Friday, December 27, 2019
Thursday, December 19, 2019
UNIVERSITI TENAGA NASIONAL COLLEGE OF BUSINESS MANAGEMENT AND ACCOUNTING DEPARTMENT OF ACCOUNTING SUBJECT: ACCOUNTING THEORY AND PRACTICE PREPARE FOR: DR.NORHAYATI MAT HUSIN PREPARE BY: NUR FADZILAH BT NORIZAN (AC086628) NUR IZYAN BT MOHD ISHAK (AC086934) NURUL AQILAH BT ZAMRI (AC085167) THILAGA SEGARAN (AC086628) BACHELOR IN ACCOUNTING (HONS) CASE 1: WASTE MANAGEMENT a) Define the matching principle and explain why it is important to users of financial statements. Matching principle requires a company to match expenses with related revenues that they helped to generate in order to report a companys profitability. The matching is based on a causeÃ¢â¬ ¦show more contentÃ¢â¬ ¦Increases in the useful life of assets have the effect of increasing the value of an asset and reducing expenses. This change can have a material impact on the financial statements. However, even though the management of Waste Management want to have impact on its financial statement, the management should not make any substantial changes to figures reported by the operational unit. These changes must be properly disclosed as required by GAAP under the Full Disclosure Principle which requires management to disclose sufficient information to allow the user to make a judgment about the financial position of Waste Management. c) According to the current IFRS, is a company allowed to change the useful life and salvage value of its fixed assets? If yes, when and how? Under GAAP, a company allowed to change the useful life and the salvage value of its fixed assets if the circumstances or events disclose the additional information show that change of useful life and salvage value more accurately and show the current market situation. ItÃ¢â¬â¢s also stated should have the legitimate basis for do any changes to their variables. Furthermore, according to the SEC, changes to the variables used in estimating depreciation and the resulting impact to investors should be stated in the financial statements. d) As an auditor, what type of evidence woul youShow MoreRelatedAccounting Theory and Practice Essay2225 Words Ã |Ã 9 Pagesreached about what perspective theories should be used to explain the Social and Environmental Accounting, and moreover critique voices are from the works of Marx or by the deep-green or feminist literatures (Deegan, 2002), to some extent, systems-oriented theory and Positive Accounting Theory can list some hints. This essay will seek to explain the reasons why firms voluntary disclosure information by referring to Legitimacy theory, Stakeholder theory, institutional theory, and lastly Political CostsRead MoreIntermediate Accounting Theory and Practice3407 Words Ã |Ã 14 PagesX 120C Intermediate Accounting Theory Practice Winter 2013 Quiz 2 Chapter 20 Chapter 21 True-False Conceptual Ã¢â¬â 40 questions Multiple Choice Conceptual Ã¢â¬â 40 questions STUDENT NAME:__RUPALI KAYPEE_______________________________ TRUE-FALSEÃ¢â¬âConceptual Chapter 20 1. A pension plan is contributory when the employer makes payments to a funding agency. F 2. Qualified pension plans permit deductibilityRead MoreAccounting Theory and Practice Reflection Essay1142 Words Ã |Ã 5 Pagesview the knowledge we learnt from accounting theory and practice, the main thing I can conclude that is the tendency of accounting will shift away from technical way to peopleÃ¢â¬â¢s behaviour way. By understanding what should do, we should ask why and how we could improve and change it into a better way. This essay aims to explain how the theoretical material that we learn in lectures can be developed under a real practical manner. When talking about accounting, the first thing we should know isRead MoreAccounting Theory And Practice Of Capital Expenditure960 Words Ã |Ã 4 PagesACCOUNTING THEORY AND PRACTICE By Sanam Maknojia CASE 9-6 a) Revenue expenditure are for costs incurred that is relative to the current accounting period. Capital expenditure are cost incurred for fixed assets and is expected to benefit either in all future accounting periods or in a limited number of accounting periods. The major difference between revenue expenditure and capital expenditure is related to timing. It involves the recognition of expense and, therefore, determining the earning. CapitalRead MoreReflective Essay on Accounting Theory and Practice.3359 Words Ã |Ã 14 PagesLearning Log Week -2 Lecture: In this lecture I had the understanding, why accounting bodies are so heavily regulated by the government. After the corporate collapse, accounting body lost the trust of public. Our work was not transparent and therefore, was no longer reliable. Regulator body such as ASIC, AASB, FRC and ASX are formed after the corporate collapse. ASIC is the corporate Ã¢â¬Ëwatch dogÃ¢â¬â¢ who monitors FRC, AASB and office of AASB. Why we need regulation? 