Nobody downloaded yet

Maintaining financial recorder - Essay Example

Comments (0) Cite this document
In this report different accounting perspectives of fixed assets are discussed to determine procedures involved in the authorization of the purchase of fixed assets by raising orders for fixed assets. These would also be assessed for internal controls and audit trail of all…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.6% of users find it useful
Maintaining financial recorder
Read TextPreview

Extract of sample "Maintaining financial recorder"

Download file to see previous pages All business require tangible fixed assets which are defined by IAS 16 as “tangible items that a) are held for use in the production or supply of goods or services for rental to others or for administrative purposes and b) are expected to be used during more than one period” (IASB 2008). Typically these include land, building, office, fixtures and fittings etc. which are deemed necessary to operate and carry out different activities. The fixed assets are for long term and their acquisition involves large amounts of funds which companies need to raise either through internal equity or by borrowing from financial institutions. Therefore, the authorization of the purchase of fixed assets requires delegation of authority to individuals who may be involved in maintaining fixed asset system or overlooking the entire purchase process. The procedures for the authorizing individuals of the purchase of fixed assets should be part of the company’s policy that should clearly set out the positions and authority levels of individuals who can direct purchase of fixed assets. The delegation of authority depends upon the structure of the company and also relies on the nature of the business that the company is operating in. Capital expenditures which are beyond limits of individuals at departmental levels have to be authorized by the higher management. In addition to tangible fixed assets there are also intangible assets which include goodwill, brand, trademarks, copyrights which are purchase and authorize
Asset acquisition typically initiates from the departmental manager assessment of the requirements of his / her department in terms of fixed assets to be purchased. These involve either purchase of a new asset or replace an existing one. The authorization of departmental managers is assigned and managed according to the price level of fixed assets that could be ordered. Departmental managers can authorize purchase of fixed assets ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Maintaining financial recorder Essay Example | Topics and Well Written Essays - 1500 words”, n.d.)
Maintaining financial recorder Essay Example | Topics and Well Written Essays - 1500 words. Retrieved from
(Maintaining Financial Recorder Essay Example | Topics and Well Written Essays - 1500 Words)
Maintaining Financial Recorder Essay Example | Topics and Well Written Essays - 1500 Words.
“Maintaining Financial Recorder Essay Example | Topics and Well Written Essays - 1500 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Maintaining financial recorder

Maintaining & Improving Operations

...? Unit 5 – Maintaining & Improving Operations al Affiliation McDonald’s company begun in 1937 and the pioneers of the company are Maurice and Richard McDonald. Franchising has been a remarkable feature of McDonald’s restaurants. The supply chain of the company is simple and it has different components. The supply chain is composed of two classes of suppliers, Tier-1 and Tier-2 suppliers. All the work and the supply chain of McDonald’s is 100 percent outsourced. Cold chain is an innovative and interesting component of the supply chain. Cold chain ensures that the integrity of the food is maintained and the nutritional value and freshness of the food is retained. The pull-supply chain has enhanced the...
3 Pages(750 words)Research Paper

Importance of Maintaining Accurate Financial Statements

...? Importance of maintaining accurate financial ments Importance of Maintaining Accurate Financial ments Introduction Financial statement is a record of activities of a business entity or persons. Financial statement is kept to gage the performance of the business and for auditing purposes. The financial statements are of different kinds, namely the statement of financial position, statement of comprehensive income, statement of cash flows and the statement of changes in equity. Business entities and corporations are required to keep the financial statements for auditing...
4 Pages(1000 words)Research Paper

Maintaining proper business ethics

...With the many global challenges bedeviling the business world, many corporate are faced with the challenge of balancing between their concern for profits and maintaining proper business ethics. The contemporary corporate world calls for cooperate responsibility concerning preserving both the resources and the natural environment. Many businesses are forced to juggle between their need to make a profit and their collective cooperate responsibility in the business world. Many studies have shown a direct correlation between ethics and business, with two divergent conclusions: one argument has been that good ethics is a prerequisite for good business (Fieser). In this regard, those businesses that uphold moral practices are...
4 Pages(1000 words)Essay

