In this essay weâll be deconstructing what a balance sheet is, and how to make and maintain your own. There are three essential components that need to be listed on a balance sheet: assets, liabilities, and ownerâs equity. Assets refer to what your business owns and their financial worth. Conversely, liabilities are what your business owes and how much. Finally,...
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In the second decade of the 21st century, with research and development carried out in every field and innovative and improved method or processes are being introduced along with the increase in knowledge and information in those fields. As a result of this increase in knowledge and information and processes, for a company, it is necessary to adapt to these...
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As we discuss the difference between âmarginal productâ and âmarginal costâ in this write-up lets quickly look at the definition of these two words. According to âthe marginal product of labor refers to the number of products a company can manufacture if it hires more workers or assigns its current workers additional hours. The marginal cost refers to the number...
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In Kenya, the need to improve tax compliance has been necessitated by the need to increase government revenue, bridge the widening budget deficit and generate adequate revenues to pay debts. While as, taxpayers are generally aware of their obligations and need to make their contribution towards raising the government revenue, there is a growing consensus on focus to role of...
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I agree with Shapiro and Varian's statement of technology changes, economic laws do not. I would say economic principles do not change but evolve as technological advances take place and have a significant influence on shaping our modern-day economy. As the technology that surrounds us and is immersed in our daily life advances, it changes the efficiency and level of...
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Patisserie Valerie, founded in 1926, is a food processing company which owned and operated a chain of cafes specializing in handmade cakes. The companyâs headquarters are situated in Birmingham UK, and as of March 2019 had a revenue of $86.8M and 2,500 employees. Patisserie Valerie is owned by Luke Oliver and Steve Francis was the CEO after Paul May stepped...
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Accountability is an essential part of an individualâs life, such as personal life or work. It is an important factor for exploring mistakes and taking responsibility to avoid serious problems. Accountability stipulates the initiative to inquire about the employeesâ performance of duties. Taking responsibility for its negligence and interpretation is the reason for negligence in carrying out the duty, and...
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The project management is âthe application of knowledge, skills, tools, and techniques to project activities to meet the project requirementsâ (Project Management Institute [PMI], 2004, p. 23). According to the definition, we can find that the objective of project management is to realize the value of a project, which is to meet the project requirements. The value of project management...
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The prudential inquiry into Commonwealth Bank of Australia which delivered its final report in April 2018 identified three types of problems, they are as follows. Governance The first type of problem mentioned in the report is governance. Governance can be defined as the way in which decisions are made. This means how the financial objectives, values and strategic priorities undertaken...
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Management accounting is an analytical system that produces outputs using inputs and processes that to be implemented by the system to achieve specific management objective and transfers inputs to outputs that meet the system objectives. Management accounting system has three broad objectives: 1) provides information on the cost of products, facilities and other management matters of concern; 2) special scheduling,...
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In this essay, I will review the main strengths and weaknesses of internal control. Internal Control Strengths There are five key strengths of internal control, which are described below. Only Accepting Orders Through Website Only accepting orders through a secure and trustworthy website, electronically, at the time of order placement addresses risks like details of customers getting hacked, sending items...
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In the early 1870s, three economists, William Stanley Jevons, Carl Meneger and Leon Walrus, made similar, though separate, observations in three different countries: England, Austria and Switzerland. They broke with classical economics in terms of the basic goods and services valuation principles. The classical economists based the value of a commodity on its cost of production, thus conferring on it...
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Introduction Q. What is financial accountability? Financial accountability is a concept about respective accountability with in a financial process. This helps to maintain a string effective and efficient divisional financial control environment. This helps to understand the aspects of financial management and control within an organisation. Bifurcation and classification of roles and responsibilities and liabilities among organisational departments and divisions...
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Introduction There are many in this world who are gifted, who excel beyond the rest. They are leaders, visionaries and pioneers. A mystic all-knowing confidence surrounds their image. Bernie Madoff was one of these people. He was one of the best traders in wall street, he was wall street. His consistent investment returns made him one of the best fund...
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Improving accountability and transparency of public spending can improve the financial management in the Malaysian public sector. Transparency is operating in such a way that is easy for others to see what actions are performed. Transparency implies openness, communication and accountability. Accountability however is an aspect of governance that has been subject to discussions related to problems in the public...
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Individuals in the UK can be held criminally responsible from the age of 10. As such, perceptions that are held by the public regarding individuals at this age can differ hugely and is an important topic regarding the accountability of peopleâs actions in society. In addition to age, the gender of a perpetrator may very well also have an effect...
