Abstract The purpose of this essay is to illustrate 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
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Fundamentals of Accounting: Managerial verses Financial Accounting Fundamentals of Accounting acct122 Fundamentals of Accounting: Managerial verses Financial Accounting What has the organization in its focus; futuristic planning‚ financial control‚ and data based decision making affecting its reports and suggestions; and an emphasis on relevance and timeliness in its decision making (2012)? The answer to this question is managerial accounting. According to J. W. Jones (2013)‚ a retired
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Paper P9 – Management Accounting Financial Strategy Post Exam Guide May 2006 Exam Examiner’s General Comments The performance on Paper P9 was extremely disappointing. Many candidates appeared to have done little preparation. It was noted in the November 2005 Post Exam Guide that many candidates demonstrated poor knowledge of even quite basic financial calculations and that their grasp of many basic concepts was also limited. These weaknesses are still evident in May 2006. A further weakness was the
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Moffitt‚ PhD Course Name: ACCT 3001 v1.0 (Section 3) Module 1: Financial Accounting & Accounting Standards 1. Differentiate broadly between financial accounting and managerial accounting. -Financial accounting measures‚ classifies‚ and summarizes in report from those activities and that information which relate to the enterprise as a whole for use by parties both internal and external to a business enterprise. Managerial accounting also measures‚ classifies‚ and summarizes in report form enterprise
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There are quit a few differences in financial and managerial accounting‚ the first differences has to do with the primary users of the reports; in financial accounting the reports are used by external users such as stockholders‚ creditors and regulators. On the other hand managerial accounting reports are used by internal users and include officers and managers. In addition the type and the frequency of the reports differ; financial accounting have financial statements and quarterly and annually
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Lesson 1: The Accounting Process (Textbook Libby et al. Chapters 1 and 2). Objectives: When you have successfully completed this lesson‚ you will be able to... Define accounting and explain its purpose Define business and identify the different types of businesses Explain the accounting equation: Assets = Liabilities + Owner’s Equity Visualize the start of a business‚ create accounting transactions for it‚ and prepare simple financial statements Reading Assignment Please read chapters
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The Basic Functions of an Accounting Information System. An accounting information system (AIS) provides financial information about a business. This information helps managers plan and control operations and provides reports to outside parties such as stockholders‚ creditors and government agencies. Parts of an accounting information system might include financial reporting‚ cost accounting‚ management accounting and enterprise resource planning (ERP). A well-designed AIS gives a business
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Introduction Financial accounting is branch of accountancy that deals with the financial statements which helps in informing public as well other concerned people who are not involved in day to day working of a company‚ about its current financial performance. Different stages involved in financial accounting are governed by certain standards set by organisations such as The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB). The standards made by IASB
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Legality and Ethicality of Financial Reporting Accounting professionals consider standard practices of accounting and board of accountancy rules when creating ethical standards. Accountants also consider state and federal laws. Ethics and the law works hand-in-hand therefore should be on the minds of those considering the commission of fraud. The Chief Financial Officer (CFO) of Excello‚ Terry Reed‚ was considering doing such by posting a $2.1 million transaction to raise year-end earnings.
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1. Which of the following statements is true about hedge accounting under U.S. GAAP? a. If a derivative qualifies as a cash flow hedge‚ a company may choose to account for it as a fair value hedge. 2. When a currency is allowed to increase or decrease in value relative to other currencies‚ the currency is said to: a. Float 3. What has occurred when one company purchases the right to buy a foreign currency some time in the future at an exchange rate quoted today? a. the company has acquired
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