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Ã Ã The purpose of this essay is to provide an overview of positive accounting theory (PAT) and highlight how this theory differs to normative accounting theory. Definitions and assumptions of both theories will be considered and examples of the theories will be provided. In addition specific theories related to PAT namely agency and the efficientRead More3101AFE Seminar Questions from Seminars 1 6 Sem 1 20151558 Words Ã |Ã 7 PagesÃ¯ » ¿3101AFE Accounting Theory and Practice Seminar Questions for Seminars 1- 6: Semester 1 2015 SEMINAR 1 - Semester 1 2015 Deegan Topic 1: Introduction to financial accounting theory QUESTION 1 Ã¢â¬â Question 1.2: If you developed a theory to explain how a personÃ¢â¬â¢s cultural background influences how they prepare financial statements, would you have developed a positive theory or a normative theory? QUESTION 2 - Question 1.3: What is a conceptual framework, and would it be considered to be a positiveRead MoreEssay on Annotated Bibliography1285 Words Ã |Ã 6 Pages1997, Ã¢â¬ËAccounting and the Construction of the Governable PersonÃ¢â¬â¢, Accounting, Organizations and Society, vol.12, n.03, pp235-265. Main Argument In this article, Miller et al. concern about the understanding of the historical foundation of accounting practice by investigating how theories of costing and budgeting were constructed in the first thirty years of the 20th century. In addition, the authors suggest several radical factors of theoretical understanding of accounting in relationRead MoreSample Resume : My Cooperative Education Placement Essay1562 Words Ã |Ã 7 Pages I assisted in other accounting tasks in the companyÃ¢â¬â¢s head office as well as other stores. 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Wednesday, December 11, 2019
Question: Discuss about the Situation Analysis of Mondelez International. Answer: Introduction: The assignment is a study of the current situation of a company which can help in making recommendations about the companys future. The company considered is Mondelez Internatioanl Australia and New Zealand. The assignment is divided into two main issues, the external analysis and internal analysis. The report answers the question regarding the business environment and competitive analysis of Mondelez. The scope of the assignment spans over the news paper articles, journals and magazines to draw the necessary matter. The external analysis section is divided into sections, the first is the macro environment trends while the second is a competitive analysis. The internal section delves into the aspects of Mondelez like financial strengths, human resource management and so on. The final section is the conclusion along with the recommendations for Mondelez. Mondelez International Australia and New Zealand is the Australian arm of Mondelez International and is one of the largest manufacturers and marketers of food in Australia. The company has its headquarters in Melbourne and owns Vegemite and Cadbury. The company earned net revenue of $26 billion in 2016 (mondelezinternational.com, 2017). The annual report shows that Mondelez International has increasing rate of cumulative return in five years compared to its competitors as shown in the graph below. Situation Analysis: The situation analysis of Mondelez International Australia and New Zealand is has two parts, the macroeconomic and the SWOT analysis. The purpose of the external market is to examine the external macro environment factors which determine the strategies of the international company. The purpose of the SWOT analysis is to study the strengths, weakneeses, opportunities and threats to the company in question. Mondelez Internatioanl works in a variety of external macroeconomic environments which summarised as PESTLE below. These factors determine the competitive advantage of Mondelez International in respect to its competitors (Hautz, Mayer Stadler, 2014). The political factors refer to governments policies, laws, international agreements with countries and so on which play significant role in the company policies and strategies. Australia is a constitutional monarchy where the government controls and create trade barriers to promote domestic companies. However, the government has gradually started encourage entry of multinational companies like Mondelez. Mondelez should also abide by the free market and lower tariif policies and gain by it (aph.gov.au, 2017). Economic factors consist of those factors which effect the financing and pricing decisions of the companies like Mondelez. These factors are exchange rate, labour rates, value of land, supply chain management and so on. The international currency rates have strong bearing on the pricing strategies of the companies. The value of Australian Dollar has fallen which means that exports have become cheaper and the foreigners customers can buy more with their currencies. The experts say that the Australian manufacturers like Mondelez can export their goods more to earns high return (Beattie, 2017). Mondelez International should acquire resources sustainably and keep the pricing strategy low to gain from exporting its products to the foreign markets (Brandenburg et al., 2014). The social aspects deal with the effect of a product on the society and culture of a market like Australia. Mondelez International manufactures chocolate products with high calories which often face criticisms from various strata of the society. The Australians chocolate market is growing and Mondelez should capitalise the opportunity. The Australian society loves premium chocolate and is ready to pay high retail price for it. Hence, Mondelez should fix high retail prices for its premium chocolate products and low for regular products to generate high revenue (Nieburg, 2017). The Treasury, Government of Australia tells than the country has experienced sustainable income growth in the recent years and the rich have contributed large to the increase in national income. The growing population of the country along with the growing income encourage chocolate market (Australian Bureau of Statistics, Australian Government, 2017). Mondelez should market its products more in the Australia and