The traditional profit maximizing theories of the firm have been criticised for being unrealistic. As a result‚ alternative theories of the firm were introduced (Sloman & Sutcliffe‚ 2001). One of the alternative theories of the firm is Growth maximization. Following are the main motives for the firms to grow: The cost motive: A growth maximising firm can lower its long run average costs by exploiting economies of scale and economies of scope. Economies of scale come into effect when increasing
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Do you know what is better than charity and fasting and prayer? It is keeping peace and good relations between people‚ as quarrels and bad feelings destroy mankind." Prophet Muhammad (PBUH) ------------------------------------------------- Do you know what is better than charity and fasting and prayer? It is keeping peace and good relations between people‚ as quarrels and bad feelings destroy mankind. (Prophet Muhammad may God’s peace and blessings be upon him) at-Tirmidhi No. 2509) This one
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PART A 35 Multiple Choice Questions worth 1 mark each (all questions to be answers) 1. ABC firm are the auditors of XYZ Company. The partner responsible for the audit has recently spent a week working with XYZ as a paid consultant on their internal control systems. The ethical principle that has been breached is: a. auditor independence. b. auditor appointment. c. auditor rotation. d. auditor competence. 2. The term audit expectation gap refers
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w w om .c s er International General Certificate of Secondary Education ap eP m e tr .X w UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS MARK SCHEME for the June 2005 question paper 0452 ACCOUNTING 0452/03 Paper 3‚ maximum raw mark 100 This mark scheme is published as an aid to teachers and students‚ to indicate the requirements of the examination. It shows the basis on which Examiners were initially instructed to award marks. It does not indicate the
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Introduction Situations often arise where accounting professionals are faced with ethical issues and dilemmas. Resolving these ethical issues can often be complicated due to the lack of guidance provided by the Code of Ethics for Professional Accountants. Ethical theories present frameworks to assist in the decision making process. The 6-Step Ethical Framework outlines an approach to take towards the ethical issues not addressed by the Code of Ethics. The 6-Step framework is demonstrated with
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AUDITING CHAPTER-HEADS Chapter 1 : INTRODUCTION Chapter 2 : TYPES OF AUDIT Chapter 3 : INTERNAL CONTROL AND INTERNAL CHECK Chapter 4 : VOUCHING AND VERIFICATION Chapter 5 : AUDIT PLANNING AND DOCUMENTATION Chapter 6 : COMPANY AUDITOR Chapter 7 : COMPANY AUDIT Chapter 8 : TYPES OF REPORT UNIT 1 INTRODUCTION Q1. Define an ‘Audit’ and state the various objects of an audit. Or ‘Two main objects
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investigate the client and obtain certain information that we need. The first step to evaluate the client is to confer with the predecessor auditor. The client granted me permission to contact the previous auditor and he indicated the problems the firm had with Ocean: (1) complexities and problems with Ocean’s new IT system (2) management’s tendency to aggressively reflect year-end accruals in order to meet creditors’ requirements As far as we know the company switched to a new system in
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purposes. This document is intended to provide information‚ but is not a substitute for legal or accounting advice. The IIA does not provide such advice and makes no warranty as to any legal or accounting results through its publication of this document. When legal or accounting issues arise‚ professional assistance should be sought and retained. The Professional Practices Framework for Internal Auditing (PPF) was designed by The IIA Board of Directors’ Guidance Task Force to appropriately organize
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Introduction Ryan’s and Daughter Accounting Firm‚ originally founded in 2014‚ currently employ 1‚500 employees and earns an annual revenue of 25 million dollars a year. Currently‚ the company seeks to increase the company’s workforce by 20%‚ 300 new employees‚ with an expected annual income of 50 million dollars in annual revenue. This growth potential growth expectancy vaults Ryan’s and Daughter Accounting Firm from a small business to a medium size company‚ in the aspects of employees and annual
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straightforward and honest in all the professional and business relationships. In this case‚ an auditor has to be integrity to present their honest and fair to the client. Even Game’s Limited’s managing director is unhappy with the existing auditing firm has been changed. Objective An auditor has to be objective and fair. Auditor has to be fairness and objective to provide financial report. The client’s point of view must not affect auditor’s objective. In this case‚ Games Ltd has been named
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