Financial Accounting Concepts And Practices - 958 Words

Arab Open University B291: TMA – 2nd Semester 2016-2017 About TMA: The TMA covers the financial accounting concepts and practices in the businesses. It is marked out of 100 and is worth 20% of the overall assessment component. It is intended to assess students’ understanding of some of the learning points within Books 1 to 5. This TMA requires you to apply the course concepts. The TMA is intended to: ïÆ'Ëœ Increase the students’ knowledge about the reality of the accounting as a profession. ïÆ'Ëœ Assess students’ understanding of key learning points within Books 1 to 5. ïÆ'Ëœ Develop the ability to understand and interact with the nature of the financial statements in reality. ïÆ'Ëœ Develop students’ communication skills, such as memo writing,†¦show more content†¦Today, Almarai is the largest vertically integrated dairy company in the Middle East. During the early 1990s, Almarai entered a period of restructuring and reinvestment that took it from a decentralized to a centralized structure. Five decentralized processing plants were replaced with a central processing plant. Also ten small scattered dairy farms were replaced with four large dairy farms in Al Kharj in the central region. 2005 brought many developments for Almarai, a second larger central processing plant was commissioned, incorporating a new cheese plant, two new super-farms were commissioned and Almarai a publicly listed company that has around 70,000 shareholders. Access the Al Marai home page at: https://www.almarai.com/en/ Access to â€Å"Investors† then â€Å"Annual reports Financial information†, and then finally download â€Å"2015 Annual Report in PDF form†. You can directly access the annual report on the below link: https://www.almarai.com/en/investors/financial-information, and download the Annual report 2015 in PDF format. Instructions Use the 2015 Annual report of Al Marai to answer the following questions: 1- The presentation of financial accounting information is governed by a combination of legal requirements and accounting regulations and conventions. Different types of business entities are governed by different requirements for the preparation of financial statements. Discuss the different elements of financial statement and supportShow MoreRelatedThe International Integrated Reporting Council Essay1613 Words   |  7 PagesIntroduction This essay has been requested by the one of the Big 4 accounting firms in New Zealand, in which they include Deloitte, Price Waterhouse Coopers, KPMG and Ernst and Young to prepare a contextual essay in relation to Integrated Reporting (). In this document, it will pay specific attention to explaining what is , it’s emergence and deliver a reasonable judgment as to whether it should develop the new form of regulated accounting practice in New Zealand within the next 5 years for KPMG. The paperRead MoreEssay about Discuss the Need for Regulation in Financial Reporting1524 Words   |  7 Pagesfor Regulation in Financial Reporting There is a need for regulation in financial reporting because of a number of reasons. There are several major user groups of financial reporting, some of which include equity investor groups, employee groups, analyst adviser group, the government, the public and other stakeholders. These different stakeholders however, need to be able to interpret and use financial information in a systematic way in order to make the necessary financial decisions. 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Reliability Principal The reliability principle is the concept of only recording those transactions in the accounting system that you can verifyRead MoreBasic Accounting Concepts and Business Structures971 Words   |  4 PagesBasic Accounting Concepts and Business Structures Shannon Goshert ACC 537 July 25, 2010 Angela Rose Abstract Basic accounting concepts and business structures go hand-in-hand. Usually the business structure will determine the type of accounting concepts it will use. Generally accepted accounting principles (GAAP) are needed for effective accounting information. Basic Accounting Concepts and Business Structures Basic accounting concepts and business structures are important to a business’sRead MoreHomework Week 1 Accounting984 Words   |  4 Pages1-2. 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Essay on Proof of the Existence of Evolution - 639 Words

Since the publishing of Charles Darwin’s Origin of Species, where the theory of evolution has arisen from, people have debated Creationism versus Evolution. Through supporting facts and statements the theory of evolution will be defended as being more than just a theory, and proven as fact. Evolution as a fact is reinforced through; scientific studies on DNA, genetics and its mutilation, the Fossil Record and the change in earlier species that has been found, and finally the distribution of related species of animals over a broad geographical range. What is a Fossil? â€Å"Fossils are the mineralized remnants or impressions of once-living organisms† (www.actionbioscience.org) Which means â€Å"the remains of plants and animals from the past that†¦show more content†¦Bones, which over time will fully encase, and form a fossil. Each layer of sedimentary rock contains fossils which are typical for a specific time period during which they were made. This fossilization easily allows us a â€Å"window to the past† of how organisms have grown more complex, physically, and biologically, and