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:
Management Accounting Cost Allocation - Graffiti/BBDO Sofia.
Mr. Ioannis Pazmatzis Course title: Financial Reporting, Management Accounting, Financial Strategy Management Accounting Cost Allocation Graffiti/BBDO Sofia Dessislava Pencheva MBA Executive Cohort 8a C O N T E N T . Abstract 2. Introduction 2.1.Company Overview 2.2. Organizational Structure 2.3. Management Control & Decision Making 3. Problem definition 4. Possible solutions or How to estimate the cost of services? 4.1 Cost Driver 4.2 Variable & Fixed Costs 4.3 Cost Centres, Cost Pools & Profit Centres 5. Budgets & Control on Engagements 5.1. Activity Based Costing 5.2. Classifications on Overhead Rates 6. Can Graffiti/BBDO Sofia bear new clients or no? 6.1 Capacity Decisions 6.2. Pricing Decisions 7. Conclusion 8. References ABSTRACT The advertising business in Bulgaria is in its early teenage years. However, 12 years after the fall of the communist regime the advertising industry in Bulgaria experiences a boom. The competitiveness of the market implies flexibility and correct cost allocation, pricing and capacity decisions. There are different ways the client in a service industry such as the advertising to be charged, they are - on the bases of agency hours, agency commission over the budget, fixed commission, etc. The decisions for the cost allocation methods and the ways of charging are taken by the managing team of the
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
Financial Services
Financial Services Introduction to Financial Services Financial Services is a growing industry, which provides for the financial needs of individual consumers and businesses. This unit explores the needs of and products available for both the consumers and businesses. The term financial service covers a wide range of products including accounts for depositing money, loans, savings and investments, pension and financial advice. Financial Services for individual consumers are available from banks, building societies and also from organizations such as supermarkets and insurance companies, over the counter, by telephone or over the Internet. Businesses have financial needs when they start up, expand and carry on day-to-day business activities. These needs include financing, insurance, bookkeeping, payment services, investment and general financial advice. A variety of financial institutions can provide these services banks, insurance and investment companies and firms of accountants. In this assignment I will produce a report which analyses the financial needs of three different types of customers and investigate the ways in which these needs can be satisfied by a range of financial service providers. Two of the customers are personal customers of contrasting types. In this case I will be talking about a graduate from university and parents of two children. I will estimate
The different types of borrowing.
The different type of borrowing There are 3 term of borrowing: * Short Term * Middle Term * Long Term . Short Term ---Friend and Family Advantage: You can borrow money from your parents, sisters, brothers and relation easily. Disadvantage: You can only borrow small amount of money. 2. Middle Term ---Bank personal loan What is personal loan? It means a personal loan is money you borrow from a financial institution - for example a bank or a building society. Advantage: Personal loans are available in varying amounts with different rate which usually depend upon the purpose for which you require the loan. Disadvantage: Unsecured personal loans are usually more expensive than homeowner loans as the lender doesn't take a charge on your loan. In other words you do not guarantee your loan with your home. How do they work? You borrow an agreed sum of money for an agreed length of time (normally anything from 6 months to 10 years or more). The lender makes money by charging interest on the loan. The interest rate can be either fixed or variable. The Headline Interest Rate This is the interest rate you'll see quoted in the adverts and best buy tables. Basically you shouldn't take it too seriously. It's a means the lenders use to attract enquiries. The interest rate they offer you may well be different because of your personal credit score. Headline rates are
Business systems Babatunde Onaola - Identify and use planning, control methods in conjunction with an engineering project.
BUSINESS SYSTEMS BABATUNDE ONAOLA (P3) Identify and use planning, control methods in conjunction with an engineering project Use of planning methods in conjunction with an engineering project A Gantt chart is a well planned relationship of activities over a period of time during an engineering project This shows how the designed box and CD labels where tracked during the progress of this project. Use of control methods in conjunction with an engineering project This is a typical example of a software engineering company.Quality control is a feature of all process activities. Very often the bulk of the testing effort is directed at the end product, even though we know that the correction of defects is more cost effective if they're fixed earlier in the process. Quality control must be based and adapted to the development processes defined by the organization. (P5)Use basic costing techniques used in Engineering Absorption Costing: This is one method of determining the total cost of a given product by a process of allocation, apportionment and absorption. Make-up= Total of fixed and variable costs attributable to the product Total no of units produced In absorption costing, each product manufactures is made to cover all of its costs. This is aimed by adding a notional amount to the unit cost of each product.
