Advanced Corporate Reporting

Impairment of assets occurs when a decrease of an assets fair value decreases abruptly due to obsolescence, damage or other sudden occurrences. As a result, it is necessary for a business to decrease the value of the asset in question in the balance sheet and its loss recognized in the income statement. The terms related to impairment include; Fair Value less costs to sell: This refers the market price of the asset minus the cost incurred in the selling process such as registration and commission. Recoverable Amount; This refers to the gain obtainable from an asset. It is equal to Higher Fair ...

Accounting Information System

Introduction An accounting information system is designed to record all business transactions. In our scenario, the accounting employees will be trained how to enter business transactions into the computer system. This will allow for immediate posting of billing & collection information in to corresponding accounts hence retrieving of such information made easy (Bowen 85). Discussion The AIS will create accounts receivable, accounts payable and financial statements accounts that will be used for analysis at the end of the year. Bills Receivable The AIS allows recording of information on the s ...

Accounting

Budgeting Process. Budgeting process can be described as when an organisation plans all its expendituresfor proper capital utilisation (Pride, Hughes & Kapoor 2011). When a company is preparing a budget, they ensure that all the financial constrains are met in future operation of business. In this case, the organisations creating a budget should ensure that finances are available to fund the budget. In order for a budget to be successful, all expenditures in the budget must be fulfilled (Pride, Hughes & Kapoor 2011). Additionally, the benefits of a budget must exceed the setbacks. In the case ...

A Daring Paradigm

The 21st century continues to enjoy the advent of technological pieces that have made life easy and enjoyable across the globe. Despite these technological developments, people across the globe continue to suffer from different ailments and diseases that have made their lives uncomfortable. It is as a result of this that researchers and scholars have explored different ways that can be utilized to improve on healing process among the sick in the society. One of the ways that has been explored for some time is creating a healing hospital, whereby the staff would work by integrating compassion i ...