gives us clear proof of the Evolution Theory. Thus confirming that over time life has grown more complex and changed over time. Moving on from Fossil Records giving dated proof of the occurrence of Evolution, is the similarities of species over a large geographical reason. Geographic distribution of related species and the similarities of animals over large regions of land also proves that Evolution is true. Animals have adapted and evolved over time so that they can become suited to the environment around them. For example birds beaks have evolved from species to species based on the diet needs and the food available in each region. A species population may change over time by Genetic changes. These Genetic Changes often include visible differences, and different instincts to adapt to a different habitat. As the bird beak example above, the bird developed distinctly to attain food easier in different habitats. Species of animals over many, many years will adapt to their surroundings. These Genetic Changes are created by DNA mutations. Mutations occur when something goes wrong in creating DNA. This then gives way to the idea of NaturalShow MoreRelatedThe Argument Of God s Existence1737 Words   |  7 Pagesrefute Gods existence altogether. However for this particular paper I will be taking the best explanations approach. What I mean by this is I do not have proof of God’s existence but the existence of God is the best explanation for the universe around me. With this statement in mind we will discuss arguments in support of God’s existence as well as philosopher H.J McCloskey’s article On Being an Atheist. Within McCloskey’s article he refers to three well known theist arguments as proofs the cosmologicalRead MoreUsing Proofs to Establish a Case for Gods Existence: McCloskey1374 Words   |  6 PagesIn the argument with McCloskey about using â€Å"proofs† to establish a case for Gods existence I would first agree with McCloskey that we should not use â€Å"proofs† for Gods existence since â€Å"proofs† cannot be a 100% proof of Gods existence. But there are two arguments that can help explain the existence of God. The first is the best explanation approach which is the best explanation for the things we witness. Another classical argument is cumulative case approach, in this approach we use more than oneRead MoreThe Question Of God s Existence1575 Words   |  7 PagesSusana Stewart Instructor: Dr. Michael McDowell Course: PHIL 201 Date: 12/13/2015 INTRODUCTION The question of God’s existence has been challenged by many philosophers and non-philosophers alike over the years. If I am honest with myself, during many hard times I have questioned Gods existence myself. Arguments that have been used to support the existence of a divine being includes; the cosmological argument and the theological argument. However, there are some who oppose these arguments and philosopherRead MoreAnalysis Of The Article On Being An Atheist 1290 Words   |  6 PagesGod’s existence has been challenged by many philosophers and non-philosophers alike. Arguments that have been used to support the existence of a divine being includes the cosmological argument and the theological argument. However there are some who oppose these arguments and philosopher H.J. McCloskey is among this group. In the article â€Å"On Being an Atheist† written by H.J. McCloskey, he argues that both these arguments are false and insufficient as it relates to â€Å"pr oof† of God’s existence. McCloskeyRead MoreAnalysis Of The Article On Being An Atheist 1558 Words   |  7 Pagesof God’s existence has been challenged by many philosophers and non-philosophers alike over the years. Arguments that have been used to support the existence of a divine being includes; the cosmological argument and the theological argument. However, there are some who oppose these arguments and philosopher H.J. McCloskey is among this group. In the article â€Å"On Being an Atheist† written by H.J. McCloskey, he argues that both these arguments are false and insufficient as it relates to â€Å"proof† of God’sRead MoreAnalysis Of The Article On Being An Atheist 1538 Words   |  7 PagesGod’s existence has been challenged by many philosophers and non-philosophers alike. Arguments that have been used to support the existence of a divine being includes the cosmological argument and the theological argument. However there a re some who oppose these arguments and philosopher H.J. McCloskey is among this group. In the article â€Å"On Being an Atheist† written by H.J. McCloskey, he argues that both these arguments are false and insufficient as it relates to â€Å"proof† of God’s existence. McCloskeyRead MoreMccloskey Responses1660 Words   |  7 PagesResponses Introduction H. J. McCloskey gets most of his strong statements against the belief by asking the atheist to provide sufficient proof that God exists. However, McCloskey is not the only person who is unsure and asks questions God’s existence based on personal beliefs or influence. From the beginning many people have had questions about God and his existence. He wrote numerous books on atheism between 1960 and 1980 including the famous book, God and Evil. This paper evaluates the credibilityRead MoreAnalysis Of The Article On Being An Atheist1136 Words   |  5 Pagesas far to point out this evil in a world the God had made and blames God for it. Due to that fact and other issues, he believes that it is irrational to live by faith. 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McCloskey Essay1233 Words   |  5 PagesMcCloskey utilizes the word â€Å"proof† in his article in an exceptionally loose fashion in an attempt to undermine the Christian argument and thought process. Unfortunately for his case, the universe is a vast undiscovered area made up of time and space that has many mysteries and unknown causes and effects that also do not have any proof. With an entire endless cosmos of creations and beings, it can become difficult attempting to explain the science behind every existence and order. However, it can be

