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The increase in the number of touristic hotels in our country, the more selective of tourists as a consumer, the competition from rival countries, the uncertainties and risks in economic, financial and political environment make the cost control in hotels very important. Hotels aiming to profit and to survive in tough competitive conditions offer numerous services to meet the constantly changing customer demands. Strategic cost methods with a focus on cost control and continuous improvement of the services offered to customers provide more accurate cost information based on products, services and customers, and thus provide great benefits to hotel operations in increasingly competitive conditions. The aim of this study is to determine the method of cost calculation of five and four-star hotel firms operating in Marmaris province and to investigate its applicability. In the response of this research, a survey will be done to the hotel managers and the obtained data will be analyzed in the SPSS environment to determine whether the methods used by the enterprises are applicable. It is planned that the study will consist of two parts, except for the introduction and conclusion sections. In the first part, strategic cost methods will be examined from a general point of view. In the second and last part of the study, the applicability of the strategic cost methods used by the surveyed hotel firms will be investigated and the efficiency levels will be revealed.
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Efficiency is a concept related to the usage of the resources. Firms transform their resources (inputs) into new products or services (outputs) by using a process. In this transformation process the firms would take cost advantage by knowing how efficient the reources are used. In this study a textile firm operating in the Aegean Region was taken and the efficiency level of this manufacturing firm was tried to be determined by using DEA methodology. In this context, efficiency measurement of the firms in the past sixteen years was made with the aim of specifying the level of resource usage in each year. Each year was taken as a decision making unit and the inputs and outputs were determined suitably with the production process of the firm. As a result of the efficiency measurement it was found that in which years the firm was efficient and in which years it was inefficient. It was thought that the findings of this study could be helpful for the management of the firm concerning the use of the resources. Furthermore, limitations of the study and future research directions were discussed.
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The aim of the article was an attempt to critically evaluate, in terms of methodology, the phenomenon of widespread use the E. Altman’s method by statutory auditors and court experts for the examination of financial statements. Out of 100 randomly selected opinions of statutory auditors, the Altman’s method was used in 82 cases to assess the risk of bankruptcy of the audited company, usually omitting the criterion of the surveyed enterprises (especially the fact of sector membership and the fact of listing on the Stock Exchange). Numerous errors and methodical simplifications have been shown in trying to apply this method, which reduce the diagnostic reliability of the obtained results, and in extreme cases even disqualify them. The article questioned the reliability of the diagnostic model of E. Altman in the Polish economic conditions, in the bankruptcy risk assessment procedure of economic entities based on financial statements.
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The author systematizes various theoretical approaches to the classificationcharacteristics of the enterprise's property and specifies the types of property,
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The aim of this article is to highlight a series of accounting policy aspects in accordance with the provisions of the Order of the Minister of Public Finance No. 1802/2014 for the approval of the Accounting regulations regarding the individual annual financial statements and consolidated annual financial statements, as subsequently amended and supplemented. Entities must have an accounting policy handbook and develop their own accounting policies for the activities they carry out, including their own procedures for the situations provided by law. They are to be approved by the company’s management or, if a company does not have any mangers, the persons charged with the company’s management. The accounting policies adopted and assumed by an entity’s management are in accordance with the applicable accounting regulations and represent a decisive element in the preparation and presentation of the financial statements that assist users in making economic and financial decisions.
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This study was undertaken to explore the determinants of liquidity in Zimbabwean commercial banks. The research paper was motivated by the persistent high liquidity crunch currently be delving operations of commercial banks. An explanatory research design was adopted to find out variables that determine banks liquidity. An Ordinary Least Squares (OLS) model was developed after testing the variables for stationary to avoid spurious regression using the Augmented Dicker-Fuller (ADF) unit root test. Pearson’s correlation analysis was used to examine the existence of correlation between the repressors and the regressed. The study identified that non-performing loans are highly negatively related with banks liquidity signifying that this variable influence bank liquidity to a larger extent. A positive relationship between bank size and capital adequacy ratio and liquidity was established. Contrary to expectations a positive relationship was obtained between loan growth and banks liquidity. The following recommendations were made. Banks should devise robust credit risk management tools to reduce credit risk, tap into the offshore markets to obtain more credit to extent to their clients and the central banks should speed up the operation of ZAMCO which is meant to take over banks bad debts.
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Non-profit organisations (NPO) are focused on improving civil society and despite the fact that achieving profit does not represent their aim, non-profit organisations are becoming more like companies because they face strong competition in fundraising and the higher demands of their stakeholders for the increased effectiveness. New conceptual frameworks of NPO management emphasise performance management and financial management relying on accounting information. Therefore, understanding of accounting becomes crucial in achieving NPO success. However, as opposed to the companies that employ economists (who are familiar with accounting), NPOs usually lack in these experts and the questions regarding the understanding and the use of accounting information are being raised. Empirical research results indicate that conversance with accounting could be better in NPOs in Croatia. Hypotheses regarding the positive impact of conversance with accounting on decision-making and financial planning are supported.
