Costing methods are important for businesses to determine the cost of their inventory and services. Three popular costing methods that companies can use are Last In First Out (LIFO), First In First Out (FIFO) and Weighted Average, each with its own advantages and disadvantages. The Last-in-First-Out (LIFO) method assumes that the most recently purchased or produced items are sold first, regardless of whether they have […]

| No Comments The role of an accountant is to provide financial advice and guidance to organizations, governments, and individuals. An accountant also provides assurance services relating to the preparation of financial statements that are in accordance with generally accepted accounting principles (GAAP). They must ensure accuracy and fairness in all financial reporting for the organization or agency they serve. Accountants also provide other professional […]

| No Comments A typical annual and long-term management compensation plan tied to financial accounting numbers can contribute to agency problems within a firm in several ways. First, when a manager’s compensation is directly linked to their individual performance measures, such as hitting certain income targets or reducing costs, they may be more likely to engage in behaviors that could result in short-term gains for […]

| No Comments Financial and managerial accounting are two related but distinct types of accounting. Financial accounting is the process of recording, summarizing and reporting financial information that is used by external stakeholders such as creditors, investors, customers and others in deciding how to interact with a business. Managerial accounting focuses on providing internal users like managers, shareholders or owners with information about the performance […]

| No Comments Public searches can be used to identify red flags, anomalies, or fraud perpetrators in any type of fraud scheme. Red flags are generally indicators that something may not be above board and could potentially involve fraudulent activity. Anomalies refer to anything out of the ordinary that indicates suspicious behavior or activity. Fraud perpetrators are individuals who have perpetrated a particular fraud scheme […]

| No Comments The United States and non-U.S. markets differ drastically in terms of risk and returns on investments. Each market brings its own advantages and disadvantages, depending on the investor’s financial goals, risk tolerance, and desired returns. In order to compare the risks and returns of different investment instruments in both U.S. and non-U.S markets, several factors must be taken into account such as […]

| No Comments Under Australian law, Sinclair is classified as a non-resident of Australia. A resident is defined as any person who has been in the country for more than six months over one calendar year (‘Resident or Non-Resident?’, n.d.). The fact that Sinclair has only recently arrived in Australia means he cannot be considered a resident yet, although if he chooses to stay longer […]

| No Comments The Robbins Network Solutions (RNS) company is a global IT services provider based in the United States. It provides various services such as back-end IT operations, cloud computing, data center management and customer support. The company’s financial business transactions involve raising capital for new investments, purchase of assets and services, payment of wages and other costs associated with its activities. In addition […]

| No Comments Costco Wholesale Corporation, the company behind the popular retail warehouse chain, evaluates and identifies a variety of risks that may lead to the overstatement of receivables/revenue or understatement of payables/liabilities. These risks can be broadly divided into two categories: internal risk factors and external risk factors.Get the Complete Custom Written Paper Written by Real Humans Who have exceptionally Excelled in their Studies […]

| No Comments In a Form 10-K, the risks associated with overstating receivables/revenue or understating payables/liabilities can be found by analyzing both the notes to consolidated financial statements and Management’s Discussion and Analysis (MD&A). The notes to consolidated financial statements provide information on how the company has calculated its revenue and liabilities, while MD&A reveals management’s opinion of any potential risk factors.Get the Complete Custom […]