...AGE OF RECORD KEEPING The objective of record keeping was at maintaining integrity and discovering misappropriation. Some of the most ancient records are on clay tablets. In accounting history, in Mesopotamia, it was indicate considerable attachment to written record keeping. When an Egypt papyrus was introduced, it was easily handled and stored. Records were important as they reminded owners of the quantities of stores held and enabled owners to control the activities of their stewards. A steward’s local powers were considerable. Stewards might understate the natural increase of livestock, or make good any trading losses from money accumulated, holding back surpluses and so on. From the mid-fourteenth century, written accounts and knowledge of standard level of achievement became more widespread and, as a consequence, the control of the steward became less direct (Noke 1991). Written forms of accounting became more common and accounting became increasingly reliant on documentation rather than ceremonial oath-taking. But, there was a problem in using the Roman numerals. Edwards (1981, p. 47) observes that the use of Arabic numerals was resisted on the ground that they could be more easily changed for fraudulent purposes. Thompson argues, more robust and public, and therefore better suited to larger firms continuously engaged in shipping ventures. The oral testimony from trusted family servants, though useful to report regular domestic transactions...
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...Annual Report Analysis By: Wykithia Scott For: Christine Errico Accounting 100 June 2, 2013 Lowe’s Corporation Fiscal Year 2012 Lowe’s has been helping our customers improve the places they call home for more than 60 years. Founded in 1946, Lowe’s has grown from a small hardware store to the second-largest home improvement retailer worldwide. Sales grew over time and Lowe’s expanded all across the country and now operates stores not only in the United States, but also in Canada and Mexico. Although times have changed since Lowe’s first opened its doors in 1946, Lowe’s values have not— the company remains committed to offering high-quality home improvement products at everyday low prices, while delivering superior customer service. Lowe’s Companies, Inc. is a FORTUNE® 100 company that was incorporated in North Carolina in 1952 and has been publicly held since 1961. Lowe’s shares trade on the New York Stock Exchange (NYSE) under the ticker symbol LOW. Taking a closer look at the Lowe’s Corporation through their annual report will all one to see how the company has progressed over the years. (Lowes.com) Lowe’s delivered solid performance in 2012. Comparable store sales grew 1.4% and total sales grew 0.6% to $50.5 billion. Net earnings increased by 6.5% to $2.0 billion and diluted earnings per share increased 18.2% to $1.69. Operating cash flows, along with the net issuance of $1.4 billion of long-term debt, were used to acquire $1.2 billion in fixed assets and return...
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...RESEARCH: Accounting Standard Codification (ASC) 1. FASB had four primary goals in developing the codification. List these four goals: 1. Reduce the amount of time and effort required to solve an accounting research issue 2. Mitigate the risk of noncompliance through improved usability of the literature 3. Provide accurate information with real-time updates as Accounting Standards Updates are released 4. Assist the FASB with the research and convergence efforts. 2. List three SEC authoritative guidance, standard and interpretations included in the codification: 1. Regulation S-X - The Sarbanes-Oxley Act 2002 2. Staff Accounting Bulletins (SAB) 3. EITF Topic - Emerging Issues Task Force 3. The accounting literature replaced by the FASB Codification includes (list five): 1. Improve the usefulness of financial reporting by focusing on the primary characteristics of relevance and reliability, and on the qualities of comparability and consistency. 2. Keep standards current to reflect changes in methods of doing business and in the economy. 3. Consider promptly any significant areas of deficiency in financial reporting that might be improved through standard setting. 4. Promote international convergence of accounting standards concurrent with improving the quality of financial reporting. 5. Improve common understanding of the nature and purposes...
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...EXECUTIVE SUMMARY ONGC leads the way when it comes to achieving carbon neutrality within the energy sector. In an effort to do so, it has become the first PSU to achieve emission reduction certificates from the United Nations. Achievements of this sort, coupled with growth, make ONGC the undisputed leader in its business The Company has set many milestones and the government has decided to bestow the “Maharatna” status with increased empowerments and distinctly higher status as a premier Public Sector Undertaking. The company has recorded the highest Net Profit of Rs. 189,240 million. ONGC recorded highest ever production of 62.05 million ton of oil and equivalent gas (MMTOE). For the reporting year 2010-11. This represents a growth of 12% in both turnover and net worth and 13% in net profit over FY-2010. The company continued to pursue its growth strategy despite the fact that global economy was in shambles and the oil industry had been at crossroads since later half of 2008. The growth vehicle of ONGC, “ONGC VIDESH LTD.” With 40 projects in 15 countries sourced 8.87 MTOE of oil and gas in FY 2010: the highest ever. Beyond core activities of E&P, the company’s efforts towards new gas sources are also laudable. CBM production from the pilot Parbatpur, Jharia project has started in January 2010. Environmental clearance from UCG pilot project at Vatsan, Gujarat has also been obtained. The company has also taken lead in the exploration of shale...
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...The PRESIDENT Dr. H. R. Subramanya VICE PRESIDENT Pravakar Mohanty MEMBERS Dr. Sanjiban Bandyopadhyay, A. S. Durga Prasad, M. Gopalakrishnan, K. G. Goyal, D. V. Joshi, V. C. Kothari, Bibhabananda Majumder, B. M. Sharma, Rakesh Singh, Chandra Wadhwa, Dr. D. Jagannathan, N. K. Prasad, B. C. Malu, S.G.Y.Narayanan SECRETARY Dr. Debasis Bagchi DIRECTORS Examinations Chandana Bose cbicwai@vsnl.net Studies Swapan Dey sdicwai@vsnl.net Technical A. P. Kar icwai@vsnl.com Administration & Finance R. N. Pal rnicwai@vsnl.net Research & Journal Siddhartha Sen ssicwai@vsnl.net EDITOR Siddhartha Sen ssicwai@vsnl.net Editorial Office & Headquarters 12, Sudder Street, Kolkata-700 016 Phone : 2252-1031, 2252-1034, 2252-1035, 2252-1602, 2252-1492 Gram : STANDCOST, website : www.myicwai.com/www.icwai.org Membership Deptt. : kbicwai@vsnl.net Fax No. : 91-33-22527993/2252-1026 Delhi Office ICWAI Bhawan 3, Institutional Area, Lodi Road New Delhi-110003 Phone : 24631532, 24618645, 24643273, 24622156 Gram : STANDCOST, Fax : 91-11-24622156, 24631532, 24618645 E-mail : icwai@vsnl.com E-mail CEP : icwaiprgm@vsnl.net.in E-mail Journal Dept. : icwaijournal@hotmail.com « Official Organ of The Institute of Cost and Works Accountants of India Management Accountant Executive Digest Book Scan For Attention of Members For Attention of Practising Members Region & Chapter News Volume 40 No. 5 May 2005 Editorial & Communique Editorial : The miracle of free trade 341 ......................................
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