...Sime Darby's scandal 2010-11-18 12:20 World's leading listed plantation company Sime Darby has just celebrated its 100th anniversary and it has once again become a focus recently due to a project cost overrun scandal involving malpractices. When Sime Darby was said to have suffered a loss of RM2.1 billion in May this year, the market was shocked as Sime Darby has been a giant multinational conglomerate involved in five core sectors with a total annual turnover of about RM33 billion. Even the largest listed company is facing a management problem, we can actually imagine the situation of other government-linked companies (GLCs). It has seriously affected the confidence of investors in the stock market and supervision of the authorities. There are questionable points in its four projects, including the Maersk Oil Qatar (MOQ) Project which has lost RM526 million and the Bakun hydroelectric dam project which has caused a loss of RM340 million. Sime Darby decided to take civil action against certain individuals found culpable over the severe losses. It has reflected the seriousness of the situation and the Malaysian Anti-Corruption Commission (MACC) should also take actions. The government must disclose the internal audit report of Sime Darby to tell the people the truth. Over the years, losses suffered by the GLCs would just be left unsolved without even an investigation. For example, the Bumiputera financial scandal in the early 1980s had caused the country a loss of RM2...
Words: 3220 - Pages: 13
...reputation among persons, companies and the community. Education Bachelor of Science in Business Sciences: concentrating Accounting 2012 (expected) (Dean's List, 3.10/4.0 GPA) Zayed University Abu Dhabi, United Arab Emirates High School Diploma, Science Stream 2006 SalamahBintButi School Abu Dhabi, United Arab Emirates IELTS: Certificate of International English Language Testing System 2008 British Council, Abu Dhabi Average: 5.5 ICDL: Certificate of International Computer Drivers License 2006 Zayed University, Abu Dhabi Career Related Courses * Microeconomics * Macroeconomics * Business Communication * Managerial Accounting * Financial Accounting * Management Decision Sciences * Introduction to Management * Intro to IT and Business Computing * Business Writing Lab I * Strategic management * Auditing * Language in the Workplace * Accounting Information Systems * Business Leadership * Legal & Ethical Envir in Bus * Introduction to Finance * Introduction to Marketing * Entrepreneurship * Intermediate Accounting I * Intermediate Accounting II * Work Experience Abu Dhabi Gas Industries Ltd, Assistant Accountant ...
Words: 981 - Pages: 4
...D | 5 | Bibliography | 6 | Financial Accounting 1 Group Assignment Question A As what we understand for the words of Professional Accountant is who has experience and skills in establishing and maintaining accurate financial records for a business. Accountants’ works including control the system of record, auditing books and prepare a financial statement (Hossain, 2013). The accounting profession in Malaysia is controlled by the Malaysian Institute of Accountants (MIA) through the powers discussed by the Accountants Act, 1967. In Malaysia, we needed some certificates to show that we are accounting educated so that we are having the abilities to work as certain company’s accountant. Those certificates are known as ACCA, LCCA, CIMA and also MICPA. Start from few years back, Malaysia standard of requiring accountants was raised from LCCA to ACCA. With ACCA certificate, a person can consider as a professional accountant and so he or her has the ability to finish the duties. Question B In an organization, accountant plays a very important role. Without an accountant, the organization cannot work effectively (role of accountant, 2013). Accounting is a special division of knowledge. Both the accounting system and the accountant provide a very useful service to the society. There are a lot of stuff can be done by an accountant. Firstly, an accountant does bookkeeping. They keep a systematic record of the transaction in the business to ensure the organization operation. Accountant...
