Jim McFie‚ a Fellow of the Institute of Certified Public Accountants of Kenya FASB (the Financial Accounting Standards Board‚ a US body) was the first organization to develop “Concepts Statements”. All the other “Concepts Statements” have been based on those developed by FASB. A new “Conceptual Framework for Financial Reporting” was worked on jointly by FASB and IASB (the International Accounting Standards Board) and was published simultaneously by FASB and IASB in September 2010. It deals with
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CHAPTER 1 FInANCIAL ACCOUNTING AND ITS ECONOMIC CONTEXT ISSUES FOR DISCUSSION ID1–1 Security analysts and stockholders: These users would use financial statements to try to estimate the future earnings and cash flow potential of the company‚ which would be used to project a value for the company’s stock. Bank loan officers: These users would use the financial statements to determine the ability of a company to repay loans to the bank. A company’s
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Running head: ETHICS IN ACCOUNTING Organizational Ethics in Accounting: A Comparison of Utilitarianism and Christian Deontological Principles Katherine Y. Masten A Senior Thesis submitted in partial fulfillment of the requirements for graduation in the Honors Program Liberty University Spring 2012 1 ETHICS IN ACCOUNTING Acceptance of Senior Honors Thesis This Senior Honors Thesis is accepted in partial fulfillment of the requirements for graduation from the Honors Program of Liberty University
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ACCG399 Accounting in Context Macquarie City Campus Unit Guide Offered in Session 2‚ Undergraduate‚ City 2013 General Information Convenor and teaching staff: Lecturer –in-Charge: Email: Adrian Koit Adrian.Koit@mqc.edu.au Credit Points 3 Prerequisites ACCG224(P) and 42cp Corequisites N/A Co-badged status This unit is not co-badged. Contacting Staff Please use email as the first form of contact. Students are required to send all enquiries about the unit to the staff
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customers has vastly increased making it much more difficult to keep track of the finance and performance. This is where accounting plays its role of systematically recording‚ reporting and analysing the financial transactions of a business. This essay aims to compare and contrast the roles and responsibilities of a management accountant with that of a financial accountant. Accounting allows a company to analyse the financial performance of a business and represent its position through past and future
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Materiality and aggregation concept Concept on Prudence Matching Principle Dual Aspect Relevance Concept Introduction Financial accounting has a number of conservative laws which have been considered over the years and all the possible identifiable rules are: Business Entity Concept‚ Money Measurement Concept‚ Going concern Concept‚ Accrual basis of accounting concept‚ Consistency Concept‚ Materiality and aggregation concept‚ Prudence‚ Matching Principle and Dual Aspect 1. The Business Entity
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ACCOUNTING ASSUMPTIONS‚ PRINCIPLES‚ AND CONSTRAINTS Phil Toms March 29‚ 2013 The basic assumptions are monetary unit assumption and the economic entity assumption. The monetary unit assumption requires that companies include in the accounting records only transaction data that can be expressed in terms of money. This assumption enables accounting to measure economic events. The monetary unit assumption is vital to applying the cost principle. An economic entity can be any organization
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Ethics in Accounting Student’s Name Institutional Affiliation In this case without reclassification of accounts receivable‚ net cash that is utilized in operation is given as; Net Income $60000 Decrease or (Increase) in accounts receivable ($80000) Net amount provided in operation ($20000) If there is reclassification as anticipated‚ the net cash used in operation is; Net Income $60000 Net income provided in operation $60000 Through reclassification of $80000 of accounts receivables
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Assignment 1: Review of Accounting Ethics The New Zealand Institute of Chartered Accounts (NZICA) represents over 33‚000 members in New Zealand and overseas. The organization audits private companies and public companies that are members of the organization (Graham‚ 1960). In October 2012‚ the organization was found to be practicing breaches of accounting with its members when an employee of the organization was found investing in different companies using client’s money. The loans were supposed
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Project Paper on the Title “Auditors Professional Responsibilities and Legal Liability with Regard to Private Auditors in Ethiopia”: For the Fulfillment of M.Sc Program in Accounting and Finance Adviser: Johannes Kinfu (Prof) By: Muluneh Beyene Addis Ababa University School of Gradate Studies Department of Accounting and Finance July‚ 2007 Addis Ababa Statement of Certification This is to certify that Muluneh Beyene has carried out his research work on the topic entitled “The
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