MCQs in lecture from ch 2 1. Accounting theories should be A. Inductive B. Deductive C. Descriptive D. None of the given options is correct 2. Which of the following statements is true about accounting measurements such as profits and assets? A. They are subject to professional judgment B. They would not vary if prepared by different accountants‚ providing they were based on the same set of accounting standards C. They are based on hard‚ objective‚ evidence
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sentenced to 10 years. He had moved company cash into his personal bank account. Some of this was used to buy Polly Peck shares to keep the price up. In 2002 the accounting disciplinary body‚ the Joint Disciplinary Tribunal‚ fined Stoy Hayward £75‚000 for its role as group auditor to Polly Peck. Erdal & Co‚ the north Cypriot accounting firm was also fined for its audit of the north Cypriot subsidiaries of Polly Peck in 1988 and 1999. 2. Enron 2001 Massive fraud. AA helped to set up off balance
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POLITICAL SCIENCE‚ academic discipline‚ the focus of which is the systematic study of government in the largest sense‚ encompassing the origins of political regimes; their structures‚ functions‚ and institutions; all the ways in which governments discover and deal with socioeconomic problems—from dog licensing to diplomacy; and the interactions of groups and individuals that play a part in establishing‚ maintaining‚ and changing governments. Nature of the Discipline. Political science usually
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INTRODUCTION Through history and the many years of accounting practice‚ a lot of accounting theories have been developed. Interestingly‚ many of those theories are grounded on the basis of prescribing and proposing how accounting processes should be performed. These are known as normative theories of accounting as they are not built on observation‚ but rather upon the theorist’s deductive judgement‚ and subjective opinion (Goble 2009). Accounting conceptual frameworks are good examples of normative
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NATURE AND SCOPE OF ACCOUNTING TERMINOLOGIES As an introduction to the course in accounting‚ it may be useful to define the following terms : - Accounts : These are the financial records in the organization. Every business transaction‚ or accounting entity‚ may be represented in an account by itself‚ e.g. wages‚ telephone expense‚ motor vehicle‚ Cash at bank‚ Investment - Book-keeping : This is the recording of the financial transactions of a business
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THE NATURE OF MANAGEMENT ACCOUNTING [SUMMARY] What is Management Accounting? Management Accounting is the process within an organization that provides information used by an organization’s managers in planning‚ implementing and controlling the organization’s activities. Management Accounting as One Type of Information Information is a fact‚ datum‚ observation‚ perception or nay other thing that adds to knowledge. • An organization’s day-to day activities requires a considerable amount of operating
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International Accounting Standards Contents A. Introduction & Objective.……………………………………………………………….3 B. Why Harmonization of international accounting standards required……………..4 C. Factors influencing any Country’s Accounting Standards…………………………..6 D. Role of International Accounting Standard Board (IASB)……………….…………..8 E. Moving towards Harmonized International Accounting Standard………………….9 F. Obstacles and Benefits of the harmonization of International Accounting………..10
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many components have shaped the way a country develops itself both economically and financially. To fully understand a country’s accounting standards one must explore such environmental factors as the history‚ demographics‚ economy and the legal system of a country. South Africa is a dynamic country full of diversity. It is hard to understand the structure of the accounting profession without first learning how South Africa developed into the country it is today. The history of South Africa
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THE NATURE AND MEANING OF POLITICAL SCIENCE Political Science is a discipline that is given the status of a social science. In fact‚ Aristotle (the ancient Greek philosopher) called it the Master of Science. He saw Political Science as the highest science because he thought all other sciences depend on it. But as one of the social sciences‚ Political Science lacks a universally unified and acceptable definition as scholars have different approaches to its meaning. From its origin‚ “the term politics
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markets. On the other hand‚ securities analysis becomes more complex because of supplementary variables such as foreign exchange risk‚ political‚ economic‚ cultural diversities‚ etc. that need to be taken into deliberation in making investment judgment. A significant variable in the analysis of foreign securities is various accounting standards. The accounting standard of United States (US) and United Kingdom (UK) and identifies the major differences that materially impact the Tangible Assets‚ Goodwill
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