Legal and Accounting Aspects of the Winding-Up Reorganisation

Ceasing the existence of any company requires the performing of certain operations meant to put an end to firm activity and breaking off of its legal person status. These operations are directly connected to company’s liquidation procedures. For the company to perform its debt payment operations, it has to convert its possessions into money. Company liquidation, as a step subsequent to its dissolution, is governed by certain principles which outline the legal status of the firm in liquidation.company dissolution, accounting law, patrimony assets

Cash Flow Analysis on the Example Cormans Ltd. Galati

Finding appropriate ways to use cash flows to achieve financial diagnosis is one of the hardest tasks for financial analysts. Literature stressed the advantages for financial diagnosis users, when using flow information, without offering as many practical ways to achieve it. In a market economy, the enterprise should be regarded as a system that runs through its relations with third parties (investors, creditors, budgeting, suppliers, etc...) relationships which materialize through estate flows. According as these flows take liquidity shape are interested both third parties (for reclaiming of amounts invested and gaining benefits or claiming of some claims), as well as the management unit, for only thus can the system work.cash-flow, IAS 7, functional balance

Cost-Based Decision in Public Sector

Management decision must be based on relevant costs (costs that allow for the best measures for business management), recognized by their forecasting characteristics which records hidden or opportunity costs, social costs and outsourced costs. Correctly predicted a profit is to build costs for possible revenue. The cost is a sacrifice, resource consumption. Because decisions aimed at future activities, the management calls in this respect, detailed information on future costs, some of which are not included in accounting data collection system. The power of decision maker on costs is therefore limited

Comparative Study on Presentation of Statement of Financial Position in the Public Sector

Although it is more than a decade since the elaboration of the first public accounting standards, countries are still reluctant to adopt them, preferring rather an adaptation of national legislation with the provisions IPSASs. Concerns about the necessity and usefulness of the application of International Public Sector Accounting Standards are due to economic influences, cultural, social, which made their mark on philosophy, doctrine and national accounting policies. Although financial statements may appear similar from country to country, there are differences that can be caused by a variety of social, economic and legal factors, and that some countries when setting the national requirements have considered the needs of different users of financial statements. These factors have led to the use of different definitions of the structures of financial statements, such as assets, liabilities, equity, revenues and expenses. Scope and disclosures in the financial statements were also affected. Therefore, this paper intends to emphasize similarities, but especially the differences between the two frames of reference - national norms to international standards - regarding Statement of financial position on a public institution

Legal and Accounting Aspects of the Winding-Up Reorganisation

Ceasing the existence of any company requires the performing of certain operations meant to put an end to firm activity and breaking off of its legal person status. These operations are directly connected to company’s liquidation procedures. For the company to perform its debt payment operations, it has to convert its possessions into money. Company liquidation, as a step subsequent to its dissolution, is governed by certain principles which outline the legal status of the firm in liquidation

Managerial Accounting - A Necessity For Business Success

Managerial accounting is a very useful tool in decision making given that managers need various information about the evolution of the economic within organizations they lead, from detailed knowledge of costs and to modeling the behavior of decision makers. Managerial accounting has therefore become an integral part of the management process by providing critical information for managers who must plan, supervise and decide in a changing business environment, highly competitive, characterized by imperfect information, disparate objectives and control problems within the organization

The Analysis of the Stock Market Performances through Stock Rates in the Context of Listed Companies

In the actual context of the economic globalization, the financing on the financial market hasbecome a modern alternative for the financing from the monetary market, so that the main users of financialinformation will be the investors. The real growth of the activity of one company is best reflected by using thestock growth rates, as they reflect the best argument regarding the fact that the management at the level of theentity was efficient and credible for the future investors on the capital market. Through efficient managementdecisions, the activity within the entity was carried out through commercial profitability and return conditionsand these aspects are seen as appropriate by the market, increasing its credibility in the respective entity

The self-evaluating frame of public functions by benchmarking

Benchmarking (also "best practice benchmarking" or "process benchmarking") is a pr ocess used in management and particularly strategic management, in which organizations evaluate various aspects of their processes in relation to best practice, usually within their own sector. This then allows organizations to develop plans on how to adopt such best practice, usually with the aim of increasing some aspect of performance.Benchmarking may be a one -off event, but is often treated as a continuous process in which organizations continually seek to challenge their practices

Balanced Scorecard – Strategic Management Tool of Performance in Public Institutions

Balanced Scorecard (BSC) is used to achieve an operational strategic vision at all levels of the organization regarding issues related to performance, strategy, communication, resource allocation, decision-making and competitiveness. BSC was created to restrict the limits of traditional financial and management tools and ensure unity of vision and long-term action in an organization. The main advantage of the method consists in guiding managers and departments, human resources, technological and financial resources towards the strategy of the organization. Unfortunately BSC is mainly used in private companies, because high costs and lack of specialists pose a real obstacle in implementing this instrument in public institutions. Our arguments attempts to show that the Balanced Scorecard can be the most appropriate among all the management tools for the public sector

A study on the VAT accounting regime in Romania

VAT is one of the most important taxes in the Romanian fiscal system, both as a public revenues source and a tax evasion issue. Given its social impact it was at times a subject of political and social debate, being at the same time a tool to control the consumption levels. The paper’s aim is to describe the accounting treatment regarding the VAT in Romania. We discuss both accounting and fiscal issues regarding VAT.&nbsp