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University Degree: Accounting
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Management accounting: Wilkerson Company is in the business of manufacturing valves, pumps, flow controllers etc. Severe industry wise price cuts in the pumps business, which is Wilkersons major product line, has badly affected the company
This implies overheads are applied directly in relation to labor costs irrespective of relevance. Table 1 - Margin Calculation for Volume Based Costing Margin Calculation Valves Pumps Flow Controllers Planned Selling Price 86.15 107.69 95.38 Actual Selling Price 86 87 105 Per unit Volume Based Costing (Exhibit 2) 56 70 62 Margin (based on Planned SP) 35.00% 35.00% 35.00% Margin (based on Actual SP) 34.88% 19.54% 40.95% Based on the volume based costing method we can clearly see that the Valves are performing within the planned margins, while Pumps are performing well below par (Gross Margin of 19.54% against expected 35%)
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The purpose of this paper is to address the notion of value costing for the 21st century organizations. I will begin by defining and explaining value costing. From there I will then provide my opinion on whether or not I agree with the notion of value cos
Cost analysis is an important component of all economic evaluation techniques, especially when it comes to planning and self-assessment. Cost volume profit analysis is an analysis that deals with how profits and costs change with a change in volume. In particular, it looks at how well the market is or is not doing for certain products and then it gauges the effects on profits in relation to variable costs, fixed costs, selling prices, volume and products sold. In this day and age, it seems that the notion of value costing is important for the organizations in order for them to keep up with any competitors they may have and it could possibly help them gain an advantage over any competitors they may have, as well as stay relevant within the sectors that they are established.
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In this paper, we are going to take a look at three companies and compare their 2010 income statement in regards to total revenues, operating income and net income. We are also going to review some financial terms and concepts that can affect how the da
Apple is committed to bringing the best personal computing experience to students, educators, creative professionals and consumers around the world through its innovative hardware, software and Internet offerings." Now let's look at Swatch, according to Swatch it, "is the world's leading supplier of watch movements and finished watches, accounting for as much as 25 percent of total world production, while capturing more than ten percent of all watch sales. The Swatch Group is more than its flagship Swatch brand--which alone accounts for half of the company's profits, and, in the late 1990s has given its name to a 15-store chain of retail Swatch Megastores."
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A brief synopsis and evaluation, in the light of subsequent reporting, of the history and context of financial crime control in the United Kingdom and a comparative evaluation of the US and UK crime control and regulatory framework in this area.
Within the financial crime and drug trafficking context and due to the rapid increase of drug abuse in the 1980's the process of money laundering and indeed all financial crime and the very major scale of its consequences came to light. It emerged from this scrutiny the actual scope of profits generated from financial criminal activities was vast. Governments therefore were pushed to act against financial crime, money laundering and criminals from amassing vast profits which could contaminate and corrupt the structure of the state at all levels.
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of US, the responses and actions taken by International Accounting Standards Board (IASB) and how and why Australia Accounting Standards Board (AASB) responded to GFC. Discussion As we all know that large losses can clearly cause problems for banks and other financial institutions, let us focus on the more important and relevant question for our article which is whether reporting these losses under unfair-value accounting creates additional problems. Because of the financial crisis, the market for several products collapsed. Assets that, either don't have a regular market that provides accurate pricing or valuations or rely on a complex set of reference variables and time frames, must be 'marked-to-model'.
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Backflush Accounting. With backflush accounting, costs are flushed out at the end of a process rather than being done sequentially through the process. Thus, no accounting entries are made during the process. Debits and credits are allocated appropr
Traditional Costing: Backflush Costing: Advantages: Using the backflush accounting method has the inherent advantage of reducing time and cost which associated with complex cost allocation. As the costing is done once, simply at the end, as opposed to throughout the process, it's done only once as opposed to traditional methods which would have costing continue throughout. The system results in fewer records/entries resulting in less opportunity for error. This could be refuted as more entries could provide balances and checks.
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Accounting policies are the rules in which way financial statements should be prepared, minimum level of disclosers and information about how numbers are calculated and treated.
