...------------------------------------------------- Electronic Processing and The role of professional Accouting and finance bodies and cods of conduct Accounting and Finance ATAR Assignment June 10, 2016 Ramla Mohamed Australian Islamic College June 10, 2016 Ramla Mohamed Australian Islamic College Part 1 a) What membership type are available for the organisation? Types of membership include Associate, CPA and Fellow are an example of memberships available to CPA Australia. b) What qualifications/experiences are required to become a member? Associate(ASA)- As an ASA you have six years to complete the CPA Program, including six education subjects and the experience requirement, in order to become a CPA CPA-To call yourself a CPA, you must: hold a degree or postgraduate award recognized by CPA Australia, in any discipline, have demonstrated competence in our foundation exams, usually demonstrated by the completion of an accredited degree, have completed the CPA Program, including the experience requirement, within six years, undertake continuing professional development (CPD) activities each year and comply with a code of conduct set by CPA Australia Fellow- You must be a CPA with at least 15 years' full-time work in accounting, finance or business. (1) c) How do you maintain membership? As a member of a leading global professional body, you understand the value of life-long learning. Whilst there is an obligation to participate in continuing professional...
Words: 1225 - Pages: 5
...THE EUROPEAN UNION CURRENCY: THE EURO ACCOUTING I The euro, in application of the Maastricht Treaty, entered circulation on January 1 2002. It is the official currency of 16 of the 27 member states of the European Union (EU). That union is made of Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, The Netherlands, Portugal, Slovakia, Slovenia and Spain. The euro has become the second largest reserve currency and the second most traded currency after the U.S dollar (wikipedia). The creation of a single currency born out of a political concern turned out to be a good and strong monetary decision. According to the European Commission (website) the euro has provided many advantages and benefits over the previous situations where each member state had its own currency. Not only are fluctuations risks and exchange cost eliminated and the single market strengthened, but the euro also means a closer cooperation among member. Others assets are more choices and stable prices for consumers and citizen, a greater security and more opportunity for business and markets, an improved economic stability and growth, more integrated financial markets and a tangible sign of an European identity, a stronger presence for the E.U in the global economy making the euro a rival for the dollar. With all those benefits the euro is not without its critics. They were those who feared a lost of national identity because they had to relinquished their...
Words: 425 - Pages: 2
...HOW HAVE MODERN ACCOUTING SYSTEMS MADE A DIFFERENCE IN MODERN ORGANIZATIONS? Matt Copeland ACC 205 Rachel Durmstadt June 20, 2011 HOW HAVE MODERN ACCOUNTING SYSTEMS MADE A DIFFERENCE IN MODERN ORGANIZATIONS? For the past ten years I have been running my own business, Decisive Realty. I am a real estate investor that purchases apartment building and rent them out to tenants. This has caused me to manage my finances by creating my own accounting methods. My methods are effective but require a lot of brushing and polishing. In other word, it needs to be revamp. Taking this class has made me realize possibilities that I will implement to be more efficient. The accounting system that I have learn over the past five weeks will be applied to my business to make it more manageable, alleviate the guess works, and assist me in measuring success or failure. Modern accounting has assisted small business like mine and large corporations to organize their business and keep track of important details. In this paper I will present circumstances where modern accounting has contributed to the success of businesses. I will also present examples of modern accounting systems assisted modern organization in the business world. Accounting is the recording, tracking, and reporting of the finances of an organization. Having several apartments is a service that involves the managing of rent collection, maintenance, utilities, and repairs just to name a few. All of which includes financial aspects...
Words: 941 - Pages: 4
...Accounting Standards Boards Paper Kristi Crow ACC/541 Accounting Theory and Research September 30, 2015 Valerie Turnbow The Financial Accounting Standards Board (FASB) is the accounting board used in the United States. The FASB is tasked with improving and establishing the standards of financial accounting and reports for education of the public (Schroeder, Clarke, Cathey, 2011). The International Accounting Standards Board (IASB) is the accounting board used to simplify the process for those seeking capital or investment opportunities across national boundaries. In this paper we will discuss the history and relationship of both the FASB and the IASB. Additionally we will discuss how the Masters of Science in Accountancy (MSA) will prepare students for a career in the vocation of accounting. FASB and IASB history The FASB was created in 1973 after the Wheat Committee, chaired by Francis Wheat suggested that the Accounting Principles Board be abolished and a new board created. The FASB was to be comprised of representatives from a variety of organizations and be full-time paid employees. The FASB has an advisory council that will keep them updated on major policy issues, as well as the selection of task forces. This council is known as the Financial Accounting Standards Advisory Council (FASAC). The IASB was also created in 1973. The IASB is an independent private sector body. The IASB has two main objectives. The first being to formulate and publish in...