take advantage of the rising income of the Australians to sell its products (Fletcher Guttmann, 2017). Technological: Technology refers to the level of innovation and research companies carry out to bring about new products and improve their existing products. The capacity of a company to utilise technology also determines its power to adopt sustainable means of production and operation. Mondelez is an international food manufacturer who is financially very strong and can invest in modern technology. Australia is a technologically strong country and provides its companies advanced technology and scope for innovation. The ever increasing demand and changing consumption pattern encourages modernisation and sustainable production. The food product manufacturers like Mondelez have state of art technology which helps them to create sustainable products and packaging(Gold, Kunz Reiner, 2016). Mondelez has six modern manufacturing plants in Australia which allows to company to bring about innovative products of superior quality (Lynch Jin, 2016). Culture of people has an important role to play in the consumption pattern which further impacts the demand of products. Religion, nationality, and so on play important role in the culture of people. Mondelez International manufactures chocolate products which are enjoyed by people of all cultures. The company markets its products internationally to take advantage of this demand for chocolate across cultures. The Australian people love chocolate products especially premium chocolate products. Mondelez should manufacture and market premium chocolate products and cater to the Australian market (Tan et al., 2015). The people of Australia are increasing emphasising on sustainable products and are ready to pay for them. Mondelez should market sustainable chocolate products to cater to the Australian market (Wee et al., 2014). Macroenvironmental Factors Issue Opportunity or Threat identification Information Source Political/Legal Free market and lower tariif policies Opportunity aph.gov.au, 2017 Economic Falling Australian Dollar Opportunity Beattie, 2017 Social Risisng demand for premium chocolate Opportunity Nieburg, 2017 Technological New manufacturing plants and advanced technology Opportunity Lynch Jin, 2016) Culture Love for premium chocolate products among the Australians Opportunity Tan et al., 2015 The graph shows that Cadbury by Mondelez leads the chocolate market of Australia with its two direct competitors Kit Kat by Nestle having 17% share and Mars at 9%. Their strength lies in their power to cater the needs of both the premium and low variant consumers. The two dimensions which consumers consider while making purchase are variety and available. The weakness of the competitors is their inability to produce a variety of chocolate products which Mondelez can produce. The perceptual map below show the competitors of Mondelez International, the Y axis shows wide choice and the X axis shows variety. The figure shows that Mondelez International ranks highest in the consumers minds according to the two parameters. Evaluation of the Companys Internal Capabilities and Core Competencies: Mondelez International is a multinational company catering to global consumer base. The company is present in over a hundred countries which gives it a huge competitive advantage. Product line consists of a variety of premium products. The company manufactures Cadbury which comes in both premium variants like Bournville and low priced variants. The company also owns Vegemite, Ritz, Belvita and other brands worth billions. The company is financially strong with a net revenue $26 billion in 2016. The company has acquisitions like Cadbury worth billions of dollars which has given the company its innovative product line. The product line helps the company to form a strong marketing strategy. The company follows strategic human resource management in all the location it operates in. The company is an international employer and employs people all over the world. Mondelez International Australia employs more than 2000 employees who attribute tit with itstalent and competitive advantage. Comes under criticisms due to high calorie and sugar content in the products which affects the marketing strategies of the company. Product line limited to food products. Opportunities: Expand product line towards other products like home care, electronic and so on. Introduce low calorie products like Coca Cola. Enter into organic product market by new organic chocolate products. Enter new markets Faces stiff competition from substitutes like coffee. Fcaes stiff competition from other multinational companies like Nestle and Unilever. Faces threat from new entrants in all its markets like local chocolate companies. Conclusions: The study shows that Mondelez International Australia and New Zealand is a big multinational companies which encounters various macroeconomic factors like political, economical and so on. The company is financially very strong and has a very strong product line. The products of the company dominate the market but face stiff competition from other multinational food manufacturers like Nestle. The following recommendations can be made for the companys future: Mondelez should expand its product portfolio in order to gain more competitive advantage. This will generate more revenue and better the market position of the company. The company should enter the market of the organic products and introduce organic chocolate products. This will help the company to attract