Advantages and disadvantages of Historical Cost accounting Historical cost accounting has been a controversial method that experienced many criticisms over a period of time‚ especially since it considers the acquisition cost of an asset and does not recognize the current market value. Merits and demerits of this method are as follows. The most obvious advantage of HC accounting is objectivity. It is a predominantly objective system‚ which records the original cost of an item when it was purchased
Premium Generally Accepted Accounting Principles Balance sheet Costs
Advantages and Disadvantages of Hstorical Cost Accounting Advantages and disadvantages of historical cost accounting‚ alternatives to historical cost accounting 2.1 Introduction Accounting concepts and conventions as used in accountancy are the rules and guidelines by which the accountant lives. The historical cost accounting convention is an accounting technique that values an asset for balance sheet purposes at the price paid for the asset at the time of its acquisition. The historical
Premium Balance sheet Costs Generally Accepted Accounting Principles
Re Kingston Cotton Mills Auditors are watchdogs not bloodhound Entitled to trust the officers and employees of the co being audited Entitled to rely on the figures presented to them Have any reason to be suspicious‚ should personally make enquiries or checks APPOINTMENT Approved co and consent to act as auditor S8 appoint approved co auditor applied to Minister to Finance satisfied Minister of good character and competent to perform the duties of auditors i) granted with approval to act or ii)
Premium Audit External auditor Auditing
Advantages and Disadvantages of Government Systems Around the world‚ each country has their own way of running things and their own government system. In this essay I will discuss the advantages and disadvantages of 3 government systems; unitary‚ confederate‚ and federal. Although some government systems might have similarities with the others‚ they are all very different and have different problems. A unitary state is sovereign and governed as a single unit where the central government is supreme
Premium Local government Government Sovereign state
What are the advantages and disadvantages of principles-based accounting? Perhaps the primary benefit of principles-based accounting rests in its broad guidelines that can be applied to numerous situations. Broad principles avoid the pitfalls associated with precise requirements that allow contracts to be written specifically to manipulate their intent. A 1981 study sponsored by FASB found evidence that managers purposefully try to structure leases as operating leases to avoid incurring additional
Premium Asset Accountancy Balance sheet
Advantages of FPTP First Past The Post‚ like other plurality/majoriAdvantages and disadvantages of FPTP systemty electoral systems‚ is defended primarily on the grounds of simplicity and its tendency to produce winners who are representatives beholden to defined geographic areas and governability. The most often cited advantages are that: It provides a clear-cut choice for voters between two main parties. The inbuilt disadvantages faced by third and fragmented minority parties under FPTP in
Premium Elections Election
Advantages and Disadvantages of Automated System Computer Ethics Mohammad Abedin Marty Montgomery November 25‚ 2012 Automated systems centralize the initial application and review process‚ removing employers from the system and freeing up managerial time to focus on other concerns. By eliminating time spent on non-productive hiring activities‚ managers can be more productive and direct results oriented. Managers no longer are the first point of contact‚ because any employee can refer prospects
Premium Recruitment Employment 1921
ACCOUNTING INFORMATION SYSTEM FOR THE MUNICIPALITY OF SAN DIONISIO ILOILO ============== A Thesis Presented to the Faculty of the Department of Information Technology College of Arts and Sciences University of San Agustin ============== In Partial Fulfillment of the Requirements for the Degree Bachelor of Science in Computer Science (BSCS) ============== by Centina‚ Mensie Camagan‚ Christian Elbert Gayo‚ Gerald James Gumboc‚ Jopepard Tauro‚ Christian Chapter I INTRODUCTION
Premium Accounting software Accounts payable Accounts receivable
Main Topic: Information Technology: Its Evolution‚ Advantages and Disadvantages Creative Topic: So You Love IT: Where Has it Been? Where is it Going? Sub-topic: A Brief Examination of the Evolution of Information Technology‚ and Some Uses and Misuses. Today in society‚ people cannot conceive of a life without technology. Surrounding us are various technologies that are helping people to live their lives with more luxury. Technological advancements are not just limited to computers; there
Premium Management Organization Strategic management
aThe parliamentary system is one of three most widely used democratic forms of government. It is mainly used by European countries and Commonwealth nations. The former subscribe to the West German model while the latter uses the Westminster model. It is a system whereby the Executive branch is supported either directly or indirectly by the legislative. The head of government‚ who leads day to day affairs of government‚ is separate with the head of state that has a ceremonious function. Some parliamentary
Premium Presidential system Westminster system Prime minister