This website uses cookies to ensure you have the best experience. Learn more

Accounting Essay

3138 words - 13 pages

Which of these are the main sources of regulations governing financial reporting in Australia?The Corporations Act, The AASB, CLERPAccounting standards, conceptual framework, stock exchange listing rulesGovernment legislation, stock exchange listing rules, accounting standardsAASB, FRC, government legislation.If there is a conflict between the provisions of the Framework and the requirements of the accounting standardsThe statements of accounting concepts prevailThe accounting standards prevailThe AASB must rule on the conflictThe accounts must contain a note on the conflictWhich statement is true?The historical cost measurement basis is specifically designed to meet the decision-usefulness objectivesThe provision of information for control is regarded as a more appropriate objective for external reporting than the decision-usefulness objective.Decision-usefulness as the objective for financial reporting is a relatively recent innovationNone of the statement are true.The correct statement isIf value-in-use is higher than value-in-exchange the asset should be offered for saleAn asset is considered to be impaired if its value-in-use is higher than its value-in-exchangeValue-in-use is lower than value-in-exchange for most assetsThe recoverable amount of an asset us the higher of its value-in-use and its value-in-exchangeIn class during week one we watched a video of Sir David Tweedie in which he claimedThe United States of America had agreed to adopt International Financial Reporting standards (IFRS) from 2010 onwardsChina did not need to adopt IRFS at any point in the near futureThe International Accounting standards Boards (IASB) supported the adoption of the 'gold standard' for reporting worldwideIndividual countries should adjust IFRS to suit their needsIt's not part of the role of the financial Reporting councilTo appoint members of the AASBTo promote a greater role for international accounting standards in AustraliaTo review the content of existing accounting standardsTo approve and monitor the AASB's prioritiesThe order of preference set out in AASB 108: Accounting policies, changes in accounting estimates and errors for reliance on authoritative pronouncements as a guide to selecting an accounting policy when there is no specific Australia standard is:Related Australia Standards, the Framework, accounting standards from other jurisdictions using a similar conceptual framework and accepted industry practicesRelated Australia standards, International Accounting Standards, the framework, accounting standards from other jurisdictions using a similar conceptual framework and accepted industry practicesRelated Australian Standards and FrameworkUnder AASB 116: property, Plant and EquipmentRevaluation increments are normally required to be credited to a revaluation surplusRevaluation decrements are normally required to be debited to revaluation surplusRevaluation decrements are normally required to be credited to a revaluation surplusRevaluation...

Find Another Essay On accounting

Accounting Essay

813 words - 3 pages Accounting software typically consists of a group of accounting modules that create an accounting information system. Several listed a core group of modules that typically are included in a system however, even these differed slightly on what the core group consisted of. Below, you will find a grouping of the various core modules as discussed by the different websites along with an additional list of some of the add-on modules that are

Accounting Essay

813 words - 3 pages Accounting software typically consists of a group of accounting modules that create an accounting information system. Several listed a core group of modules that typically are included in a system however, even these differed slightly on what the core group consisted of. Below, you will find a grouping of the various core modules as discussed by the different websites along with an additional list of some of the add-on modules that are

Accounting

2273 words - 9 pages Accounting is the compilation of financial information for use in making economic decisions. BOOKKEEPING provides the basic accounting data, by systematically recording such day-to-day financial information as revenue from the sale of products or services; expenses of business operations such as the cost of merchandise sold; and overhead expenses such as rent, wages, and so forth. Accounting principles determine which financial events and

Accounting

1862 words - 7 pages Accounting      The nature of work of accountants and auditors is to prepare, analyze, and verify financial reports and taxes, and monitor information systems that furnish this information to managers in business, industry, and government. The major fields of accounting are Public accountants who have their own business or work for public accounting firms. They perform a large range of responsibilities such as doing

