Introduction Auditing refers to the process where an administrator or someone else keeps track of the activities of the organization so that the users and groups can use the financial statements. It is also a means of ensuring that the financial statements are kept in an orderly, accurate and correct...
Nowadays organizations keep books of accounts and later on prepare financial statements so that they can understand how the operations of an organization are been carried out to ensure income is generated is adequate to enhance growth and development into the future. Financial statements refer to the documents that are...
Abstract I have carried out a financial analysis of Target, a company that deals with consumer goods. The analysis shows that the company is performing well among the industry players and if any investor is wishing to put money in the industry, Target will be a safe place to put...
Three Main Financial Statements Three main financial statements of an entity as per GAAP are Balance Sheet, Income Statement (also known as Profit and Loss account), and Cash Flow Statement. Balance Sheet is âno more and no less than a statement of what a business owns and what it owes...
Introduction In tax accounting, taxable income is the term used to indicate the amount which income tax payable in calculated. Taxable income is determined according to the internal revenue code. Distinctiveness of tax accounting is modified cash basis and cash availability concept which are placed in the Code. Arnett points...
Introduction Peer review process can be defined as practice â monitoring of a certified public accountant firm compliance with its quality control systems by another certified public accountant. Peer review is important in the field of accounting because of a number of factors. For the purpose of professional development and...
Introduction A standard costing system is a system used by mainly manufacturing firms in which the initial journal entries related to work in progress, finished goods, and costs of goods sold of an accounting period are based upon some standard budgeted data decided by the department. This budgeted data is...
Executive Summury After carrying out a ratio analysis of Domino Pizza , a number of inferences can be drawn. The firm is operating profitably as the profitability ratios surpass the industrial average. The restaurant however is not financially stable owing to its low current, quick and debt ratios. But on...
Abstract Audit standards are standards that set codes of conduct and other requirements of auditors when they audit financial statements or other issues relating to the finances of a company. They also relate to performance audits and certain attestation engagements (GAO, 2007). The AICPA sets all generally accepted audit standards,...
Introduction In today’s fast paced world, Ethics have emerged as an integral part of every system. With the growing number of organizations worldwide and fierce competition, every firm wants a larger share of the pie. It is just a matter of time before businesses collapse and financial markets stumble on...
Introduction Accounting has changed over time by recognizing the effects of accounting information on management procedures, security pricing decisions, or on social accountability and welfare. Thus, interpretations, measures and definitions of costs and benefits presented in accounting reports have changed. When addressing the cost of producing goods and services in...
Abstract The paper provides findings of the financial analysis of Loweâs Company. Loweâs Company has a strong market position, which helps to generate higher sales every year. However, it is important to evaluate whether the company can maintain its profitability or not. Therefore, the financial information of Lowe’s is evaluated...
Executive Summary The banking sector is experiencing revolutionary changes in terms of the products they offer and how customers are served. One of the major changes in this sector is the introduction of Islamic finance. Dubai Islamic Bank came up with the concept in 1975, and it has since gained...
Executive Summary The primary purpose of this paper is to focus on the problems of management accounting and discover the principles, benefits, and issues of the balanced scorecard system, and how the implementation of it into the working process can foster the development of the business and improve effectiveness and...
Introduction International Financial Reporting Standards (IFRS) refer to a set of accounting laws formulated and maintained by the International Accounting Standards Board (IASB). The IASB came into effect in 2001 after replacing the International Accounting Standards Committee that issued the International Accounting Standards (IAS) from 1973 to 2000. The IASC...
Five skills that a forensic accountant needs to possess and evaluation the need for each skill After scandals of Enron, WorldCom, Adelphia and the 9/11 attacks among others, roles of forensic accountants became crucial in corporate governance. Forensic accountants prefer complex fraud investigation as they employ various key skills to...
Introduction Costing is one of the most essential aspects of the business. In this age, there is increasing competition because of the forces of globalization. Every business must utilize the best costing option to ensure that its products have the best prices, both for competitiveness, and to assure the business...
Executive Summary This report provides a comprehensive analysis of the financial performance and standing of Westfarmers Company for the 2010 and 2011 financial years using Financial Ratios. The report uses the annual reports the company published in 2011, which covers its annual reports for the two consecutive fiscal years. Annual...
Introduction In every organization, processing of data to facilitate the decision-making process is important. This process begins with data collection and classification. The accounting information system (AIS) serves these functions, but it focuses on financial information. Romney and Steinbert (2012) define the AIS as a system for collection, recording, and...
Introduction The Sarbanes-Oxley Act was introduced in 2002 by Paul Sarbanes, a Senator, and Michael Oxley, a representative. In fact, the actâs name derives from the two menâs surnames (Kimmel, Weygandt & Kieso, 2012). It brought about enough information and proposed resources that can help ensure effective auditing and administration...
This report provides an insight into the implementation of the International Financial Reporting Standards (IFRS) in Australia and various countries across the globe. The report begins by elucidating the difference between the General Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). The IFRS accounting principles enable accountants...
Financial statements are formal records of organizational financial activities for a given fiscal period. These records quantify and confirm the âfinancial position, strength, performance, and liquidity of an organizationâ (Illinois Small Business Development Center, n.d, p. 2). Financial statements account for the financial impacts of business engagements. Five major types...
Introduction The international financial reporting standards also abbreviated as IFRS are accounting standards set by the International Accounting Standards Board (IASB) showing particular guidelines on how financial reporting should be done uniformly across the world. In fact, the international financial reporting standards are intended to ensure that companies that have...
