| ACCOUNTING PRINCIPLES | | | Meaning of Accounting Principle | | Principle means a general law or rule adopted or professed as a guide to action ‘a settled ground or a basis of conduct or practice’. The word ‘Principle’ when applied in accounting may have different meanings in different contexts. It is not used in the sense of a fundamental accounting truth – it connotes a guiding influence or an accepted rule of action or conduct. Accounting principles have been defined as the body
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monetary instrument or property are also included. So simply speaking‚ people punishable by this Act are not only confined to politicians. Now that an overview of the Act is given‚ why does it matter? What is the relation of this topic to Accountancy? Read further and these questions shall be answered. Money
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must view that the losses in the company’s financial statements are infrequent and unusual. He must also presume this event is not likely to occur again in the future profitability. (Spiceland‚ Sepe‚ & Nelson‚ 2013‚ p. 188) The Journal of Accountancy states that extraordinary items are gains and losses that are material‚ and result from events that are both unusual and infrequent. (Extraordinary Items Share Exclusive Company ‚ 2013) These criteria must be considered in light of the environment
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Accountants). The institute‚ which has over 66‚000 members‚ conducts research into current business issues and sets accounting and auditing standards for all types of businesses. A CA is a complete professional in the field of Accountancy - informed in the subjects of Accountancy‚ Auditing‚ Business Management‚ Information Technology‚ Taxation‚ Corporate and Commercial Law‚ Financial Management‚ Economics and other linked subjects. Chartered Accountants serve business clients by preparing‚ reviewing
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The Role of Forensic Accountants in the Development of Judicial Process By: Nnoruem Timothy O. M.Sc Accountancy PROBLEM STATEMENT In recent times‚ the world has witnessed the failure of large corporate organizations which has been attributed to large scale fraud by Directors in connivance with auditors. There is the case of Enro in the U.S‚ Parmalat in Italy and many cases in the U.K such as Polly Peek‚ Maxwell communications and BCCI. This development brought about in
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REGISTRATION NUMBER: 2463407 DATE: May 2‚ 2013 PAGE: 1 How the award of a scholarship will help me to realize my full potential In my career It will help me to be dedicated to the accounting profession that requires a high level of skill and a commitment to serving the public interest. Also‚ it will enhance my focus on studying ACCA to acquire and acquaint myself with ACCA ‘ s own Code of Ethics and Conduct in line with standards set by IFAC: five fundamental principles of Integrity ‚ Objectivity
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practice refers to the method by which its accounting policies are implemented and adhered to on a routine basis‚ typically by an accountant and auditor or a team of accounting professionals. Accounting in Bangladesh: In Bangladesh‚ the profession of Accountancy developed during the British colonial period. Today it is represented by two professional bodies‚ the Institute of Cost and Management Accountant of Bangladesh (ICMAB) and the Institute of Chartered Accountants of Bangladesh (ICAB). Chartered Accountants
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analysis. My short term goal is to pass CPA exams during the study at P M Business School. I have exempted from 9 of 14 certificated exams in ACCA which prepared me well for AICPA exams. A proper understanding of new State of California Board of Accountancy education standards will have a significant effect. My initial goal is to obtain a position as a public accountant or auditor to gain practical corporate experience in national or local accounting firms immediately after graduation. The peculiar
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My Personal Goal Statement in Accounting and Finance ‘Accounting is like Art’. You have to analyse every aspect before making a just decision. A teacher of mine once told me that if you were good at art‚ you would be good at accounts. It was hard to find her logic at first‚ but after I choosing to take Principles of Accounts in SPM‚ it all began to make sense. You need logic; everything has a set order and method. Each piece is placed carefully and has a high significance amongst its
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AAAJ 12‚3 ``Interests ’ ’ and accounting standard setting in Malaysia Faculty of Business and Accountancy‚ University of Malaya‚ Kuala Lumpur‚ Malaysia Keywords Accounting profession‚ Malaysia‚ Standards Abstract This paper offers insights into the conflicts and tensions within the Malaysian accounting profession and the power struggle therein to dominate the accounting standard setting process‚ within the context of a rapidly developing country. It shows how interest groups and parochial interests
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