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This document discusses ethical issues in accounting and financial reporting. It outlines types of accounting, the roles of accountants, and fraud that can occur in financial statements. The document also discusses the purpose of an ethical audit, which is to assess a business's compliance with standards and identify any necessary changes or training. Maintaining ethical practices in financial reporting and management is important for providing accurate information to investors and stakeholders.
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Auditing
Auditing involves independently examining a company's accounting and financial records to determine if its operations comply with laws and accounting principles. It aims to certify that a company's financial statements accurately represent its financial position. An audit is conducted by a qualified independent auditor, not employed by the company. The document outlines key differences between auditing and accountancy, types of audits, objectives of auditing, and features of the auditing process.
Limitations of financial accounting
This document summarizes 5 key limitations of financial accounting:
1) It is historical in nature and does not help with future planning or managerial decisions.
2) It only shows overall profitability and not profits by product, department, or service.
3) It only records transactions with monetary value and excludes other non-financial factors.
4) Methods like depreciation, provisions, and valuations can be affected by personal judgment.
5) Asset values reflect acquisition cost or market price but not necessarily actual worth.
Types of auditing
types of auditing- based on function- based on approach-based on organization- based on audit dimension
Uniform system of accountancy
The document discusses the importance and benefits of a uniform accounting system for the hotel/hospitality industry. Some key points:
1. The hotel/hospitality industry is one of the largest industries globally and generates many jobs. A uniform accounting system is helpful for employees transferring between hotels in different countries or regions.
2. Owners and directors can more easily compare financial results across different periods and locations using a uniform system. This helps with decisions about performance, investments, and strategy.
3. A uniform system allows for standardized classification of transactions, assessment of assets, and calculation of taxes- helping hotels, tax authorities, and other stakeholders understand the financials.
Tarun Shingala Profile
Tarun Shingala has over 7 years of experience in management accounting, statutory auditing, and internal auditing. He is currently working at MCA Management Consultants in Dubai, where he conducts due diligence reviews and helps prepare reports. Previously, he worked at Chaturvedi Sohan & Co in Mumbai, where he participated in SOP drafting, analyzed business processes, identified issues, and made recommendations. He is a CA Finalist with a background in accounting software like Tally and SAP as well as Microsoft Office.
Topic 1 – Part 2 The Accounting Areas And Professional Bodies
The accounting concepts/conventions/principles applied are:
- Entity concept - Accounts are prepared for Farhan's small business separately from his personal affairs.
- Going concern concept - The accounts are prepared on the assumption that the business will continue to operate in the foreseeable future.
- Accrual basis of accounting - Revenues and expenses are recognized in the period earned/incurred rather than when cash is received/paid out.
b. The company recorded its land at cost of RM500,000 in 2010. In 2015, the market value of the land increased to RM800,000 but the company did not revalue the land in its books.
Lession 1 introduction to accounting
This document provides an introduction to business accounting. It discusses the objective of accounting as keeping systematic records to ascertain results and financial position, and analyze profits. It notes users of accounting include owners, management, creditors, employees, investors, and the government. Advantages are having a complete transaction record and useful information for decisions. Limitations include accounting being historical in nature and excluding qualitative elements.
WHAT’S SO INTERESTING ABOUT FINANCIAL ACCOUNTING?
Financial accounting involves working with a company's financial records to ensure that they're properly maintained and classified. Good bookkeeping can boost a business firm’s growth and development. Seek captivating knowledge about financial accounting, financial reporting, objectives of financial accounting, duties of a financial accountant and, labor statistics in this presentation.
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Auditing
Auditing involves independently examining a company's accounting and financial records to determine if its operations comply with laws and accounting principles. It aims to certify that a company's financial statements accurately represent its financial position. An audit is conducted by a qualified independent auditor, not employed by the company. The document outlines key differences between auditing and accountancy, types of audits, objectives of auditing, and features of the auditing process.
Limitations of financial accounting
This document summarizes 5 key limitations of financial accounting:
1) It is historical in nature and does not help with future planning or managerial decisions.
2) It only shows overall profitability and not profits by product, department, or service.
3) It only records transactions with monetary value and excludes other non-financial factors.