Accounting

2267 words - 9 pages integrity of our capital markets and the efficiency of capital allocation.But you can?t lay total blame on accounting rule makers for the stock options accounting subterfuge that companies continue to finesse.A GAP IN GAAP For the last decade the Financial Accounting Standards Board (FASB) has tried to issue accounting rules for stock options that would help make financial statements more transparent but has been stymied politically. As a result

Accounting

1250 words - 5 pages Accounting Accounting is the practice of “…maintaining, auditing and processing financial information…” (http://en.wikipedia.org/wiki/Accounting) for the purpose of a company, persons or organisation. There are some fundamental parts of accounting which are; “Identifying, measuring and communicating” (Black, 2000). You need to identify the important financial sections of a company, person or organisation which will include the companies

Accounting - 1211 words

1211 words - 5 pages Accounting Introduction The financial information is a very important matter in a company success. Allow them to see if they have been successful in the past, in the present and help them to predict a future performance of you company. The form, the use and the people involve with the financial and accounting information in a company is going to be developed in this report. Accounting Knowing the status of your company in every single

Accounting - 2206 words

2206 words - 9 pages COURSE OUTLINE Management Accounting Semester One Department of Accounting & Information Systems Course Coordinator Beverley Lord Room 417, Business & Law Building Phone: 364 2620 Email: beverley.lord@canterbury.ac.nz 14 ACCT 222-14S1 College of Business and Law PLEASE NOTE It is the student's responsibility to retain all course outlines for any future applications for credit transfer to other universities, for membership of

Accounting

858 words - 3 pages payments lists. Cut-off To determine if all transactions affecting accounts payable have been recorded in the correct accounting period. Compare the date on receiving report with the date on the vendor's invoice. Compare the date of the invoice with the date they were recorded in the accounts payable journal. Tracing dated receiving reports to voucher register entries and vouch recorded entries to supporting documentation. AUDIT

Accounting - 858 words

858 words - 3 pages payments lists. Cut-off To determine if all transactions affecting accounts payable have been recorded in the correct accounting period. Compare the date on receiving report with the date on the vendor's invoice. Compare the date of the invoice with the date they were recorded in the accounts payable journal. Tracing dated receiving reports to voucher register entries and vouch recorded entries to supporting documentation. AUDIT

accounting

2683 words - 11 pages amendments to IAS 16 and IAS 38) is published by the International Accounting Standards Board (IASB) for comment only. The proposals may be modified in the light of the comments received before being issued in final form as amendments to IFRSs. Comments on the Exposure Draft and the Basis for Conclusions should be submitted in writing so as to be received by 2 April 2013. Respondents are asked to send their comments electronically to the IASB

Similar Essays

Accounting Essay

884 words - 4 pages 1Running head: EVOLUTION OF ACCOUNTING INFORMATION SYSTEMSEvolution of Accounting Information SystemsACC340 - Professor WilliamsUniversity of PhoenixJessica L. RigassioEvery accountant knows that accounting is the language of business in today's society. Although that language has gone through many changes throughout the ages, accounting technology has always played a part in making the accountant's job just a little bit easier. Technology

Accounting Essay 833 Words

833 words - 3 pages There are many accounting regulatory bodies that oversee how accounting practices. The different regulatory agencies perform different duties and tasks in regulating the accounting industry. This paper will review four regulatory bodies, what each regulatory body is responsible for and what are standards organizations need to follow to comply with each regulatory body.Security Exchange BoardSecurity Exchange Board was developed by the Government

Accounting Essay

1587 words - 7 pages Introduction The purpose is to explain the similarities and differences between financial and managerial accounting. Provide examples of managerial accounting reports that she could see within EEC. This paper will explain both financial and managerial representing Eddison Electronic Company (EEC). They will both have the same usage which is to get ready and examine money related information related to the organization. The motivation behind both

Accounting Essay 657 Words

657 words - 3 pages 3. Organization climate in accounting firm Accounting profession is a field of work that is difficult and requires competence and high accuracy , since the results of the audit process will determine the future existence of the company . Therefore the pressure , the target time and the pressure and the influence of the various parties involved must be very large and could encourage the emergence of stress at work . In general, the accountant has