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The Independent Auditors Report contained in the annual report of the company in 2012 was prepared by PricewaterhouseCoopers. PricewaterhouseCoopers is the auditor of the company. Is the company on a calendar or fiscal year? The company’s accounting cycle is based on the calendar year which means they reflect economic activity from January 1, 2012, to December 31, 2012.
Portfolio theory is tool investors used before committing themselves to long-term or short-term investments in securities and equities. In the current investment world, people have different investment aims. One of the most renowned motives is earning income or returns on the investment's value. However, economic research shows that using returns alone in selecting the best investment option is not adequate.
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Milton Manufacturing Company is dedicated to the production of textiles that are distributed to wholesalers of clothing items. The textile industry is a huge business with global trade valued at $18 trillion (Baig). The corporate headquarters of the firm is located in Long Island, New York.
It was expected that the government would save Lehman Brothers and prevent it from filing for bankruptcy but this was not the case. On the contrary, two days after the fall of this giant firm, America International Group (AIG) was bailed out. The government had earlier helped Bear Sterns by taking a portion of its bad investments that were pulling it down and JPMorgan Chase finally bought the firm.
It includes the director’s reports inclusive of the business review, his remuneration report, the chairman’s statement, and corporate government disclosure. The reason why narrative reporting is embraced is because it offers a mechanism to develop a more commercially striking and differentiated portrait of a given business.
Differences in operational rules and guidelines and work environments vary among these sectors and may influence an accountant’s preference to work in one sector than another. I, in this paper, explore the difference between the scope of an accountant’s work in the public sector and in the private sector and outline personal goal and interest in the accounting profession.
Over the past few years, international banking industry has undergone significant changes that have triggered a shift in the way they relate with the developing worlds. Countries of the developing world have also faced rapid transformation in their financial sectors, a kind of growth which has been associated with economic growth.
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There is need to understand the economic tantrums that are witness in the world. The essence to understand these changes and as such predict them necessitates the use of the yield curve. This paper examines the yield curve and point out the influence in the prediction of the economy.
This paper will examine the complexities of the US financial system, discussing different aspects of the system, for instance, financial markets and the Federal Reserve System. The US financial system consists of the financial markets, which impact individuals, businesses and the economy.
The current trend in most firms to have their main goal being to maximize the ownership wealth has received much criticism, especially from economists. In their arguments, the critics have it that firm managers are mostly interested in other factors rather than attaining profits for the firm. Managers have been observed to have their interests in prestige, power, employee welfare, leisure, the larger society's welfare and community well-being.
If an investor borrows $100,000 and the bank requires a deposit of $10,000 then that is a compensating balance loan. Part of the cost faced by a bank is offset by the compensating balance when extending a loan or credit to a business or an individual. It is calculated as an outstanding loan percentage.
This report will discuss several audit problems which can impact the materiality of financial statements. Wentworth Brewster Limited specializes in the manufacture of sports equipment. All the products are sold to specialist retailers and private member gym clubs. The company owns a large number of freehold premises than it generally requires.
The financial reports contain several key projects to be addressed by both IASB and FASB such that the financial disclosures require further enhancement as well as alignment with the existing standards issued by IASB and FASB. Currently, the key projects which are required to be considered further, are revenue recognition, leasing and financial instruments.
In Kaplan (390), the development of managerial accounting was rapid between 1850 and 1920 due to a rapid expansion of business, especially in the transport and textile industry. The pioneers of management accounting wanted to simplify the operations of the business and achieve a greater efficiency and profitability.
This will entail discussing the assumptions relating to the form of the stochastic discount model as well as how the factor method is related to the acquiring of equilibrium risk premium. In other words, the paper will look at the negative covariance of SDF and excess returns. The paper will also outline the Fama-French factors.
For so many years in the United States, there has been a great difference in average real returns on stocks and average real returns on treasury bills. Market and economic factors related to investment choices and expected returns are engulfed in fair play dilemma of equity premium and risk free rate, with economists developing various models to resolve them.
Strategic management accounting refers to a business practice that focuses on external factors and nonfinancial information as well as information within the organization. In the above connection, strategic management accounting presents numerous benefits in organizational decision-making.
