The Importance of Accounting To understand accounting information and use accounting information is important for any business. “Information that is provided to external parties who have an interest in a company is sometimes referred to as financial accounting information,” according to Williams, Haka, Bettner, and Carcello (2006, p. 4). The main reason in providing accounting […]
Introduction Nowadays, independence is major issues to attain highest level of performances to meet the public interest requirement. (Messier et al, 2006) Therefore, International Federation of Accountants (IFAC) has its mission to provide consistently high quality of service in the public interest by continues establish and strengthen the worldwide economic development and enhancement the accountancy […]
In the past, the common perception of a business responsibility was to maximize their firm’s profit. This is because businesses were perceived to always put the shareholder interests first. However, businesses are moving towards impacting the socials and environments. Several research have found that businesses now have direct responsibilities to various other stakeholders which include […]
IFAC the (international federation of accountants) is a non – governmental and a global organization for accountancy professional, formed in 1977 in Munich -Germany at the 11th world congress of accountants’. Currently there are 164member bodies in 125 countries and jurisdictions, representing over 2.5 million accountants. Source: Q FINANCE – The complex world of international […]
The operations of Toyota have been impacted by tremendous developments in technology. Because of this, manufacturing operations within the company have significantly improved. For instance, vehicles and car parts are transported ahead of time, and this prevents large amounts of money from being utilized for storing activities (Fujimoto, 2001). The MIS of Toyota offers remedies […]
Introduction Through the years when it comes to planning Managers has developed techniques and methods of forecasting future costs. One of such methods is Absorption costing and activity based costing (ABC) What is Absorption costing? Absorption costing is the traditional method of costing and stock evaluation, having been developed around the 1870s to 1920s is […]
Auditing Standard number 5, as outlined by the Public Company Accounting Oversight Board, creates guidelines regarding the manner in which an auditor should approach an audit of a company’s management’s assessment of that company’s internal controls over financial reporting, as well as an audit of that company’s financial statements. Of particular note are the Standard’s […]
The major distinguishing features of ABC compared with traditional costing system are that ABC systems assign costs to activity cost centres rather than departments. (Drury, 2008) Although traditional absorption techniques may apparently seem to less complicated or tedious as opposed to ABC, the report will show why, ABC is the best most accurate technique. The […]
In an organization when a manager is responsible for planning incomes and expenses for the a future period, they can plan income very low and expenses very high so that this amounts gets approved by senior management. The Manager basically does this thing to be sure of meeting the budget with a very low income […]
The events were finally resulting the filing for bankruptcy in December 2001, started way much before fraud at Enron could be even suspected. Andersen played a major role in the collapse of Enron. Andersen failed two times regarding audit issues just a few years short time before the collapse of Enron, at Waste Management in 1996 and […]