Maintaining Relationships

...Task: Maintaining Relationships Human beings, at some point in their lives must be in some form of relationships. The relationships vary from having friends, lovers and spouses. Many a time people find it hard to maintain such relations due to some factors that are at our disposal. People encounter problems in relationships which if not properly handled may lead to a break up in the case of lovers or those who are married. People must therefore learn ways of maintaining the relationships they are in. Key among the strategies is effective communication, understanding one another and being realistic. Communication is a key factor to a healthy relationship between two partners. The number...
3 Pages(750 words)Essay

Maintaining a Healthy Lifestyle

...than those who abuse alcohol, cigarettes or drugs. Healthy lifestyle is directly related to longevity. However maintaining a healthy lifestyle means that besides evading the excessive use of certain drinks, one must keep an active and regular activity. Exercising contributes to the maintenance of normal weight. Physical activity benefits to your health by reducing the risk of hearth disease, type 2 diabetes, high blood pressure and osteoporosis (World Health Organization report, 1998). In addition regular exercising improves the posture, strengthens the muscles and bones and provides you with better mental health. The statistics from the American Cancer Society report (2009) show that in 2006 23% of the U.S. population...
2 Pages(500 words)Essay

Maintaining Competitive Advantage

...Maintaining Competitive Advantage Competitive advantage is very important for the success of any given industry. Organizations create competitive advantage by discovering advanced and better ways of competing in companies and bringing them in the market, this act is mostly in originality. This act will shift competitive advantage when the business rivals fails to keep in pace with the invented competing technique. (Hunt, 2000). Amazon has been gaining significant advantages over its competitors by applying the above technique. It makes use of new modern technologies while at the same time it keeps pace with the changing government regulations, the emergence of new industrial segments, the varying buyer needs and the...
2 Pages(500 words)Essay

Maintaining Therapeutic Relationship

...Running head: Maintaining Therapeutic Relationship Maintaining Therapeutic Relationship By __________________ MaintainingTherapeutic Relationship A therapeutic relationship refers to an unusual mixture of overlapping, complex, and contradictory dimensions shaped by nurse in the favour of his patient. In its paradoxical way, it is unlike any other kind of relationship, especially because it attends to many types of relationships in the form of patient that may be simultaneously applied at an unconscious level. These multiple dimensions are what a nurse therapist is available to participate in but also to try to understand and heal with a patient. A patient and nurse are both "working" in some way or the...
12 Pages(3000 words)Essay

Maintaining Cultural Diversity

...Board of Corporate Governance. Concern is to ensure that proper employee diversity is continuously managed to the best of the facilities ability, including appropriate training assistance as well as pronunciation of diversity qualities that enhance Recommendations will be made to ensure the continuation of Ladbrokes excellent record following the analysis of Ladbrokes current operational training conduct. Solutions and further recommendations strive to maintain responsibility to diversification training and core competencies of staff and management. Recommendations include training establishment, delivery and analysis with time specific goals to Landbroke plc Board with specific methods to overcome...
11 Pages(2750 words)Assignment

Maintaining Jobs Description

...Maintaining jobs Question One of the major reasons of updating a job description is that it enables the employee to be more aware of their actual responsibilities. By outlining the actual tasks that an employee is supposed to undertake, human resources managers ensures that duplication of jobs is avoided. Writing new job descriptions is also essential since it indicates the attributes needed for a particular position. For instance, if a position requires the use of computers, job description indicates the type of software that an employee will use. In the same way, job description indicates the educational requirements that employee needs in order to effectively perform the outlined duties (Herbert et al, 2011). Updating...
2 Pages(500 words)Essay

New product in Qatari market ( Recorder pen ) the Middle East. The country offers great opportunities for technology-based companies (Ibrahim & Harrigan, 2012). In the recent years, the country has recorded strong growth in its GDP and the average income of individuals has also improved. People opt for new technologies at all price levels and, therefore, the new business can benefit from improvement in the economic and financial conditions of the general population. Social Factors In the recent years, the country has pursued a policy referred to as “Qatarization” that is aimed at employing resources locally. The government is motivating local Arab residents to get education and hold positions in companies (Ibrahim & Harrigan, 2012). With more...
19 Pages(4750 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Maintaining financial recorder for FREE!

Contact Us