This informal report endeavours to examine the current accounting environment that exists in the UK. A combination of both desk and primary research shall be conducted prior to the final compilation and conclusion of the piece of work.
HND HOSPITALITY MANAGEMENT INVESTIGATION OF THE ACOUNTING ENVIRONMENT .0 INTRODUCTION .1 This informal report endeavours to examine the current accounting environment that exists in the UK. A combination of both desk and primary research shall be conducted prior to the final compilation and conclusion of the piece of work. .2 Specifically, this report will identify the authoritative accounting bodies that exist within the UK. In addition to the roles and missions of these bodies, the standards they create and maintain will also be identified and discussed in terms of their relation to the preparation of the final accounts for J.Browns Catering Ltd. .3 The bodies to be examined in this report are: * The Accounting Standards Board * The Financial Reporting Council * The Financial Reporting Review Panel .4 The underlying motivation catalysing formation of the aforementioned bodies will be identified, and the primary advantages for their existence related. .3 The piece will be concluded and sources identified, with any supplementary information provided in appendices. 2.1 ORIGIN OF AUTHORITATIVE BODIES 2.1.1 The time line below identifies the history and background surrounding accounting bodies. 947 * Companies Act 1947 stipulates that all financial statements prepared public distribution should be "true & fair". 948 - 1968 * Companies Act policies were
You have chosen to set up a News Agency in Southall. You will be selling newspapers, magazines, as well as confectionary, stationary, occasional cards etc. The name of your business is 'Rattan's News Agency'.
To: News Agent From: Renu Rattan Re: Setting up a News Agency - Task 1 You have chosen to set up a News Agency in Southall. You will be selling newspapers, magazines, as well as confectionary, stationary, occasional cards etc. The name of your business is 'Rattan's News Agency'. .1 - Fixed Costs These costs are ones that remain the same, even when demand and sales levels change. You will have the following fixed costs: .1.1 Property/Rent - This is the cost to buy or hire the property you wish to sell your products at. This is a fixed cost, as the price of rent will remain the same no matter how much you sell, as it is not affected. This will be about £500 - £1000 a month (depending on where the property is situated), you will only need a small property. .1.2 Till/Account Books - You will need these to keep a track of sales and money (expenses and revenues). The price you will pay to buy or hire these will remain the same no matter whether sales increase or not, meaning it is a fixed cost. These will probably cost about £110 to buy, or to hire about £10 a month, you will only need one book and one small till to start off with. .1.3 Insurance - Money kept aside for if an accident (like a fire) takes place in which case you will be covered and can claim money back to help you. This is a fixed cost because insurance fees do not change even if sales do. You
Discuss about the International accounting practice between countries.
I. Discuss about the International accounting practice between countries. Provide relevant justification for: . The reasons "WHY" those " Two Countries" practice consistent account system use examples to illustrate 2. Indicate the critical differences in practice across "countries" and provide valuable argument to substantiate their differences. Answer 1: The international convergence of financial accounting standards and practices has emerged as an important issue as companies have become involved in cross-border activities in product and capital markets. Global financial transactions have increased with more companies raising equity outside their home county. Corporations have expanded through investment in foreign subsidiaries and by sales and production activity in foreign markets. Growth in international business activity has highlighted diversity in financial reporting practices. Each country has a reporting framework that reflects its political, legal, cultural and business environment, which may differ from that of other countries and result in the production of financial information that lacks international comparability. It has been argued that greater comparability in information will enable resources to be allocated more efficiently and better investment decisions to be made. Companies may benefit from reduced accounting costs and a cheaper cost of capital,
The role of a conceptual framework
Business Accounting II Coursework The role of a conceptual framework "If the IASB's movement towards the worldwide adoption of IFRSs is to be successful, the establishment of a more coherent international conceptual framework is necessary." Introduction The IASB which stands for the International Accounting Standards Boards was formed due to a number of different reasons. These reasons which be discussed later on in this essay. When the IASB was formed it still used the conceptual framework that was mentioned by the IASC (International Accounting Standards Committee) in 1989, the Framework for the Preparation and Presentation of Financial Statements and this will be explained including why we use the conceptual framework and who uses it. Also I will identify an accounting standard and will analyse what the framework says about it and the link between the framework and the standard. Also the advantages and disadvantages will be mentioned along with a conclusion. Brief History Before the International Accounting Standards Board (IASB) was introduced many different countries had different accounting requirements. Therefore when it came to producing accounts people got confused and this "..... creates problems ..........", (Bendrey, M., Hussey, R. and West, C. (2004), Essentials of Financial Accounting in Business, Thomas Learning, London, pg.303). An example of
