You are the accountant for Sangat Serdap Sdn Bhd, a food production company. During the month, a new intern has joined the company and he approached you to understand how fundamentals accounting principles and concepts are used practically in the preparation of financial statements for Sangat Serdap Sdn Bhd. Required: Explain FOUR (4) fundamentals accounting principles and concepts. Your explanation should be supported with examples that are relevant to your company.
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You are the accountant for Sangat Serdap Sdn Bhd, a food production company. During the month, a new intern has joined the company and he approached you to understand how fundamentals accounting principles and concepts are used practically in the preparation of financial statements for Sangat Serdap Sdn Bhd.
Required:
Explain FOUR (4) fundamentals accounting principles and concepts. Your explanation should be supported with examples that are relevant to your company.
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- Assume that you work for a Fortune 500 level company at corporate headquarters. Due to your excellent performance and the fact that the CEO of your firm noticed that you had listed on your resume' that you had taken a graduate-level Management Accounting course from a reputable institution, the CEO has sent you an email containing a request that you respond to two very important questions. The CEO needs your answers within a relatively short time frame of making the request. The questions are: #1. What criteria should the operating units (i.e. producing segments of the firm) use when deciding whether to use job-order costing or process costing approaches for costing the products they produce? #2. For costs that cannot be traced, what tests should a cost allocation basis (not the cost allocation method) meet before that cost allocation basis (direct labor hours, machine hours, direct labor cost, etc.) can be used to allocate costs in the organization?Assume that you have finished your MBA program and have applied for a position in the FinancialAccounting Department of a large multinational company. The company is struggling with itsaccounting reporting matters and several accounting reports are under regulatory scrutiny. In theinterview board, the recruitment committee members have asked you the following question i. What have you learnt in the BUS 505 (Accounting Principles) course relating to financial accounting?During a weekly meeting the CEO of company made an statement that he heard from a friend that “There is general agreement that, before it can be regarded as useful in satisfying the needs of various user groups, accounting information should satisfy certain criteria.” You as a chief account of the company is required to explain the to the CEO the key characteristics of Accounting Information with clearly providing example(s) wherever queried for each characteristic.
- Assume that you work for a Fortune 500 level company at corporate headquarters. Due to your excellent performance and the fact that the CEO of your firm noticed that you had listed on your resume' that you had taken a graduate-level Management Accounting course from a reputable institution, the CEO has sent you an email containing a request that you respond to two very important questions. #1. What criteria should the operating units (i.e. producing segments of the firm) use when deciding whether to use job-order costing or process costing approaches for costing the products they produce? #2. For costs that cannot be traced, what tests should a cost allocation basis (not the cost allocation method) meet before that cost allocation basis (direct labor hours, machine hours, direct labor cost, etc.) can be used to allocate costs in the organization? In other words, what are the criteria that make a certain measurement or basis used to perform cost allocation a good one to use? (the…Prepare an explanatory memorandum about financial performance and record keeping requirements. The operations manager of Metharom Construction has asked you to prepare an explanatory memorandum for the accounting staff. They have requested that you include the following information: A) a description of a minimum of 5 financial records that the company must maintain B) any three factors while selecting software that could assist with finance management for small business C) list any 5 regulatory requirement for lodgement and payment of statutory obligations D) a set of policies to for Debt recovery procedures (minimum 3) E) explain how financial performance will be monitored (include a minimum of 2 key performance indicators) F) set of minimum 6 written financial procedures for Metharom which will help in financial health check for stakeholders G)This document must then be sent electronically to the Operations Manager (your assessor) as well as submitted in hard copy.You as an accountant of Al Ghalbi company. In your company the are some trainees who have just graduated and have joined for OJT in your company. You are the supervisor for these trainees. Which is an important aspect of developing any theoretical structure? a. Hope of business b. Basic elements/terms c. Rules of business d. Economics of business
- Assume that you have finished your MBA program and have applied for a position in the FinancialAccounting Department of a large multinational company. The company is struggling with itsaccounting reporting matters and several accounting reports are under regulatory scrutiny. In theinterview board, the recruitment committee members have asked you the following questions. i. What have you learnt in the BUS 505 course relating to financial accounting?Respite Company has contracted you to develop a chart of accounts for their company. Their company consists of the following associates: Board of Directors CEO, CFO, COO VP of Human Resources, VP of Manufacturing, VP Sales & Marketing, VP of Research and Development Manager - Human Resources Manager - Manufacturing Manager - Sales Manager - Marketing Manager - Finance Manager - Treasury Develop a chart of accounts with reporting structure. Discuss how some of these roles may share responsibilities and resources.Accounting professionals apply many technology tools to aid them in their everyday tasks and decision making. The General Ledger tool in Connect automates several of the procedural steps in the accounting cycle so the accounting professional can focus on the impacts of each transaction on the full set of financial statements. use this tool in helping students see the advantages of technology and, in particular, the power of the General Ledger tool in accounting practice, including financial analysis and “what-if” scenarios. How much are total expenses for Apple for the current year?
