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Non-accounting professionals usually wonder why an entity’s general-purpose financial reporting should be regulated without allowing users to be free to choose their presentations.
Required:
Highlight THREE objectives of the International Accounting Standards Board (IASB).
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Find Related Questions by Tags, levels, etc.
Which of the following should NOT be the objective of a business organisation?
A. Pay tax as at when due
B. Obey laws enacted by the National Assembly
C. Keep clean environment
D. Encourage tax avoidance
E. Encourage tax evasion
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Which of the following is NOT an element involved in decision making, planning and control process?
A. Identifying the objectives that will guide the decision
B. Search for a range of possible courses of action to achieve the objectives
C. Select an appropriate alternative course of action to achieve the objectives
D. Implement the decisions as part of planning and budgeting process
E. Maximise shareholders’ value
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Find Related Questions by Tags, levels, etc.
Audit is the examination or inspection of various books of accounts by an auditor to certify that the accounts have been prepared according to the principles of accounting and to determine whether the Financial Statements prepared reflect a true and fair view of the state of affairs of a business.
Required:
i) State the Primary objective of an audit.
ii) State the Secondary objectives of an audit. (5 marks)
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You are a partner in a Tax Consulting firm. Your firm has recently employed 5 new staff and they have to be trained on a number of issues.
Required:
Prepare a presentation on international taxation with emphasis on FIVE (5) objectives or goals of international taxation treaties.
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Events Tech is a growing media company that specializes in technological solutions for events planning. Events Tech has recently established an internal audit department, and the Board is keen for this new department to cover certain broad areas of the organization and add value to the organization.
Required:
Evaluate FIVE (5) objectives the Board of Events Tech seeks to achieve by establishing an internal audit department.
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Both profit and non-profit making organizations operate in the economic development of every country. However, they differ in their objectives and operations.
Show these differences with reference to the following: i) Purpose of existence (2 marks)
ii) Raising of funds (2 marks)
iii) Utilisation of surplus funds (2 marks)
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Management philosophers are unanimous about the fact that the quality of objectives largely
determines how useful they are thus improving their chances of being attained. Several
guidelines have subsequently been established over time to help managers develop high quality organisational objectives
Required:
Explain FIVE (5) characteristics of an organisational objective.
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Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
One main difference between public sector and private sector entities is that their objectives are different. The objective of a public sector entity is to deliver public goods and services to all citizens in order to maximize their welfare. However, the principal objective of a private sector entity is to make a profit on the goods and services they produce and sell in the market.
Required:
Explain FOUR (4) reasons why these differences are important.
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Public sector entities have downplayed the role of quality financial reporting in public financial management. In recent times, the government has been encouraged by its developing partners to ensure effective financial management and reporting in the public sector by investing in people and processes. The developing partners have touted financial reporting as a major solution to public financial management requirements of developing countries.
Required:
Explain FOUR (4) objectives of financial reporting in public financial management.
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One objective of Public Sector Accounting is accountability. Accountability requires that government justifies how public resources are raised and utilized by means of Financial Reporting. Financial Reporting helps to improve the performance of, and trust in, the public sector.
Required:
Explain FOUR (4) other objectives of Financial Reporting in public sector organizations.
(6 marks)
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Your subordinate read an article written by the Minister of Finance titled “Streamlining and improving public cash management.” As a professional student of Public Financial Management, your subordinate has drawn your attention to a certain paragraph of the publication that reads:
“Without cash management it is very difficult for the Controller and Accountant-General or the Minister of Finance to make informed financing or investment decisions. For these reasons, all MDAs and MMDAs are expected to prepare cash-flow forecasts as part of their budgetary control system. All revenue agencies are to prepare revenue projections, just as the Ministry of Finance also prepares a schedule of statutory payments and non-tax revenues.”
Required:
Briefly explain to your subordinate FOUR objectives of proper cash management in public financial management.
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a) Management Accounting is that branch of accounting known for management decision-making. It is a more intimate merger of the two older professions of management and accounting, wherein the information needs of the manager determine the accounting means for their satisfaction.
In Management Accounting, managers use accounting information in decision-making and to assist in the management and performance of their control functions. Management accounting information should comply with certain qualities and characteristics to be useful in planning, control, and decision-making.
Required:
i) Identify THREE (3) objectives of Management Accounting. (6 marks)
ii) Explain FIVE (5) qualities of management accounting information. (5 marks)
b) All deployed cost-accounting controls and processes should bring to focus opportunities for improvement and engender decision-makers’ trust in results. Operational control and cost control management approaches are needed to add insight into where and how cost improvements can be implemented.
Required:
Distinguish between operational control and cost control. (4 marks)
c) Specific order costing methods are appropriate for business organizations that are involved in the construction, manufacturing, or assembling of products to individual customers’ specifications.
Required:
State THREE (3) characteristics of Specific Order Costing. (5 marks)
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(a) What is International Financial Reporting Standard (IFRS) foundation? Mention two (2) objectives of the foundation. (5 marks)
(b) The following information relates to “God will Provide” Youth Club for the accounting period of 2014.
Payments:
Receipts:
Subscription Received:
Additional Information:
i. Cash in hand as at 01/01/14: GH¢18,000
ii. Subscription owing as at 01/01/14: GH¢8,000
iii. Any subscription outstanding is written off in the following year if it is not paid.
You are required to prepare:
i. Receipts and Payments Account for the year ended 31st December, 2014 (5 marks)
ii. Subscription Account (3 marks)
iii. Income and Expenditure for the year ended 31st December, 2014 (7 marks)
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