Words: 790 - Pages: 4
...Introduction Accounting is the core of a business or organization as it helps to provide the necessary information which is required to make important economic decisions to ensure the organization or business is moving forward. In the business world, companies are now looking for something to be understood mainly to contribute on its effective business and management progress. The advanced pace in technology and the increasing level of competition among organization structure drastically impacts the position of an accountant. The information required by a company to make decision to make sure it is moving forward is provided by accounting. Both managerial and financial accounting plays a big role by working along to ensure the growth of the organization is in the right path. However, both managerial and financial accounting has its own purpose of improving an organization or a business. “Earlier financial accounting experiments typically sought to determine whether specific accounting policy choices would affect investors’ decisions.” (Pg778-experimental research) (122words) Role of Financial Accounting Every organization or business should be able to know their monetary progress or else they would never be able to evaluate if the business is profitable or the other way around. “The purpose of financial accounting is to provide users of financial statements with information that is useful for efficient decision making.”(accounting for intangible-pg102).It prepares the...
Words: 1026 - Pages: 5
...Financial Reporting Research In many cases, a business is not successful without a well-organized financial branch of their company. Whether it is a small business and reporting is done by the owner or if it is a large business that has a financial department, a company needs to know if it is making a profit. Modern accounting is believed to have begun around 1494 A.D. Book keeping entered into the Unites States in late 19th century. The first accounting exam was held by and organization in 1896. Today, accounting is used throughout the world and business to communicate, buy, sell and barter with each other very frequently and therefore, International accounting principles have been developed for the entire globe (Csebfalvi, 2012). In today’s highly competitive business world the environment requires companies to create a business strategy that includes accounting. This portion of their business strategy will help them achieve their strategic goals for the organization. In 1973, the International Accounting Standings Committee came in to existence in order to establish new international standards. The International Accounting Standards Board is the committee responsible for developing International Financial Reporting Standards (Knowledge guide to international accounting standards). This firm ensures that businesses are applying these standards to their financial reports. The first recorded account of international accounting was an article by Lord Benson called The...
Words: 1160 - Pages: 5
...professional judgement it is deem necessary for at least two of the required standards set in either AASB 117 par 10 or par 11. AASB 117 par 10: a) Ballarat Ltd does not intend to buy the bulldozer at the end of the lease term, thus there would be no transfer of ownership of asset and the ownership of the asset will return back to Monash Ltd at the end of the lease term. (NO) b) Monash Ltd purchased the bulldozer just before the inception of the lease and Ballarat Ltd does not intend to purchase the bulldozer thus there would be no bargain purchase option. (NO) c) Length of lease 5 years divided 8 years of economic life of the bulldozer which will equal to 62.5%. Thus, based on the professional practice, an asset would classify as finance lease only when it greater than 75% of its economic life of the asset. (NO) d) The present value of the asset and the MLP of Ballarat Ltd lease payment to Monash Ltd is $8000x3.8897 (annuity factor) = $31118. While, the guaranteed residual value of the bulldozer is 50% of $7200 which should also include in MLP, $3600x0.6499 = $4679. So, the total PV of MLP is $35797, which is more than the PV of the bulldozer at the acquisition of the lease $34797. Thus, PV is substantially all of the fair value of the leased asset. e) There are not clear that the leased assets are of such a specialised nature that only the lessee can use them without major modification. AASB 117, par 11: a) The lease can be cancel, but there will be a penalty...
Words: 2817 - Pages: 12
...IMPORTANCE OF IMPLEMENTING FORENSIC ACCOUNTING IN LISTED COMPANIES IN MALDIVES BUSINESS RESEARCH METHODS AIHAM MOHAMED AHMED TP029473 Table of Contents CHAPTER 1 3 1.1 ITRODUCTION 3 1.2 BACKGROUND OF THE STUDY 3 1.3 STATEMENT OF THE PROBLEM. 4 1.4 RESEARCH OBEJCTIVES 5 1.5 SIGNIFICANCE OF THE STUDY 6 1.6 SCOPE OF FEASILBILTY OF THE STUDY 7 1.6.1 SCOPE 7 1.6.2 FEASIBILITY OF THE STUDY 7 CHAPTER 2- LITERATURE REVIEW 8 2.1 DEFINITION OF FORENSIC ACCOUTING. 8 2.2 IMPORTANCE OF FORENSIC ACCOUNTING IN LISTED COMPANIES IN MALDIVES. 9 2.2 FORENSIC ACCOUNTING HELPS TO ELIMINATE CORRUPTION. 10 2.3 FORENSIC ACCOUNTING INFLUENCES THE ORGANIZATIONAL PERFORMANCE 11 2.3 CURRENT SITUATION IN MALDIVES. 12 CHAPTER 3 – RESEARCH METHODOLOGY 14 THEORETICAL FRAMEWORK 14 3.2 TYPES OF DATA 16 3.3 SAMPLING DESIGN 17 3.4 DATA ANALYSIS 17 3.5 HYPOTHESIS TESTING 18 4. CONCLUSION 19 REFERENCE 20 IMPORTANCE OF IMPLEMENTING FORENSIC ACCOUNTING IN LISTED COMPANIES IN MALDIVES. CHAPTER 1 1.1 ITRODUCTION The main purpose for this research to be carried out is to investigate the importance of forensic accounting in the business world, and how important it is to implement a solid forensic accounting system in the listed companies in Maldives. This chapter provides an overview of the study that contains the background of the study, the statement of the problem, research objectives, significance of the study the limitations faced while doing the...