Aid of Project Management Methodology †MyAssignmenthelp.com

Question: Discuss about the Aid of Project Management Methodology. Answer: Introduction Project Management is a discipline that provides the guidelines and measures to the Project Managers for efficient management of the projects, its resources, requirements and stakeholders. There are several methodologies that have been defined for project management, such as Projects In Controlled Environment (PRINCE2), Project Management Body of Knowledge (PMBOK), agile framework for project management and many more. Each of these methodologies has its own set of features, pros and cons. The applicability of a project management methodology to a project is based on numerous factor such as the project size, requirements, resources, critical areas, risk areas etc. The project which is required to be managed with the aid of project management methodology is the project costing bespoke system. There are various phases that are involved in the project like project development, procurement of hardware, implementation and testing, training of users, go live and review of deliverables. Project Management Methodologies Project Management Body of Knowledge Project Management Body of Knowledge (PMBOK) is a project management methodology that organizes the entire project management activities and tasks in five process groups. These process groups include initiation, planning, execution, control and closure (Rose, 2013). The first process group is the project initiation. In this stage, the project is defined at a broad level. The feasibility of the project is evaluated in this stage of the project with the aid of feasibility studies on technical, economical, operational and environmental aspects. A charter document is prepared in this stage to gain approval from the stakeholders on the project go-ahead. The second process group is project planning. It is the phase in which the project goals are defined which shall be SMART (Specific, Measurable, Attainable, Realistic, Timely) goals. There are a number of planning tasks and activities that are carried out in this stage. These include the project estimations in terms of project budget, project schedule, risk assessment, communication planning and resource planning. The scope of the project is defined in this project group with the aid of the scope statement. The list of deliverables and milestones is also defined (Randolph, 2014). The third process group include the project execution that begins with a kick off meeting. The procurement of the tools and equipment is done followed by the design and developmental activities. The plans created in the previous stage are executed in this stage. The next process group include the monitoring and control of the project. It is this stage in which implementation of the project along with the testing of the same is performed. There may be many changes that may come up during the project in terms of the change in the project requirements and specifications along with changes for the project team members. These changes are also managed in this stage. The performance of the resources is also evaluated in this phase and the performance measurement is carried out in this phase. Project control and evaluation is carried out in this stage with the aid of processes as reviews, inspections and walkthroughs (Chou Yang, 2012). The last process group includes the closure of the project. All of the project deliverables are accepted and signed off in this stage by the project stakeholders. The process groups also include the system documentation along with the development of the closure report. The report covers all of the project activities that are carried out during the project life cycle. There are a number of knowledge areas that are managed under PMBOK. Some of the knowledge areas cover integration management, scope management, time management, cost management, communication management, risk management, resource management and likewise. These knowledge areas provide the specific guidelines that shall be followed during the management and organization of a particular project (Jamali Oveisi, 2016). Agile Project Management Another project management methodology that is widely applicable is the adaptive methodology using agile framework. The nature of this project methodology is adaptive whereas most of the other project management methodology are predictive in nature. Agile project management is an ad-hoc project management methodology that is value based in nature. There are no project stages or defined phases that are included under this management methodology. However, there are certain steps that shall be followed under this particular project management framework. It is a value driven approach for project management that allows the project managers to deliver the project deliverables with better quality and accuracy (Juricek, 2014). In the agile project management, there