Financial Accounting Assignment Example | Topics and Well Written Essays - 750 words

Financial Accounting - Assignment Example 25,000 should be included in the revenue for the year ended 31 March 2013. ?50,000 for the paid goods by Witney limited should be included in the revenue for the year ended 31 March 2013. The amount of the sale of laptops that should be included in the revenue for the year ended 31 March 2013 is the full price for the contract with PC4U Ltd that is ?2,720,000. According to the IAS 18, the amount of servicing should affect the period in which the servicing takes place (Accaglobal.Com, 2013). To provide the true picture of the IBI Ryan Plc Company, adjustment of the amount included in the revenue and profit of the year ended 31 March 2013. The change will reflect a change in the overall profit and revenues for the year ended on 31 March 2013. The actual cost of electrical goods, which should be included in the revenue and profit, is ?25,000. This will less the final profit and revenue for the year ended on 31 March by ?25,000. The goods involved should be included in the closing invent ory. For the sale involving IBI Ryan Plc and Witney, for the sale made on 28 March, the amount of ?50,000 should be included in the revenue and profit for the year ended on 31 March. This entry involves the amount received for the period closed on 31 March. In this way, the company will avoid creative accounting and earning management. According to IAS 18, revenue is a measure of the fair value of the consideration receivable or received. The stated revenue amounting to ?3 million should not be included in the final revenue and profit for the year ended on 31 March. In the transaction, involving PC4U Ltd and IBI Ryan Plc for the sale of laptops should be adjusted. In providing the service for to any purchasers of the laptops over the period to 31 December 2015, the company incurs a cost of ?240,000 per annum. The incurred cost for three years is ?240,000 multiplied by 3 (?240,000 * 3 = ?720,000). The normal margin on the service for the laptops will equate the cost of maintenance (? 720,000) to ?959,999.99. The calculation reads as follow. Hundred percent less 25 percent is equal to 75%. A hundred out of seventy-five of ?720,000 is equal to ?959,999.99. The company will, therefore realize revenue from the sale of laptops amounting to 1,760,000 (?2,720,000-?959,999.99) at the time of delivery and service revenue of ?959,999.99 over the three years following the supply (Unknown, 2013).). The adjustment will reduce the revenue and profit of the IBI Ryan Plc Company to the true picture of the company’s transactions for the five years. The total revenue will read less the exaggerated amount. The false amount is ?3 million for the sale of laptops, ?25,000 involving Witney Ltd, and ?960000 involving PC4U Ltd. The amounts add up to ?3985000. This will now match the analysts’ forecasts for the company. According to the analyst, the company has expected revenue of ?4000 million and operating profit of ?50 million. The finalizing financial statement for the year ended 31 March, which is false following creative accounting and earning management will change to the actual figure. The cause of the irregularity is motivated by the remuneration package of the board of directors, which includes incentive bonus linked to the price of the company’s shares. According to the ISA 18, the transactions should be done to match the revenue. This will include income inflow for the period during the normal activities of the company (raptor1.bizlab.mtsu.edu, 2013). QUESTION 2 Business exploits the loopholes in

Immigration and assylum law Essay Example | Topics and Well Written Essays - 1000 words

Immigration and assylum law - Essay Example UK is considered be a welfare state, where the constitution permits availability of required resources for its citizens and immigrants The UK government has revised its policy in this regard, and the legislators have sought the scrutiny of the process. The objective of the plan is to classify the cases of the political asylum on the basis of their eligibility. The authorities intend to implement a plan, according to which the seekers arte to be distinguished on the basis of deserving and undeserving criteria. The local population have expressed their concern over the heavy influx of political asylums, and the recent series of terrorist attacks and threats in the country has compel the authorities to revise their policies, and to thoroughly investigate the application of the asylum seekers. The government has been involved in the detention of those, whose applications have been approved, and plan to re-interrogate their application. The political asylum are considered to be problematic and homogenous group, and the government understands that it require early resolution so to avoid any chaos. The detention of the po litical asylum is therefore any bold strategy to counter for social disorder. Media has played a crucial role in this regard, the repeated discussion of political asylums, in their reports, and the expenses that government has to incur towards their health, stay and welfare, has therefore put a pressure on the government to review its policies in this regard. (Bauman, 1998) According to reports the security concerns have compel the UK government to take strong action against the asylum seekers, therefore have been incidents in the past where the asylum seekers are found guilty of criminal accusations. Asylum seekers are regularly associated with ‘illegality, racketeering and disregard for sovereign borders’. The media in its report has continuously warned the government