I. Overview of the Insurance industry Insurance companies play a major role in today’s financial industries. While the banking industry is creating assets and wealth, the insurance industry is protecting that wealth. The primary business purpose of an insurance company is to spread risk among people or entities that are exposed to similar risks. The insurance industry thrives in marketing uncertainties, selling promises, and making more money by cycling their revenues back into the nation’s building
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[pic] Universitas Islam Indonesia Faculty of Economics INTERNATIONAL PROGRAM Syllabus Accounting for Islamic Banking Lecturer: Muhammad Akhyar Adnan, PhD, MBA., Ak. E-mail: akhyar@fe.uii.ac.id Phone: +62 274 881546 Credit (SKS): 3 Prerequisites: Intermediate Accounting, or at least an Introduction to Accounting in conventional perspective. It is preferable that students have passed accounting theory. Consultation times: By appointment Class Duration Two and a half hours
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Case Study: Enron Corporation and Andersen LLP Enron was one of the biggest companies, in the industry of electricity, natural gas, and paper manufacturing. The Company's revenues in 2000 were 111 billion, which made Fortune magazine Comrade crowned her the most innovative in the United States for six consecutive years. At the end of 2001, the company declared bankruptcy with approximately -65.5 billion dollar in debt and the company’s share price fell within a few weeks from a high of nearly ninety
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The Enron Scandal Enron was an American energy company that was based out of Houston, Texas, it ventured out into other states and became one of the world’s leading electricity, natural gas, communications, and pulp and paper company.. It employed approximately twenty-two thousand staff. Its founder is Kenneth Lay and was founded in Omaha, Nebraska in 1985. It was named “America’s Most Innovative Company” for six consecutive years and one of the 100 best companies to work for in America by
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Importance of forensic accounting and fraud awareness in Malaysia As a result of recent, highly publicized financial scandals; reported increases in occupational fraud; and heightened concerns over money laundering to support terrorism and racketeering, legislative mandates and public expectations have heightened the necessity to hrther define the auditor's and accountant's responsibility for detecting fraud within organizations. Successful fraud or forensic accounting analyses and findings reported
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understand the school districts generally accepted accounting practices on which the budget is to be founded. From there it is also essential to identify the key roles of the superintendent in the budgetary process as well as the role of those sitting on the board as school board members. This paper will also examine the methods and accounting principals in place to ensure that the budget is balances as well as coordinated accurately. Finally we shall look at generally accepted timelines for a budget as
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CHAPTER 4 AUDIT EVIDENCE AND AUDIT DOCUMENTATION Answers to Review Questions 4-1 Auditors typically divide the financial statements into components or segments in order to make the audit more manageable. A component can be a financial statement account or a business (transaction) process. This approach allows the auditor to gather evidence by examining the processing of related transactions through the accounting system from their origin to their ultimate disposition in the accounting journals
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ACC501 Cost Accounting.txt Cost Accounting or Cost-Volume-Profit Accounting ACC501 - Accounting for Decision Making Module 2 - Case Abstract This paper contains a brief overview of the current primary accounting standard GAAP but also explores CostVolume-Profit analysis and Cost Accounting. In the 1980s accountants and financial managers embraced technology and became the basis for the Personal Computer’s (PC) explosive expansion. The abilities of the computer coupled with the needs of
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Brain Teaser 4: Cash Basis or Accrual Basis a) Use FARS to identify what standards-setters have said as to the superiority of accrual accounting relative to a cash basis. Do you agree with the justification for accrual accounting? Explain? The FASB has stated that the accrual-basis method is superior to the cash-basis method. For example, the accrual-basis method promotes the caution and equivalent concepts, which are two of the fundamental accounting concepts. Thus, dissimilar to the cash-basis
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1 Egypt’s Accounting Standards (EAS) against IFRS: The Reason behind Compliance and The Main Differences. Ahmed Mostafa Eliwa German University in Cairo Supervised By: Prof: Dr. Ehab K. A. Mohamed 2 Chapter 1: IFRS Historical Background 1.1 Introduction The purpose of this chapter is to gather information about the history of the international financial and reporting standards (IFRS), the committee that issued them, and what the reasons behind issuing such standards are to be agreed and implemented
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