is SCRUM framework that is used. In this framework, there is a product backlog that is present that comprises of all of the project related requirements and specifications. This backlog is created with the aid of the project owner. The management process is carried out in an iterative manner in a series of sprints. Each of these sprints lasts for 2-4 weeks and the managerial activities are accordingly carried out. There are three sets of planning activities that are involved in each of these sprints viz. project level planning, release level planning and iteration level planning (Indelicato, 2016). The planning activities allow the project team members to get details around the project specifications and highlights, project schedule along with the planning regarding the execution of the work sets. There is also a daily sprint meeting that is carried out among all the team members that includes the discussion of the project progress and also aids in the resolution of the project risks and conflicts. There are a number of benefits that are offered by agile project management in terms of its ad-hoc nature. There may be cases during the project life cycle wherein it may become necessary to make sudden changes and modifications. Such changes can be handled with ease using the agile project management methodology. Also, the customers and project owners are kept in close contact during the entire project life cycle. It makes sure that all of the processes being carried out at the managerial level are informed to all the project stakeholders and their valuable feedback is also collected (Rasnacis Berzisa, 2015). The user and customer satisfaction level that is earned using agile project management and its application is usually high. Comparison between PMBOK Agile Project Management Parameter PMBOK Agile Project Management Type Project Management Body of Knowledge (PMBOK) is a methodology for the management of the projects Agile project management is a framework for the management of the projects Management Team Responsibilities The primary responsibility and accountability for the management of the project tasks and activities is on the Project Manager. The primary responsibility of the project management is on the SCRUM master and there are self-managed teams and groups that are involved. Phases and Steps The entire project management activities and tasks in five process groups. These process groups include initiation, planning, execution, control and closure. The management process is carried out in an iterative manner in a series of sprints. Each of these sprints lasts for 2-4 weeks and the managerial activities are accordingly carried out (Gemunden, 2015). Flexibility Change Management The project tasks and activities that are managed as per PMBOK methodology are less flexible in nature. The change control method is also not very flexible and there is a lot of rework that is normally associated with the projects (Matos Lopes, 2013). The level of flexibility that is involved in this case is extremely high. The changes can be easily incorporated in the projects and there is also minimal rework involved. Level of Planning There is an extensive planning that is involved for the entire project that includes project estimations in terms of project budget, project schedule, risk assessment, communication planning and resource planning. The scope of the project is defined in this project group with the aid of the scope statement. The list of deliverables and milestones is also defined. There are three sets of planning activities that are involved in each of the sprints viz. project level planning, release level planning and iteration level planning. Monitoring Activities The project meetings take place on a weekly basis and the monitoring activities are carried out using additional mechanisms such as daily or weekly status reporting. There is a daily sprint meeting that is carried out among all the team members that includes the discussion of the project progress and also aids in the resolution of the project risks and conflicts (Dalcher, 2011). Advantages The methodology is easy to understand and apply as the phases are clearly defined along with the definition of the roles, responsibilities and all the knowledge areas (Saleh Al-Freidi, 2015). It provides a standard process and mechanism for the management of project activities and associated steps. The management methodology is recognized at the global level which makes it easier for the project clients to represent the project at a global scale. The changes can be easily made in the projects leading to the ability to meet the budget and schedule that is estimated for the project. The project quality is high as the business value is kept as the prime focus. The customers and project owners are kept in close contact during the entire project life cycle. It makes sure that all of the processes being carried out at the managerial level are informed to all the project stakeholders and their valuable feedback is also collected. It leads to better customer and stakeholder engagement and satisfaction levels (Serrador Pinto, 2015). Set of Challenges This management methodology may not be applicable in the projects that may be changing frequently. The flexibility and the adaptability is limited in this case. The success criteria is not clearly defined and stated which may make it difficult to track the project success. Ongoing business input is required in this case. Applicability