Jerika Soriano

   Enhancing Financial Reporting with XBRL - A Game-Changer for Ozment's Corporation Introduction In today's fast-paced business world, accurate and timely financial reporting is crucial for informed decision-making. Ozment's Corporation, like many other companies, faces challenges in producing reports manually, leading to delays and potential inaccuracies. To address this, the Systems Department has proposed the development of a proprietary software package. However, John Ozment, the director of special projects and analysis, is curious about XBRL (eXtensible Business Reporting Language) and its potential as an alternative reporting system. In this blog, we will explore the current state of XBRL, its appropriateness for internal reporting projects, and the benefits it could offer to Ozment's Corporation. 1. The Power of XBRL for Internal Reporting Projects a. Understanding XBRL : XBRL is an open international standard for exchanging business and financial information b

  CMA-Adapted Responsibility Accounting - Improving Performance and Accountability in Family Resorts, Inc. Introduction In the competitive world of hospitality and vacation hotels, effective management and financial control are crucial for success. Family Resorts, Inc., a prominent holding company for vacation hotels, has been using responsibility accounting to evaluate the performance of its managers and ensure the company's profitability. In this blog, we will explore responsibility accounting, its benefits for a company like Family Resorts, and the advantages it offers to managers within the organization. 1. What is Responsibility Accounting? Responsibility accounting is a management control system that divides a company's activities into various segments or responsibility centers. Each center is assigned to a specific manager or individual who is responsible for its performance. These managers are held accountable for the results achieved within their designated areas, and