Computers in accounting Uses and advantages and disadvantages of computers in accounting Traditionally accounts were kept by the means of handwritten record. Computers have only begun to be used in some of the functions of accounting over the last fifteen years or so. As computers became cheaper‚ easier to use‚ and more powerful‚ more firms have decided to computerise their own accounting records. However‚ some firms‚ (albeit a declining number) still prefer to use handwritten accountings. This leads
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Introduction Accounting is a very old science as it is strictly related to the first forms of trade in the old world. According to Belkaoui (1992: 22)‚ the Committee on Terminology of American Institute of Certified Public Accountants (AICPA) defines accounting as follows: "Accounting is the art of recording‚ classifying and summarising in a significant manner and in terms of money‚ transactions and events which are in part at least‚ of a financial character‚ and interpreting the results thereof
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Case Summary Disclosure responsibility Disclosure responsibility Risk for controller Risk for controller Organizational imperfection Organizational imperfection Incentives for misstatement Incentives for misstatement Outline Mr. Anonymous is the controller of a private-hold‚ small‚ start-up company. He was in dilemma whether to provide the fraudulently misstated financial statement to the bank‚ thus turning to his former professor Dr. Mitchell for advice. Incentives for misstatement
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AC4321 Management Accounting S04 Group4 Hui Yan Shan 53034152 Kwan Mei Yee 53023082 Siu lai Kwan 52692231 SU Chingting 52480431 ZENG Mengyun 52639616 Zhou Yunqi 52638828 1. CRC will improve its ability to plan its cash receipts. For the new membership and fee structure‚ it is more predictable in a sense that CRC get the prepaid membership fees at the beginning of the year. In addition‚ by using new membership and fee structure‚ cash receipts are also more certain. Since there are
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DEFINITION: The required return necessary to make a capital budgeting project‚ such as building a new factory‚ worthwhile. Cost of capital includes the cost of debt and the cost of equity. SUMMARY EnCana Corporation is a natural gas and oil producer‚ with involvement in the Alberta Oil Sands. The company was formed though the integration of two large North American oil and gas explorers and producers‚ Alberta Energy Company Ltd. and Pan Canadian Energy Corporation. Two managers attending a
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Survival and growth of small firms Introduction Peacock (2000) argues that small business is different from large corporations by small size and rate of turnover and failure rate. According to Small Business Association‚ two-thirds of newly founded firms can survive within the first 2 years and only 44 percent are still in business after 4 years. Lowe et. al (1990) argues that failure ‘exists between failing and growing small firms.’ It can be perceived as there are 2 levels to develop small enterprises
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JB Accounting Fraud‚ the Investor and the Sarbanes Oxley Act Throughout the past several years major corporate scandals have rocked the economy and hurt investor confidence. The largest bankruptcies in history have resulted from greedy executives that “cook the books” to gain the numbers they want. These scandals typically involve complex methods for misusing or misdirecting funds‚ overstating revenues‚ understating expenses‚ overstating the value of assets or underreporting of liabilities
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THE DEVELOPMENT OF ACCOUNTING THEORY a. Explain the meaning of the term accounting principles as used in the audit report. (Do not in this part discuss the significance of generally accepted.”) Answer: Before I dissect the term “accounting principle‚” I first want to provide a brief definition of (1) accounting and (2) a principle. Accounting is the systematic recording‚ reporting‚ and analysis of financial transactions of a business and a principle is a rule or ethical standard. The definition
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printing materials. The firm purchase iron & metal from Union Metals (pvt) Ltd which is located in close proximity to the company’s workshop in Gonawala‚ kelaniya & the flex printing materials are imported from the Flex Engineering Limited Company Mumbai‚ Maharashtra‚ India. Operations As the first step of the operations Sovereiigns Intergrated (pvt) Ltd applies for the available tenders or uses their contact networks to obtain the contracts from the clients. Then the firm conducts a research about
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Clinical Summary and Flow Chart Substance Abuse History: The patient’s is a thirty eight year old single woman. Her drug of choice is alcohol. She had her first drink at age 13 at which time she would sneak drinks at family gatherings and sometimes on the weekends with friends. At age 18 she started to drink more frequently and greater amounts‚ about 8-10 drinks‚ on each occasion. At times she would pass out. She noticed her drinking becoming a problem around the age of 28. She was drinking
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