Weygandt College Essays Samples For Students

Q1. Accounting standards play a significant role in the financial statements preparation process. The main international standard-setting organization is the International Accounting Standards Board (IASB) headquartered in London. It issues International Financial Reporting Standards (IFRS) which are used in more than 115 countries and is gaining acceptance in other states as well. These standards are also used on most foreign exchanges. Moreover, the IASB also issues framework for financial reporting and international financial reporting interpretations. Besides, the International Organization of Securities Commissions (IOSCO) also plays a significant role in the international standard-setting process. It doesn’t develop accounting standards, ...

John Sunna

IFRS and GAAP are two most commonly used accounting standards. The differences between them complicate the comparability of financial statements of different companies. The accounting bodies understand the necessity of convergence of the two standards. Thus, the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) work on several joint projects to facilitate this process. This paper addresses the differences and similarities between IFRS and GAAP as regards accounting for financial instruments, long-term assets, and liabilities.
IFRS 8-1: What are some steps taken by both the FASB and IASB to move to fair value measurement for financial ...

Modern Yoga Manufacturers

Company summary and design of the value chain
As a student in the field of business, starting up a Sensory Yoga Mat Manufacturing Company has been my major plan. Fundamentally, the Yoga mats refer to specially designed or fabricated mats that are utilised as an aid during the yoga practice, thus preventing the hands and feet from slipping. The company will be named Modern Yoga Manufacturers Company. In this way, the Modern Yoga Manufacturers will involve itself in the design of the modern sensory yoga mats, which have sensors to measure the performance, power and strength of the user. ...

Abstract

The narrative report is prepared to provide a clear understanding of the prudence concept and historical information attributed to this concept. The prudence concept was applied in 1989 that was not included in the external references of 2010. The IASB observed that the concept was missing or ignored, so they provided an amended definition of the prudence in accounting. The significance of the inclusion of this concept is necessary to provide a clear and complete view of the financial position of users. The prudence concept is related to neutrality and conservatism, so it is badly affected by the adverse ...

Accounting is one widest business related disciplines that we have in most college curriculums nowadays. I have personally majored in accounting and this being my final semester in college; it is only fair that I give a brief reflection of the various things that I have learnt in my four years in college.
When I first decided to major in accounting, I was not entirely sure of the course content but I have to state that so far, I have not been disappointed. I have a variety of things beyond my initial imagination and it is therefore quite clear that ...

Interest

Interest represent the payment for using money. It can be described as the difference between the amount of money repaid and the money originally borrowed. The interest is usually represented as a rate over a certain period of time (Nikolai, Bazley & Jones, 2010).
Simple interest is the kind of interest on the original amount paid/received (principal), which does not take into consideration the interest accrued and paid before, as well as the time passed. Interest rate for simple interest is usually expressed as an annual rate, which is further adjusted for other periods. Therefore, Simple interest can be expressed as ...

One question always arises when it comes to accounting and the question is whether is it alright to keep paid-in capital and separate it from earned capital. Accountants today must be exceptionally watchful particularly with such a large number of accounting laws changing in the US. More than likely there will dependably be a financial specialist needing to know whether earned capital is more vital than paid in capital, or basic EPS are more imperative than the diluted EPS. The aim of this paper is to answer these inquiries and explain which one is more imperative and give a ...

Introduction

Capital budgeting assists sports organisation in assessing the viability of their proposed long-term investments (Chandra, 2014). Sports organisations also need to invest in capital projects for expansion as well as to improve the efficiency of their operations. Extreme Sports Company operates a sports training complex with a fitness centre, motorsport cars for hire, among other services. The company has some money to invest in the expansion of either the fitness centre or the motorsport unit. This paper highlights how the company can use capital budgeting techniques to evaluate the two investment options.

Details of the two projects

The motorsport car will cost $200,000 ...

In the current century, the accounting and finance field have witnessed increased efforts to converge accounting standards to globally accepted universal standards. The fact owes to the dire need of increasing comparability of the financial statements of different firms in the various countries. Undoubtedly, there exist key areas of departure in different accounting standards applied in different countries. Of more interest, is the difference that exists between the two dominant accounting systems used by various corporations around the globe. That is the U.S. Generally Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS). It is, however, worth ...

Introduction

The pricing strategy should be an integral part of decisions in the marketing position, and it should depend on the overall development strategy of the business and marketing plans. Therefore, companies should not set one price but a pricing structure that should reflect on the variations in geographical demand, costs, the timing of purchase, requirement of market segments, order levels, the frequency of delivery, and service of contracts.

Why different pricing strategies are appropriate in some circumstances

Pricing is an important managerial decision, and most firms do not encounter pricing decisions in major ways on daily operations (Weygandt, Kimmel and Kieso, 2009, pp.59). However, there is a need ...

Analysis: Next Plc

Assignment 1:
Executive Summary:
The report makes a recommendation about the balanced scorecard of Next Plc. It makes this recommendation on the basis of mission, vision and strategic objectives of the company. The strategy map links the perspectives of the balanced scorecard with the strategic objectives of the company. It is by adopting the perspectives mentioned in the balanced scorecard, the company can achieve its strategic objectives.
The limitations of the balanced scorecard as a strategic management tool have also been identified and are largely dependent on an effective accounting system. Balance scorecard tends to put the interest ...

Introduction: Accrual and Cash basis of accounting are the two methods of making a record of the business transactions in the organization’s records. According to Rich, Jones, Mowen & Hansen (2012) “Under Cash basis accounting, revenues and expenses are recorded when cash is received or paid regardless of when the revenues are earned or the expenses are incurred. Accrual basis accounting; links income measurement, to the selling activities of a company by recognizing revenues and expenses when they occur” (p. 135).
The accrual basis of accounting adheres to the revenue recognition and expense recognition principle as laid down by the ...

Introduction

Management accounting can assist managers in an organization make timely and purposeful management decisions about the organization. Different organizations have different managerial accounting needs depending on their most essential area of business. Generally, management accounting deals with providing accounts and management reports to managers within the organization (Khan & Jain 2007). The information provided is crucial in assisting managers make informed decisions for control and management purposes. In contrast to financial accounting, which provides annual reports to external parties such as investors, creditors, shareholders and others, management accounting provides periodical reports (Coombs, Hobbs, and Jenkins 2005). These reports are important ...