 2009). Its financial services business includes commercial aircraft and equipment leasing, capital markets operations and consumer financing (www.globalmarketsdirect.com). In 2008, AIG witnessed liquidity concerns due to higher than anticipated ...
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Similarities and Differences of FASB Vs GASB
Similarities and Differences of FASB Vs GASB Similarities Financial Accounting Standard Board (FASB) and Government Accounting Standard Board are important institutions of accounting that have similarities and differences. For instance, in terms of accounting standards and principles, FASB, an organization established in 1973 deals with the publishing of public sector materials. It also reports on the guidelines that assist in interpreting accounting principles. It implies that that FASB concerns ...
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