Public accounting firms can be seen as firms of accountants that work for clients such as businesses, individuals, non-profits and governments. The utilities provided by public accounting firms will differ by the size and the skillfulness of the firm. There are some of the public accounting utilities: preparation, review, and auditing of financial statements, tax work including the preparation of income tax returns, and estate and tax planning, and consulting and advice involving accounting systems
functions being performed by the profession of accounting are found to be important in the growth and stability of financial market both at the domestic level and international level (Ruhnke & Schmidt, 2014). An audit can be defined as the examination of financial statements of an organisation by the independent professional (an auditor) considering the attestation of financial report reflecting
Word count: 1738 According to (H. 1995), process costing relates essentially to processes where all units are identical. In all contexts of process costing the following principles should be adhered to: (a) All costs, Direct and indirect, incurred during the period are charged to each process so that a total process cost for each is obtained. (H. 1995), (b) The total process cost of each process is then shared equally among all the cost units processed in that process. The basic process costing formula
in data processing” and offers developed enterprise resource planning (ERP) software to its customers. Heineken international company employs enterprise resource planning (ERP) software that executes the key function of an organization including accounting, sales and distribution, production planning, controlling, human resources etc. The whole business modules get integrated in one flow of informations so that all data are interconnected with each other. Therefore, it enables Heineken international
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
Hedge accounting is described in CCCTB article 28. Generally transactions will be measured individually. But if transactions are meant to be taken into account together because fluctuation in their values shows more or less opposite effect it can be accounted as hedge accounting or joint valuation. So gains and losses on a hedged item will be treated the same as the corresponding hedging instrument. In the CCCTB the hedging instrument and hedged item can even be held by different group members.
Historically Forecasting is the important ability of human, because human beings chances of surviving have been increased by the capability to forecast consequences of solutions. Also in the business industry In order to squeeze in a tough atmosphere of modern business و, it is necessary to forecast future of business. Scholars recognized in the infrastructure, more interest in forecasting has started since the Second World War due to the points such as size, the speed of changes in the infrastructures
products Traditional accounting fails to allocate nonmanufacturing costs that also are associated with the production of an item, such as administrative expenses or determine which overhead costs actually affect specific products, hence not so accurate. More accurate because it takes important factors into account before assigning a cost to a product. It is more thorough and considers nonmanufacturing expenses as well, such as administrative and managerial costs. Traditional accounting in external financial
consumer products and pharmaceutical has a tremendous value on investments in intangible assets. Investigate reports of intangible assets is the purpose of this study, the root of the Organization's success is, how the assessment and reporting of accounting. In this survey, some regulators, investor, analysts and other intangible assets report, there are some problems involving intangible assets reporting system recommendations. So that a company have to accurate measurement of intangible assets-related
Related Theories and Concepts Activity-Based Costing Definition Activity-based costing is an approach to the costing and monitoring of activities which involves tracing resource consumption and costing final outputs. Resources are assigned to ac-tivities, and activities to cost objects based on consumption estimates. The latter utilize cost drivers to attach activity costs to outputs. (CIMA Official Terminology, 2005) Broadly, activity-based costing is an approach for allocating overhead costs