Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Accounting - finance - Essay Example

Comments (0) Cite this document
Although the process is tedious and can take a long time, it is a very important element in financial management and in the overall…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.2% of users find it useful
Accounting - finance
Read TextPreview

Extract of sample "Accounting - finance"

Download file to see previous pages Lastly, a budget is important because it is used by the management to monitor the results of operations and to take any corrective actions when such a need arises.
Another concern very much applicable to a manufacturing company like ours is the proper implementation of a standard cost and variance reporting system. According to Gene Siciliano (2003, p. 134), the power of this system lies in the analysis of the differences or variances and utilizing the results of such analysis to ensure that the managers change what they are doing, all for the long-term profitability of the company. The standard cost and variance reporting system is important because it helps management measure the efficiency of each department; it aids management in pinpointing where exactly the deviations occur and in taking corrective measures accordingly; it controls costs and, lastly, it aids management in making the right decisions on which areas need to be addressed (Globusz Publishing, n.d.).
HK Corporation (the Company), like a lot of companies, has its own budget and standard cost system. However, in the last few years, we have been unable to meet our budgeted targets for sales and net income before income tax making the budget fail in its goal to control our operations. I believe that our budgeting process has contributed to our failure to achieve our targets. This report that I am submitting shows why I believe this is the case. My report also contains some suggestions or recommendations on how our budgeting process can be revised to solve its problem and how we can improve on our standard costs and variance reporting systems.
First of all, the top-down approach has led to inadequate allocation of resources and dissatisfaction among the managers. In fact, most often than not, after the director of finance and the other managers met to thresh out the problem areas in the budget, we see our managers often left ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Accounting - finance Essay Example | Topics and Well Written Essays - 1500 words”, n.d.)
Accounting - finance Essay Example | Topics and Well Written Essays - 1500 words. Retrieved from
(Accounting - Finance Essay Example | Topics and Well Written Essays - 1500 Words)
Accounting - Finance Essay Example | Topics and Well Written Essays - 1500 Words.
“Accounting - Finance 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 Accounting - finance

Research Proposal(accounting/finance )

...the whole world from slipping back to poverty and under-development. The proposed study will aim at assembling information through the assessment of the full extent of the global financial crisis effects putting more on goodwill, inventories and depreciation stocks in some listed companies which have harmonized their accounting procedures and which are listed. Further, the assembled information will aim at assessing the level of preparedness of the sampled companies and determining the effectiveness and adequacy of the proposed cushioning mechanisms. Evolution of other strategies will be of importance. . Aims and Objectives This research study will employ the use of 100 listed companies which have harmonized their...
8 Pages(2000 words)Dissertation

Accounting & Finance, Information Tools

...? Accounting & Finance, Information Tools Explaining each ratio trend whether the ratio or trend indicatesstrength of the company; a likely weakness, threat, or emerging problem; or a satisfactory condition that management should not view as a strength or weakness Company G current ratio declined from 1.86 in 2011 to 1.79 in 2012 indicating company weakness in at fulfilling creditor’s obligation. The acid test ratio declined from 0.64 in 2011 to 0.43 in 2012. This indicates company weakness and implies that the company had fewer current assets to meet creditor’s obligation. Additionally, the inventory turnover decrease from 6.1 in 2011 to 5.2 in 2012, this indicates company weakness because more of its...
3 Pages(750 words)Essay


...' forecasts and earning announcements. Journal of Financial Economics 64, 373-396. 4. Finch Nigel, 2005, The Future of corporate governance in Australia: Will Australia Take the Right Track", Macquarie University, Graduate School of management, available at 5. Abdelsalam. Omneya.H., Street L. Donna, 2007, Corporate Governance and the timeliness of corporate internet reporting by UK listed companies, Journal of International Accounting, Auditing and Taxation, Vol 16, Issue 2, 111-130 6. Carver, J. , 2003, What be wrong with corporate governance and now to fix it. British Journal of Industrial Relations, 41(2), 331-351 7. Hemraj, M. B. ,2002, Preventing corporate failure: The Cadbury...
7 Pages(1750 words)Essay

Accounting & Finance shown as an expense in the profit and loss account None of the above Question 20 Which one of the following records is NOT a book of prime entry Question 20 answers Bank statements Cash book Journal Sales returns day book Question 21 Tom set up a business on 1 January. He bought fixed assets costing 53,000 and stock costing 6,600. He had financed these in advance of starting the business with private family loans totalling 25,000 and a business loan from a bank. On 31 December of the same year his net assets totalled 37,200. His net profit for the year was 21,100. Tom's drawings during the year were... Question 21 answers 1,300 8,900 16,100 18,500 Question 22 ...
4 Pages(1000 words)Research Paper

Mans Search for Meaning

5 Pages(1250 words)Essay


...ACCOUNTING/FINANCE Introduction This paper aims to discuss a few of the many additional funding options available to an organization; in this case, ours. Issuance of new stock, private placement of bonds and public bond offering will be analyzed in detail. Furthermore, a discussion will be carried out about whether stock splits mean something or not. Additional Funding Options There are several options available to an organization for supporting itself financially. Three of the many are evaluated below. Issuance of New Stock ‘Issuance of stock’ is simply when shares are given out to investing people in the stock exchange – a market for shares. These generate funds for an organization, for the time being,...
2 Pages(500 words)Essay

D7 Accounting/Finance

..., since the level of financing has a direct return on EPS (Besley & Brigham, 2000). The firm can enter in a variety of financing agreements such short or long term loan agreements, working capital loans, and bonds which are some of the sources of financial leverage. For our non-profit organization raffle the organization was considering hiring a professional fundraiser to help sell the tickets to our esteemed contributors, friends and partners, after analyzing a cost/benefit analysis we consider that the fixed fee of $10,000 for the professional fundraising specialist, makes the project unreasonably risky for our organization. The problem lies in the fact that out of the 5,000 individuals in our list, the...
2 Pages(500 words)Essay

Accounting + Finance - auditing

...Audit Concentration- lack of competition in the large company audit market Introduction Big 4 audit firms in the world include Deloitte, KPMG, Ernst & Young, and PricewaterhouseCoopers. It is believed that on an average more than 90% of large firm audit work is concentrated with these Big 4 accounting firms. Larger listed companies in UK find no choice other than Big 4 so far as qualitative auditing is concerned. There may some benefits of concentration but concerns about high audit costs, lack of competition, and risks of destabilization of capital markets may prove fatal if emergent measures are not taken. Theses issues of audit concentration have been discussed in depth in this write up with recommendations to reduce...
6 Pages(1500 words)Essay

Media representations and the palestinian experience of the intifadas, an oslo accords

4 Pages(1000 words)Research Proposal

Introduction to Accounting & Finance

...ASSIGNMENT FRONT SHEET submitted Uni Number INTO Number Pathway Economics, Finance and Management Module: INT0006: Introduction to Accounting & Finance Assessment Title: CASE STUDY: BBQ NEW BUSINESS Maximum Mark: 75 Hand-out date: Maximum word count: 1000 Hand-in date: Actual word count Student to complete 850 First Marker: Mark: Date: Comments Second Marker: Mark: Date: Comments AGREED MARK /75 % Initials: TASKS 1 The business associates are unsure as to which type of business to form. a) Suggest a trading name for the new company. With reference to the case study, which type of business structure would you recommend and why. marks 5 ANSWER The...
4 Pages(1000 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 Accounting - finance for FREE!

Contact Us