Behavioral finance refers to the study of the influence of psychology on people in the financial sector and its perceived overall influence on financial markets. This in essence means it is a combination of finance and psychology to determine and explain how and why people tend to make illogical and inherent decisions when it comes down to saving, and spending money.
The paper comprises 3 questions, each related to aspects pertaining to environmental reporting. It begins with an initial introduction about the aspects of environmental compliance and reporting.The first question is in connection with two provided annual reports of Halma plc and United Utilities plc, which required critical evaluation adequacy of disclosures given in the reports regarding environmental reporting.
According to the paper, it is important to underscore that the primary objective of all family estate planning is to provide psychological and financial security by obtaining “the maximum benefits of principal and income for the family and to pass on the family property intact (i.e. without losses)”.
Joe T. is a non-resident alien of the United States who has invested in 1,000 shares of common stock in IBM Corporation. IBM is registered in Delaware, the United States and does most of its business within the United States. The stock owned by Joe T. represents less than 1% of the overall value of IBM Corporation.
Sustainability Accounting is a tool that can be employed to assist companies in becoming more sustainable. It identifies the importance of financial information in the transformation and shows how traditional methods of accounting can be extended to take into account sustainability impacts at the organizational level (Sigma Projects, 2003).
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There are those transactions that are initiated by the organization towards other stakeholders to that organization, while others are initiated by the stakeholders’ towards the organization. Either way, the transactions entails either bringing some money to the organization, or taking away some money from the organization, for the purpose of paying up some expenditure it has incurred.
Their main customers are private gyms as well as specified retailers. The information regarding the four items is retrieved from the trial balance that is dated March 31st, 2011. The essay will address the four items listed identifying the extent to which they have been audited to review any audit problems.
Corporate social responsibility normally referred to as CSR covers the corporate citizenship, corporate conscience, the social performance and business sustainable development. CRS is a corporate self-regulation form that is mostly integrated in the models of most business.
As shown, CEOs that doubled as chair of board per year was 0.503 with a standard deviation of 0.500. This suggests a low CEO duality per year in the sampled firms. Board sizes averaged 7.171 with a standard deviation of 1.89. The minimum number of board members per year was 3 and the maximum was 13.
Quality costs simply refer to the costs associated with preventing, looking for, and identifying defects associated with products and services offered by a particular organization. Understanding of quality costs begins with a reviewal and treatment of quality from a customer’s point of view (Cole, 2003).
Therefore, financial models are helpful in forecasting. Creating a financial model comes with challenges. There is minimal or historical information such the cost trends or sales that are based the types of financial model. In addition, many assumptions and the calculations have to built into a financial model that is being used1.
In the quest to ascertain the impact of foreign banking on Chinese Commercial Banks, it was necessary to use empirical formula rather than quantitative formula. An empirical study shows the relationship between the introduction of these strategic foreign investments and the resultant influence on domestic Chinese commercial banks.
According to Dunham-Taylor & Pinczuk (2004), private facilities appear much expensive to middle class citizens when compared to public facilities. In the US, majority of middle-class citizens use public facilities when seeking healthcare services. This is because subsidies in public facilities cushion the citizens against the financial implications caused by the rise in cost of healthcare (Finkler, Ward & Calabrese, 2012).
The author designed a probabilistic model to measure such relationship, including the measurement of stability and instability. The researcher explored the topic according to the assumption that firms that undertake mergers and acquisitions emerge stronger in the process.
Among the different product traded are equities, fixed income securities, derivatives and foreign exchange. This paper will focus on the foreign exchange market in the U.S. and the types of foreign exchange transactions. It will also focus on the factors affecting the interest rates, ease or difficulty of forecasting the interest rate changes, role of Federal Reserve towards the U.S.
Financial market securities include bonds, stocks, commodities, agricultural goods and precious metals. The derivatives market is financial market for derivative instruments such as options contracts and futures contracts. The characteristic feature of derivative instrument is that the value of derivative is derived from the underlying.
The conclusion depicts that the results of transfer-function estimation indicate a positive impact of mergers and acquisitions on systemic risk. Also, the empirical findings and historical evidence support the efficiency hypothesis more than the imminent failure hypothesis. Both hypotheses have been empirically supported by the Z-score value.
