References: 1. Forensic Accounting and Fraud Examination‚ second edition‚ William S. Hopwood; Jay J Leiner; George R Young. 2. http://www.anao.gov.au/html/Files/BPG%20HTML/BPG_PublicSectorAuditCommittees/2_5.html 3. http://www.deloitte.com/view/en_CN/cn/services/corgov/ic/iarr/ 4
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1. Accounting is an information and measurement system that: A. Identifies business activities. B. Records business activities. C. Communicates business activities. D. Helps people make better decisions. E. All of these. 2. Technology A. Has replaced accounting. B. Has not changed the work that accountants do. C. Has closely linked accounting with consulting‚ planning‚ and other financial services. D. In accounting has replaced the need for decision makers. E. In accounting is only
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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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GOVERNMENTAL ACCOUNTING EXAM 3 - CHAPTERS 8 THRU 10 Select the best answer for each question and enter your answers on the answer sheet sent with the exam. Submit only the completed answer sheet‚ not the entire exam. Please write your name on the answer sheet. 1. General long-term debt of a governmental entity includes a) All future financial obligations. b) All future financial obligations that result from past transactions. c) All future financial obligations
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Managerial Accounting Focusing on Internal Accounting Debby L. Lenahan AIU Online ACCT310-1302A-04: Managerial Accounting interoffice memorandum to: | CEO | from: | debby lenahan | subject: | hiring new managerial accountant | date: | May 5‚ 2013 | cc: | prof. kristina unutoa | | | It is imperative that we hire another managerial accountant to focus on our internal accounting. Our internal accounting is very important because this is what sets our standards and policies.
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Historical cost accounting Advantages • Historical cost accounts are straightforward to produce • Historical cost accounts do not record gains until they are realized • Historical cost accounts are still used in most accounting systems Disadvantages • Historical cost accounts give no indication of current values of the assets of a business • Historical cost accounts do not record the opportunity costs of the use of older assets‚ particularly property which may be recorded at a value based
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To get an understanding and feel of the process of accounting‚ let us go through an example of an organisations accounting consisting of a few transactions during an accounting period. Following are the transactions relating to M/s Trinity Foods‚ over an accounting period from 1st June 2005 to 30th June 2006. ▪ Started business with Capital Tk. 1‚00‚000 ▪ Paid into Bank Tk. 10‚000 ▪ Bought Furniture and paid cash Tk. 25‚000 ▪ Bought goods for cash Tk. 50‚000 ▪ Bought
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E12-16 E12-1 (Classification Issues—Intangibles) Presented below is a list of items that could be included in the intangible assets section of the balance sheet. 1. Investment in a subsidiary company. …. LT Investment in Balance Sheet 2. Timberland. ……………………………………..… PPE in Balance Sheet 3. Cost of engineering activity required to advance the design of a product to the manufacturing stage. …………R& D Expense in Income Statement 4. Lease prepayment (6 months’ rent paid in advance). …………………………………………………
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Accounting Memo Tiffany Toro BCOM/230 June 9‚ 2014 Wayne Moore Accounting Memo This accounting memo was certainly meant to only be seen by peers; the terminology is colloquial and informal. The first problem with the memo is the addressee is not addressed correctly; instead of “Accounting Team Mate”‚ the individual (s) should be addressed by name and title. As well instead of “subject” it should state “re:” The individual should not be addressed again when commencing to develop the actual
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frst-out inventory method of accounting (LIFO). In general‚ to use LIFO for federal income tax purposes‚ taxpayers must also use LIFO for fnancial reporting purposes (herein referred to as the LIFO conformity requirement). The use of LIFO for fnancial reporting purposes is not permitted under International Financial Reporting Standards as promulgated by the International Accounting Standards Board (IFRS). As a result‚ a conversion from US generally accepted accounting principles (GAAP) to IFRS likely
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