Name: Fernandez Augusthus Form: six Subject: Accounting Title: Financial Statements and Analysis Linval’s Hardware Acknowledgements I would first like to acknowledge God, for giving me divine wisdom and understanding and strength to complete this research. I would like to thank the owner of Linval’s Hardware for his time and co operation, and resources which aided me greatly in this project. I would also like to thank my mother who has been by my side throughout this research. Introduction
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AUDITING AND THE PUBLIC ACCOUNTING PROFESSION AUDITING AND ASSURANCE SERVICES DEFINED Auditing plays a vital role in business, goverment, and our economy. As a vocation, auditing offers the opportunity for challenging and rewarding careers in public accounting, industry and goverment. Many auditors develop a client based with a concentration in one or more key industries. As a result of serving many client in similar industries, few individuals understand the key competitiveness factors for
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to be calculated’. Variance analysis typically involves the isolation of different causes for the variation in income and expenses over a given period from the budgeted standards. So for example, if direct wages had been budgeted to cost $100,000 actually cost $200,000 during a period, variance analysis shall aim to identify how much of the increase in direct wages is attributable to: * Increase in the wage rate (adverse labour rate variance); * Decline in the productivity of workforce
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business locations, and additional staff to meet deadlines will demand management to resort to the outsourcing alternatives. The external provider will indirectly perform operational and financial reviews as part of his engagement activities thus reducing cost to the company in terms of the time and expert
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protected. Assuring that the company’s assets are protected is one goal of internal controls. Some examples would be: stealing, embezzlement, and misrepresentation. The next reason that internal controls are implemented would be to make sure all accounting documentation/records are being kept in the appropriate way. This is to make sure careless mistakes are not being made and to address them if they are. “The Sarbanes-Oxley Act came into force in July 2002 and introduced major changes to the regulation
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Accounting Assumptions, Principles, and Constraints The four assumptions used by an accountant are accounting entity, money measurement, going concern, and accounting period. The accounting entity is an assumption that allows the accountant to separate the business transactions from the owner’s transactions. Dealing with the money measurement, “This assumption requires use of monetary unit as a basis of measurement, i.e., the currency of the country where the organization is to report its operations”
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Scientific Necessity Differentiate between a positive and normative accounting theory * Positive Theory seeks to explain and predict particular phenomena * Focuses on relationships between various individuals and how accounting is used to assist in the functioning of these relationships * Normative Theory prescribe how a particular practice should be undertaken Identify the origins of Positive Accounting Theory (PAT) * Assumption: All individual action is driven by self-interest
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Origin of the Report 5 1.3 Literature Review 5 1.4 Objectives of the Study 7 1.5 Methodology/ Design of the Study 7 1.6 Limitations of the study 8 CHAPTER 02 9 Overview of management control systems 9 2.1Management Control Systems (MCS) 10 2.2Elements of Management Control 11 2.3Boundaries of Management Control 11 2.4 Benefits of management control systems 12 2.5 Limitations of Management control systems 12 CHAPTER 03 13 Management control systems and strategy: 13 A critical analysis 13
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FASC Research Project Fall (2014) QUESTIONS (http://aaahq.org/ascLogin.cfm ) In order to complete this assignment you will need to access the FASB Financial Accounting Standards Codification database. The related information for this is posted on Blackboard for this course. The UH copy of the FASB Financial Accounting Standards Codification (“FASC”) can be accessed at: http://aaahq.org/ascLogin.cfm. The FASC is the ONE AND ONLY source of the technical GAAP standards. Other sources are no
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for all the partners and which she had retained without accounting to all the partners; The defendant contends as follows: (i) The date of commencement of the plaintiff's cause of action must be the dates on which the plaintiff alleged that the defendant had failed to account and in this regard the plaintiff had pleaded in general that the defendant has failed to account for the period 1994-2003, i.e. asking the defendant to produce accounting records dating back 16 years. By virtue of s.6 (2) of
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