The Institute of Cost and Management Accountants of Bangladesh (ICMAB)
is a leading professional body in Bangladesh that offers professional
qualification in Cost and Management Accountancy, with a focus on
accounting for business. ICMAB programme has been designed to meet the
evolving needs of business today and tomorrow. The Institute is a
statutory constituted by the government -under the cost and management
Accountants Ordinance 1977 (Ordinance No. LIII of 1977) and regulated
under the cost and Management Accountants Regulations, 1980 (as amended
upto date. It is managed as an autonomous professional body under the
Ministry of Commerce. Apart from education, it is also engaged in
regulating and promoting the profession of cost and management
accounting in Bangladesh. The Institute of Cost and Management
Accountants of Bangladesh is the only national institute of the country
imparting training and education in the field of cost and management
accounting. It has branches. in Chittagong, Rajshahi, Comilla and Khulna
along with its main branch in Dhaka. The Institute. is managed by a
National Council of 16 members. It is a member of the International
Federation of Accountants (IFAC), Confederation of Asian and Pacific
Accountants (CAPA), and South Asian Federation of Accountants (SAFA).
ICMAB members are known as CMAs with their designatory title ACMA and
FCMA. They play leading roles in the accountancy and finance profession
in Bangladesh. 30% of members live and work in UK, USA, Canada,
Australia and Gulf Countries.
The Institute of Chartered Accountants of Bangladesh (ICAB)
The Institute of Chartered Accountants of Bangladesh (ICAB) is the
National Professional Accounting Body of Bangladesh established under
the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2
of 1973). The Ministry of Commerce, Government of the People's Republic
of Bangladesh is the administrative Ministry of ICAB. The mission of
ICAB is to provide leadership in the development, enhancement and
coordination of the Accountancy Profession in Bangladesh in order to
enable the profession to provide services of consistently high quality
in the public interest. It is a member of The International Federation
of Accountants (IFAC), The International Accounting Standards Board
(IASB), The Confederation of Asian and Pacific Accountants (CAPA) and
The South Asian Federation of Accountants (SAFA). ICMAB members are
known as CAs with their designatory title ACA and FCA. They perform
management consultant and professional services involving auditing or
verification of financial transactions, books, accounts or records, or
preparation, verification or certification of financial, accounting and
related statements.
Difference between Put Option and Call Option
Options
•
An options give the holder (firm) the right (not
the obligation) to buy or sell an asset in the future at an agreed upon price
today.
Difference between Forward Contract and Futures Contract
Forward Contract
• These are agreements where 1 party agrees to buy
a commodity at a specific price on a specific future date and the other party agrees to sell the
product.
•
Goods are actually delivered under forward
contracts.
•
Forward contract is a tailor made futures
contract that is not traded on a organized exchange.
• Unless both parties are morally and financially
strong, there is a danger that 1 party will default on the contract, especially
if the price of the commodity changes markedly
after the agreement is reached.
Financial Ratio Analysis Formula
Financial statement analysis can provide clues to underlying conditions that may not apparent from individual financial statement components.
Significant business decisions are frequently made using one or more of the analytical tool. Here illustrate a number of analytical tools that help business decision maker obtaining business objective.
Cost Accounting Planning & Control by Adolph, Usry
Book Name: Cost Accounting
Planning & Control
Authors:
- Adolph Matz phd
Professor Emeritus of Accounting
The Wharton School
University of Pennsylvania
-Milton F. Usry phd, CPA
Regents Professor of Accounting
College of Business Administration
Oklahoma State University
Accounting Principles by Weygandt, Kieso & Kimmel
Book Name: Accounting
Principles
Authors:
-Jerry J. Weygandt Phd. CPA
Arthur Andersen Alumni Professor of Accounting
University of Wisconsin
-Donald E. Kieso Phd. CPA
KPMG Emeritus Professor of Accounting
Northern Illinois University
Dekalb, Illinois
-Paul D. Kimmel Phd. CPA
Associate Professor of Accounting
University of Wisconsin Milwaukee
Milwaukee, Wisconsin
Publisher: John
Wiley & Sons Inc.
Managing Accounting by H. Garrison, W. Noreen & C. Brewer
Book Name: Managing Accounting
Authors:
-Ray H. Garrison D.B.A CPA
Brigham Young University
-Eric W. Noreen, Ph.D, CMA
Professor Emeritus
University of Washington
-Peter C. Brewer, Ph.D., CPA
Miami University-Oxford, Ohio
Limitations of Backflush Costing
This system does not strictly adhere to Generally AcceptedAccounting Principles (GAAP). For example, work in process exists, but is not
recognized in the financial statements.
Costs & Benefits of Backflush Costing
‘Backflush Costing’ by organization manufacturing in cells,
reducing defects and manufacturing lead time, and ensuring timely delivered of
materials, enables purchasing, production and sales to occur in quick
succession with minimum inventories.
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