more premium customers which will yield higher profit. References: 2017 Fact Sheet. (2017). mondelezinternational.com. Retrieved 28 April 2017, from https://www.mondelezinternational.com/~/media/MondelezCorporate/Uploads/downloads/mondelez_intl_fact_sheet.pdf Australian Bureau of Statistics, Australian Government. (2017). Abs.gov.au. Retrieved 28 April 2017, from https://www.abs.gov.au/ Beattie, D. (2017). The fall in the Aussie Dollar. Canstar. Retrieved 28 April 2017, from https://www.canstar.com.au/travel-credit-and-debit-cards/the-fall-in-the-aussie-dollar/ Brandenburg, M., Govindan, K., Sarkis, J., Seuring, S. (2014). Quantitative models for sustainable supply chain management: Developments and directions.European Journal of Operational Research,233(2), 299-312. Cadbury Bournville | Cadbury.co.uk. (2017). com. Retrieved 28 April 2017, from https://www.cadbury.co.uk/products/Bournville-2400?p=2400 Fletcher, M., Guttmann, B. (2017). Income inequality in Australia | The Treasury. Treasury.gov.au. Retrieved 28 April 2017, from https://www.treasury.gov.au/PublicationsAndMedia/Publications/2013/Economic-Roundup-Issue-2/Economic-Roundup/Income-inequality-in-Australia Gold, S., Kunz, N., Reiner, G. (2016). Sustainable global agrifood supply chains: exploring the barriers.Journal of Industrial Ecology. Hautz, J., Mayer, M., Stadler, C. (2014). Macro-competitive context and diversification: the impact of macroeconomic growth and foreign competition.Long Range Planning,47(6), 337-352. Industry Policy in Australia Parliament of Australia. (2017). Aph.gov.au. Retrieved 28 April 2017, from https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/rp/rp9900/2000RP03#Intro Lynch, R., Jin, Z. (2016). Exploring the institutional perspective on international business expansion: Towards a more detailed conceptual framework.Journal of Innovation Knowledge,1(2), 117-124. More Aussies chomping on chocolate. (2017). Roy Morgan. Retrieved 28 April 2017, from https://www.roymorgan.com/findings/more-aussies-chomping-on-chocolate-201603212333 Nieburg, O. (2017). Social climbers: Aussies plump for premium chocolate. ConfectioneryNews.com. Retrieved 28 April 2017, from https://www.confectionerynews.com/Markets/Social-climbers-Aussies-plump-for-premium-chocolate Tan, H. S. G., Fischer, A. R., Tinchan, P., Stieger, M., Steenbekkers, L. P. A., van Trijp, H. C. (2015). Insects as food: exploring cultural exposure and individual experience as determinants of acceptance.Food Quality and Preference,42, 78-89. Wee, C. S., Ariff, M. S. B. M., Zakuan, N., Tajudin, M. N. M., Ismail, K., Ishak, N. (2014). Consumers perception, purchase intention and actual purchase behavior of organic food products.Review of Integrative Business and Economics Research,3(2), 378.
Tuesday, December 3, 2019
Maslow And Dostoyevski Maslow suggested that a person lacking food, love, and self esteem would most likely hunger for food the most. Yet on the other hand the novelist Dostoyeski viewed this issue in an entirely different matter. He wrote that without a firm idea of himself and the purpose of his life, man cannot live even if surrounded with bread. These are two very debatable points in which may be argued upon for years. First of all, I would like to share my view of this issue as a whole. I believe the point that the novelist Dostoyeski made, (that a good life is more cravable than food,) is more likely to be true in most matters. The reason I think this way is because I couldn`t see myself not having a plan on what to do next in life. I always have to have an idea in mind about what is going to come up next in my life or I will have a horrible feeling of unsecureness and probably not be a very stable person. A good example of this is college. I have know clue what I want to be in life but I am sure that in a couple years down the road from now I will be studying hard in college working on a future career. Knowing this always makes me feel good about myself. Furthermore, I always have to know were I stand whether it be in a popularity status, school status, or even a family one! With out a firm idea of those issues I would probably go crazy and not even know what the word food meant. So in conclusion to Destoyeski quote, I believe that everyone has a place and a purpose in life, yet if a person doesn`t know were they stand or their purpose in life who are they And this is why I believe that knowing yourself, your standards, and goals is more important critically speaking because without those all you would have in your life is food! Secondly I would like to lay a few points down on why I believe Maslow`s point is less valuable than Dostoyevski. I believe that Maslows point is to be more literally taken. Without food of course we can not survive. Hunger is a natural instinct and our mind just automatically says to us, you must eat, and gives you a strong feeling of hunger. Knowing were you are going in life, were you stand, and who you are, is very important because not knowing were you are going in life, were you stand, and who you are, will leave you with just one thing. (FOOD) So in conclusion to the two issues I wrote about, I strongly have to go with Dostoyevski`s point just because life is all about going places, even if it is just going out onto the street and living as a bum. Allot of people set goals yet never quite accomplish them. That doesn`t mean their life is meaning less, it just shows that their life is lacking motivation. And so that is why I think a meaning less life would be a lot worse than starvation.