Explain the following: (a) Financial accounting Is concerned with the provision of information to external parties outside the organization and also concerned with the classification and recording of financial transaction in monetary terms in accordance with the established concepts‚ principles‚ accounting standards and legal requirements and presents the effects of the transactions on the performance and financial position of the business. (b) Cost accounting Is concerned with the ascertainment
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Abstract The aim of this short paper is targeted at broadening general understanding of the impact of accounting for goodwill in the Non-for-Profit environment based on its financial practicability and how a focus on the fair value of goodwill goes to the heart of the value of an Organization. Various amendments and new accounting rules; Enron and WorldCom misfortunes; Ponzi Schemes and other white collar financial frauds have brought about stricter governance and financial statement reporting responsibilities
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Cost Allocation Paper Cost Accounting Abstract This article’s focus is how cost accounting allocates costs of a manufacturing plant. All things are hypothetical. The conclusions of this report regarding costing of commercial services provided by Goodyear Tire should be recognized as a theory of the way Goodyear Tire conducts business activities‚ rather than suggestions of how Goodyear Tire should conduct business. Goodyear Tire is a publically traded company‚ which has many different
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Accounting plays an important role in the life of organizations. There are several types of accounting such as financial‚ management and governmental accounting‚ taxation‚ audit. These types are usually focusing on different types of users that are interested in different types of information. In this essay I will examine the differences between financial accounting and management accounting. The basic difference between financial and management accounting is their target group. Management accounting
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simply repeating previous posts and agreeing. Discuss the pros and cons of accural accounting versus cash accounting methods. All discussion forums must require at a minimum: 1-Research (at least 2 citations) 2-Critical Thinking 3-Opportunity for dissent. Accrual Accounting versus Cash Accounting Ok‚ if we are to attain our career goals we need to understand these two methods of accounting. This topic is very important in almost any field that one chooses to fashion their
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Introduction Ethics in accounting and financial decision making is important in today ’s business world. Many organizations put emphasis on ethics and the financial decision making process with the organization and expect that auditors‚ managers and accountants will behave in an ethical manner. There are many factors that inspire organizations to assure and push ethical policies. In the last seven years‚ the world has witnessed stunning financial collapse in many companies that were ranked among
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About CGG The Centre for Good Governance (CGG) was established by the Government of Andhra Pradesh (GOAP) in October 2001 to help it achieve the goal of ‘Transforming Governance’. Besides supporting the design and implementation of GOAP’s Governance Reform Programme‚ CGG undertakes action research‚ renders professional advice‚ and conducts Change Management and Management Development Programmes for Government departments and public agencies to help them implement their reform agenda
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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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year and 4th year‚ researcher chose them to become their respondents. The researcher‚ 1st year Accounting Student made a research about some factors of motivation and distraction that affect the performance of the students. Motivation and effort significantly influence individual performance in college as the review of prior research below indicates‚ few studies have investigated their impact on accounting student. The objective of the study is predicated on the assumption that identification of some
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of Business ……………………………………………………… 3 Transaction ………….…….……………………………………………………………4 Accounting Cycle……………………………………………………………………. Aim of Project The aim of my project contains three(3) aims‚ they are as follows: 1. All transactions must be completed successfully. 2. The business should be one of the best businesses. 3. This project should be a success. Acknowledgements This full completion of my Accounting S.B.A project could not have been completely done‚ with the littlest of help from
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