deal in Successful way and Accounting is also an integral part of our life. This Research provides the Methodology of Islamic Accounting, discussed the features, the objectives and the principles of Islamic accounting, the differences between Islamic and conventional accounting, the different Islamic accounting practices and the way it is presented in the balance sheet. The objective of the research is to increase the knowledge of the readers about the Islamic accounting and to know the extent of
auditing, investigation and accounting skills. It is a practice that emphasis the use of accounting skills to investigate fraud in the corporates and organizations, and analyze information drawn from such investigations for the purposes of use in legal proceedings. There are a common confusion between forensic accounting and forensic auditing. Forensic auditing displays a system of engagements that particularly revolve around investigative work. The investigation includes financial negligence and fraud
First of all, we have to know what’s the difference between IFRS and GAAP. IFRS: stipulate on the general principles of economic transactions accounting principles. It is simple and clear, and emphasize the content of understanding and application. It emphasis on substance does not stick to the form, which will help to truly reflect the financial status and business performance. It possesses forward-looking, withstand the trial of space-time evolution and transaction innovation. GAAP: specific detailed
Accounting standards are an integral part of the accounting process. If properly implemented, they can create business expansion and facilitate the flow of user-friendly information to several different users including investors, banks, regulators and the public. This is a cyclical process and if accounts of a business are properly prepared in accordance with accounting standards, it encourages confidence in the business and this in turn boosts trade. In order to allow investors to make informed
Uniformity of accounting principles had been an issue of debates among Accounting Professionals for a couple of years. This quest gave birth to the modification of existing Accounting Standard and establishment of International Financial Reporting Standards (IFRS). An Accounting Standards is a rule or sets of rules, which prescribes the methods by which accounts should be prepared and presented. This regulatory framework of accounting is issued by the international accounting body of the accounting profession
Environmental Accounting(EA) goes beyond recording and measuring because it deals with decision making and steps in conservation of resources Environmental accounting (EA) is seen by corporate managers and environmental advocates alike as a necessary complement to improved environmental decision-making within the private sector. Whether the goal is pollution prevention, or some broader notion of "corporate sustainability," there is a widespread belief that sound environmental accounting will help firms
The Financial Accounting Standards Board (FASB) codification for notes to the financial statements focuses on the details and usefulness of disclosures presented by an organization to investors and the public. Accounting policies should comply with (Governmental Accepted Accounting Principles (GAAP) standards to ensure fair representation of the organizations financial statements. Accounting policies adopted by an organization can significantly affect many areas of the financial statements. FASB
profit, and different heads of expenses and incomes from one period to another. The significant points to be measured in this analysis are: a) The effect of inflation on value of the currency needs to be considered as absolute changes without accounting for real price changes may not accurate results. b) It involves only horizontal comparisons. Comparative statements pay no attention to the interrelationship
Explain the difference between implicit and explicit costs. Give two examples of when an explicit cost is different from an implicit cost Explicit costs are actual costs incurred by the company during production. They are also named accounting costs or direct costs. An explicit cost happens on purpose and has a direct impact on the company and its revenue. Some examples would be rent, insurance, wages, maintenance, materials. Since they leave a paper trail they are easy to be recognized. Implicit
1. Explain the difference between implicit and explicit costs. Give two examples of when an explicit cost is different from an implicit cost. Explicit Costs cover all expenses connected with production and the daily operation of a business. Explicit Costs are the costs being released from the business in order to keep it functional. These costs include factors of production such as land, labor, capital, etc. These would be categorized as rent, salary, material, wages, and other expenses like electricity