Accounting Sample : Page - 7

The concept of Social ResponsibilityThe term social responsibility refers to the social activities done by the company as a part of their social corporate responsibility and the same benefits the society at a larger section. The social responsibility activities of the company involve investing some portion of the company’s profit into the social activities and overall development of the society. The social responsibility is an importan...

Challenging network for running multiple applications reliablyIn this paper an overview of distributed messaging system is provided. The conceptual design of the process is carried out by explain the details of a project in detail. Distributed messaging system is a challenging network as it allows many applications and operations to run together in a reliable way. Conceptual design phase is an important as well as early phase of design pr...

Overview of the Greater Sydney CommissionCommittee for Sydney is an institution deeply interested in the future of cities. Sydney is being reshaped under the leadership of Arcadis, a member of Committee for Sydney. It has changed the expectations of people regarding autonomous vehicles (AVs) and the change they’ll bring in the cities. These autonomous vehicles are going to have a great impact on the everyday life. They’ll be ab...

BackgroundIt is needed for the business organizations to comply with the required accounting standards and regulations in the process of financial reporting. In this process, it is their responsibility to consider the revised accounting standards and regulations in different aspects of financial reporting (Nobes 2014). In Australia, the Australian Accounting Standard Board (AASB) has introduced the new and revised lease standard that is AASB...

Introduction to ACFS LogisticsACFS is considered to be one of the largest privately-owned container logistics operators in Australia. Here, the facilities are generally seen to be located in the different port locations with maximising the quick and the efficient utilisation of wharf. It works with western facilities in Sydney and Melbourne, where the company is also focusing on using compliments for diversified clientele based metropolitan ar...

About Sun Wukong1. Any company that provides taxi- services to customers need to recruit their drivers by carrying out a background check on them. Sun Wukong, before hiring drivers can utilize technologies used for recognitions and processing of such as form, passport, credit card, invoice, MICR, OCR, OMR, ICR, BARCODE and many more (Gowda & Gopalakrishna, 2015). These forms are of various sizes and shapes as well as uses. LEADDTOOLS has v...

The Differences between Management Accounting and Financial AccountingManagement accounting is significantly different from financial accounting. Financial accounting is more concerned about the reporting aspect from a compliance and regulatory point of view whereas management accounting is mostly related to planning, cost management and decision making. An analysis of historical data is done mixing it with future projections to come up with a...

Description of PentalActivity-based budgeting is a budgeting framework that is designed to manage the company’s overheads and create greater transparency in the budget processes. This report brings out the practical implication of Activity-based budgeting in the organisations. The organisations have been experiencing elimination of wasteful resources by using this method. Moreover, the companies have abandoned following the traditional m...

Explanation of TheoriesThis study mainly focuses on the accounting theory along with its importance in different business organizations. Generally, companies are developing their financial background to provide quality products in the market. At the same time, appropriate finance or accounting is helping organizations to measure and control the cost, which assists in making a reasonable profit from the market. Through the study, two theories h...

Cash Flow from Operations Computation of cash cycle (JB Hi-Fi) Cash show statement (JB Hi-Fi –Annual Report FY2017) Cash flow from operations – A significant increase in the cash flows generated from operations is apparent in FY2017 which is the result of acquisition of “The Good Guys”. As a result, the customer receipts have surged which despite being partly annulled by rising payment to suppliers and employees stil...

Materiality: Definition and CalculationMateriality is one of the most important element of the audit report of any company. It is covered by ASA 320, which states that materiality is very important for the overall audit planning by the auditor. Any kind of misstatements, omissions and errors are material in nature if they have any effect on the financials of the company and might end up affecting the overall decisions of the user of financia...

ASA 315, Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and EnvironmentWith the changes in time and applicability of the accounting standards, each and every auditor should undertake the possible auditing and accounting works. With the increasing complexity in the accounting and reporting frameworks, auditors have played pivotal role in the financial reporting compliance of company. The governance...

