In accounting, historical cost is the original monetary value of an economic item.[1] Historical cost is based on the stable measuring unit assumption. In some circumstances, assets and liabilities may be shown at their historical cost, as if there had been no change in value since the date of acquisition. The balance sheet value of the item may therefore differ from the "true" value. While historical cost is criticised for its inaccuracy (deviation from "true" value), it remains in use in most
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What are the advantages of having the same person performing multiple activities in a particular process? What are the disadvantages? When one individual is assigned to multiple activities in a process, it can be advantageous because the person is likely to know how to complete the tasks accurately and efficiently. Additionally, having one person who is performing multiple tasks can reduce costs for employees, as a company is able to train one person to do the job of many. However, there are several
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THE INSTITUTE OF FINANCE MANAGEMENT [pic] INDIVIDUAL ASSIGNMENT Course Name: MSC. FINANCE AND INVESTMENT (MFI) Module Name: Accounting for Decision Making and Control Module Code: AF 09101 INTRUDUCTION OF THE BUDGETTING Budget is a combinations of company activities within which a company coordinate to a common plan for future period. The budget is not something that originates 'from nothing' each 'year - it is developed within the context of ongoing business
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earnings/profit. Personal/Owner’s Finance comprises of financial resources such as personal savings, current or fixed assets used by the owner to raise funds for a business project. Most of the resources are either in cash or inconvertible to cash, with the exception of fixed assets such as equipment that can be difficult to convert for usage immediately. Houston Chronicle (2013) The advantage of using personal finance is that the business owner does not need to worry about paying interest rates
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Flores, Jr. Nova Fernandez Ann Alvaran Irra Angela Y. Chiong I. Problem The highly regarded and close-knit group of experienced, “old-timers” of the Sales Accounting section of Intercorp is much dependent on the foundation of their long-built section. Possible assigned additional workload and various personnel somehow disrupt the behaviour and communication of each member of the group eventually affecting their
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the accounting concepts: matching, cost, revenue recognition, consistency, business entity Three types of businesses: Three types of business organizations---advantages and disadvantages of each type of organization; Rules of debits and credits; classification of accounts; what an account is; what a journal is; what a ledger is; what a chart of account is; Normal balances of each type of account; increase and decrease side of each type of account Accrual basis and cash basis accounting Current
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Enterprise Resource Planning Systems 1. What is ERP? 2. The Evolution of ERP 3. The Integrated Systems Approach b. Business Benefits of ERP c. ERP Modules d. ERP Design Alternatives e. The Business Case for ERP 1. Cost-Benefit Analysis for ERP 2. Can ERP Provide a Competitive Advantage? f. The Challenge of Implementing an ERP System g. Summary ANSWERS TO END-OF-CHAPTER QUESTIONS Questions for Discussion: 1. Use on-line library databases to identify articles in trade publications which
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1……………………………………...…………………….…………2-5 Advantages of harmonization…………………….…….2-3 Disadvantages of harmonization……….…………...…3-5 Part 2…………………………………………………...………...…………6-8 Importance………………...…………….………….….6-7 Challenges in reducing disclosures……………………7-8 Reference……………………………………...……………………………9-10 Coursework Part 1: Harmonization of international accounting standards Every organization has their own accounting systems and standards. If every organization
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several factors, including the capital requirements of the business, the flexibility of management decisions, costs of formation, government restrictions, and tax considerations. Sole proprietorship, partnerships, corporations, and S-corporations are four legal forms of business organization an entrepreneur may consider when forming a business. (Sitarz, 21) Advantages and Disadvantages of the four business forms of organization The most common and simplest form of business organization is sole
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e-Centives chose not to raise public equity in the United States and their decision not to raise capital on the U. S. Stock exchange as well as the advantages and disadvantages of using the U. S Generally Accepted Accounting Principles (GAAP). Also discussed will be the requirement for e-Centives Inc. to prepare its financial statements using Swiss accounting standards as well as the reporting requirements and whether or not e-Centives met those requirements. Factors to the Swiss Exchange Many factors
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