4) Methods like depreciation, provisions, and valuations can be affected by personal judgment.
5) Asset values reflect acquisition cost or market price but not necessarily actual worth.
Types of auditing
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Uniform system of accountancy
The document discusses the importance and benefits of a uniform accounting system for the hotel/hospitality industry. Some key points:
1. The hotel/hospitality industry is one of the largest industries globally and generates many jobs. A uniform accounting system is helpful for employees transferring between hotels in different countries or regions.
2. Owners and directors can more easily compare financial results across different periods and locations using a uniform system. This helps with decisions about performance, investments, and strategy.
3. A uniform system allows for standardized classification of transactions, assessment of assets, and calculation of taxes- helping hotels, tax authorities, and other stakeholders understand the financials.
Tarun Shingala Profile
Tarun Shingala has over 7 years of experience in management accounting, statutory auditing, and internal auditing. He is currently working at MCA Management Consultants in Dubai, where he conducts due diligence reviews and helps prepare reports. Previously, he worked at Chaturvedi Sohan & Co in Mumbai, where he participated in SOP drafting, analyzed business processes, identified issues, and made recommendations. He is a CA Finalist with a background in accounting software like Tally and SAP as well as Microsoft Office.
Topic 1 – Part 2 The Accounting Areas And Professional Bodies
The accounting concepts/conventions/principles applied are:
- Entity concept - Accounts are prepared for Farhan's small business separately from his personal affairs.
- Going concern concept - The accounts are prepared on the assumption that the business will continue to operate in the foreseeable future.
- Accrual basis of accounting - Revenues and expenses are recognized in the period earned/incurred rather than when cash is received/paid out.
b. The company recorded its land at cost of RM500,000 in 2010. In 2015, the market value of the land increased to RM800,000 but the company did not revalue the land in its books.
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This document provides an introduction to business accounting. It discusses the objective of accounting as keeping systematic records to ascertain results and financial position, and analyze profits. It notes users of accounting include owners, management, creditors, employees, investors, and the government. Advantages are having a complete transaction record and useful information for decisions. Limitations include accounting being historical in nature and excluding qualitative elements.
WHAT’S SO INTERESTING ABOUT FINANCIAL ACCOUNTING?
Financial accounting involves working with a company's financial records to ensure that they're properly maintained and classified. Good bookkeeping can boost a business firm’s growth and development. Seek captivating knowledge about financial accounting, financial reporting, objectives of financial accounting, duties of a financial accountant and, labor statistics in this presentation.
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This document discusses the internal and external users of accounting information. External users such as creditors, stockholders, vendors, and government agencies rely on accounting information to make important financial decisions but have limited access to it. Internal users directly involved in running the business use the information to improve performance and profitability. The needs of internal users include employees, purchasing managers, and production managers who use it to monitor costs and ensure quality.
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This document provides an introduction to accounting principles for a course. It defines accounting and discusses its purpose of providing financial information to various stakeholders. It outlines the accounting process of recording, classifying, summarizing and interpreting financial data. It also describes the different types of business organizations and operations. The document provides learning outcomes and course materials covering accounting fundamentals and specialized accounting fields to equip students for the business environment.
Reason for the audit letter
- Private and public limited companies in India must undergo annual audits of their financial statements by a chartered accountant. This process ensures compliance with legal requirements and proper accounting practices.
- The statutory duties of an auditor include giving an independent opinion on the accuracy of the company's financial statements and assessing if they were prepared according to accounting standards. The auditor must also check for compliance with relevant laws.
- Company directors are responsible for preparing accurate financial statements according to International Financial Reporting Standards and for making sure proper accounting records are maintained. They must also safeguard company assets and take steps to prevent fraud.
- Regular audits provide several advantages like ensuring compliance, improving business systems, enhancing credibility with stakeholders, detecting
Financial Accounting Vs. Management Accounting | Academy Tax4wealth
What is the difference between Financial Accounting and Management Accounting, and what are the key functions and meanings of each? Join Academy Tax4wealth now, and solve your quarry. Learn more!