Words: 1827 - Pages: 8
...Issues in Accounting Education Volume 27, No. 2, 2012 CASE: DEVIANCE AT RKGA LLP Rick Berry slouched over his desk in the audit room at Videonics, his largest year-end client. Busy season was always tough, but this year it seemed even tougher. Since being promoted to senior manager a year and a half ago, Rick felt like he was being even more heavily scrutinized by his partners—including Joe Trumbell, his mentor and long-time friend. While Joe and other partners remained generally complimentary of Rick’s work, they seemed particularly teed up over the work behavior of several staff members of the firm—including some who were on multiple jobs with Rick. When Joe approached Rick and told him that Rick’s proximity to the staffers involved made him the perfect guy to investigate this matter further, Rick accepted the assignment. That was four months ago. The clock on the wall behind him ticked closer to 11:00 p.m. and the faint hum of a vacuum cleaner could be heard down the hall. Rick really wished Joe had asked someone else to shoulder this burden but, unfortunately, he had not—and Rick knew he had a meeting with Joe tomorrow morning to update him on some of his work. He glanced at his notes, and rehashed conversations with firm members and clients during that period: a staffer with a penchant for surfing the web; another who appeared to somewhat regularly ‘‘disappear’’ for brief periods of time during the workday; two others who submitted reimbursement reports with personal...
Words: 7388 - Pages: 30
...same general manager on Wednesday, he was starting to make some noises about wanting to negotiate a lower price. This could cause a dilemma because this customer had been one of the company’s largest and most loyal customers for years. Johnson leaned back in his chair. These things always seemed to come up on Friday— just in time to monopolize his thoughts over what otherwise would have been a restful weekend. Deciding to address the situation head-on, he scheduled a meeting with Stevens, Ketchum, and several others for later that afternoon. Company Background JBI distributed beverages to retail customers. The company had been in business for two decades and had become a preferred distributor among several retail outlets in the local area. JBI primarily distributed bottled sports drinks made by small specialty beverage companies, and its business had grown steadily with the popularity of sports drinks over the past 10 to 20 years. Last year, JBI’s revenues totaled $12 million. The company serviced about 20 customers whose beverage purchases totaled anywhere from about $100,000 to over $1 million annually. The undiscounted list price on the sports drinks that JBI distributed was $15.20 per case of 24 bottles. The full cost (excluding customer service costs) of the bottled drinks was $13.10 per case. The company offered discounts to some of its customers, which varied by...
Words: 2151 - Pages: 9
...INFORMATION SYSTEM IN TODAYS BUSINESS WORLD Information technology and systems have revolutionized firms and industries, becoming the largest component of capital investment in the U.S. and many industrialized societies. Investment in information technology accounts for approximately 50 percent of all capital invested in the United States. Information systems are transforming business and the visible results of this include the increased use of cell phones and wireless telecommunications devices, a massive shift toward online news and information, booming e-commerce and Internet advertising, and new federal security and accounting laws that address issues raised by the exponential growth of digital information. The Internet has also drastically reduced the costs of businesses operating on a global scale. These changes have led to the emergence of the digital firm, a firm in which: * Most of the firm's significant business relationships with customers, suppliers, and employees are digitally enabled and mediated. * Core business processes, or logically related business tasks, are accomplished through digital networks. * Key corporate assets (intellectual property, core competencies, and financial and human assets) are managed through digital means * Business responses to changes in their environment are enhanced through digital communications, allowing for time shifting (business being conducted 24x7) and space shifting (business being conducted globally or...
Words: 1265 - Pages: 6
...trust with money. Here’s our proposal: we will make unique, interesting stuff that people want. You will handle the money and tell us what money is saying to you and we listen to you and everyone will make more money and we will get to make more unique things because of you. That’s the equation. As a Financial Analyst on the Direct to Consumer (DTC) team at Converse, you will be a key member of the retail finance team. You will be responsible for both supporting and driving forecasting, planning, and consolidating the Outlet and Inline store financials, and supporting key financial processes and deliverables to Nike, Inc. Responsibilities: - Perform and distribute timely and insightful financial analysis to determine progress against strategic plan, budget, forecast, and prior periods in order to support business decisions. - Actively interpret and review monthly financial results with finance, project and/or business partners, identifying trends/issues and opportunities, and driving actionable responses. - Prepare and develop management reporting and make recommendations on the business to the leadership team. - Prepare and distribute monthly, quarterly and annual Store P&Ls for both Inline and Outlet concepts. Support education and communication with the District Managers, Store Managers and key Retail partners to maximize financial performance. - Participate in the strategic and business planning process from a financial perspective. Assist in the development...
