Accounting System and Financial Reporting of NGOs: Case Study of a BRAC’s Project Munima Siddika1‚ Mohammad Sarwar Jahan Rekabder2 and A.K.M. Delwar Hossain3 tawheedfj@yahoo.com Abstract: In the absence of specific accounting and financial reporting standards and diverse interpretation of certain terms under the laws of the land‚ it has become a very difficult task to follow a standardized procedure in generation and presentation of accounting and financial information of NGOs. The practices
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Egoism is one of four popular ethical theories. The principle‚ or basic premise behind the Egoism theory is that self-interest is most important. By definition‚ egoism is the theory that one’s self is‚ or should be‚ the motivation and the goal of one’s own action (Internet Encyclopedia of Philosophy). An argument can be made that no human ever makes a decision without considering themselves‚ or that there is no true altruistic act anyways. So‚ it is important to differentiate a normal decision a
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WEEK 3 WORKSHOP TASKS (for submission at start of Week 3 workshop) Review Question 4 (page 628 of text) When reviewing the financial statements and supporting notes of a reporting entity‚ is it possible to establish all the individual types of income or expenses that the entity has incurred or received? If not‚ how does management determine which income and expenses should be disclosed? NZ IAS 1 paragraph 88 requires entities to recognize all items of income and expense occurred in the trading
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Financial accounting is the only branch of accounting and it is not perfect. There are large numbers of limitations which open new way to use other tools of accounting. To know what are the main limitations of financial accounting. It is very necessary for accountants. Accountants are often blind to these limitations. So‚ I am covering its limitation a lot of ground. Read below and understand:- Net effect of transactions are recorded in financial accounting which has happened in past. These
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Limitations of Financial Accounting: Financial accounting is the only branch of accounting and it is not perfect. There are large numbers of limitations which open new way to use other tools of accounting. To know what are the main limitations of financial accounting. It is very necessary for accountants. Accountants are often blind to these limitations. So‚ I am covering its limitation a lot of ground. Read below and understand:- 1. Financial accounting is of historical nature Net effect
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Source of fixed and working capital In this business it will need fixed assets in this industry such as oven‚ showcase‚ mixer‚ freezer‚ motor vehicle and machinery and equipment. We will be pooled 50‚000 from friends and family we will also borrow a 100‚000 from a financial institution. The entrepreneur will put 125‚000 savings in the business. The working capital which is or day-day use of liquidity assets in the business‚ we will sell shares to shareholders hoping to receive at least 100‚000 which
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Some sets of ethical principles have been proposed for water ethics (Groenfeldt 2013). The UNESCO (2011‚ pp. 18ff) unfolds the normative dimension of water ethics along with a number of principles stemming partially from the law and partially from ethics: Principle of human dignity and the right to water Principle of equity in availability and applicability of water Principle of eco-centric ethics Principle of vicinity Principle of frugality Principle of transaction Principle of multiple and beneficial
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The Harm Principle requires less from us because it does not ask us to question the value we put on different aspects of life like the Best Interest Standard. There are eight conditions that have to be meet in order for the harm principle to justify state intervention‚ these are typically objective. The Best Interest Standard makes it difficult to define what’s in the “best interest of the child‚ it also questions whether greater value should be based on the servile rate of the child or the side
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the complexity meanings of financial reporting reflect the reality and it can be the creator of social reality. Financial reporting should have an objective “truth” and “fair” view and prepare a faithful presentation for shareholders to deal with the investment. Accounting theory need to continuous change its standards or models in order to meet the future needs. This easy also discuss this statement which relate to the sustainability issues in the Australian business activities. As an innovation
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Financial Accounting Course Objectives: This course introduces the fundamentals of financial accounting to graduate students. Throughout the course‚ communication skills will be emphasized. After completing the course‚ a student is expected to understand how accounting information is produced‚ interpret and analyze financial statements‚ communicate firms’ financial health and appreciate ethical issues in accounting. Since the course content will be approached from the perspective of a user‚ rather
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