For more information, visit us at:-
https://academy.tax4wealth.com/blog/financial-accounting-vs-managerial-accounting
Financial Accounting Vs. Management Accounting | Academy Tax4wealth
What is the difference between Financial Accounting and Management Accounting, and what are the key functions and meanings of each? Join Academy Tax4wealth now, and solve your quarry. Learn more!
For more information, visit us at:-
https://academy.tax4wealth.com/blog/financial-accounting-vs-managerial-accounting
November
This lesson plan covers an introduction to accounting. It defines accounting as identifying, recording, and communicating economic events of an organization. It discusses the nature of accounting as both an art and a discipline. It explains the functions of accounting in business, such as providing information to make decisions and assess performance. Finally, it briefly outlines the history of accounting from its origins to the present. The lesson involves students acting out definitions and examples, and asks questions to check their understanding of key concepts.
Accounting.docx
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Final project of auditing
The document discusses the history, meaning, purpose, need and process of auditing. It begins with the history of auditing originating from merchants assigning transactions to be heard to detect fraud. The main purposes of auditing are to check the true and fair view of accounting records and detect errors and frauds. An audit is needed when ownership is separate from management and transactions are numerous. The auditor's role is to examine transactions, verify assets/liabilities, and prepare a report. Key steps in an audit include appointment confirmation, engagement letters, understanding the business, risk assessment, determining materiality, and developing an audit plan.
Lession 1 introduction to accounting
This document provides an introduction to business accounting. It discusses the objective of accounting as keeping systematic records to ascertain business results and financial position. It notes users of accounting include owners, management, creditors, employees, investors, and the government. Advantages are having a complete transaction record, profit/loss information, and useful data for decision making. Limitations include accounting being historical, excluding qualitative factors, differing valuations, and changing money values.
PPT - XIACC Chapter 1 - Introduction of accounting177.pptx
Accounting involves systematically recording, classifying, summarizing, analyzing and communicating financial information about an entity. It identifies financial transactions, measures them in money terms, records them in journals or subsidiary books, and classifies them in ledgers. In addition to bookkeeping, accounting also includes summarizing transactions in trial balances, income statements and balance sheets, analyzing results, and communicating financial data to stakeholders. The overall goal is to provide useful information to decision makers.
Management Accounting: An Overview
Management accounting provides information to assist managers in planning, directing operations, and controlling the organization. It involves recording, analyzing, and reporting financial and operational data to help managers make informed business decisions. The management accountant's role is to identify, measure, analyze, interpret, and communicate financial and non-financial information relevant for decision-making, planning, and control. Key tools used include budgets, variance analysis, costing techniques, and reports to help managers with tasks like setting objectives, allocating resources, and evaluating performance.
FUNCTIONS OF AUDIT - Following are the most important functions o.pdf
FUNCTIONS OF AUDIT :-
Following are the most important functions of an audit.
1. Study The Accounting System :-It is the basic function of auditing. In order to determine the
nature, timing and extent of the audit procedures auditor should study the accounting system.
2. Internal Control System :-
It is a process which determines that management policies are carried out according the
accounting principles. This system is very useful to safeguard the interest of the enterprise. The
auditor determines the effectiveness of this system. Our company uses to ensure the proper
accounting principles are followed by doing auditing.
3. Vouching :-
This function is essential to determine the accuracy of accounting record. This checking the
vouchers with supporting documents which support and prove the business transactions. All
entries in books of accounts are made on the basis of relevant vouchers.
4. Verification Of Assets :-
It is the function of auditing that it should verify the assets of the business. It is concerned with
the determination of value, ownership and possession of business asset. The auditor can check
the existence of asset.
5. Legal Requirement :-
It is the function of auditing to verify that statements are prepared under the legal requirements
or not. There are various laws like company andincome tax ordinance which are introduced by
the govt.
6. Liabilities Verification :-
The liabilities of the business can be verified from the books of accounts. The auditor can write
a letter to the creditors for the verification of liabilities. The auditor must receive the certificate
from the management in this regard.
7. Capital And Revenue :-
Auditing should make difference between capital and revenue items. The capital items are
compared to note the financial position of the business. The revenue items are compared to
determine the income. The income and expenses related to many years can be divided in current
and coming year.
