Information Technology has had considerable impact on the working environment of accountants
Professional Studies Assignment "Information Technology has had considerable impact on the working environment of accountants" Introduction During the course of this essay, I will outline what types of changes Information Technology has caused, and what benefits and drawbacks these have brought about. Many organizations these days have high expectations of their workforce. For an accountant, these expectations are no different. I shall prove this by investigating exactly what companies expect from today's accounting graduate. Types of Information Technology Changes 'The Internet, is a global computer network connecting governments, companies, universities, and many other networks and users.' (Hutchinson's Multimedia Encyclopedia 2001 09/11/2001). The Internet allows us to send data electronically to computers in different continents, in seconds. Accountants are able to receive all copies of receipts, invoices, credit notes and books of accounts, over Electronic Mail. 'Closer to clients, accountants will be able to offer a personalized cashbook accounting service to their clients over the Internet with eCash' (www.ttsoftware.co.uk 13/11/2001). This new device can allow the accountant to directly put the data from the cashbook directly into the accounting package. 'In recent years, software companies have been developing a wide spectrum of accounting
Launching a Shooting Gallery
Business Enterprise Bhupen Dabasia 11G Mr. Hudson Candidate Number: 9148 Centre number: 12262 Terms of Reference: For this business studies report, me and three other colleges took part in running a small little enterprise for one day in the Christmas Fayre. In our team we had Suraj Unalkat, Shing long-man, Jay Joshi and my self Bhupen Dabasia. Together we chose the following stall ideas and will chose the best one which we could run. Also we all promised to ensure efficient organization and provide a high quality of service when the enterprise makes its debut appearance. Also to be a successful business we will have to make profit and we will have to contribute it all to the school, as it providing money to let an area were we would be based to set up our enterprise, also they are not charging us for any variable costs i.e. Lighting, Heating. There is a deed of partnership which you can see in the appendix (fig 1). Enterprise Options: Below I will list a few ideas as a group we came up with to base our enterprise on; also I will include the pros and cons of that particular enterprise: ==> Cake Stall: Pros: Firstly it is easy to serve cakes to customers, hardly any difficult procedeours. Also you can buy in bulk and sell off the items for more so revenue is also going to be higher. With the preliminary tests, at break or lunch, we could increase the profit and
Evaluate the use of break even analysis as a decision making aid.
Evaluate the use of break even analysis as a decision making aid. Break even analysis is an important aid within a firm for managers making decisions on such issues as the impact of a changing environment (alterations to cost or price) on the profitability of the business or deciding weather or not to accept an order for products at prices different from those normally charged. It determines the effects that financial plans such as bank loans would have, a change in the level of production or see if a business plan would be viable. These are the main useses of a break even analysis. The important thing to remember when evaluating the use of breakeven analysis as a decision making aid is to remember that it is purely an aid. Thus the impact of it as a decision making aid holds two different foot holds in its use generally and its use as an aid. Breakeven analysis is useful, not for its use as a major decision making tool but more for its use as a simplistic way in which firms can collaborate a clear and effective method of analysis. Its job is to assist in decisions such as setting prices or accepting one of orders. It shows the consequences of a certain decision by displaying how a certain decision such as raising the price of a product or moving premises would effect the fixed cost the variable costs and the total costs , total revenue. By making it slightly more
A Brief Account of the Adsteam Saga
A Brief Account of the Adsteam Saga The Adelaide Steamship Company Limited began operating passenger and cargo ships since 1875. A downturn in its core activities during the 1960's and 1970's led the company to diversify into other activities. Under the leadership of John Spalvins it went to acquire enough interests to effectively control some of the leading companies in the food, ship towage, building, retailing and financial industry throughout the 1980's, without having majority ownership or more than 50% interest. Clarke et al described how this acquisition strategy resulted in an extremely complicated cross-shareholder-based structure for Adsteam (2003, p. 158). Things took a different turn in 1989. Adsteam went for two ambitious investment schemes that went bad, one of which involved the 100% debt-financed acquisition of IEL for $900 million. Analysts took notice of this and gave unfavourable assessments of Adsteam's liquidity and ability to pay its debts. With the growing perception from its financers that it lacked assets to guarantee its loans, the money stopped flowing to prop the conglomerate's operations, leading to John Spalvins' departure and the eventual breaking up of Adsteam under a new administration. Building The Adsteam Pyramid Debt and gearing The Adsteam acquisition binge was fuelled by massive borrowings. In order to elicit the trust of
Enron Case Analysis
Enron Case Analysis Table of Contents .0 Executive Summary 3 2.0 Company History 4 3.0 Organizational Mission 4 4.0 Market Conditions 5 5.0 Accounting Practices 6 5.1 Bonus Program 6 5.2 Mark to Market System 6 6.0 Culture 7 6.1 Financial 7 6.2 Supervision 8 7.0 Affects on the Local Community 8 7.1 Worldwide Effects: 8 7.2 Effects in the Industry 9 8.0 Underlying Issues 10 9.0 What went Wrong 11 9.1 Recommendations 11 0.0 Works Cited 13 Executive Summary This case analysis will talk about the local, state, national, and global effects of Enron's corporate decisions that led to the company's bankruptcy in 2001. The case will give an in depth discussion about Enron and their business practices. It will also explain the social environment the company faced and what caused the decisions that led to Enron's demise. The case will first give a background of Enron and the electricity industry, then go on to explain how they got into the situation they faced. The case will then describe the corporate culture of the company as well as the major cohorts involved in decision making. Some of these cohorts include the top executives, shareholders, and board members. The case will then discuss Enron's accounting practices and
Harmonisation of accounting standards in Europe
Critically evaluate the effectiveness of the European Union and the International Accounting Standards Board in promoting harmonisation of accounting standards in Europe. 2,280 words (excluding cover sheet, contents, quotes, references, tables and bibliography.) Table of Contents: . Introduction.....................................................................................Page 3 2. Reasons and importance of harmonisation of accounting standards.....................Page 3 3. Obstacles to harmonisation....................................................................Page 4 4. The effectiveness of the IASB in promoting harmonisation..............................Page 5 5. The effectiveness of the EU in promoting harmonisation..................................Page 7 6. Conclusion.......................................................................................Page 11 7. Bibliographie......................................................................................Page 12 . Introduction: This essay highlights that the existence of major differences in the financial reporting practices of companies in different countries in Europe lead to great complications for those preparing, consolidating, auditing and interpreting financial statements. It is for that reason that the EU and the International Accounting Standards Board (IASB) are involved in attempts to
MBA Accounting For Managers - Discuss the extent to which the legal and professional regulatory framework of accounting ensures that corporate reports provide relevant, objective and comparable information to users?