Words: 5253 - Pages: 22
...The Journey of Accounting The employment for accountants and auditors is expected to grow by twenty percent between 2008 and 2018, which is much faster than the average for all occupations (“U.S. Bureau of Labor Statistics” 5). This shows that accounting is a profession that is very dependable to get a job in. Accounting has been around for ages as it can be traced back to Italy in the Renaissance Era. Accountant’s nature of work is to make sure that business firms run efficiently, public records are kept accurately, and taxes are paid properly and on time (1). Accounting refers to a set of business practices designed to keep careful track of accounts, funds, and transactions between a company and its various stakeholders. The system we use today to track money in business was invented in Italy during the Renaissance. An Italian merchant invented it so that he could easily summarize his results at the end of the day. The system had a simple system of checks and balances to make sure that everything he had recorded was done correctly. The Italian merchant called his system the double-entry accounting system, and it was very simple to understand (Hart 4-5). His name was Luca Pacioli, born in Sansepulcro, Tuscany. Pacioli is known as “The Father of Accounting”. Later on, as trade increased between Europe and the Middle East, business grew beyond what a single owner could even handle. This caused the need for written records so that the business owners could keep up...
Words: 3357 - Pages: 14
...Chapter 7 - Positive Theory Positive Accounting Theory Philosophy of PAT Million Friedman championed positive theories in economics. He stated that: (part 3 Empirical Research in Accounts of Accounting theory from Jayne Godfrey) The ultimate goal of positive science (i.e. INDUCTIVE) is • The development of a ‘theory ‘ or ‘hypothesis’; • that yields valid and meaningful “Predictions’ • about phenomena not yet “observed”. Consistent with Friedman’s view, Watts and Zimmerman asserts that: The objective of “positive accounting theory” is to “explain” and “predict” accounting practice. • “Explanation” means providing reasons for observed practice. For example, positive accounting theory seeks to explain why firms continue to use historical cost accounting and why certain firms switch between a numbers of accounting techniques. • “Prediction” of accounting practice means that the theory predicts “unobserved phenomena”. Watts and Zimmerman start their book with a fundamental statement of The Role of Theory (Chapter 1).They asserts that the objective of positive accounting theory is to explain and predict accounting practice,(p.2) “Unobserved phenomena” are not necessarily future phenomena; they include phenomena that have occurred, but on which systematic evidence has not been collected. For example – Predicting the reaction of firms to a proposed accounting standard and an explanation of why firms would lobby for and against...
Words: 2421 - Pages: 10
...PepsiCo……………………………………………..4 2.2 First step for entering international market………………………5 III Development of PepsiCo…………………………………………5 3.1 Business structure of PepsiCo…………………………………..5 3.2 Organization’s expansion ……………………………………….6 IV Products of PepsiCo………………………………………………6 4.1 Process of bringing a new product to market……………………6 4.2 Production Unit and its global position………………………….7 4.3 Influence of local market criteria ……………………………….8 4.4 Pricing and distribution policies and logistics…………………..8 4.5 Marketing of products…………………………………………..10 V Personnel of PepsiCo…………………………………………..…10 5.1 Recruitment policy………………………………………………10 5.2 Global salaries…………………………………………………..11 5.3 Labor relations…………………………………………………..11 VI Finance of company……………………………………………..13 6.1 Financial structure ………………………………………………13 6.2 Exchange rate ……………………………………………………13 6.3 Annual accounts …………………………………………………13 6.4 Influences of Financial information……………………………..13 VII Conclusion……………………………………………………….15 VIII Reference ……………………………………………………….16 IX Appendix……………………………………………………………17 Appendix I…………………………………………………………….17 Appendix II………………………………………………………….18 I Introduction The aim of this report is for outcome two to outcome five of Global business organization. This report is written base on situation of PepsiCo. The main purpose of this report is to understand how make the concepts of global business organization into a real case. The intended reader of this report could...
