accounting standards accounting standards Introduction to Accounting Standards Accounting is the art of recording transactions in the best manner possible. Accounting Standards are the policy documents issued by recognized expert accountancy bodies relating to various aspects of measurement‚ treatment and disclosure of accounting transactions and events. Every country has its own standards. Accounting Standards in India are issued by the Institute of Chartered Accountants of India (ICAI)
Premium Financial statements Balance sheet International Financial Reporting Standards
CASE 4-33 ACCOUNTING | 15% Commission | 20% Commission | Own Sales Force @ 7.5% | Sales | $ 16‚000‚000 | 100% | $ 16‚000‚000 | 100% | $ 16‚000‚000 | 100% | Variable Expenses: | | | | | | | Manufacturing | $ 7‚200‚000 | | $ 7‚200‚000 | | $ 7‚200‚000 | | Commissions | $ 2‚400‚000 | | $ 3‚200‚000 | | $ 1‚200‚000 | | Total Variable Expenses | $ 9‚600‚000 | 60% | $ 10‚400‚000 | 65% | $ 8‚400‚000 | 52.5% | Contribution
Premium Operating leverage Income tax Net income
traditional costing systems in a number of ways. In activity-based costing‚ nonmanufacturing as well as manufacturing costs may be assigned to products. And‚ some manufacturing costs—including the costs of idle capacity—may be excluded from product costs. An activity-based costing system typically includes a number of activity cost pools‚ each of which has its unique measure of activity. These measures of activity often differ from the allocation bases used in traditional costing systems. 8-2 When direct
Premium Costs Cost
1. In an accounting information system‚ which of the following is NOT a transformational process? a. collecting data b. analyzing data *c. performance reporting d. summarizing data 2. Which of the following is NOT a process associated with an accounting information system? *a. auditing existing data b. collecting and recording data c. providing information to users d. analyzing and managing data 3. In an accounting information system‚ the inputs are usually a.
Premium Enterprise resource planning Costs Information systems
FINANCIAL ACCOUNTING I COURSE DESCRIPTION/OBJECTIVES The primary aim of Financial Accounting is to provide students with an introduction to the process and function of financial reporting. Whilst a large proportion of the course is aimed at understanding accounting as a process‚ taking a preparers‟ perspective‚ we will also seek to develop an understanding of the importance of the role of accounting in today’s society. LEARNING OUTCOMES After studying this course the student will be able to understand:
Premium Marketing Human resource management Management
The manual system is very time consuming.This is really only suited to extremely small restaurants because otherwise the accounting and stock control will become very time-consuming indeed. The computer technology is integrated with manual procedures. In this case the computer system will deal with billing and keep a record of which stock has come out of the business‚ but the ordering itself will be done by manual means. Most businesses tend to go for a fully integrated inventory system‚ so that the
Premium Economics Computer Accounting software
------------------------------------------------- Chapter 12—Electronic Commerce Systems TRUE/FALSE 1. Because of network protocols‚ users of networks built by different manufacturers are able to communicate and share data. ANS: T 2. Electronic commerce refers only to direct consumer marketing on the Internet. ANS: F 3. Business to consumer is the largest segment of Internet commerce. ANS: F 4. The phrase “.com” has become an Internet buzz
Premium Internet World Wide Web Computer network
Question 1 The ethical guidelines which accountants are obliged to follow in the conduct of their work are made to combat criticism and gain credibility by preventing fraudulent accounting. Accountants ought to be able to maintain impartiality and independence to create a clear‚ credible and unbiased audit. Hence‚ the ethical principles are considered important. This is because the work of accountants requires a high level of ethics since the financial statements prepared and verified by auditors
Premium Ethics Morality
and high value product line; Toyota- a rapid response to changing customer demand; PRODUCT LIFE CYCLES: Intro Phase- the product is being fine-tuned for market‚ negative cash flow due to research‚ product development‚ process modification‚ and supplier development; Growth Phase- product design is stabilizing‚ requires effective forecasting of capacity requirements; Maturity Phase- high sales revenue‚ competitors are established‚ improved cost control‚ reduction in options of product line necessary
Premium Product management Product life cycle management Variable cost
------------------------------------------------- Topic : Companies across the world have started to adopt environmental accounting. What is environmental accounting? Should it be made mandatory? Does environmental accounting help the environment in any way? Give specific examples of how environmental accounting has benefited the environment. ------------------------------------------------- Introduction : The developing countries like India are facing the twin problem of protecting the
Free Environmentalism Pollution Sustainability