Category: Accountancy

Table of Contents Major Internal and external users of the information Decision Support System Business Cycles Hospital strategy Reference The subject of the case study is a hospital that uses an intranet to aid in the making of decisions and also carrying out internal auditing. In the use of the intranet all the personnel that…

Written by Cohan and Johnson in 2011, the article Transferring Classroom Knowledge to Real-World Accounting: The Saving Loans Crisis seeks to determine the extent to which the accounting students apply the concepts and principles of accounting learnt in classroom to real complex situations. In addressing this, the authors analyze the issues of regulatory accounting principle…

Multinational companies are striving to have good corporate governance (GCG) status since the Security Exchange Commission (SEC) demands that firms should protect the interests of all stakeholders. From a historical perspective, surprise failure of giant corporate bodies like Enron, ABC Learning Centres, Allco Finance, and Lehman Brothers hastened the need for GCG. In line with…

Table of Contents Meaning of Full Disclosure Inability to Predict End User Information Application of Conventional Accounting to Environment References Meaning of Full Disclosure This is a concept in financial accounting which requires release of all the facts that are material to financial statements. This is because failure to avail them may lead to misleading…

Table of Contents Introduction Differences and similarities between FASB and GASB Conclusion References Introduction There are two boards that make up the Generally Accepted Accounting Principles board (GAAP). The Government Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB) make up the Generally Accepted Accounting Principles board. The government accounting standard board is…

Table of Contents Meaning of Full Disclosure Inability to Predict End User Information Application of Conventional Accounting to Environment References Meaning of Full Disclosure This is a concept in financial accounting which requires release of all the facts that are material to financial statements. This is because failure to avail them may lead to misleading…

The world of accounting and finance is very interesting from different perspectives: first, accounting and finance help to develop new services and improve people’s living conditions; second, these two concepts are the major needs for decision makers; and finally, these current studies may be stimulating and rewarding at the same time, because accounting and finance…

The adoption of a set of global financial accounting standards from the perspective of the UK Introduction The accounting standards and the financial reports are important in every organization. They vary from one organization to another depending on the nature and environment of the organization. Regulation of the global economy may be achieved by adopting…

Entities that are accountable to the public are required to prepare the general purpose financial statements as demanded by IFRS. For an entity especially a small and medium enterprises to be publicly accountable, two conditions must be satisfied. The first condition requires that the company’s equity or debt instruments must be traded public in the…

Table of Contents Explanation of the accrual basis Undesirability of the accounting basis References Explanation of the accrual basis This is an accounting principle that has numerous applications in the finance sector. This principle forms the basis of recording revenues and expenditure in an entity’s statements. This principle recognizes revenues once they become receivable. Consequently,…