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Revenues as an inflow of economic benefits in the form of assets increase or liabilities decrease are in the focus of managerial activities of every profit-oriented company. Meeting the business objectives of most companies is evaluated directly by the revenues level or indirectly by using revenue-based financial indicators like return on assets, profit margin, earnings before interests, operating earnings. From the aspect of external stakeholders, the importance of revenues is evident in independent auditor's reports, where revenue recognition is emphasized as a key audit matter in 27% of listed companies in the Republic of Croatia in 2019. In the context of considering revenues as a necessary basis in the business decision-making process, the issue of their recognition in accounting is crucial. With the objective to provide a more robust framework for revenue recognition, ease comparisons in industry, with capital markets, economy, and to offer relevant information to financial statements users in notes to financial statements, the International Accounting Standards Board issued new accounting standard in 2014 which establish the principles that an companies shall apply for revenue recognition from contracts with customers, as well as disclosure requirements in notes to financial statements. The aim is to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. After two years of application of IFRS 15 Revenue from Contracts with Customers the question is what are the effects of the Standard on the disclosure of qualitative and quantitative information in the notes to the financial statements and have more transparent and robust revenue recognition rules resulted in changes in business performance? This paper aims to investigate and evaluate the effects of the application of IFRS 15 Revenue from Contracts with Customers on qualitative improvements in the informative value of revenue disclosures in the notes to financial statements in the Republic of Croatia. In addition, this paper aims to evaluate the quantitative effects of the application of the Standard on the level of presented revenues for the same sample of companies. The sample of enterprises includes about forty enterprises of those industries for which the effect of the application of the new Standard was assessed as the most significant (e.g. telecommunications, construction, shipbuilding). The obtained data were analysed by content analysis method and other applicable methods of inferential statistics.
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The study examined the influence of agency costs on financial performance of listed consumer goods manufacturing companies in Nigeria. This study employed Ex-post facto research design. Ten (10) manufacturing companies were purposively selected based on convenience and availability of annual reports. The period of the study covered five (5) years between 2015 and 2019. Secondary data were used for the purpose of this study. Descriptive statistics such as mean, median, range and inferential statistics such as panel regression analysis (fixed effect) and correlation analysis were used to analyzed the data collected from the annual reports and accounts of the sampled listed manufacturing firms. The findings from this study revealed that there is a positive significant relationship between current ratio and return on asset supported by t-statistics = 5.0684, p-value (0.0268), p-value < 0.05%, it was further discovered that there is a negative significant relationship between administrative expenses and profit after tax margin evidenced by t-statistic = -3.03321, p-value (0.0037), p-value < 0.05%. Therefore, this study concluded that there is a significant relationship between agency costs and financial performance of listed consumer goods manufacturing company in Nigeria. Based on this result the study recommends that managements of listed consumer goods companies in Nigeria should introduce control measures that will assist in reducing administrative expenses and also help to prevent frivolous and unnecessary spending’s. Also, motivating managers will help to increase effort level and in turn brings about improvement in organization current and asset utilization ratio.
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Globalization of business operations has compelled many countries across the globe to adopt the International Financial Reporting Standards (IFRS). However, continuous review of the impact of IFRS adoption is imperative to business stakeholders and accounting standards setters. This study therefore, reviewed the impact of after adopting IFRS on the global relevance of the locally produced financial statements of companies in Nigeria. The study employed a survey research design and made use of primary source of data to obtain responses through the questionnaire. A sample of ninety-six (96) respondents comprising forty-eight (48) accountants and forty-eight (48) Accounting Lecturers was purposively selected based on their availability. Multiple regression models which include regression model summary, analysis of variances (ANOVA) and Pearson correlation were used to analysis the data at 5% level of significant using the Statistical Packages for Social Sciences version 20. Findings from the study revealed that the F-statistics of the ANOVA is positive (4910.868) and statistically significant (0.00 < 0.05.). The study therefore concluded that the IFRS, after its adoption exert positive impact by adding value to the volume of accounting information generated; improving the quality of accounting reports and enhancing global relevance of financial statements in Nigeria. The study recommended that those companies that are yet to migrate to IFRS should do so for them to enjoy the benefits of its adoption.
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Looking back in the last year or two concerning experience with COVID-19, it is clear that teaching in a digital environment in the context of accounting posed a special challenge. It was challenge in terms of organization, creativity and implementation of the whole process to enable students to acquire the same knowledge as in classical teaching. This was particularly demanding for educational institutions that had not previously, at least to some extent, applied certain forms of online teaching.This paper through research conducted on students of the Faculty of Economics, who attended one or more accounting courses in the pandemic 2020/2021academic year, sought to offer answers to questions about the level of student satisfaction with digitally organized teaching and what are the advantages and disadvantages in terms of space for improvement when it comes to accounting teaching in a digital environment.
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The aim of this paper is to present the status of professional accounting education in Bosnia and Herzegovina, including both formal education and the subsequent training, building on that education and providing professional knowledge (technical competence), professional skills, and professional values, ethics, and attitudes. As a framework for reviewing professional accounting education, the paper will draw on key elements of the Global Model of Accounting Education (Watty et al., 2012, 2013 and 2014). The Model is based on the International Education Standards aiming to set the criteria for professional accounting education around the world and ensure its quality and consistency.
