U. S. Generally Accepted Accounting Principles (U. S. GAAP) and International Financial Reporting Standards (IFRS) There are numerous companies that use different types of accounting standards or rules. International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles the most popularly used by companies. IFRS is a set of accounting standards that provides a global framework for how public companies prepare and disclose their financial statements. The U.S. Generally
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VOL.7 NO.1 Accounting for Lean Fall Manufacturing: Another 2005 Missed Opportunity? B Y K AY C A R N E S ‚ P H . D . ‚ C PA ‚ AND SCOTT HEDIN‚ PH.D. MANY COMPANIES ARE IMPLEMENTING LEAN ACCOUNTING TECHNIQUES‚ YET THE MANAGEMENT ACCOUNTING LITERATURE AND CURRICULA LAG BEHIND IN THEIR COVERAGE OF THESE TOPICS. THE MANAGEMENT ACCOUNTING FIELD FACES A SEVERE CHALLENGE TO CATCH UP OR RISKS LEAVING GRADUATES UNPREPARED FOR THEIR CAREERS. EXECUTIVE SUMMARY While much has been written
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from a low-tech manufacturing base into a technology-based economy. Growing up in such a dynamic and quickly developing economy has given me a strong interest in taking part in the business world of the future. With this longstanding interest in Accounting and Business‚ I am very eager to begin engaging in advanced business studies. Business and Finance has been a great inspiration for me right from my childhood ever since I used to be at the cash counter of my dad’s departmental store. My introduction
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The role of accounting The role of accounting in business is to help interested parties (internal and external) to make business decisions. LEARNING OBJECTIVE Explain how the accounting process aids in the making of business decisions KEY POINTS Financial accounting generates some of the key documents‚ including profit and loss account showing the method of business traded for a specific period and the balance sheet which provides a statement showing mode of trade in business for a specific
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RESPONSIBILITY ACCOUNTING Management Accounting - Responsibility Accounting Planning & control are essential for achieving good results in any business. Firstly‚ a budget is prepared and‚ secondly‚ actual results are compared with budgeted ones. Any difference is made responsibility of the key individuals who were involved in (i) setting standards‚ (ii) given necessary resources and (iii) powers to use them. In order to streamline the process‚ the entire organization is broken into various
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The basic accounting concepts have defined the conception of the preparation of financial statements and the process of preparation in the UK is well regulated. But financial accounting requires a fair amount of flexibility in some certain areas‚ so the need of judgements and estimations for accounts preparers is demand. Meanwhile it leaves a significant approach in accounting treatments. For example‚ when organizations decide which of several inventory valuation methods to utilize; managers make
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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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ABSTRACT The accounting fraud is frequent‚ widespread and familiar in many countries and organization. It brings a loss to firms and investors. But there is no research trying to explain factors comprehensively influencing it. The obyectives of the research are to test and explain the effect of the internal control effectiveness‚ suitability of reward‚ compliance to accounting rules‚ information asymmetry‚ management morality toward unethical behavior and intention to accounting fraud. More particularly
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overstated by the standard cost system. At last‚ A12 Junction Box could be identified it is an attractive and profitable product‚ at the same time‚ it demonstrates the value of ABC. Introduction Alice Johnson has to make a presentation to the management team that explains how ABC can add value to the decision-making process within Wilson Electronics. The presentation focuses on a cost-reduction proposal as a way to demonstrate that ABC is capable of aiding the decision-making process. This proposal
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Classmates‚ According to (Oster‚ 2014)‚ "Percentage of receivables and percentage of sales are two accounting allowance methods used to reconcile customer accounts deemed noncollectable. When allowed by generally accepted accounting principles (GAAP)‚ these two strategies are preferred over direct write-off of bad debt expenses. Percentage of receivables and percentage of sales provide a business with the ability to accurately estimate the expected bad debt losses they will have in each succeeding
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