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Management of number and the role of International Financial Reporting Standards Many organizations are beleaguered by entropy, carrying the prevailing information of the company’s useful reports. Often, managers as well as senior personnel within an organization may lack skills and knowledge to handle and keep the company data and that why the aspect of managing numbers comes at hand.
Prior to determining whether the rotation of auditors plays an imperative role in enhancing the quality of audited financial reports, it is quite indispensable to acquire a brief understanding of the aspect of auditing. In general, auditing is fundamentally described as the systematic evaluation and the authentication of financial along with accounting records of a specific business organization.
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The author of the paper states that financial fraud demeans investor confidence in financial reporting and lowers the efficiency of corporate governance. A financial statement fraud refers to an intentional misrepresentation of financial information that the corporation presents to the public.
Data were collected on a Likert scale and statistical analyses have been performed. All the analyses have been implemented with SPSS. Correlation and Regression have been performed to find the research outcome. Based on the regression analysis, it has been found that macroeconomic factors like economic growth, market speculations, macroeconomic news, consumer installment credits, etc.
The borrower may not want the loan to be sold since it would be harder to negotiate with a lender who has no experience with the borrower. Second, the lender may want to protect the relationship with the borrower. Third, relationship-based lending can involve implicit commitments on both parties that would become worthless if the loan is sold.
In 1977, the Financial Accounting Standards Board proposed to change the accounting methods used in the oil industry from full costing (FC) to successful efforts (SE). The FSAB through the Exposure Draft received great opposition from oil companies because the change in accounting method could adversely reduce the market share price and earnings at the same time.
NLDST followed a similar trend increasing by 2 .16% from 88 .02 in 2009 to 89 .93 in 2010 and subsequently increasing by 8 .55% to 97 .62 in 2011. The increasing trend indicates deteriorating liquidity in the banking sector as more and more assets, customer deposits, and short-term funding are tied into loans which are classified as illiquid assets.
The rotation of auditors is one of the criteria that propose towards the quality of audit in most of the cases.The integrity of the financial statements is contingent upon the audit. Audit of the financial statements elaborates the dependability of the users of the financial statements upon the reliability of the information provided in the financial statement.
In the event of changing the rule used in manipulating the accounting numbers, the users are able to renegotiate earlier contacts at no cost. These instances illustrate the change in policy as costless contracting which cannot have an influence on the cash flows. The presence of other factors switches bears an impact on the cash flow.
The process involved having reliable testing processes and cost considerations that were always paramount in the viability of any new product introduction. High-quality, reliable, and cost-effective ATE solutions became an essential part of the industry for manufacturers to survive and remain competitive.
Regions around the world have developed lightning speed. Due to the modernization drives the regions could accommodate facilities that serve the purpose of a larger number of people at the same time. The facilities included building up roads connecting distant lands, bridges that shorten the distance for traveling to specific destinations and which reduced the time taken for traveling.
Many individuals boldly join the risky small and medium enterprise market segment. The market segment is grounded on low capital investments. The market segment reduces the United Kingdom's unemployment rate. With the ease of establishing small and medium enterprises, more people can easily find work within the small and medium enterprises segment.
Profit maximization includes reducing expenses and the expenditures of a company. This also depends on the business model that a company chooses to register for. The available choices include electing between a corporation and a partnership. Each of these voted have implications attached to them.
Markets establish the prices of goods and services, determined by supply and demand. Features of a market include the availability of an arena, buyers and sellers, and a commodity. The foreign exchange market serves two main functions. These are: converting the currency of one country into the currency of another and providing some insurance against foreign exchange risk.
TABLE OF CONTENTS Executive summary 2 Assumptions of marginal costing 3 Uses of marginal costing in short term decision making 3 Types of costing methods 4 Marginal costing absorption method 5 Advantages of Marginal Costing over Absorption Costing 6 Recommendation 7 Conclusion 7 Costing is one of the managerial accounting functions which needs a careful selection and evaluation of the effectiveness of every technique used by a firm.
Its business interests are based in studio entertainment, media net works and consumer products. The media networks is composed of television networks and radio networks, while the studio networks mainly deals in animations and musical recordings. The company is not only based in US, but also it has subsidiary companies in Hong Kong and in Japan making it a global entity.
