Operations Process Goals: Efficiency Goals Ensure that all resources used throughout the business process are being employed in the most productive manner In general‚ people and computers should always be included in the efficiency assessments related to accounting information systems For other business processes‚ such as receiving goods and supplies‚ efficiency goals include the productive use of equipment Operations Process Goals: Security Goals Ensure that entity resources are protected from loss‚ destruction
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University of Phoenix Material Role of Financial Accounting Versus Managerial Accounting Matrix Compare and contrast financial accounting and managerial accounting by answering the following questions in the matrix provided. Cite any sources you use in accordance with APA guidelines. Term or Concept Financial Accounting Managerial Accounting What is the primary purpose of the accounting system? The primary purpose is to produce forms portraying a company’s performance over a period of time
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Managerial Accounting Vs Financial Accounting Management Accounting is used primarily by those WITHIN a company or organization. Reports can be generated for any period of time such as daily‚ weekly or monthly. Reports are considered to be "future looking" and have forecasting value to those within the company. Financial accounting is used primarily by those OUTSIDE of a company or organization. Financial reports are usually created for a set period of time‚ such as a fiscal year or period. Financial
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Purpose of Accounting Accounting is a service activity. Its function is “to provide quantitative information‚ primarily financial in nature‚ about economic entities that is intended to be useful in making economic decisions in making reasoned choices among alternative courses of action” (Raiborn‚& Watson 2003). The main purpose of accounting focuses on the preparation of pertinent financial reports‚ which will give internal and external parties the essential information that is needed to access
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Introduction to Accounting Coursework Ratio Analysis of Tesco and Sainsbury Introduction This report details the results of a ratio analysis of two of the largest retailers in the UK: Sainsbury and Tesco based on their audited financial statements for the financial years ending 2011‚ 2012‚ and 2013. The two companies are compared with each other based on their profitability and liquidity ratios. This report then critically interprets the results of the ratio analysis calculations and then discusses
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manual method of accounting is being gradually replaced. And finally‚ the database technology has revolution the accounts department of the business and non business organisations. In the use of computerised accounting system the risk of data loss is eliminated‚ high speed in data manipulation is maintained and larger volume of data are kept safely. In computerised accounting system calculation became easy and controlled effective‚ also development of computerised accounting system‚ facilitate
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IFRS 8-1: “Basic accounting and reporting issues related to recognition and measurement of receivables‚ allowance accounts‚ recording discounts‚ the allowance method to account for bad debt and factoring are basically the same between IFRS and GAAP. However‚ the FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) are taking steps by working to implement fair value measurement‚ the amount they currently could be sold for‚ for financial instruments. “The
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HEC Paris Financial Markets Spring 2012 Final Exam “Cheat Sheet” 0. Basic Statistics (a) Consider an n-outcome probability space with probabilities p1 ‚ p2 ‚ . . . ‚ pn . Consider two discrete random variables X and Y with outcomes (X1 ‚ X2 ‚ . . . ‚ Xn ) and (Y1 ‚ Y2 ‚ . . . ‚ Yn ). 2 The we have the following formulas for means (µX ‚ µY )‚ variance (σX )‚ standard deviation (σX )‚ covariance (σX‚Y )‚ and correlation (ρX‚Y ) µX = EX = E(X) = p1 X1 + p2 X2 + · · · + pn Xn µY = EY = E(Y ) =
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Creative Accounting AC4001 12/13/2013 ‘Many investors now believe that companies can manipulate their accounts more or less at will‚ with the aim of producing profits that increase steadily over time. Provisions are bumped up in good years and later released‚ or the value of an acquisition is slashed; there are plenty of tricks.’ In your opinion is it possible to eliminate creative accounting? I do not think that creative accounting practice can be eliminated completely. However‚ I do
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Case 3-6 Accounting Standards A. Given the income statement effects of LIFO versus FIFO‚ how will the balance sheet inventory amounts differ between General Motors and Ford versus Honda and Daimler-Benz? In other words‚ will inventory be reported amounts representing recent costs or older historical costs? In your opinion‚ which balance sheet amounts would be more useful to financial statement users in making decisions to buy or sell shares of a company’s stock? Inventory is an asset that
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