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Is an example of the external financial reporting purpose of the cost management systems?
The amount of inventory that should appear on the balance sheet
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What is an example of the external financial reporting purpose of the cost management systems?
The amount of inventory that should appear on the balance sheet
What is an example of the external financial reporting purpose of cost management system?
The amount of inventory that should appear on the balance sheet
Is an example of the external financial-reporting purpose of the cost management systems?
The amount of inventory that should appear on the balance sheet
What is an example of the external financial-reporting purpose of the cost management systems?
The amount of inventory that should appear on the balance sheet
What is an example of a financial measure that an external user might use?
what is an example of a financal measure that an external user might use
Disadvantages of an integrated accounting system?
The main disadvantage of integrated accounts is that a single system is used to provide information both for external and internal reporting requirements. The need to provide information for statutory purposes may influence the quality of information which can be made available for management purposes. For example, it may be more useful for management purposes to have inventory valued on a LIFO basis. However, this would not be acceptable for external reporting purposes and the latter requirement may prevail to the detriment of management information
Why do companies use different depreciation methods for tax reporting and financial reporting?
Answer:Companies make different accounting choices for tax reporting and general financial reporting, because different incentives are in place. A profitable firm will most likely want to minimize income tax. As a result, management will make accounting choices that minimize net income, and as a result, minimize tax payments. Accounting choices that reduce taxable income include for example accelerated depreciation (instead of straight line) and LIFO (as opposed to FIFO).For general purpose financial reporting, management may want to show a more realistic picture of firm profitability (instead of showing the (legally) lowest possible net income number). So, accounting choices that are made for tax purposes are not always repeated for the general financial reporting.
What is non assurance engagement?
An assurance engagement is any engagement that increases the level of confidence of third parties and management towards the outcome of an evaluation or measurement of a set of financial statements in accordance with the criteria of the financial reporting standards. This term usually refers to an independent audit. A non-assurance engagement is therefore an engagement that doesn't impact on the level of confidence in the validity of the financial statements. For example, a compilation of financial information or consulting engagement, such as tax or management consulting.
What is the examples of goals and means in business ethics?
An example of a goal in business ethics could be to promote transparency in financial reporting. A means to achieve this goal could be implementing regular audits by external parties to ensure accuracy and accountability. This would help maintain the trust of stakeholders and uphold ethical standards in financial practices.
What is assurance and non-assurance engagement?
An assurance engagement is any engagement that increases the level of confidence of third parties and management towards the outcome of an evaluation or measurement of a set of financial statements in accordance with the criteria of the financial reporting standards. This term usually refers to an independent audit. A non-assurance engagement is therefore an engagement that doesn't impact on the level of confidence in the validity of the financial statements. For example, a compilation of financial information or consulting engagement, such as tax or management consulting.
Explain management information system taking university as an example?
financial accounting system
What is a financial marketing solutions firm?
A firm that provides financial marketing solutions for the financial services and alternative asset management industries. One example of this kind of firm is Ovis Creative.