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Introduction Accountability serves as a cornerstone of effective governance and public administration, ensuring transparency, integrity, and trust in both governmental and non-governmental organizations. In Australia, accountability mechanisms are crucial, given the country's democratic framework and commitment to ethical standards. This essay critically examines the impact of accountability in Australia, exploring its various dimensions, challenges, and implications. Through an analysis of...
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âAn education system needs both school accountability and school autonomy to raise attainment.â Do you agree? Explain your reasons. The state of the school system has increasingly become a concern for societies. The questioning on which systems work more efficiently to advance the cognitive and non-cognitive skills of students has installed the endeavour to seek reforms that increase attainment. Thus,...
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ABSTRACT Artificial intelligence has been in place since the year 1956, but considering the recent momentous acceleration in the accounting and finance industry it has become the vital topic in business. It plays a foremost role in the way the functions are performed in an organisation. Recently, Artificial Intelligence has revolutionised the efficiency, quality and time taken to accomplish these...
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Abstract Can India take the big step by combining artificial intelligence with taxation? The major source of revenue for the Government is through taxes. So, can we move towards a system wherein AI will help taxation system to be clear, easy and more compliant? Extensive use of AI & ML will definitely help our tax authorities to be vigilant about...
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Financial reporting has seen great advancements since its very conception as societies trusted form of corporate communication. Disclosures required within sets of financial accounts is an area which has attracted many different viewpoints for a number of years. Some argue that sets of accounts provide all the essential information in one central place, allowing comparisons to be made and vigorous...
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1.0 Introduction Accounting fraud happens in a many of ways that includes deliberate acts, including misappropriation or manipulation to financial reports or documents relating to things such as expenses, sales and profits. Accounting misconduct may be perpetrated by staff, accountants or the company itself. An organization may distort its financial reports by exaggerating its revenue or assets, not recording costs...
Accounting
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Accounting can apply to many different fields in the business world, so it is a useful degree to obtain. So, what is accounting? In laymenâs terms accounting is the recording of a person or companies finances. Accounting has two main categories: managerial accounting, financial accounting. Managerial accounting is mainly used for the internal users of a company and often does...
Accounting
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Introduction Thesis statement Ethical Issue: Can readily available answers of a test over the internet in an OBOW exam create dilemma to consider the behavior of taking advantage of the situation an academic misconduct? What kind of steps are to be taken in such a situation? Background Horizon university was founded in 1940 and was one of the top universities...
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Introduction The integration of Artificial Intelligence (AI) into the accounting sector marks a significant paradigm shift, leading to transformative changes in how financial information is processed and analyzed. Emerging technologies have been revolutionizing traditional accounting practices, ushering in an era of enhanced efficiency and accuracy. AI systems, such as machine learning algorithms and automated data processing tools, are increasingly being...
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Introduction The implementation of food taxes has emerged as a significant policy tool in addressing public health concerns and generating government revenue. Food taxes, often levied on unhealthy food items, aim to modify consumer behavior, reduce the consumption of unhealthy products, and subsequently improve public health outcomes. However, the economic implications of such taxes are multifaceted, influencing various stakeholders, including...
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Introduction In the realm of management accounting, the choice of costing method plays a pivotal role in determining the accuracy of cost management and allocation. Two predominant methods are Traditional Costing and Activity-Based Costing (ABC). Traditional Costing, often associated with simplicity, allocates overhead costs based on a single cost driver, such as direct labor hours. In contrast, Activity-Based Costing offers...
Accounting
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Introduction Ethics is a system of moral norms for individual or any social or professional group. The term 'Medical ethics' is known for a very long time and the role of an auditor could be easily compared with the role of a doctor. Only with a difference that auditorâs beneficial effect is not aimed for an individual but a company...
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i. Introduction The beginning of auditing can be traced as far back as to ancient times, however the financial audit that we know of today is a relatively new practice and is constantly changing. As technology advances, we move further away from manual audit procedures and towards an automated audit. One of the most important technologies playing a role in...
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Introduction West (2018) describes ethics as someoneâs moral principles of good or bad behaviour where itâs not based on consequences of these actions. Another view of ethics involves having a sense of duty to do the right thing as a company and for others (Hoover and Pepper, 2015). Tax avoidance is understood as deliberately sidestepping taxes to lower the tax...
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