Change in accounting polices can also be required by IAS8, due to change in standards of interpretation. If any changes are made, IAS8 requires that the changes should be accounted retrospectively, so entity or users of financial statement do no loose comparability, so items must be adjusted and disclosed. (Melville A. 2009 p.61,63). To explain how accounting polices are used and applied. The carphone warehouse group Plc have been chosen. The financial statements are prepared on the going concern bases. The company is incorporated in the United Kingdom and it applies GAAP (generally accepted accounting principles) in the UK for the preparation of financial statement. However IFRS are subsidised as the adopted in the European Union (EU).
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This paper looks at a brief history of the two accounting standard setters in the world, looks at what the standard setters are planning to do to converge into universal international accounting standards, and explains how taking this class as part of the
The other standard setter is the International Accounting Standards Board (IASB) in much of the rest of the world. "The FASB, consists of seven full-time members, is an independent creation of the private sector (Hangmen, Sunder, Stratton, Burgstahler, & Schatzberg. 2008. p. 701)". FASB is financially supported by various companies and professional accounting associations. The IASB is an independent organization whose pronouncements define GAAP in the European Union and many other countries. "The FASB's mission is to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information (Schroeder, Clark, & Cathey.
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This enhances the relationship between the researcher and the organisation in the form of potential access to data and increases a way to judge good research. The 'Data Protection Act 1998' protects the privacy of individuals and shows that researchers are legally bound to protect the privacy of the parties concerning the research. Researchers ought to avoid referring to the participants unless permission is obtained. In research, it is impractical to analyse all the data due to time and access limitations; which is overcome by sampling.
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It can be done in three main ways: 1. By controlling the reserve ratio (rb). Bank of England (Central Bank) can determine the percentage of banks' deposits that is held in form of currency reserves. Commercial banks are profit maximising, deposit taking institutions. In order earn profit they use deposits that they take from one part costumers for investment and lending to other part of costumers. For maximising profit banks are lending at a higher rate of interest than they are paying to depositors. However they can not use all deposits for investments and lending.
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With accurate internal report, company management can calculate their earnings per share and release it to public. Also, company management can gather the data and calculate different ratio analysis to see how the company is performing or any course of actions need to be taken for next year. At the end-user views, investors and creditors can easily know how the company is doing with accurate quarterly financial report or yearly conference. This leads to a decision that whether investor or credit will continue to invest or borrow for the next year. The owners of the company will discuss their course of actions that need to take if the company is not performing well describe by the data of the financial report.
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With no stocks, the firm does not have to pay for warehousing or security. The firm also avoids the opportunity cost of having money tied up in stocks. Just in time production should help minimise wastage. If goods are produced and left to accumulate as stocks, they are likely to get damaged, to depreciate, to go out of fashion or be stolen. Just in time avoids these issues. Just in time production produces goods to order, thereby minimising stock levels. However, introducing a Just in time system is complex and places many demands on a business, as explained below.
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The number of revenue is going up from 2003 to 2010. More specifically, at first in 2003, the number of revenue stands at only 35404. Than the number shoots up over five years, peaking at 61133 in 2008. It is the most excellent performance. From 2008 to 2010, the revenue of Dell Computer Company has a moderate descend. In 2010, the revenue declines to 52902, it has the similarly revenue as 2006. Graph Two (http://www.dell.com/content/) According to the data, we can analyze the revenue of Dell Computer Company. From 2003 to 2008, Dell Computer Company has a very successful performance.
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* Pipeline inventories: Some goods cannot be transported instantly, and so pipeline Inventories and made use of. * Anticipation Inventories: these inventories are maintained to cope with forecasted future demands and/or interruptions in of supply. * De-coupling Inventories: In order to allow processes to function independently de-coupled inventories are maintained. Inventory Management & its importance Every organization should/must take step to manage its inventories. Following are a few reasons for having to do so. * It ties up your working capital.
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Accounting Information Systems. Examine the typical computer based information system used in your chosen area, how they support that business area and the benefits they bring both to that business area and the organisation as a whole.
