3101AFE Accounting Theory and Practice Tutorial Questions for Tutorials 1- 6: Semester 2 2014 TUTORIAL 1 - Semester 2 2014 Deegan Topic 1: Introduction to financial accounting theory QUESTION 1 - Question 1.8: What is the difference between developing a theory by induction and developing a theory by deduction? QUESTION 2 - Question 1.9: Is the study of financial accounting theory a waste of time for accounting students? Explain your answer. QUESTION 3 - Question 1.26: Would you
Premium International Financial Reporting Standards Financial statements International Accounting Standards Board
Ethics in Accounting • • • • • • • • Systematic body of theory and knowledge Extensive education process for its members Ideal of service to the community High degree of autonomy and independence Code of ethics for its members Distinctive ethos/culture Application of professional judgment Existence of a governing body Attributes of a profession • Service ideal • Market control view The service ideal vs. the market control view Accountants work in: • private companies
Premium Accountant Business ethics Ethics
Introduction Ethics in accounting and financial decision making is important in today ’s business world. Many organizations put emphasis on ethics and the financial decision making process with the organization and expect that auditors‚ managers and accountants will behave in an ethical manner. There are many factors that inspire organizations to assure and push ethical policies. In the last seven years‚ the world has witnessed stunning financial collapse in many companies that were ranked among
Premium Trade union Employment Ethics
Statements on Management Accounting PRACTICE OF MANAGEMENT ACCOUNTING TITLE Definition and Measurement of Direct Material Cost TABLE OF CONTENTS Definitions . . . . . . . . . . . . . . . . . . . . . . . . . Materiality . . . . . . . . . . . . . . . . . . . . . . . . . Material Quantities . . . . . . . . . . . . . . . . . . . Material Lost in the Production Process . . . . Samples‚ Prototypes‚ and Initial Production Runs . . . . . . . . . . . . . . . . . . 1 2 2 2 3 Unit Price of Direct Material
Premium Cost accounting Costs Cost
Discussion Question 1 The international accounting profession has lost its way and is no longer serving the needs of different users of accounting information in a manner which is appropriate and meaningful for the global business environment of today. I respectfully disagree with the above statement. If anything‚ the accounting profession and its importance in day to day management of businesses has increased in the past decades. The information provided by company financial snapshots is a vital tool
Premium Enron scandal Finance Business
Public transport could be made free of charge. Are there more advantages or disadvantages to this change? In many countries around the world there is considerable debate about the role of public transport. One suggestion that is commonly put forward is that it should be made free of charge. My belief is that while this policy might be difficult to implement in practice‚ there are at least two strong reasons for considering it. The one significant problem with making public transport free
Free Public transport Bus Automobile
one and all! Today’s debate is quite interesting‚ as we are the victims‚ rather the part of the society who sees it very closely than the rest. Now‚ frankly speaking‚ within each one of us‚ somewhere or the other we feel‚ very strongly feel ‚ that board exams are a curse or rather some dangerous‚ ferocious animals. Truly the very spirit of examination aims at something noble‚ but unfortunately the implementation process is very unrealistic. The present examination systems‚ as I said are very unrealistic
Premium Present
also think that exams are not a reliable test of gauging the ability of the students as luck plays a major role. The board examination system encourages cramming‚ unnecessary expenditure on help-books and also encourages private tuition‚ which has resulted in mushrooming of a large number of tuition shops in every city and even small towns by inexperienced people. The board examination system doesn’t specify the exact criteria for how the marks are given to students. It is impossible to
Premium Psychology Student Present
Accounting Reporting Criteria Paper Accounting reporting criteria includes many factors and covers many elements. From Fundamental Financial Accounting Concepts‚ “accounting is so important that it is often called the language of business. In fact‚ accounting affects not only individual businesses but also society as a whole” (Edmonds‚ Edmonds‚ McNair‚ Olds‚ & Schneider‚ 2006‚ p. 4). Global business requires added consideration in the way of accounting reporting criteria. With heightened consumer
Premium International Financial Reporting Standards Generally Accepted Accounting Principles Financial statements
On Monday night‚ the Board of Education met to discuss the possibility of building more facilities to accommodate the rising student population in the school district. The two and a half hour meeting was close to getting out of hand‚ as even members of the 152 person audience got involved in the heated debates. The subject opened with a report from superintendent Arlene A. Dunlap. She stated that student enrollment in the district was up eighteen percent from last year. "This is disturbing
Premium High school Middle school Elementary school