The plan not only helps me in highlighting my weaknesses but also give me a clear picture where I am standing at certain date of the week and it also helps me to manage my finances in a much better and productive way through which I can change my spending into investments.
Net Assets Value measures the value of assets based on share. This is a conventional way of measuring the valuation of assets since it only relies upon the book values of assets (Jaffe and Ross, 2004). It is quite evident that the Net Asset Value of Marks and Spencer has increased by 0.03 bases point and is higher in 2011 than in 2010.
The increasing number of potential employees that offers potential employers wider scopes for identifying preferred qualities among employees has for example raised selection standards and outstanding qualifications and skills are fundamental to entry and advancement in the graduate job market. Globalization has facilitated employee mobility.
In the focused approach, REITs focus on specific lines of specialization in the Real estate property business. In whichever option that the REITs prefer, there comes a package of advantages and disadvantages. For the purpose of this study, we dwell on the advantages and disadvantages of the diversification of REIT's holdings’ activities as opposed to the focused approach.
Research report on normative approach and positive approach Contents Introduction 3 Normative theory 4 Example 6 Advantages 6 Disadvantages 6 Positive Approach 7 Example 9 Conclusion 10 References 12 Introduction Since 15th century accounting is having its existence in the business world.
Irrespective of a company being nonprofit or profit, budgetary control methods are applied in the everyday activities of a business establishment (Young, 2003). Budgetary control is used by companies to determine which business establishments are to be given priorities and which activities in the business should be paused for a while.
The author states that Sight Savers International faces several strategic issues. These are: how to plan ahead for the future in the uncertain financial times; the value of their budget is low because it is out of date and requires to be changed; their volunteer board of directors is made up of non-financial specialists.
The price of share of various companies may be influenced by several factors such as economic conditions, government and market regulations. Political climate, influence from directors, dividend policies, bank rates, environmental forces such as demand and supply, rates charged by banks among other factor (Fisher, 1961).
The inception of a common currency within the European region was not only beneficial to the governments of these countries but was also beneficial to the citizens (Lees and Flowers, 2002, p. 239; Mulhearn, 2008, p.123). Citizens counted on steady prices across borders, and easy transactions, and the euro area economy became more unified and integrated.
In the short term, the 1 year return of FLCSX was 19.74% compared to 17.72% returns in the international index of S&P 500. The following table summarizes the performance in percentage returns of international index S&P 500 and FLCSX for different time horizons: Performance Review Period (Yrs) S&P 500 (%) FLCSX (%) 1 17.72 19.74 3 11.42 12.87 5 4.91 6.27 10 7.82 8.72 YTD 14.55 15.62 From the above summary of YTD returns of FLCSX and S&P 500 it can be said that in the long run as well as in the short run, the YTD returns of FLCSX were greater than that of S&P 500.
Generally speaking, various kinds of budgets and projected financial statements have been projected through utilizing cost and management accounting techniques in order to provide a basis to the owners of the business regarding the financial progress of the product in the first year of business operations.
The phenomenon is simply an accurate implementation of the already existing one as trade between the northern and southern countries has also been already undergoing. International trade’s disturbance example that Europe had been facing, therefore, requires developing the balance. However, striking a balance is a challenge.
It gives hope of overcoming the scourge of cancer just as the once dreaded diseases like polio and small pox and currently overcoming HIV slowly. We are encouraged to do more research because as we do more research, we edge closer to finding a cure and beating the epidemic.
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This paper is a summary of four journal articles dealing with the topic of corporate ownership, goals and governance. The first journal is by Connelly Brian et al titled “Ownership as a form as Corporate governance”. The second journal is by Sundaram Anant and Inkpen Andrew titled “Corporate goal revisited”. The third journal is by Fombrun Charles titled “Corporate Governance”.
The view of competition fragility makes the argument for a negative relationship between financial stability and bank competition while the view of competition stability makes a positive relationship argument (Boyd et al., 2009: 4). Many studies have tested the relationship in different regions and nations and have come up with contrasting results.
This report focus on the environmental accounting issues and legal framework for environmental protection provided for in the UAE. The paper will also discuss on the implementation of the disclosure practices in the emerging markets in UAE. The information applied has been collected from secondary sources limited to current practice level.