Words: 426 - Pages: 2
...Financial Accounting Focuses on reporting to external users including investors, creditors, banks suppliers, & governmental agencies. Financial Statements must be GAAP based. Management Accounting Processes of measuring, analyzing, and reporting financial & non-financial information that help managers make decisions to fulfill the goals of an organization. Managers use management accounting information to: 1. Develop, communicate, and implement strategies 2. Coordinate product design, production, and marketing decisions and evaluate a company’s performance Cost Accounting Measures, analyzes, & reports financial & nonfinancial information related to the cost of acquiring or using resources in an organization What are costs but never an expense? Good Will & Land Inventory Is a cost until it is sold then it is an expense Value Chain (definition) The sequence of business functions by which a product is made progressively more useful to customers Six primary business functions of the Value Chain 1. Research & Development 2. Design of products & processes 3. Production 4. Marketing (including sales) 5. Distribution 6. Customer Service Research & Development Generating and experimenting with ideas related to new products, services, or processes Design of products & processes Detailed planning, engineering, and testing of products and processes Production ...
Words: 1661 - Pages: 7
...The Role of Accounting Accounting is often called “the language of business.” Why? Because it communicates so much of the information that owners, managers, and investors need to evaluate a company’s financial performance. These people are all stakeholders in the business—they’re interested in its activities because they’re affected by them. In fact, the purpose of accounting is to help stakeholders make better business decisions by providing them with financial information. Obviously, you wouldn’t try to run an organization or make investment decisions without accurate and timely financial information, and it’s the accountant who prepares this information. More importantly, accountants make sure that stakeholders understand the meaning of financial information, and they work with both individuals and organizations to help them use financial information to deal with business problems. Actually, collecting all the numbers is the easy part—today, all you have to do is start up your accounting software. The hard part is analyzing, interpreting, and communicating the information. Of course, you also have to present everything clearly while effectively interacting with people from every business discipline. In any case, we’re now ready to define accounting as the process of measuring and summarizing business activities, interpreting financial information, and communicating the results to management and other decision makers. Fields of Accounting Accountants typically work in...
Words: 3355 - Pages: 14
...Fraud, Governance and Internal Controls What is a fraud What is a fraud? The Financial Accounting book gives us a definition “A fraud is a dishonest act by an employee that results in personal benefit to the employee at a cost to the employer.” The reasons why people commit fraud are various. Fraud triangle can give us a good explanation. Financial pressures, from family or lifestyle, will lead an employee to fraud. Opportunity, which will allure an employee to do fraudulent activities, and Rationalization, which make one feel less guilty to do so, has same effect. How to prevent and detect fraud As fraudulent activities keep happening in every company every year, internal control is indispensable. It has five primary components: A control environment, Risk assessment, Control activities, Information and communication, and Monitoring. There are a lot of methods that we can use to prevent, deter and detect fraud? I think Physical control is probably the straightest one. Just lock inventories in a warehouse, set password in the computer, or put important bills in a safe box can prevent employees from stealing things. Segregation of duties, such as arrange different people to make order, authorize payment, and receive goods, is effective, because it eliminate the opportunities to take advantage in the chain. Documentation procedures are important, because it is a method to keep record of everything. It is the evidence of something occurred. There are also lots of other...
Words: 705 - Pages: 3
...Case Paper on Pinetree Motel ACC5000 Financial Accounting Submitted to: Professor Fe Violeta G. Baluran Submitted by: Presenting Group 2 Kelvin Go Alice C. Lee Kristian Jewel P. Taiño 17 October 2009 CASE BACKGROUND The Pinetree Motel is owned by Mr. and Mrs. Ilyong Kim and was purchased way back 1998. It is a 20-unit motel and was located near a vacation area that was [popular during summer and winter seasons. The Kims had been longing to have a business of their own – that’s why they ventured in this kind of. The couple felt that they had been successful. Each year saw a growth in revenue from room rentals, their bank balance had also increased. Their customer turnaround had been evident as well, maybe because of their efforts in providing a consistently clean rooms and up-to-date furnishings. Because of the lack of formal training, problems started to arise and this alerted them to management issues and concerns. Though the couple devoted their time in the business, they have hired a part-time help for daily room cleaning tasks. They also lack dining facilities the reason why the vending machines are installed to supplement room rentals; in which the vending machine company provides the servicing and maintenance. Mr. Marcus Carter is a frequent guest in Pinetree Motel became acquainted with the Kims. In the year 2006, Mrs. Kim showed Mr. Carter the current issue of the motel trade journal that contains data for...