Words: 3568 - Pages: 15
...ACG 3401 Study Guide Exam 1 Accountants Roles * Management accountant * Internal auditor * Information systems auditor * External auitor * Tax accountant * Fraud examiner * Managerial Accountant * Provides info for mngmt decisions * Knowledge base: * * * * Business processes * Accounting information sustems * Internal controls * Managerial accouting techniques * Impact of accounting on behaviors Advocate for best info possible for making the best decision for the firm IMA Information criteria: 1. 2. 3. 4. Forward looking 5. Timely 6. Responsibility oriented Planning Systems (budgets) control systems (implement the course of action and evaluate) Management accounting answers questions related to : * * * * * Important customers ( profitability) * Substitute products * Critical capability * Funding ( growth) Value ( Adam Smith) * Value in use- derive value by using the product * Value in exchange- derive value from the exchange of that product for another good or service. Generic Value Chain Model: 1. 2. 3. 4. *Customer need identitified* 5. Identify the market and create the product/ service ( innovation cycle) 6. Build the product or service and deliver the product or service ( operations cycle) 7. Service the customer ( post sales service cycle) ...
Words: 2656 - Pages: 11
...mentTHE RELATIONSHIP BETWEEN WORKING CAPITAL MANAGEMENT AND PROFITABLITY OF LISTED MANUFACTURING COMPANIES IN GHANA Agyemang Badu Ebenezer Lecturer, Department of Business Administration Presbyterian University College, Ghana Michael Kwame Asiedu Lecturer, Department of Business Administration Presbyterian University College, Ghana ABSTRACT This study examines the effect of working capital management on the profitability of companies listed on the Ghana Stock Exchange. Secondary data from the Ghana Stock Exchange on manufacturing companies within the Accra metropolis was used to examine whether working capital management influence the profitability of manufacturing companies in the country. The study found out that, the major component of working capital management such as inventory days, account payable and cash conversion cycle have influence on the profitability of manufacturing companies. The study recommended that, manufacturing companies should adopt efficient and effective ways of efficiently managing these components of working capital management. KEY WORDS: Working capital management, profitability, net operating profit 1.1 INTRODUCTION Working Capital Management has become very important in financial management because of its effects on the firm’s profitability, risk and consequently its value. There are several important reasons why the management of working capital is important to both small and large organisations. (Smith, 1980). A well designed and implemented working...
Words: 5695 - Pages: 23
...MAHARASHTRA STATE BOARD OF TECHNICAL EDUCATION (Autonomous) (ISO/IEC - 27001 - 2005 Certified) __________________________________________________________________________________________________ Subject Code: 0815 SUMMER – 13 EXAMINATION Model Answer Page No: 1/ 25 Important Instructions to examiners: 1) The answers should be examined by key words and not as word-to-word as given in the model answer scheme. 2) The model answer and the answer written by candidate may vary but the examiner may try to assess the understanding level of the candidate. 3) The language errors such as grammatical, spelling errors should not be given more Importance (Not applicable for subject English and Communication Skills). 4) While assessing figures, examiner may give credit for principal components indicated in the figure. The figures drawn by candidate and model answer may vary. The examiner may give credit for any equivalent figure drawn. 5) Credits may be given step wise for numerical problems. In some cases, the assumed constant values may vary and there may be some difference in the candidate’s answers and model answer. 6) In case of some questions credit may be given by judgement on part of examiner of relevant answer based on candidate’s understanding. 7) For programming language papers, credit may be given to any other program based on equivalent concept. MAHARASHTRA STATE BOARD OF TECHNICAL EDUCATION (Autonomous) (ISO/IEC - 27001 - 2005 Certified) __________...
Words: 6703 - Pages: 27
...HOLY CHILD JESUS COLEGE GUMACA,QUEZON Financial Status: Cause and Effect to the educational growth and development of children at Brgy. Tabing Dagat Gumaca,Quezon By; Ma. Angela C. Pelaez Reseach Paper in English IV Presented to: Mrs. Beatriz A. Apoli March 2015 Introduction: Financial matters are related to all aspects of personal and family life. Financial concerns and family relationships financial problem and substance abuse psychological aspects of financial hardship, in financial problems stress are just a few examples of research topics in personal finance. Research has shown the relationship between workplace productivity and poor financial behavior employers financial problems are one of the four problems in the workplace. Many of the children from now on are not attending our classes in school, because many of them are not supported of their parents. The others are not having enough money to pay the school contribution. Some children are not interested on going to school because they want to work every day forgetting that school is also important. The problems of student is being a working students. They not have enough time to rest and to study well because they are so very busy on their role. So the student who not attending our school is have not a quality knowledge. Significance of the Study: The Researcher has investigated financial matters and their impacts on personal and family life for years. Importance areas...
Words: 4424 - Pages: 18
