Thursday, 28 April 2016

Cima E1 Exam Question No 61

Question No 61:

When government regulation and restriction is absent the effect is

A. Protectionism.
B. Economic nationalism.
C. Liberalisation.
D. A mixed economy.

Answer: C

Sunday, 24 April 2016

The Chartered Institute of Management Accounting: Major Step in Professionalising

The Chartered Institute of Management Accountants (CIMA) has sponsored the creation of the first accounting standard for world management, encoding a universal framework for best practice in decision-making.

PAS 1919: 2016 Guide to the principles of management accounting was published this week by the British Standards Institute, with the participation of organizations, including Sky, the Environment Agency, Fujitsu, Siemens and the NHS. It is intended as a guide of good practices for accounting management, organizations assess their role of financing and unlock the full contribution that management accounting can afford.

Tony Manwaring, executive director of CIMA, foreign affairs, said: "In the environment of rapid and difficult today, it is essential that organizations from all sectors, geographies and of all sizes can make decisions about driving success short, medium and long -term. PAS 1919 provides a better framework in its class to allow the leaders of the public and private sectors and the third to do so.

" The specification is based on accounting principles Global Management, created in 2014 by CIMA and the American Institute of Certified Public Accountants"

CIMA is currently testing a diagnostic tool self-assessment based on the principles and SAP, to be launched later this year, which will provide a practical resource for diagnosing the effectiveness of management accounting in organizations, large and small .

Tony Manwaring said: "As management accounting moves into its second century, our principles are the framework that provides information in organizations is influential, relevant and supports the analysis of a foundation of trust in business in a way that It enables organizations worldwide to create and preserve value. "

Thursday, 21 April 2016

Cima E1 Exam Question No 60

Question No 60:

Which ONE of the following characteristics is NOT normally associated with a Non-Governmental Organisation (NGO)?

Furthering humanitarian causes
Championing social causes
Making profits
Exercising independence

Answer: D

Thursday, 14 April 2016

Cima E1 Exam Question No 59

Question No 59:

Under an ABC inventory management system which ONE of the following items should be monitored most closely?

'A' classified items
'B' classified items
'C' classified items
All items equally

Answer: D

Sunday, 10 April 2016

IFRS Seminar at GITAM

VISAKHAPATNAM Gitam Institute of Management (GYM) in partnership with the Association of Chartered Certified Accountants (ACCA), is organizing a one-day seminar on "International Financial Reporting Standards (IFRS)" on the campus of the Gitam University in the city 12 of April. The seminar is organized for most countries worldwide adoption of IFRS as its reporting standards to improve the quality of information.

In a statement, the main GIM K Sivarama Krishna said the global movement of IFRS represents a major change for many companies worldwide.

"So far, IFRS are mandatory in more than 100 countries around the world. India has issued its own accounting standards IFRS equivalent, called Ind-AS to be implemented from April 1, it makes it essential for professionals financial in India to understand the accounting standards under Ind-aS and practical issues related to demand, "he said. These standards will continue to evolve, he added. In addition to covering the different aspects of IFRS, the seminar will also focus on the important differences between IFRS and the corresponding IND-AS in each module.

The keynote and sessions will be delivered by Milind Date B has more than 27 years of experience as convenient and cost accounting, and to conduct training in the areas of finance, analysis and financial reporting, IFRS for corporations and students studying in India, the UK, China, Sri Lanka, Bangladesh. It is expected that the executives working in finance and accounting, auditors, academics and researchers in the field of finance and accounting, as well as students to participate in the seminar. Registration is available on site from 08:30 on the site, for a small fee.

Thursday, 7 April 2016

Cima E1 Exam Question No 58

Question No 58:

Which ONE of the following is NOT a macroeconomic factor?

The relationship between price and demand in a particular market
Price inflation
Levels of savings and investment
Unemployment amongst young people

Answer: A

Sunday, 3 April 2016

Why I’m Optimistic about the Profession’s Future

Making the case for the proposed AICPA/CIMA association

The American Institute of Certified Public Accountants has recently submitted a proposal with the Chartered Institute of Management Accountants to create a new partnership accounting, while preserving the bodies of members of the AICPA and CIMA. Some might say, "What is the need for" The profession is still well with key business leaders: 87 percent say that the protection of children are valuable to your organization, according to a survey, the number of graduates accounting States. UNITED is increasing. and the institute itself continues to grow in the composition, with the emphasis on services, benefits and promotional activities.

In general, the CPA profession seems to be doing well. and there is that perception - we are thriving.

The question, however, is not our strength at this time. It is the next year and a year later, and decades on the line. I live in a state of rabid hockey, Minnesota, and I'm sure many of you are familiar with the appointment of Wayne Gretzky: "I skate to where the puck is going, not where it was" no questions -. with the speed of the changes we see in business and our profession - the puck moves and you have to understand where it will end?

I'll give you my opinion on the proposal AICPA, CIMA. I represent the interests of small farms for the AICPA, but my ties with the profession that goes beyond the title to the door of my office. I found a small firm tax, audit and consulting for many years. My wife is a CPA who works in an office Top 500, and one of my daughters is a CPA with a small business. I have other family members who are accounting in business, industry and government. So in terms of trends and issues in accounting, I covered.

In my opinion, the AICPA has done a great job in the service of the US accounting profession. And will continue to do so regardless of the outcome of this proposal. But members of the AICPA in public accounting practices will be in a better position if the proposal beforehand. Here's why:

More international influence. For me, this is a critical point. In my small business, many customers had direct links to markets in Europe and Japan. Its international activity has a direct impact on our business to meet their financial needs and tax. The possibility that CPA firms small and medium enterprises to compete at home and abroad continues to grow, thanks to technology and specialization. So having a say in international accounting issues is essential.

But even companies who do not work outside the United States should be concerned to see their interests represented on the international scene. Our accounting standards can be the envy of the world, but do not exist in a vacuum. We have seen in the debate on the reconciliation of GAAP to IFRS that there are issues such as revenue recognition and lease accounting that have no easy resolutions. It is essential, however, that we are in conversation - sitting on the bench means binding rules may be more common abroad, and the impact of regulation we have here in the country.

The evolution of the firm services. Focus on the values ​​of the basic skills of management accounting and CPA are not antithetical embracing - are complementary and reflect what is happening in the market. small CPA firms, for example, that specialize in the CFO outsourcing, business process outsourcing consulting or other work have told me they often need some accounting management of their personnel to support these practices. The new partnership accounting reflects a pooling of forces.

improved resources. With technology, demographics and other forces, the business environment is changing rapidly. Overall, the AICPA and CIMA may be more effective and maintain member before these changes are focused on the market. They have more agility to anticipate and respond to trends in all areas of practice, providing the resources, vision and education that will help members to better serve customers and companies.

Continued emphasis on the importance of the CPA credential. It is important to remember that the new partnership would preserve the bodies of the two organizations. AICPA members still have represented their interests vigorously by the Institute in the United States, with initiatives such as improving the quality of the audit, the analysis of the practice of future learning and improvement of the CPA exam are still not stop. The AICPA will continue to be led by the APC and remain steadfast in their commitment to protect, promote and brand growth and pipe CPA CPA. AICPA members simply have additional membership in the organization CIMA no additional cost annually.

The joint venture is just the latest step in what the AICPA has done from the beginning: the expansion of resources, improving the quality of services that promotes the necessary change. There are ongoing initiatives for a wide range of APC and the quality of support and professional excellence. I am convinced the AICPA members who take the time to weigh the options will reach the same conclusion and vote "Yes" in the new international association.