Case the Mystery of the Disappearing Oil Mat Jon Weakness 1. Increases in costs of goods sold (85m) and inventories(18m) disproportionate with growth of sales 2. Current purchasing system contributed to redundant purchasing and high inventory holding costs 3. Siti Aminah (CFO) has no experience in system and technology 4. Internal control weaknesses: Purchasing system Current purchasing system contributed to redundant purchasing and high inventory holding costs and caused increases
Premium Accounts receivable Accounts payable Invoice
*Functions of Accounting Work ( Recording / Classifying / Summarizing *Accounting- “art of recording‚ classifying & summarizing in a significant matter and in terms of money; transactions and events w/c are in part at least of a financial character and interpreting the results thereof.” ( How? (AICPA – American Institute of CPA) *Science- existing body of knowledge that governs accounting practice (Accounting Theory) *Art- creative skill & ability *4 Functions of Accounting 1. Recording-
Premium Balance sheet Generally Accepted Accounting Principles Accounts receivable
To get an understanding and feel of the process of accounting‚ let us go through an example of an organisations accounting consisting of a few transactions during an accounting period. Following are the transactions relating to M/s Trinity Foods‚ over an accounting period from 1st June 2005 to 30th June 2006. ▪ Started business with Capital Tk. 1‚00‚000 ▪ Paid into Bank Tk. 10‚000 ▪ Bought Furniture and paid cash Tk. 25‚000 ▪ Bought goods for cash Tk. 50‚000 ▪ Bought
Premium Salary
----------------------- A PRIMA - FACIE CASE FOR ISLAMIC ACCOUNTING • Purpose Accounting : To permit informed decision which will enable scare resources to be allocated efficient to achieved ‘social welfare’. |Islamic |Conversational | |To achieve socio – |To meet needs of | |economic & religions|‘capitalist’ | |objective of Islamic|economy. | |Institution & | | |Muslims Users. | | |Provide holistic
Free Religion Science
achieving future cash flows. Limitations * Companies omit items that cannot be measured reliably. * Income is affected by the accounting methods employed. * Income measurement involves judgment. Earnings Quality Companies have incentives to manage income to
Premium Revenue Income statement Generally Accepted Accounting Principles
a tenement apartment with four other families‚ with only one bathroom and one concrete table for all the tenant families’ cooking stoves. Tan recalls the apartment owner even leased out the corridor to another family. The young Andrew studied accounting and graduated with honors at the University of the East‚ often preferring to walk to school instead of riding public jeepneys in order to save money. Engineer Conrado Acedillo‚ himself a self-made man in the air-conditioning business‚ recalls that
Free Manila Philippines Quezon City
Careers in Accounting Accounting is a very diverse career field. It continues to rank among the top chosen career paths in many universities. As one of the most successful careers in the business field‚ accounting has recently thrived on a continually growing demand. If need for education and skill are met‚ the result is a rewarding and enjoyable work experience. Accounting is the financial information system that provides insights into how organizations are funtioning financially. There
Premium Certified Public Accountant Accountant Accountancy
In “Untouchables”‚ an excerpt from the book “The World is Flat: A Brief History of the Twenty-First Century” by Thomas L. Friedman‚ discusses how the world is globalizing into three types of skills which allow the countries‚ companies‚ and individuals to survive in today’s middle class era as compared to the last fifty years. By doing this‚ Friedman introduces that the Earth over time is actually becoming flatter and not round due to the advancements in technology and the outsourcing of jobs. Friedman
Free The World Is Flat Thomas Friedman Middle class
Advancement of Accountancy Profession in Nigeria: A Collaborative Effort of Practicing Accountants and the Academia By Abubakar Salisu B. Sc‚ M.Sc‚ MBA‚ ACA‚ AMNIM Lecturer‚ Department of Accounting‚ Ahmadu Bello University‚ Zaria. ABSTRACT The Nigerian environment of accountancy profession has found it difficult to bring together accountants in the academics and in practice for the advancement of the profession. Whereas the accountants in practice are viewed as the real professional
Premium Accountant Accountancy
the vessel’s sinking in Mobile Bay‚ Alabama‚ Hunley funded by himself a third submarine. The first submarine could supposedly reach 4 knots. In 1863‚ Horace Hunley financed and launched his own submarine at Charleston‚ which he vainly called the H. L. Hunley. Disaster hit during a night-time test run on August 29‚ 1863‚ when the H.L. Hunley suddenly sank even as she pushed off the Charleston wharf and before she could be sealed for dive. Not all crewmen could escape the vessel as it took on water
Premium Submarine