Activity Based Costing ACTIVITY BASED COST REPORT PARTICULARS ARCHITECTURE FIRMS WINDOW TREATMENTS TOTAL TOTAL OF BOTH THE OPERATIONS ADAMS BETZ TOTAL CHATHAM DEDHAM ELM Direct Costs 147000 117200 264200 218400 115720 57040 391160 655360 Overhead Costs (WN1) 85100 136160 ...

Concept of Impairment of AssetsIn order to keep the value of the assets up to date in the books, they are checked for impairment. Impairment refers to the state when the recoverable amount of the asset falls below the carrying amount. The difference between the carrying amount and recoverable amount is the impairment loss (Alvarez, 2013). The set of smallest group of assets, which are used by the enterprise to generate cash flows are ref...

Factors to consider when determining materialityThe company Magellan is engaged in the business of global investment. It invests the client’s capital in the global market and generates the higher returns to its clients as compared to its competitors. It has a team of professionals which analyze the best possible companies for the purpose of investment and provide the better return to its clients for their invested capital in the company....

Dick Smith's history and networkDick Smith was an Australian based retail company for dealing with the products related to consumer electronics. It sells wide range of products in 4 categories that is mobility, office, entertainment and various other services and products. It had 2 segments – Dick Smith New Zealand and Dick Smith Australia. Its store network includes more than 393 stores all over Australia and New Zealand (Dicksmith Au...

SWOT AnalysisThis report includes brief evaluation on case assessment of “The business,” which is assumed as strategic management system that is specialised in the retailing home improvement and outdoor living products. In the report with the development of different strategic tools and techniques, the market performance, and estimate, increase in performance are evaluated and analysed. The major objective of the report is to dev...

DiscussionAuditing of the financial statements refers to the close examination of a business entity’s financial records. It can be carried out by an efficient and recognised external independent auditor, which is able to accurately judge the fairness of these financial statements. It is important for ensuring the accountability towards the different stakeholders of the business entities. The tax institutions, different financial institut...

Describe what happened and how: The incidence occurred on Wednesday when one of the clients fell and broke her wrist. The client had decided to use the emergency door since the exit door was already blocked by the boxes of paper. The client got helped by one of the agents who handled the exit door after hearing the call for help. The agent had no idea of what had happened and ended up criticizing the client's high heels. This made the ...

DiscussionThe discussion deals with the implementation of a process in a company in order to audit the human capital of a business. It is very vital for an organizations to maintain a competitive position for a longer period of time, for that the human capital or the intellectual capital is regarded strength. In order to verify the skills and knowledge of the various intellectual capital of the business various techniques have been followed by...

Types of Physical Assets in Work Organizations In a work organization as well as in a training institute generally the following physical assets can be identified:     Plant and equipment.   Motor vehicles.       Air conditioner. Water purifier (Haggerty al. 2017). Two primary reasons to maintain asset registers are: Asset register helps an organisation to keep track of its assets a...

Explanation of the Purpose of the Studies pertaining to Activity Based CostingActivity Based Costing is an accounting method which analyses and allocates the costs to the activities of overheads which is followed by the allotment of costs to the products. It identifies the relationship between the costs, activities of overheads and the manufactured product. With the help of this relationship, it allocates the indirect costs to the products les...

Main Weakness of Old Revenue Standards1.a.The requirements of both existing Australian standards on revenue recognition and the newly issued international accounting standards by the IASB (International accounting standards board) are the same. There were certain drawbacks in the existing standard on revenue recognition which has resulted in an inconsistency between the company’s reported revenue. To be more specific when the company r...

Corporate RegulationThe consequences of the financial accounting and reporting if allowed voluntarily have discussed in detail. How the AASB sets IFRS along with the applicability on the member countries have been discussed in the project. The companies taken into consideration are 3P learning Education Limited, Evolve Education Group, G8 Education Limited and Red hill Education Limited. All the companies considered deals in the education sector...

Section 1: Materiality Concern of the EntitySection 1: Materiality concern of the entity Materiality is one of the concepts, which is being covered by ASA 320 as per which materiality is very crucial for the auditor in terms of planning and performing the audit of the financial statements. The misstatements, errors and significant omissions’ either individually or in aggregate are considered material if the same has the ability to chang...