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Accounting Student Internship Report

Chio Lim Stone Forest (CLSF) was founded in 1985 and it started from a textile centre in Jalan Sultan to the present Wilkie Edge in...

Critical Accounting and Significant Accounting Policies

After Enron's scandal, accounting world underwent dramatic changes. Lots of acts were proposed or released. On May 10, 2002, the Securities and Exchange Commission (which...

Effectiveness of Internal Controls Over Financial Reporting

1. Introduction In 2001, Enron reaffirmed that their previous financial report had to revise as accounting errors existed in their computer system. After that, Enron the...

Traditional Budgeting and Budgetary Controls Weaknesses

This answer briefs the practice of budgets in two entirely different businesses; one in a very stable and static market place and the other in...

Difference Between Cost Control and Cost Reduction

Introduction A cost reduction program is a type of method which is to improve profitability of the organization or by expected to get a good result...

Absorption Costing Advantages and Disadvantages

There are two main costing methods that this company can use, absorption costing and Activity based costing. Absorption costing and Activity based costing (ABC) are...

Why is Accounting Important in the Hospitality Industry?

Broadly speaking, the process of financial management takes place at two levels. At the individual level, financial management involves tailoring expenses according to the financial...

Product Costing Methods: Strengths and Weaknesses

Today's competitive environment requires manufacturers to know their costs for competing globally. A top notch costing system is one of the most powerful information tools...

Colombia: Accounting and Auditing Standards Analysis

Columbian GAAP According to the Constitution of Colombia, only Congress has the authority to issue generally accepted accounting principles. Through legislation, however, Congress can delegate this...

FASB's Conceptual Framework Analysis

Introduction The accounting conceptual framework has been criticized for not providing an adequate basis for standard setting. This inadequacy is evidenced through the FASB's standards becoming...

Non-Audit Services (NAS) Issues and Effects

The provision of Non-Audit Services (NAS) by auditors to their audit clients reduces total costs, increases technical competence and motivates more intense competition. However, the...

Sarbanes-Oxley Act: Advantages and Disadvantages

Discuss the strengths and weaknesses of the Sarbanes-Oxley (SOX) Act and describe how an IT department can meet the challenge of implementing SOX compliance Over the...

Traditional Costing Methods vs ABC

In this report I will attempt to discover whether it is feasible as a company to change the Traditional methods of costing we currently use...

Costing and ABC Costing Advantages and Disadvantages

Activity Based Costing which is popularly known as ABC system has been considered as "an economic map of an organization's expenses and profitability based on...

Dangers of Escalation of Commitment

This report analyses the issue of escalation of commitment to a course of action from the perspective of the pharmaceutical industry. Escalation can be defined...

Objectives of Standard Costing

What is the definition of standard costing? Standard costing is the system of using standard costs. Standard costing involves using the predetermined costs/standard costs to compare...

IFAC's Code of Ethics: Analysis

Code of Ethics is essential for both accountants and auditors as they hold positions of expectation that the community rely on them and the capability....

Importance of Maximising Shareholders Wealth

Introduction Firms may have different objectives to achieve. However in theory, a firm should set its' objectives to increase its value for its owners. Shareholders are...

Marginal Costing vs Absorption Costing:

Marginal costing is also termed as variable costing, a technique of costing which includes only variable manufacturing costs, in the form of direct materials, direct...

Revenue Recognition under US GAAP and IFRS

International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) are working together to provide a single revenue recognition model that can be applied...

British Airways: SWOT and Porter's Five Analysis

Before establishing an analysis of the financial performance of British Airways, and stating the main reasons as to why this organization has been chosen as...

Budgetary Control- Advantages and Disadvantages

Budget and budgetary control are the two most important aspects of any business. The budgetary control acts as a complimentary aspect to budget and works...

Analysis of Conceptual Frameworks in Accounting

Introduction International Accounting Standards Board (IASB) has begun a mutual project with US Financial Accounting Standards Board (FASB) to rebuild the existing frameworks and converge them...

Impact of the Enron Scandal on Accounting Standards

Abstract Every firm and its managers are expected to maximize investor returns while complying with regulatory standards, avoiding principal-agent conflicts of interest, and enhancing the reputational...

Accounting Audit: Case Study

The inventory valuation is done on cost basis, while the NRV (Net realizable value) is 10% below the cost. As per the accounting standards in...

Methods Used to Evaluate Investment Projects

Evaluation of the attractiveness of an investment proposal, using methods such as average rate of return, internal rate of return (IRR), net present value (NPV),...

Impact of Financial Reporting Scandals

Introduction The first thing is character, before money or anything else. - J. P. Morgan Integrity is of utmost importance for a successful career in business and...

Pay As You Earn (PAYE) System: Advantages and Disadvantages

PAYE (Pay as you earn) was first introduced in year 1944. This is a system used by HMRC (HM Revenue & Customs) to collect Income...

Auditing Standards and Guidelines

Introduction The regulatory environment makes it mandatory that organizations such as limited liability companies must be audited by an independent external auditor qualified under the regulations...

Managing Customer Relationships and Building Loyalty

CRM This component will focus on managing customer relationships with the organization in order to enhance customer loyalty. Moreover, it will also discuss on the aspects...

Product Costing System Types: An Analysis

Introduction Management accounting as defined by Chartered institute of Management Accountants as “the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of information used...

Earnings Management and Accrual Accounting

EARNINGS MANAGEMENT Introduction There has been significant attention placed on earnings management from regulators, the financial press, and academic researchers in recent years. Most are in agreement...

Effects of Changing Accounting Standards

Proposed Research Topic: IAS 39 and IFRS 9: the effects of changing accounting standards for financial instruments on the financial assets management of a...

The background and role of inventory in accounting

Introduction International accounting standard No.2 (IAS2) "Inventory" gives the rules which should be followed during the recording and presentation of inventory. Inventory refers to goods which...

Importance of ‘True and Fair" View of Financial Statements

Introduction This essay focuses on the definition of the ‘true and fair view’ and how to use in accounting practically. In my opinion, ‘true and...