only 250 units into account. There are advantages and disadvantages of flexible budgeting. The advantages are: 1) Flexible budgets let us tie spending to sales, and allow us increase spending to take advantage of opportunities presented by revenues. For example, if our sales increase dramatically, a flexible budget lets us increase our advertising or promotions. 2) It’s important to understand our manufacturing and overhead costs in order to know true costs of sales. A flexible budget recalculates
Words: 1079 - Pages: 5
/MBAA0PUHA2 June 7, 2010 Inventory Systems Summary Inventory characterizes one of an organization’s largest operating cost and the maximum prospect for improving profits. With inventory systems, organizations are able to centralize control of inventory across today’s multi-channel environment. Each team member will describe his or her inventory systems with the advantages and disadvantage of each system. Description of Each Inventory System Sage Accpac Inventory System Crossroads is a 501(c) (3) nonprofit
Words: 827 - Pages: 4
FINANCIAL ACCOUNTING (ACC312 QUESTION: THE RELEVANCE OF CORPORATE REPORTING BASED ON HISTORICAL ACCOUNTING PRACTICE HAS CONTINUED TO GENERATE INTENSIVE DEBATES OF DIFFERENT FORCES IN THE WORLD, WHICH IS ESPECIALLY TRUE IN A HIGH INFLATIONARY AND DISTORTED ECONOMY LIKE NIGERIA. DISCUSS THE STATEMENT IN RELATION TO JUSTIFICATION FOR INFLATION ACCOUNTING IN NIGERIA. NOVEMBER, 2011. INTRODUCTION Inflation account is a system of accounting which, unlike historical cost accounting takes into
Words: 2364 - Pages: 10
Contents OBJECTIVE 2 SCOPE OF SERVICES 2 YOUR RESPONSIBILITIES 3 SOFTWARE COSTS AND PROFESSIONAL FEES 3 CLOSING 3 Yvonne M. Mason YRMT Tax Meridian, Idaho March 19, 2012 John Doe Meridian, Idaho Dear John Doe: As a long-time admirer of the outstanding work that your organization has done in the community, I particularly enjoyed having the opportunity to see how you function from the inside. This correspondence outlines the complete scope of work you requested, including objectives
Words: 1308 - Pages: 6
business processes. ERP systems are intended to offer business profits in sales and distribution, production, costing, field service, and accounting. The major ERP vendors, including SAP, Oracle, and PeopleSoft, funding the major functional zones of the business, including trades order processing, buying, production planning, financial accounting, management accounting, and human resources. ERP implementation, which is the complete implementation of a vendor ERP system, is expensive and long but offers
Words: 1030 - Pages: 5
known as the Generally Accepted Accounting Principles, or GAAP. Since their creation, these principles have protected companies and investors from fraud, as accounting practices can sometimes be questionable. The GAAP holds companies accountable for their financial reporting activities and includes rules accountants must follow regarding recording transactions and preparing financial statements. Recently, there have been questions regarding the Generally Accepted Accounting Principles in the United States
Words: 1700 - Pages: 7
T OPIC SEVEN Other AIS Development Approaches © 2012 UMT Advanced Accounting Information Systems 1 INTRODUCTION • We’ll also discuss how to hasten or improve the development process through: – Business process reengineering – Prototyping – Computer-aided software engineering (CASE) tools © 2012 UMT Advanced Accounting Information Systems 2 BUSINESS PROCESS REENGINEERING • Business process reengineering (BPR) is the analysis and redesign of business processes and
Words: 3170 - Pages: 13
MAIN ADVANTAGES AND DISADVANTAGES OF THE SARBANES-OXLEY ACT (SOX) OF 2002 When the US Congress hurriedly passed the Sarbanes-Oxley Act of 2002, it had in mind combating fraud, improving the reliability of financial reporting, and restoring investor confidence. Perhaps SOX's most burdensome element was Section 404, which says that it is management's responsibility to maintain a sound internal control structure for financial reporting and to assess its effectiveness; and that it is the auditors'
Words: 1357 - Pages: 6
investment returns and control are limited, while general partners have unlimited liability and control. A limited liability partnership (LLP), sometimes called a limited liability company (LLC), combines the limited liability advantage of a corporation with the tax advantages of a partnership. A professional corporation (PC), known in some states as a professional association (PA), has most of the benefits of incorporation but the participants are not relieved of professional (malpractice) liability
Words: 2050 - Pages: 9
“ACCRUAL VS CASH BASIS ACCOUNTING” Enrolled Name: Winda Wijaya Tutorial time: Thursday 11.00 AM Tutor: Ian Beck Accounting is the most crucial part in the business operation as it provides reports which show how well the business operates. In order to maintain a well-develop business, there are lots of things that should be taken into consideration by the business and one of them is choosing the right method to do the accounting. In this essay, two methods
Words: 610 - Pages: 3
