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Digg it UP - Branches of Accounting, Uses of Accounting and Limitations of Financial Accounting
The law n° 94-01 of January 20 1994 door system of the forests, wildlife and fishing foresaw in his item 71(1) the stop of the exportation of timber to the end of five years, the objective being to favor the economical development of Cameroon while creating value added by the local transformation of a first matter.Carrying research through the Cameroonian ministry of the environment and forests (MINEF), a study on the industrialisation of the system drinks to the Cameroon between 1994 and 1998. This study was realized by the CERNA, the economy center industrial of the school of the Paris expressions, and was presented to the administrations, to the silent partners and to the economical operators June 11 1999.The study, foreseen by the item 71(4) law n° 94-01 of January 20 1994, had for ambition to erect a state of the precise places of the body of the Cameroonian factories of first transformation of wood and of their evolution since five years.Thus, an exhaustive investigation concerned the 87 inventoried factories to Cameroon, completed by discussions with the gener
Jim thought he was organized. Everything was color coded, and there was a file for every project he work working on – each with sub files, research files – all neatly stored in state-of-the-art filing cabinets. So why can’t Jim find anything?One of the biggest frustration of being called “an organizing consultant” is that people assume you are always orderly (some would call it a “neatfreak!) Creative people often assume that “being organized” would cramp their style. Nothing could be further from the truth – at least in my case! Let me illustrate.Recently I came home from a shopping trip with several bags of groceries which I dumped on the counter. In the midst of unpacking them I decided to bake the cake I was planning for dinner. In the middle of mixing the cake, I realized there was more fresh coconut than I needed for the cake, so I decided to make a pineapple coconut salad. While looking for the recipe, I found several other recipes I hadn’t used recently, so decided to leave those out so I could make a list of ingredients I needed to buy. Within an hour, the kit
Accounting vs. Accountancy
Body of knowledge (consisting of principles, postulates, assumptions, conventions, concepts and rules) governing the science of recording classifying and analyzing financial transactions is accounting. Whereas the practice and art of the science of accounting is termed as accountancy.To meet the ever increasing demands made on accounting by different interested parties (such as owners, management, creditors, taxation authorities etc.) the various branches have come into existence. Financial AccountingThe object of financial accounting is to ascertain the result (profit or loss) of business operations during the particular period and to state the financial position (Balance Sheet) as on a date at the end of the period.
Cost Accounting
The object of cost accounting is to find out the cost of goods produced or services rendered by a business. It also helps the business in controlling the costs by indicating avoidable losses and wastes.Management AccountingThe object of management accounting is to supply relevant information at appropriate time to the management to enable it to take decision and effect control.In this web primer, we are concerned only with financial accounting. The objects of financial accounting as stated above can be achieved only
Lean enterprise and business process improvement, business optimization, cost cutting TQM, quality, Six Sigma, business reengineering and other such-like initiatives, falls within the cadre of business process management.It forms the cradle, feeding ground and impetus for making sense of, improving and capitalizing on the intricacies, dynamic elements and events that occur in our planning, conducting, practice and execution of modern business in the new economy and digital age.It is about objectively, stepping back, diagnosing, base-lining and analyzing, then streamlining and making things more effective, changing for the better, improving, sustaining, and optimizing the processes and desired results! It attempts to objectively study, assess, measure, adapt, refine, sustain and improve business processes, defying the over-reliance on at times pure speculation, past knowledge, intuition or other ‘expert’ opinion or interpretations. It gives business wings and freedom to pursue a higher calling and standard.Core business processes like budgeting and even capital expenditu
Accounting vs. Accountancy
Body of knowledge (consisting of principles, postulates, assumptions, conventions, concepts and rules) governing the science of recording classifying and analyzing financial transactions is accounting. Whereas the practice and art of the science of accounting is termed as accountancy.To meet the ever increasing demands made on accounting by different interested parties (such as owners, management, creditors, taxation authorities etc.) the various branches have come into existence. Financial AccountingThe object of financial accounting is to ascertain the result (profit or loss) of business operations during the particular period and to state the financial position (Balance Sheet) as on a date at the end of the period.