Words: 1588 - Pages: 7
...INTRODUCTION Accounting is popularly known as “language of business". Accountants are the practitioners of accounting, who can speak it better than anyone. It measures the results of a company’s economic activities and conveys this information to different users like creditors, investors, management, and regulators, etc. Accounting is the body of knowledge, which is primarily concerned with methods for recording transactions, keeping financial records, performing internal audits, reporting and analysing financial information to the management, and advising on taxation matters. In short, it is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity. Accounting provides information on the resources available to a firm, the means employed to finance those resources, and also the results achieved through their use. ACCOUNTING CAREERS Choosing the field of accounting as a career path is a smart decision. This field will always be in demand. This field can help you to grow continuously and help you move up inside your organization. A lot of different positions are available in the field of accounting. Accounting careers can range from entry level positions to executive level positions. Some of the popular careers in accounting are Accountant, Accounting Clerk, Accounting Manager...
Words: 1639 - Pages: 7
...[pic] Managerial Accounting BA3201 |Puganeswary Thirumalai Naidu |307254805 |BABHM | |Tan Lian Ping |11001200428010 |BABHM | |Yasmin Lim Binti Mohd.Arifin |307147803 |BBA MKT | |Herry Abubakar Mshihiri |609687502 |BBA IB | Question1 | |Task 1 : Sales and Labour Budgets : University | | | | | | | | | |1 (a) | | | | | ...
Words: 1871 - Pages: 8
...Tick-Tock during 2005 to 2007.And at the same time provides the recommendation whether to purchase Tick-Tock for $275,000 or continue looking for another business. This financial statement has been divided into three segments: profitability, liquidity and financial stability .The first part is profitability which focuses on different aspect of return on investment & evaluating operating performance ratios. And the second segment concrete on the liquidity, as this ratio measures a company's ability to pay short-term obligations, the current ratio of 2007 shows that the firm has a good short-term financial strength to meet its current liabilities. The third part illustrates the financial stability of Tick-Tock Company, which indicates the proportion of assets provided by creditors became more during the two years. Probability From the analysis of the data provide, we can know that the return on total asset ratio of 2005 is 37.36%, but in 2007 is 26.06%, the ratio has decreased by 11.3%.This means that the company become less profit. The return on ordinary shareholders’ equity ratio also decreased from 32.82% of 2005 to 24.17% of 2007, this ratio measures the return earned on assets provided by owners, and the decreased ratio indicates the company using the shareholder’s equity low efficient. These two ratios indicate that the business is making less profitable return on their borrowed money during 2005 to 2007. From the horizontal analysis which begins with the monetary amount change...
Words: 1311 - Pages: 6
...Financial Accounting 557 ------------------------------------------------- Week 6 Assignment 2 Professor BRYAN WOMACK Date 08/19/14 CulturethiopiA 1.0 Executive Summary The Culturethiopia Store is a newly start-up convenience store in Columbia, Maryland. The store provides attractive merchandise options mainly to Ethiopian community in the area at bargain prices and quality. The company financed by its owners and private investors Fasika Eshetu, Yowodit Getachew and Eyassu Semegn. They will donate the company financially. Dividends will be paid quarterly on the outstanding equity. Culturethiopia convenience store incorporated as a limited liability partnership company (LLC). Being incorporated as LLC will protect the owners from double taxation and issues of personal responsibility (Peggy Wood, 2011). If the company fails to succeed, the creditors will not have the right to control the investor's particular asset, or they will not be liable for more than their personal investments in the company and the investors will be treated as shareholders. The majority owner Eyassu Semegn will contribute to the business venture from his personal savings. With excellent marketing plan, the cultural convenience Store expects to growth faster when it became more familiar to the public around the great city of Columbia. The Ethiopian cultural store, Culturethiopia will start its operation soon, and it assumed that the store will be successful in the...
Words: 2988 - Pages: 12
