Archives for September 2011

WHAT IS ACCOUNTING? |MEANING OF ACCOUNTANCY

What is accounting is a broad question that a lot of people think is as simple as defining the term accounting. In as much as defining accounting is part of the process of explaining what accounting is, it is not a complete answer to the question of what is accounting. In this article, a different […]

Analysis of XBRL as financial accounting reporting format| implementation problems and solutions

XBRL as financial accounting reporting format made its way into the limelight of financial reporting in the mid 2000s with companies given the option of voluntarily producing their annual reports using XBRL. XBRL stands for extensible Business Reporting Language which was developed to meet the real-time accounting information of employees, financial analysts, investors and other […]

ACTIVITY BASED COSTING FACT SHEET |FACTS ABOUT ABC

The central idea that quickly spread amongst both academic and practicing accountants is that ABC tries to allocate overhead costs to cost object more accurately than traditional system. ABC use cost drivers to allocate overhead costs to cost object by firstly identifying those activities that drives costs and then attribute costs to the product based […]

ABC AND PERFORMANCE MEASUREMENT | DECISION MAKING

In the wake of the protracted debate as to which costing method (Marginal or Full costing), activity based costing (ABC) approach to ascertaining the true cost of products appeared as a promising decision support tool in an era where the existing costing methods were being heavily criticised, Geri and Ronen (2005). There was a loud outcry […]

FINANCIAL MANAGEMENT SWOT ANALYSIS

Financial management swot analysis is a new paradigm in finance whereby financial managers are encouraged to simulate on different financial scenarios before applying it to real life situation. It all revolves around finding an optimum financial pressure that a business can bear. This is similar to the financial stress test that banks periodically undergo. WHAT […]

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