Cost Accounting
The object of cost accounting is to find out the cost of goods produced or services rendered by a business. It also helps the business in controlling the costs by indicating avoidable losses and wastes.Management AccountingThe object of management accounting is to supply relevant information at appropriate time to the management to enable it to take decision and effect control.In this web primer, we are concerned only with financial accounting. The objects of financial accounting as stated above can be achieved onl
Most Financial analysts (Buy and Sell Side) are likely aware of the inquiry from the SEC into your company. Your Investor Relations organization has to be:a) Proactive about communicating b) Forthright with what they know and dont know c) Resist speculating the outcomes and possible causality d) Be clear about timelines and milestones e) Be honest about impact to employee morale, customer momentum and partner/supplier concerns.Address these questions below in a clear, concise manner and you will have a better crisis handling experience:1. Will the restatement have a material impact on your previous years earnings, revenues and cash flow, balance sheet, etc.?2. What is the extent of the options backdating? How many instances and how long was this going on?3. Have you formed a special committee to look into the matter? Who in the Board of Directors is heading up the audit committee? What experience do they have in dealing with crisis of this magnitude before?4. What has your reaction from empoyees been? What actions are you takin
Cost Accounting
The object of cost accounting is to find out the cost of goods produced or services rendered by a business. It also helps the business in controlling the costs by indicating avoidable losses and wastes.Management AccountingThe object of management accounting is to supply relevant information at appropriate time to the management to enable it to take decision and effect control.In this web primer, we are concerned only with financial accounting. The objects of financial accounting as stated above can be achieved onl
When Is The Disciplinary Procedure Used?Managers have a right to discipline employees for inappropriate behaviour or conduct, where the mutual trust and confidence necessary for the employment relationship to exist is threatened.Examples of inappropriate behaviour· Timekeeping and unauthorised absence· Misuse of company facilities· Failure to follow instructions· Failure to meet targets and deadlines· Breaches of company policies· Attitudinal problems· Personality clashes· Breaches of confidentiality· InsubordinationPerformance or capability problems may arise because of:· Long-term absence due to sickness· Frequent short-term sickness absences· A lack of proper qualifications to do the job· Incompetence Disciplinary procedures are designed to address conduct and not capability issues, where the shortfall in performance is not within the employee's control.Many organisations adopt a separate capability procedure designed to cover issues of ill-health and poor performance fo
Cost Accounting
The object of cost accounting is to find out the cost of goods produced or services rendered by a business. It also helps the business in controlling the costs by indicating avoidable losses and wastes.Management AccountingThe object of management accounting is to supply relevant information at appropriate time to the management to enable it to take decision and effect control.In this web primer, we are concerned only with financial accounting. The objects of financial accounting as stated above can be achieved onl
Until 1920, the market price of a business was restricted to negotiations between the buyers and seller, wherein the purchaser depended on his instinct to buy any company. The decisions were based on the forecasted profits and cash flow that usually depended on the seller's standard of living and status in the community. With businesses attaining new heights, the processes of forecasting soon became obsolete. After 1920, the Internal Revenue Service issued a Committee on Appeal and Review Memorandum that suggested using formulas to determine the tangible and goodwill value of the business for selling and gift-tax purposes.In 1959, the IRS issued Revenue Ruling 59-60, which became the backbone of finding the true worth of a business in the marketplace. The ruling was further changed and iterated as per the growing complexities of business. By the 1970s and 1980s, the demand for business valuation services was at a peak, and many accounting firms were either setting up valuation departments or acquiring their peers. The demand for valuation paved the way for professional appraisal orga
Uses of Accounting
Accounting plays important and useful role by developing the information for providing answers to many questions faced by the users of accounting information.
(1) How good or bad is the financial condition of the business?
(2) Has the business activity resulted in a profit or loss?
(3) How well the different departments of the business have performed in the past?
(4) Which activities or products have been profitable?
(5) Out of the existing products which should be discontinued and the production of which commodities should be increased.
(6) Whether to buy a component from the market or to manufacture the same?
(7) Whether the cost of production is reasonable or excessive?
(8) What has been the impact of existing policies on the profitability of the business?
(9) What are the likely results of new policy decisions on future earning capacity of the business?
(10) In the light of past performance of the business how it should plan for future to ensur
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