Islamic principles and the Islamic economic system have gained popularity among nations. The emergence of Islamic banking and the economic system can be justified by the major economic failures of capitalism. Decision-making in capitalism if considered by an individual’s opinion to rationalize his demands is definitely more in capitalism than communism.
Auditor’s report also has some matters like it has identified that director’s remuneration in some cases was not abode by law and auditors didn’t receive all the information. Auditors need to review the director’s statement and the corporate governance statement which relates to the company’s agreement with nine provisions in the UK.
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The consolidated statements of the company usually comprise the financial activities of the company together with its subsidiaries. The subsidiaries of the company are usually consolidated from the acquisition date to the date. The accounts for the subsidiaries are prepared at the same time as that of the mother company.
A foreign exchange derivative can be defined as any financial derivative (financial contracts which derive their values from the performances of other entities i.e., index, assets, or interest rates that are in other words called the underlying), whose payoffs fundamentally depend on the foreign exchange rates of two or several currencies of different geographical regions or countries.
One of the issues commonly discussed in most boardrooms is the need to cut costs. In the current competitive business environment, companies that cannot afford to charge low prices on their products are likely to be excluded from markets. In this regard, cost-cutting allows firms to employ a low pricing strategy and still make profits (Burns, Quinn, Warren & Oliveira, 2013).
Tracing production costs can be a challenging task especially when one is dealing with both direct and indirect expenses. Companies need to know the amount of money spent on their products before they can set appropriate selling prices. Firms that fail to accurately determine process costs can find themselves setting too low prices that lead to losses or too high prices that scare away customers.
The purpose of this project was to simulate stock market investment trading and facilitate decisions with a comfortable budget and enough time during a term to be flexible. The Wall Street Journal MarketWatch site offered just such a simulation portfolio and online gaming. I assembled a portfolio that included industry leaders and star performers Apple (AAPL) and eBay (EBAY).
The adoption of stringent policies is useless unless supported by legislation that ensures that they are implemented in the truest terms and sense. The financial institutions that survived the blow of the crisis framed such legislation and ensured that they are strictly followed. Such a procedure also reflects transparency in the system.
The organization in need of finance should also evaluate the kind of relationship they are likely to engage with the potential funder and most importantly, the costs associated with the financing requirements. The cost of fund sources is an important consideration for an organization when in need of raising additional funds.
This is the position at which the company’s value will be maximized. The fact that Cost of Capital has been always been shallow, the maximum debt/equity ratio can be defeated without raising the cost of capital. This will create a range in the lower portion of the graph where the cost of capital is similar throughout the range.
Rich is a busy business entrepreneur and the owner of Macadam Company, a limited liability company that specializes in the building and repairing of roads, parking lots and other infrastructure and seeks estate planning for financial purposes for the sake of the estate left by Henry and Harriet to be distributed equally between Rich and Rebecca.
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The issue in this scenario is the application of taxation and deductions on incomes according to Indiana taxation law. It seeks to identify the provision of the taxation law in determining what constitutes taxable income and valid deductions. This is in recognition of the fact that not all assets and incomes are taxable and not all expenses are considered valid for the deduction.
The effect of the U.S. Subprime Crisis to the China commercial banks in 2008-2013.
The sub-prime mortgage crisis that originated in the United States of America basically started from August 2007 and had transformed the financial markets around the world.
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These companies interested me due to their ability to lead the world for years even in this intense competitive era. History and Business Activity BMW Bayerische Motoren Werke, commonly known as BMW, headquartered in Munich, is a German company founded in 1916.
Question One: The economies of Europe and that of America experienced a financial crisis because of too much liberalization of their economies. The European Union and the United States government advocated for a free market economy. The definition of a free market economy is rather an ambiguous concept.
External users are not directly linked to the operations of a company and hence have reduced ability to obtain information. External users rely on the information presented by the company since they do not have contact with a company’s day-to-day operations (Warren, 2012). Debt holders and bondholders: The creditors of the company use financial accounts to conduct a risk analysis of a company.
Accounting theory Corporate social responsibility (CSR) reports do not provide shareholders and stakeholders with useful information on corporate social and environmental but are rather a public relations vehicle. Introduction The major stakeholders of a company to be given information by the Corporate Social Responsibility include employees, customers, the government, suppliers, public interest groups, banks, and customers.