for the Project The project costing bespoke system that has to be developed includes a number of phases as project development, procurement of hardware, implementation and testing, training of users, go live and review of deliverables. There are certain risks that are associated with the project in terms of variation in the quality of the deliverables, schedule and cost overrun, communication conflicts, testing issues, dissatisfied users and damage to the PCs or the servers. The probability of all of these risks is high in the case of this project (Attarzadeh Ow, 2008). There are lesser scope of major changes in the project that may take place. Also, it is extremely necessary to stick to the timeline and the budget that has been estimated. The quality of the deliverables as promised during the planning stage along with the completion of each of the project phases is also necessary. As per the factors associated with the project, the applicable project management methodology that has been recommended for this project is Project Management Body of Knowledge (PMBOK). This project management methodology would make sure that all of the project requirements, specifications and expectations are met (Joslin Muller, 2015). There will also be a number of benefits that will be offered by PMBOK to this project. The set of benefits include the ease of application and understanding as the phases are clearly defined along with the definition of the roles, responsibilities and all the knowledge areas. The Project Manager will have the guidelines and step of actions in case of the project risks and conflicts. There are a number of knowledge areas that are managed under PMBOK. Some of the knowledge areas cover integration management, scope management, time management, cost management, communication management, risk management, resource management and likewise. Conclusion Project management has become a necessary and essential area to be looked after during the project life cycle in the business organizations. It is because of the reason that there ae numerous projects that are required to be managed by the members of the staff at the same time. There are also numerous requirements that are required to be included during the project life cycle. The management methodologies make it easy to attain the project specifications and requirements and also it becomes easier to achieve the project goals and objectives. The selection of the project management methodology shall depend upon the nature and type of the project along with the project factors, such as project resources, project deliverables, project specifications etc. The customer satisfaction levels, type of the customer, nature of the customer, expected project quality along with the scope of changes in the project shall also be considered while making the selection for the project management methodology. References Attarzadeh, I., Ow, S. (2008). New Direction in Project Management Success: Base on Smart Methodology Selection. SSRN Electronic Journal. https://dx.doi.org/10.2139/ssrn.1628611 Chou, J., Yang, J. (2012). Project Management Knowledge and Effects on Construction Project Outcomes: An Empirical Study. Project Management Journal, 43(5), 47-67. https://dx.doi.org/10.1002/pmj.21293 Dalcher, D. (2011). Project management the agile way: Making it work in the enterprise. Project Management Journal, 42(1), 92-92. https://dx.doi.org/10.1002/pmj.20229 Gemunden, H. (2015). Foundations of Project Management Research: Stakeholders and Agile. Project Management Journal, 46(6), 3-5. https://dx.doi.org/10.1002/pmj.21557 Indelicato, G. (2016). Agile for Project Managers. Project Management Journal, 47(1), e4-e4. https://dx.doi.org/10.1002/pmj.21569 Jamali, G., Oveisi, M. (2016). A Study on Project Management Based on PMBOK and PRINCE2. Modern Applied Science, 10(6), 142. https://dx.doi.org/10.5539/mas.v10n6p142 Joslin, R., Muller, R. (2015). Relationships between a project management methodology and project success in different project governance contexts. International Journal Of Project Management, 33(6), 1377-1392. https://dx.doi.org/10.1016/j.ijproman.2015.03.005 Juricek, J. (2014). Agile Project Management Principles. Lecture Notes On Software Engineering, 172-175. https://dx.doi.org/10.7763/lnse.2014.v2.117 Matos, S., Lopes, E. (2013). Prince2 or PMBOK A Question of Choice. Procedia Technology, 9, 787-794. https://dx.doi.org/10.1016/j.protcy.2013.12.087 Randolph, S. (2014). Maximizing Project Value: A Project Manager's Guide. Project Management Journal, 45(2), e2-e2. https://dx.doi.org/10.1002/pmj.21399 Rasnacis, A., Berzisa, S. (2015). Adaptation of Agile Project Management Methodology for Project Team. Information Technology And Management Science, 18(1). https://dx.doi.org/10.1515/itms-2015-0019 Rose, K. (2013). A Guide to the Project Management Body of Knowledge (PMBOK Guide)-Fifth Edition. Project Management Journal, 44(3), e1-e1. https://dx.doi.org/10.1002/pmj.21345 Saleh Al-Freidi, S. (2015). A Unified Project Management Methodology (UPMM) based on PMBOK and PRINCE2 protocols: foundations, principles, structures and benefits of the integrated approach. International Journal Of Business Policy And Strategy Management, 2(1), 27-38. https://dx.doi.org/10.21742/ijbpsm.2015.2.03 Serrador, P., Pinto, J. (2015). Does Agile work? A quantitative analysis of agile project success. International Journal Of Project Management, 33(5), 1040-1051. https://dx.doi.org/10.1016/j.ijproman.2015.01.006