3101AFE TUTORIAL 1 – Semester 1 2014 Deegan Topic 1 Introduction to financial accounting theory 1.1 What is the difference between a positive theory of accounting and a normative theory of accounting? 1.6 The IASB and the FASB are currently developing a revised conceptual framework of financial reporting. If you have been asked to review the framework—which is an example of a normative theory of accounting—why would it be important for you to pay particular attention to how the objective
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P1/M1 Explain how individual rights should be respected in a supportive relationship Every individual have rights and for them to have the best care they should be able to practice their rights as long as it doesn’t affect others around them or put themselves in danger. To have a supportive relationship with someone you would have to respect and value them and allow them to exercise their rights. One of the key principles in caring for a people is to develop a supportive relationship by helping
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Managerial Accounting Vs Financial Accounting Management Accounting is used primarily by those WITHIN a company or organization. Reports can be generated for any period of time such as daily‚ weekly or monthly. Reports are considered to be "future looking" and have forecasting value to those within the company. Financial accounting is used primarily by those OUTSIDE of a company or organization. Financial reports are usually created for a set period of time‚ such as a fiscal year or period. Financial
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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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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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BTEC LEVEL 3 NATIONAL IN BUSINESS (The Business Environment). P1: Describe the type of business‚ purpose‚ and ownership of two contrasting businesses. Sainsbury’s: Sainsbury’s is the UK’s third largest chain of supermarkets‚ it’s also the longest standing major food retailing chain‚ which was founded by John James Sainsbury’s in 1869 as a partnership with his wife Mary Ann. The holding company J Sainsbury’s PLC‚ is split into three divisions which are: Sainsbury’s Supermarket Ltd‚ Sainsbury’s Local
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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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Explain potential hazards and harm that they may arise from each in a health and social care setting (P1) There are lots of hazards that may occur in health and social care settings‚ these hazards pose risks of harm that effect specific service user groups. The essay is based on a private residential care home for the elderly with dementia‚ these people have mobility issues and other health issues associated with old age‚ e.g. high blood pressure and diabetes. There are 20 residents with 8 permanent
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accounting standards accounting standards Introduction to Accounting Standards Accounting is the art of recording transactions in the best manner possible. Accounting Standards are the policy documents issued by recognized expert accountancy bodies relating to various aspects of measurement‚ treatment and disclosure of accounting transactions and events. Every country has its own standards. Accounting Standards in India are issued by the Institute of Chartered Accountants of India (ICAI)
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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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