Recruitment is a process that entails finding, screening, choosing and hiring the best-suited candidates for job vacancies available in an organization. Fundamentally, the process is conducted on candidates outside the organization but, at strategic levels, the management may involve people already employed in the organization (Alrichs 2000, p. 11).
Accounting has been one of the oldest professions, which has existed since the inception of trade. However, its forms have changed in terms of the methods deployed for performing different tasks of accounting. Moreover, over decades there has been a constant strive to make most suitable standards and guidelines for the accounting function to adhere to in all forms of organizations.
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The net profit figures help in inferring that the business is not consistent in generating a net profit by increasing the sales revenue. In November, the net profit figure was has been very low as compared to the profit figures in January, March, and April. The business should make efforts for bringing consistency in its business performance.
Finance and Accounting Introduction The birth of accountancy can be retraced to the early days of human (Simons, 2004). There was a great urge for recording and maintaining the information regarding the agricultural products along with their quantities. The need was so important that the trend for recordings the transactions emerged.
The proposed central bank of the Gulf region can bring a positive impact on the economic progress of the whole region. The member countries have been postponing its launch, based on the fact that the bank must operate a common currency across the whole region. All these delays can be attributed to differences in political decisions.
The concept of organizations developing global citizenship has been developed in the recent past to ensure that organizations have an input on the societies they are in. Usually, the main purpose of why an organization exists is to make a profit for the shareholders. However, this is not all, organizations are obliged to take care of the people that sustain it in different aspects in order to have a corporate social responsibility.
Firstly, the security market line (SML) is the capital asset pricing model (CAPM) representation. It is a basic relationship estimate between return and risk in a stock price. Estimation of the SML and comparing it to the actual historical stock returns enables the investor to get a sense of whether the stock is overvalued or undervalued, based on the assumptions of the investor about future performance (Sharpe,3).
3. Material B requirements 10*300=3,000 10*250=2,500 Cost of unused material=$500 The unused inventory of material B will form part of direct cost for material B to be used in the manufacturing process. 4. Machine components Direct cost of components 500*8=$4,000 Purchase from external market 500*14=7,000 Machine component cost forms part of the general expenses incurred while running the project.
It can be comprehended that the transmission mechanism of monetary policy is indeed an important and effective framework that can be implemented to develop accurate forecasting of the economic performances in the short run, based on the interest rate fluctuations observed within the domestic market.
The budget of New York City has a mission statement that expresses all of our key policy decisions and priorities. It determines who we tax and how much, and where we choose to spend our money for programs and services in areas such as education, sanitation, public safety, libraries, social services, housing, and economic development.
With the current economic crisis and audit reporting failures, such as Parmalat and Enron, this issue has gained further significance and has resulted in many governments imposing various modifications in accountability, on both auditors and also financial reports, aimed at curtailing chances of fraud.
Marriott International Inc is a leader in the hospitality industry with about “3,400” units of operation in “68 countries and territories” across the world (About Marriott Internal par.1). Its hotels and lodging services include both company-operated as well as “franchised properties” and their revenue earnings for the fiscal year 2012 have registered a whopping “$12 billion”.
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Interest is the idea that one dollar invested today at the present time is worth more than the same amount in the future due to its potential earning ability (Investopedia). The financial decision making process whether it is from the perspective of the investor or a firm, is primarily concerned with determining how monetary value of capital will be affected by the expected returns (payoff) associated with the different investment alternatives.
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The investment style of an individual varies from another depending on various opportunities and investment constraints. Individuals generally invest a certain portion of the surplus left after all necessary expenditures are carried out. Some clients invest a part of their savings in different avenues such as banks, capital market instruments, money market instruments, mutual funds, derivatives, etc.
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Personal opinion
The government should intervene and dictate the relationship that the politicians should have when it comes to controlling of public corporations. This also goes for the privately run corporations since politicians have a tendency of poking their noses where it is not necessary.
In common financial reporting, the assets in the current assets part of the balance sheet should be listed starting with the most liquid to the least liquid form of current assets. In this case, cash and cash equivalents are the most liquid current asset, followed by short-term investments, and assets held for sale are the least liquid current assets.
The 2008 economic and financial recession sent the world’s economy into financial shock that has since then taken a lot of financial resolutions as put forth by the world economists to ensure financial recovery by a number of countries and enterprises. It marked the first global financial crisis to be experienced in the 21st century.