Transaction Processing Systems. In: Managment informaiton systems. 6th ed. p40. Some examples of information systems used specifically in accounting are; * Microsoft Dynamics GP * Epicor * Sage Mas 90/200 * Net suite * Intacct * SYSPRO Although these are specific names of information systems, I shall be looking into the typical information system in accounting instead of one specific software. 1.2. What is the purpose? The purpose of specifically an accounting information system is to process updates and new transactions which change the forecasts of cash flow and possible future transactions.
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Distinguish between manufacturing and service organisations in terms of their output characteristics and their cost units, and evaluate the issues involved in the charging of internally provided services to organisation sub-units. Use illustrative example
At the end of an accounting period, a manufacturer has stock that may include direct materials, work in progress or finished goods. Examples of manufacturing companies are; electrical, furniture, food processing and textile companies. Manufacturing costs are divided into three different categories of costs in management accounting. These are; direct material costs, direct manufacturing labour costs and indirect manufacturing costs. Direct costs are those costs, such as labour, materials and overhead that can be directly related with a product, leaving only the indirect costs to be allocated in some way over the products in a company's portfolio.
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Their actions are solely motivated by self interest and not by public interest. Positive Accounting literature developed three hypotheses to explain and predict managerial choice of accounting procedures: bonus plan hypothesis, debt hypothesis and political cost hypothesis. Bonus plan hypothesis states that managers are more likely to use an accounting method that increases reported income of the company because their remuneration is often tied to returns on assets or profits and sales. These numbers are produced by the accounting system, therefore managers may try to manipulate them in order to increase their wealth.
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President Jacques Chirac might not be able to afford this loss as it affects its ability to re- elect as people will not vote him if economic condition of banks are not stable. Secondly, ED proposed cash flow hedge accounting for their hedges and European banks opposed this proposal as they believe it creates an artificial volatility in their reported equity. So it means that adopting IAS 39 is harmful to the European banks and even to national economies. In order to save the national economy from these affects President of France was encouraged to lobby the accounting setters.
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Table of Contents Abstract 2 Tax Law and Accounting 4 Importance of the hierarchy of various sources of generally accepted accounting principles 4 Qualitative characteristics of financial reporting 6 Accrual accounting versus cash accounting 6 Various legal forms of businesses 7 Future Trends 8 Limitations, Conclusions and Recommendations 9 References 10 Explaining Basic Accounting Concepts and Business Structures Assignment Business practices and accounting rules have undergone significant evolution to cope with the complexity of today's economic and social environment. Changes in the nature of the businesses required new business forms attractive to entrepreneurs.
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More importantly the statements are needed within an organization irrespective of the users. It is clear financial accounting information is the crux of the strategic development process and ethical decision making in a firm. Some recent examples and trend within the United States (especially in regards to Madoff and Enron) concerning the ethical issue surrounding financial reporting and managerial reports will also be analyzed as it shows the importance of financial accounting information. It is clear financial reporting is an essential aspect of any business operations as such the overview and presentation of financial information is the crux of the equation.
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The double liability is often mitigated by tax treaties between countries. Double Taxation Agreenment The UK today has treaties with over 100 Countries. In 1997, the UK was the first country to reach this century , at that time there were over 1300 treaties worldwide. There are UK treaties with nearly all Western Eurpoean Countries, with most members of commonwealth and with countries such as Japan and Israel. However , there are no treaties with many of the Arab countries such as Yemen, nor with Tax Havens such as the Cayman Islands and Iechtenstein.
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This concept is really important for both to the preparation of Profit and Loss Account and the Balance Sheet. In other case, if the auditors of a company are not sure that whether it would continue the going concern, then the company is bankrupt. Example: Suppose J Taylor acquired a widget making machine at �200,000 and this machine has an estimated life of 10 years. Let us also assume that the machine has no other use outside J Taylor business and could only be sold for scrap at �30,000 after one year. It is normal to write-off the cost of this asset to the profit and loss account, over this timeframe.
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