in a rule-like manner and as a routine activity. The original reasons for adopting this practice are almost forgotten and the practice becomes an unwitting underpinning of the organisations behaviour. This is what they refer to as the behaviour becoming institutionalised. An accounting routine can be institutionalised in either a ceremonial or instrumental manner. Ceremonial Institutionalised accounting routines are defined as “organisational rituals,
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costing system was viewed as a method of accounting that used various techniques to assign costs to particular cost objectives, e.g. the cost to perform an activity, produce a product or render a service. W.B. Lawrence stressed the importance of accountants becoming familiar with cost accounting in his 1930 text because even then, “the modern factory occupies more space and employs many more workers than did the factory of a generation ago”. In 1940, John Blocker recommended in his text additional uses
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recognized persons, including business which are engaged in commerce, commodities, trade, and sales and other businesses. Accounting and Finance students can get it useful to study the laws governing financial markets and investments, Today's accountants are important members of the management team, using their huge knowledge of business, their communication techniques and people skills, and their well-developed technical accounting skills to add value to the business through best decision making
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MASINDE MULIRO UNIVERSITY OF SCIENCE AND TECHNOLOGY (MMUST) Office of the Deputy Vice Chancellor (Administration & Finance) Tel: 056-30784/31375 P.O Box 190 Fax: 056-30784 Kakamega – 50100 E-mail: dvc-af@mmust.ac.ke Kenya Website: www.mmust.ac.ke VACANCIES In pursuit of its Mission to be a Centre of Excellence in Science and Technology responsive to development needs of society through engagement in dynamic knowledge creation and application, Masinde Muliro University of Science & Technology invites
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profession. In response to these difficulties, modern accountants must develop a broader range of knowledge and skills to better perform their financial responsibilities. This paper examines several key challenges concerning the profession: 1) independence, 2) globalization and IFRS, 3) knowledge and skills gap. Challenges faced by accounting profession Independence and objectivity Independence is not a new issue faced by accountants; however, it has been and always will be one of the biggest
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planning and control which are needed to evaluate performance. Any business can use cost accounting but it is most effective with corporations that manufacture mass produced products and have a large employee base. Cost accounting is also becoming a valuable asset within the medical industry. In the ultra-competitive market of health care, hospitals are using price strategies, one of the new methods used in accounting, to entice customers and keep patients happy. Cost accounting techniques
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Convergence Project Financial Accounting Standards Board and International Accounting Standards Board By: Lydia Ferdin Our world is changing and sometimes in business, there are times when we must change our policies, standards, and guidelines as well to keep up with the natural changes in our environment. This leads to the idea of convergence as it relates to accounting. One of the world’s greatest naturalist and Greek professor Heraclitus (535 BC - 475 BC), once coined the theory and phrase
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recent study has shown that 4 out of 10 executives stated that they had been asked to behave unethically. As a result of unfavorable perceptions of U.S. business practices and an increased concern for better serving customers, U.S. companies are becoming more aware of the need for all company representatives to act responsibly (Hollenbeck, Gerhert, Noe, & Wright 2004) A recent article published in Tribune-Star discussed corporate ethics to university students in Indiana area. Over 370 were in attendance
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The road to international reporting The Convergence of GAAP and IFRS | Leroy Meadows Advanced Accounting | The road to international reporting The Convergence of GAAP and IFRS | Leroy Meadows Advanced Accounting | The Road to International Reporting The convergence of a rules-based approach and a principles-based approach in relation to accounting and the dissemination of financial information is not something to be taken lightly. With the need for convergence increasing due to globalization
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better and faster information for decision making. According to Bagranoff, Simkin, and Strand-Norman, 2006: Because IT now captures transactions, AISs can produce financial statements almost in real time. Of course, some of the adjustments that accountants must make to the records are not done minute-by-minute, but a business can certainly track sales and many of its expenses continually. (p. 15) Additionally, large amounts of accounting records are increasingly presented only in an electronic fashion
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