8. Valuation Of Liabilities :-
Through auditing value of liabilities can be checked from the books of accounts and other
papers. The auditor can also confirm the value from outside sources. The value of liabilities is
given in the balance sheet by the management but it is the function of auditing which confirms
this value.
9. Valuation Of Assets :-
The management gives the value of assets and auditor can apply the accounting principles to
assess the value of assets. The auditor critically examines and takes help from the expert.
10. Reporting :-
Auditing important function is reporting. Auditor is an independent person and it is his duty to
submit his report in writing. If he is satisfied he can present clean report otherwise he can give
qualified report.
Elements of the Generally Accepted Auditing Standards (GAAS)
The generally accepted auditing standards (GAAS) are the standards you use for auditing private
companies. There are 3 elements of GAAS.
General Standards: The first three GAAS are general standards which ad.
Accounting for Managers ppt.pptx
After completing the course, students will be able to:
1. Explain key accounting concepts such as financial and managerial accounting, the accounting cycle, and preparing financial reports.
2. Distinguish accounting systems such as cash, accrual, single and double entry.
3. Apply accounting principles to prepare financial statements and analyze results.
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Corporate Accounting: its Meaning, Importance and Process | Academy Tax4wealth
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◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
Economic Risk Factor Update: June 2024 [SlideShare]
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For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
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After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
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留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
→ 【关于价格问题（保证一手价格）
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
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选择实体注册公司办理，更放心，更安全！我们的承诺：可来公司面谈，可签订合同，会陪同客户一起到教育部认证窗口递交认证材料，客户在教育部官方认证查询网站查询到认证通过结果后付款，不成功不收费！
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Mimr college finance
- 1. Financial Accounting Management Subject : Inflation Accounting And Ethical Issue Of Accounting . College Name : MIMR (1 year) Guide By : Gulnaz mem
- 2. GROUP MEMBER NAME ROLL NO 1 Rohit 11048 2 Rantapriya 11007 3 Sneha 11015 4 Aniket 11033 5 Swati 11004 6 Suvidha 11038 7 Bhagyashri
- 20. Ethical issues in Accounting Provides fair and accurate reporting of the financial position of a business Ethical issues Reporting income, falsifying documents, allowing or taking questionable deductions, illegally evading income taxes, engaging in frauds etc
- 21. Fraud in financial statement can be committed in 5 ways: Fictitious revenue-revenues not actually earned Fraudulent Timing differences Concealed liabilities and expenses Fraudulent disclosures or Omissions Fraudulent asset valuation-false statement of the inventory available
- 22. Types of Accounts Financial Accounts >company uses to report to their shareholders Internal Management Accounts >shows the internal operations of the business and its financial activities
- 23. Role of Accountants To provide information to the new investors 2 types of accountants Accountants employed by the orgn >takes care of the internal management accounts of various depts
- 24. 2 Types >Management accountant-formulating policies planning and controlling the activities of the employees decision making disclosure to shareholders etc >Financial accountant Economic information to the investors, employers, suppliers, outside people involved in the business etc
- 25. Accountants in professional practice provides 2 types of accounting service 1. The auditor - Appointed by shareholders to to audit a particular company - Duties include: to give an accurate statement about the state of affairs to meet the objectives of the Companies Act to be reasonably skillful and careful in identifying the true nature of accounts
- 26. 2. Accountants in related services - Offer services in different fields like: Tax services Management consultancies Insolvency services Environmental audits
- 27. The Ethical Audit Main purpose- check the actions of a firm Objectives Assess the bus. structure and procedures, systems and policies Whether busi. Activities comply with the standards To identify the way in which it does business Evaluate whether mgmt has relevent infor. in running the busi.
- 28. To help busi. undergo major alterations like restructuring To identify the training necessary for the employees Establishing ethical conduct of business to attract valuable investments Establish code of conduct Helps the shareholders to evaluate the performance of the directors and vice versa
- 29. Ethical issues in Finance Importance of Financial Statement Steps to be taken by the management for true, fair and reliable mgmt accounts: Determining the key elements of the business like the objectives and see how they are defined and measured Making sure that the funds are allocated to different activities on the basis of their importance Frame rules that have a positive effect on business activities