augusto.voltes-dorta@ed.ac.uk Room GF8 Production and Costs • For a manager, it is crucial to know the relationship between cost and output. • Different time-horizons are considered. SHORT RUN • Some inputs are fixed (typically capital) • Fixed vs. variable costs • Economies of Capacity • Operational and tactical decisions LONG RUN • All inputs are variable • Economies of Scale • Economies of Scope • Strategic decisions 1 October, 2013 Business Economics Short Run £ SRTC • Fixed
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Liabilities - Effects Of Capital Vs. Operating Leases Capital Leases - Effects On: • Balance sheet - At the inception of a capital lease, the company leasing the equipment will record the equipment as an asset, and the company will also recognize a liability on the balance sheet, by an amount equal to the present value of the minimum lease payments. The discount rate used will be the lower of the following two rates: The lessor's (the rental company's) implied rate The lessee incremental
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50 VII. Derivatives, Hedging, & Translation 52 VIII. Fixed Assets 56 IX. Governmental Accounting 62 X. Personal Financial Statements, Segments, & Interim Reporting 73 XI. Partnership Accounting 76 XII. Inventory 79 XIII. Investments 85 XIV. Leases 87 XV. Current Assets & Liabilities 91 XVI. Not-For-Profit Accounting 93 XVII. Pensions 99 XVIII. Statement of Cash Flows 101 XIX. Stockholders’ Equity 103 2 The N.I.N.J.A. Framework NAIL THE CONCEPTS Watch your CPA Review
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Lease Versus Purchase Should your company lease or purchase equipment? The answer to this depends on circumstance. Leasing equipment can be a good option for business owners who have limited capital or who need equipment that must be upgraded every few years, while purchasing equipment can be a better option for established businesses or for equipment that has a long usable life, both areas will be compared for a decision. Purchasing Before making the decision to purchase or lease a business
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MANDATES Piec vs. Caisse d’economie polonaise (p. 59) 01-Jul-92 Date of Bad Boy’s forged mandate 15-May-92 Bad Boy gets mandate from Grandma 03-Jul-92 Grandma dies 11-Aug-92 Bad Boy gives forged mandate to bank Bad Boy comes to Canada 18-Aug-92 Bad Boy withdraws $26k payable too cash Grandma = Stephania Wojcicka Bad Boy = nephew Tadeusz Wojcicki Niece (Margaret Wojcicka) is executor of will Facts | * Three mandates: 1. Gma goes on extended trip, gives power of attorney
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2 Course Contents Overview Contents 1 Fundamental concepts & issues in accounting Assets: a. Leases b.Investment property c. Financial assets Liabilities: a. Financial liabilities b. Deferred tax liabilities Seminar # 1, 2 & 3 3, 4 & 5 7 8, 9 & 10 Course Contents Overview Contents 4 Equity Revenue a. Revenue recognition principles & criteria b. Customer loyalty programs c. Construction vs. real estate development Expenses a. Expense recognition principles b. Share-based payments transactions
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Taxes 51 VII. Derivatives, Hedging, & Translation 53 VIII. Fixed Assets 57 IX. Governmental Accounting 63 X. Personal Financial Statements, Segments, & Interim Reporting 74 XI. Partnership Accounting 77 XII. Inventory 80 XIII. Investments 86 XIV. Leases 88 XV. Current Assets & Liabilities 92 XVI. Not-For-Profit Accounting 94 XVII. Pensions 100 XVIII. Statement of Cash Flows 102 XIX. Stockholders’ Equity 104 2 The N.I.N.J.A. Framework NAIL THE CONCEPTS Watch your CPA Review videos first
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Capital Investments vs. Operational Expenses MBE 503: Accounting and Ethics Instructor James Wright Kimberly Stringer Regular expenses can be expensed as they are incurred or they can be capitalized. Day to Day functions of a business require operating expenses in order to run. Operational Expense (OPEX) include sales and general administrative expenses which do not include cost of goods sold or COGS, taxes, depreciation or interest. Operating expenses show on the profit and loss
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Week 7- Leases An agreement whereby the lessor conveys to the lessee in return of a payment series the payments the right to use an asset for an agreed period of time. Step 1 Define a finance lease Lease Risks and rewards has the ownership being transferred Where ownership being risks and rewards Step 2: Discuss risks and rewards Risks: Insurance, maintenance, potential drop in residual value Rewards: use of assets, potential increase in residual value Who bears
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EGYPTIAN ACCOUNTING STANDARDS (EASs) vs IFRSs History For Private Sector For Public Sector In 1985 • IASs were informally introduced to the Egyptian market by the representatives of the big 8 at that time. • Unified Accounting System (UAS) In 1992 • Issuance of law 95 for 1992 (Capital Market Law) imposing the use of IAS. • Unified Accounting System (UAS) In 1997 • The 20 standards drafted by ESAA were issued by Minister of Economy in compliance with IASs with 4 deviations
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