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The COVID-19 pandemic has had a significant impact, especially in terms of the many changes in regulatory and policy aspects, and in particular challenges in the accounting and education sectors. The 2020 academic year is considerably different from previous years and institutions, staff, and students are facing complex challenges. In terms of the impact of the COVID-19 pandemic on different countries’ education systems many differences exist. Online learning is an amalgamation of various pedagogical models instead of any one single model. The purpose of this article is to present the impact of the coronavirus on higher education in accounting, the challenges that students face in online learning and evaluating the impact of COVID-19 on the accounting profession.
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In this study, SWOT analysis of distance accounting education with off-campus education, which is one of the formal education methods during the extraordinary pandemic caused by Covid19, was made. For this purpose, the findings of seven studies consisting of quantitative and qualitative research methods on accounting and finance course during the pandemic period; The online education infrastructure was examined in the course process, exam process and communication processes. Objective results obtained from here are SWOT components for analysis; SWOT analysis of distance accounting education was made by classifying them as difficulties, possibilities, strengths and incapacities. According to the results, in summary, although distance accounting education saves time, place and way and provides flexibility in education compared to face-to-face education, motivation in the teaching process is low, it prevents active learning, the ethical level is low in exams, it is biologically unhealthy, it creates inequality of opportunity and asocial weaknesses affect the quality of education. has negative effects.
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The importance of measuring performance in businesses has increased with globalization. During the global crisis periods, the performance comparisons of the companies have become more important due to the more negative effects experienced in the sectors where some businesses are involved. In today's world where digital opportunities are developing, it has become easier to compare businesses with different performance analyzes in a global competitive environment. In this study, the model of using ratios as a tool in measuring business performance is examined. In the financial analysis of businesses, rates are widely used and used as a tool. When evaluating the financial status and activity results of an enterprise, it is seen that the relationships between the items in the balance sheet and income statement are more meaningful. The rates of the business and the Dupont system are also used to measure performance. Ratios, apart from evaluating the past and financial status of an enterprise, make significant contributions to the financial manager and related parties in the evaluation of the financial and performance status in terms of planning and control.
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The paper is aimed at showing the role of the code of professional ethics in shaping the quality of information from accounting and controlling. The idea of codes of ethics for the accounting and controlling professionals has been presented. The three forms of a such codes have been distinguish, i.e. a code of values, a code of practice, and a code of conduct. As empirical testimonies, the globally recognized codes of American and international accountants organizations, and the code of ethics for professional accountants adopted in Poland are presented. These code are based on ethical aspects of personality traits which are important for the reality faithful representation and effectiveness of communication, such as integrity, objectivity, professional competence, due diligence, confidentiality, professional behavior. They combine all three forms of the code of ethics for a profession. They contribute to the transparency of accountants, accounting, and controlling functions. A holistic approach has been adopted, and the method is descriptive-analytical.
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In an era in which technology has advanced so much that people can communicate wherever they are in a variety of forms, the role of communication in company’s activies has increased dramatically. Communication is no longer seen as something which just happens naturally, it has become a strategic instrument which greatly influences the company’s performance. More and more studies have shown that there is a clear connection between communication effectiveness and organizational performance. Under the circumstances, the necessity of assessing communication effectiveness and efficiency is becoming a must for all companies, no matter their size or field of activity. The communication audit is the best instrument that can be used in this assessment. In our study, we are going to describe the communication audit from the theoretical point of view, focusing on principles, stages and implementation. Finally, we will be considering a practical situation in the form of a case study on the Romanian subsidiary of a multinational company.
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The pale Pilsener-style lager beers produced on a massive and craft scale were taken to analyse their basic physicochemical properties (alcohol content, pH, haze, real degree of fermentation) and volatile compounds profiles. The research was carried out using a beer analyser equipment and a headspace gas chromatographymass spectrometry method (HS/GC-MS). The findings showed that in terms of physicochemical and flavour attributes, the quality of craft beers differed to a higher degree from the standard Pilsener beer quality than in the case of industrial beers.
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The present environmental condition indicates the immediate need for sustainable materials containing mainly natural elements for composite fabrication. Encouragement of natural fibers in composite materials can significantly reduce the greenhouse effect and the high cost of manufacturing synthetic fiber-based polymer composites. Hence, this study aimed to investigate the physio-mechanical properties of banana fiber (BF) fiber - based epoxy (EP) composites filled with walnut shell powder (WNP). Fabrication was carried out by mixing and cold pressing with fixed BF proportion and varying percentages of WNP (0%, 5%, 10%, 15 wt. %). The results obtained in the study suggest the mechanical properties of the BF/EP composite were enhanced with the addition of WNP as a filler. This is because the WNP filler occupies the spaces in the composite, which bridge the gaps between the banana fibers and the epoxy matrix; also, the inclusion of walnut powder in the BF/EP composites greatly enhanced their wear resistance. The microstructural properties of the composites were examined by scanning electron microscopy (SEM).
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