MBA ACCOUNTING FOR MANAGERS ASSIGNMENT By Jonathan Simpson Contents Pg No Contents 3 - Discuss the extent to which the legal and professional regulatory framework of accounting ensures that corporate reports provide relevant, objective and comparable information to users? 8 - Critically evaluate the contribution of budgets and budgetary control in ensuring maximum performance from employees and the extent to which this contribution depends on the level of employee participation in the budget setting process. 5 - References 7 - Bibliography Word Count: 2494 Discuss the extent to which the legal and professional regulatory framework of accounting ensures that corporate reports provide relevant, objective and comparable information to users? Each year companies produce a series of reports aimed at providing information that can be used by users to make decisions. There exist a number of users that can be determined of these accounts, who rely upon these reports to provide accurate information so as to make decisions. These users include the following: Equity investors; Loan creditors; Employees; Business contacts; Government; General Public; and Analyst-advisors1. Groups as diverse as these will have differing information requirements, and this is reflected in the detail contained within the accounts. Some of the needs of these users may include:
Ethical Lessons Learned from Corporate Scandals
Ethical Lessons Learned from Corporate Scandals Ethics is about behavior and in the face of dilemma; it is about doing the right thing. Ideally, managerial leaders and their people will act ethically as a result of their internalized virtuous core values. The Enron scandal is the most significant corporate collapse in the United States and it demonstrates the need for significant reforms in accounting and corporate governance in the United States. It is also a call for a close look at the ethical quality of the culture of business generally and of business corporations (Lessons from the Enron Scandal). The collapse of even the smallest of businesses impacts many people, and therefore even the smallest business can learn what not to do from the multibillion dollar corporation. The failure of one's business will greatly and negatively affect its employees, partners, as well as the families of each of those groups. Business owners have a duty to operate in a prudent, lawful and ethical manner. The major lessons that were illustrated by the collapse of Enron and other corporate scandals will be the morality play of the new economy. It will teach executives and the American public the most important ethics lessons of this decade. Financial cleverness is no substitute for a good corporate strategy. Financial accounting is a backward looking, unusually complex, subject to
Costs, revenue and breaking even
TO: Mr Cooke From: Lee Houghton Subject: Mini Enterprise Report Part 3 Date: 15/10/04 INTRODUCTION In this part of the coursework I will be looking at costs, revenue and breaking even. To do this we will have to work out our fixed costs, variable costs, expected total revenue, the amount of cars needed to break even and whether we make a profit or loss. A Business Plan Material and Equipment Fixed costs All of these materials and supplies will be bought from a local D.I.Y shop. * 4 sponges incl. 1 revolving sponge: - £32 * 4 buckets: - £10 * 4 scrubbing brushes for wheels: - £4 * Advertising Leaflets: - £5 * 4 chamois leather: - £12 Total fixed costs: - £63 Variable costs The washing up liquid can be bought from any local shop, but the water will be supplied from each of us from our homes although we wont be actually paying for the water it is included for business purposes. * Washing up liquid (10 cars per bottle): - £2.50 * Water: - £0.20 (per car) Total Variable Costs: - £0.45 (per car) Breakeven This is a table to show a break-even analysis for a high price of £4.00 per car. No. Of cars. f. Costs (£) v. Costs (£) t. Costs (£) Revenue (£) Profit/ Loss (£) 0 £63 0 £63 0 -£63 0 £63 £4.50 £67.50 £40.00 -£27.50 20 £63 £9.00 £72.00 £80.00 +£8.00 30 £63 £13.50 £76.50 £120.00 +£43.50 40
"Give Me A Break!"
"Give Me A Break!" Krrrriiiinnggg!!!! Ah, the sound of that bell never sounded so blissful on that day. It was time for our so-called sem-break while actually having trimesters. Everyone was so eager to get out of the classroom and go to their pre-planned gimmicks. Some were going to malls, some to their usual hang-out place, and others were itching to play basketball. I thought this break would be a lot of fun and that it would be a very good opportunity for me to catch up on the sleep I have been missing. It turned out to be the very opposite, though. The first forty-eight hours of the sem-break was the only fun part. During those hours, I and my friends went to watch a movie and they slept over in my house. We also got to go swimming and experience the laugh-trip on having Randy get lost inside the village. It was fun although my plan on catching up on a lot of winks was totally ruined. The night when they slept-over was totally not a sleep night. It was one of those nights where everyone does not feel like sleeping and the temptation to jump on the bed becomes irresistible. I told myself that it was okay to miss this night's sleep for there were other nights to come. Boy, what a mistake. Time soon came when I and my friends had to part ways. I had other gimmicks to attend to and this time I was off to a party. I did not know where the party really was so I just took my
