Exit double entry?
Article Abstract:
The double entry method of bookkeeping, which originated in Italy during the 17th century, is becoming obsolete. New technologies allow items to be recorded as they occur. Computer systems make no distinction between financial and operational data; therefore, no one method can be developed for recording information using a computer. What is needed is a new model for accounting that focuses not on the mechanics of keeping records, but on the qualities that an information system should have. The attributes of this new model are: (1) the data in the records should provide each member of the organization with the information needed to do his job, (2) the data should provide any third party with the information he requires, (3) the records should contain controls that allow users to verify the accuracy of the information in the system, and (4) the system should record data in a timely and accurate manner.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1986
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Result motivated management
Article Abstract:
Zero-base budgeting (ZBB) is a helpful alternative to traditional budgeting techniques because it can be used to demonstrate what results are being attained in exchange for expenditures. Traditional budgeting systems tend to maintain the kind of inertia which typifies large organizations, rather than encouraging consideration of options. ZBB examines the idea of value for money in terms of three subsidiary concepts: economy, effectiveness, and efficiency. Emphasis in ZBB is on defining objectives, quantifying their measurement, developing performance indicators, and making sure that actual performance is comparable to targets.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1987
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Plan to cease, don't cease to plan!
Article Abstract:
Tax planning is an important consideration when a company ceases to trade. Actual cessation of trading ends an accounting period in terms of corporate taxation. Expenditure which stems from cessation of trade is generally not deductible, unlike expenses which are part of carrying on, or winding down trade. The following areas require specific tax planning consideration: employee termination payments, pension contributions, and interest. Stock and work-in-progress, use of trading losses, capital allowances, and capital asset disposal are also discussed.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1987
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