Generational accounting

(B) DISCUSS THE GIVEN STATEMENTS. 1) Information technology most certainly benefits an entity’s internal control in a way that all business activities can be performed more proficiently. During the older generations, before the invention of technology, accounts were paper based which cost a lot of time and was vulnerable to misstatements and errors. Transactions took time to process as they were handwritten and payroll sheets took hours to be made. However, after the invention of technology,…

Calculation of the Stripping Force For most of the operations, stripping force range is from 10 to 20% of the cutting force. If the tool has more than one punch the stripping for that tool is the sum total of the stripping forces required for each punch. Because the average thickness of plastic parts and the ratio of the diameter of its hole: t/D = 6/22 > 1/20, so here consider as thick-walled cylindrical plastic parts. According to the literature [43] equation 4-26: release force…

6.1 Case study There are two classifications of costs associated with construction projects, direct costs and indirect costs. Direct costs include the labor, material and equipment operating costs necessary to put work in place. Indirect costs include supervision, job and home office overhead, profit, financing, and the cost of inflation. Direct costs can be allocated to each activity on the project. Indirect costs, on the other hand, cannot be realistically prorated and assigned to each…

As of last week albert Bacon Fall had secretly granted Harry F. Sinclair of the Mammoth Oil Company exclusive rights to the Teapot Dome in Wyoming on April 7, 1922. After Pres. Warren G. Harding had transferred supervision of the naval oil reserve lands from the Department of the interior, that’s when Fall granted Sinclair the oil rights. When leases and contrasts went under investigation by committees of the U.S. Senate . Fall and members of his family had received from an unknown source…

If the revenue was misstated in the first quarter that revenue number was only bound to increase as each quarter passed by. The accounting department was using the vendor invoice for pre need cemetery merchandise and multiplying that number by a mark up price. The mark up prices helped get to the estimated number. As time went by there were of course many errors in the AP method and…

article that I have looked upon is on the topic of Strategic management accounting (SMA). It is an interesting article that provides an in-depth insight to the current state of SMA by focusing on its techniques, processes and future research directions. The author has provided academic references throughout the journal to support her ideas. In the introduction, the author links the widely published criticisms of management accounting practise during the 1980s and 1990s as being the reason for…

certainty, and can directly affect the view that investors have on a company. Earnings management (EM) helps make meeting these expectations more manageable. However, there are a multitude of problems associated with earnings management. Exercising accounting discretions in relation to EM can be motivated by agency concerns, shareholder perception, stock price motivation, or possibly existing debt covenants. However, the problem arises when the you cross the invisible line of…

consistent process” (p. 242). In other words, in a job costing system, a company can accumulate production cost to a specific unit. It is often used by companies involved in creating customized products like airplanes, advanced technology systems, and accounting. As for a process costing, it often involved the accumulation of costs for lengthy production runs, especially products…

Lernout & Hauspie (L&H) was the world’s leading provider of speech and language technology products, solutions, and services to businesses worldwide. Both Microsoft and Intel invested millions in L&H. however, accounting scandals and fraud allegations sent the company’s stock crashing, and forced the firm to seek bankruptcy protection in Belgium and in the US. Selected information was gathered concerning L&H operations: • Consolidated revenue increased 184% from 1997 fiscal year to 1998 fiscal…

The men in the 19th century discovered the unbelievable properties of an unknown liquid. It turned out that by simple distillation, it could be metamorphosed into a lubricant and lighting oil, superior and much cheaper to those which were known till now. The only known substance which experienced this type of acceleration was gold during the gold rush. Oil was not an exception. The discovery of both of them intrigued the attention of major business tycoons. John D. Rockefeller was one of them.…