An Internship Report On Audit Procedure of UHY Syful Shamsul Alam & Co. and A Comparative Analysis on IFRS (IAS) and AAOIFI on Financial Reporting Issues Department of Finance Faculty of Business Studies University of Dhaka An Internship Report On Audit Procedure of UHY Syful Shamsul Alam & Co. and A Comparative Analysis on IFRS (IAS) and AAOIFI on Financial Reporting Issues (As partial fulfillment of BBA Program) Submitted To Department of Finance University of Dhaka
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(Difference is CIP), Cash to AR, at end close Billing and CIP Gross profit= (Total expected revenue – Total expected cost) * % of completion Net profit = % of revenue – Actual cost Accounts Receivable: Bad debts Expenses to AFDA Write off= AFDA to AR and then recover = AR to AFDA Inventory: FIFO-Periodic and perpetual: End Inventory * rate purchased Weighted Average Periodic: Cost of goods available for sale / # of units available for sale Weighted Average Perpetual: constantly average out
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1: Intuit Corp Balance Sheet 1988 1989 1,059,000 1,884,000 Accounts Receivable 0 0 Inventory 0 0 Current Asset 741,000 2,228,000 Net Fixed Assets 446,000 1,752,000 0 0 2,246,000 5,864,000 945,000 1,894,000 Long Term Debt 0 0 Pension Benefit Obligations 0 0 Common Stock Equity (Net worth) 1,301,000 3,970,000 Total Liabilities and Equity 2,246,000 5,864,000 1988 1989 Revenue 6,067,000 18,658,000 Cost of Sales (ex D&A) 2,185,000 6,853,000 General Expenses (ex
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are rapidly becoming a financial burden because of the high costs that come with them. Operational cash flows are also in constant decline further showing why profitability is a going concern. A majority of the corporations' resources are tied up in inventories which MiniScribe has a problem turning over in a shorter period of time as compared to industry standards. Collections also suffer from poor management and controls as accounts are held up by as much as three months compared to the
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based exclusively upon subjective data, such as opinions and estimates (Aquilano, Chase & Jacobs, 2005). Within the realm of qualitative forecasting are multiple techniques and measures. These are: grass roots, market research, panel consensus, historical analogy, and the Delphi method
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* Consolidate debt * Improve cash flexibility In this case study, I will examine the following problem: During the years of 1988-1990, why has Butler Lumber increased sales volume but experienced a decrease in cash flow? This problem is historical, and I will base my analysis from information contained on the Butler Lumber income statement and balance sheet spanning the years of 1988-1990. II. Financial Analysis Framework To adequately assess the situation, the following ratios will
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the new loan are as follows: * Maximum 2-to-1 debt-to-equity ratio * Minimum cash balance of $500,000 * Maximum dividends of $100,000 per year Issues: Lease: IFRS states that “An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it.” The lease of the Sudbury retail location is therefore an onerous contract. DCDL has an obligation to pay $27,500 per year for the lease on
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CASE STUDY : 7-3 QUAlLITY METAL SERVCE CENTER Q1. Is the capital investment proposal described in Exhibit 3 an attractive one for Quality Metal Service Center? Yes, the purpose of a company is to maximum the profit, and as Elizabeth Barret suggested,it can help company to make more profit. So the capital investment proposal described in Exhibit 3 is an attractive on for QMSC. Investment in machine $540,000 10 years cash inflow $286,000 PV of cash inflow $39,182 Payback period = 4.5 years NPV=
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___C __ Reporting information in a standard format. ___I__ Selecting economic activities relevant to the company. ___R__ summarizing economic events. Exercise E1-5 Meredith Cleaners has the following balance sheet items. Accounts payable Incorrect Liabilities Accounts receivable Correct Assets Cash Correct Assets Notes payable Incorrect Liabilities Cleaning equipment Incorrect Asset Salaries payable Incorrect Liabilities Cleaning supplies Correct Assets
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Reconciling Accounts Accounts reconciliation is one of the most important, yet least used, features of any accounting system. Account reconciliation allows you to see what entries were missed, have unexpected differences, or not captured correctly (capture errors) inside Palladium. Without account reconciliation, you most likely will never find these missed transactions and this could cost you money in the long run. Each account you plan to reconcile must be setup for reconciliation inside the
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