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Accounting Analysis On Managerial Accounting

- Managerial accounting, also known as cost accounting, is defined by the textbook as the phase of accounting that is related to providing information to managers for use within the organization (Noreen, Brewer, & Garrison, 2014, p. 19). Managerial accounting information is aimed at helping managers within the organization make sound business decisions. On the other hand, financial accounting is focused on providing information to individuals outside the organization. Managers rely on cost accounting to provide them with an idea of the actual expenses related to processes, departments, operations or products which are the basis of their budget procedures....   [tags: Management accounting, Cost accounting, Ethics]

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Financial vs. Managerial Accounting

- Financial and Managerial accounting are used for making sound financial decisions about an organization. They provide information of past quantitative financial activities and are useful in making future economic decisions. (Albrecht, Stice, Stice, & Skousen, 2002) The same financial data is used to derive reports for each accounting process yet they differ in some ways. Financial accounting primarily provides external reports for external users such as stock holders, creditors, regulating authority and others....   [tags: Accounting, ]

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Generally Accepted Accounting Principles

- There are general rules and concepts that preside over the field of accounting. These general rules, known as basic accounting principles and guidelines, shape the groundwork on which more thorough, complex, and legalistic accounting rules are based. The Financial Accounting Standards Board (FASB) uses the basic accounting principles and guidelines as a foundation for their own comprehensive and complete set of accounting rules and standards. GAAP is exceptionally useful because it attempts to regulate and normalize accounting definitions, assumptions, and methods....   [tags: Accounting]

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My Career Choice: Accounting

- From an early age, I have always had a keen interest in the world of accounting. From studying Accounting at A-level, I have gained further knowledge into this particular subject of my choice. I am currently studying A-levels in Accounting, Chemistry and ICT. I also done Biology but chose not continue the subject into second year. Each of these subjects has given me many different options to apply for at university. The subject I am most interested in studying at university is financial accounting at various university available to me....   [tags: Accounting, ]

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The Financial Accounting Standards Board (FASB)

- To help accounting professionals easily navigate through 50-plus years of unorganized US generally accepted accounting principles (GAAP) and standards the Trustees of the Financial Accounting Foundation approved the Financial Accounting Standards Board (FASB) Accounting Standards Codification (Codification.) By codifying authoritative US GAAP, FASB will provide users with real-time and accurate information in one location. Concurrently, FASB developed the FASB Codification Research System; a web-based system allowing registered users to electronically research accounting issues....   [tags: Accounting]

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The International Accounting Standards Committee Foundation

- Question one: outline the structure of the International Accounting Standards Committee Foundation (IASC Foundation). The purpose of this essay is to describe the structure of the IASC Foundation. The International Accounting Standards Board (IASB) is organised under an independent organisation called the IASC Foundation. IASC Foundation is a not-for-profit organisation who acts in the public’s interest. Components of the restructured IASB include the Monitoring Board, IASC Foundation, IASB, International Financial Reporting Interpretation Committee (IFRIC), Standards Advisory Council (SAC) and working groups....   [tags: Accounting]

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Theoretical Analysis of Restoration Liability Accounting

- I. Theoretical Analysis of Restoration Liability Accounting Firms in the extractive industry usually follow a general pattern of evaluation & exploration, development, production, and finally rehabilitation of the site. According to the AASB Framework, “A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.” (AASB Framework #49a, 2004, p.22) Looking deeper than just the legal form of the mining asset, the economic benefit from the land in such a scenario where the asset (mining site) is leased or bought would flow to the entity rather than its legal owner...   [tags: Accounting]

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The Purpose of Accounting

- INTRODUCTION The purpose of this document is to describe the nature, purpose and scope of accounting and it deliberately explains the details of each category in accounting. Accounting involves in preparing financial documents of an entity by analyzing, verifying, and reporting this records. It emphasizes its major characteristic role in field of banking and finance, with a mixture of supportive sub topics. Purpose and Scope Main view of this report is to explain how the accounting plays a major role in banking, finance and other sectors of business....   [tags: accounting essays]

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Accounting Career Resorces

- Title Accounting Career Resorces Accounting my field of study The purpose of accounting is to provide the information that needed to make sound economic decisions. It is one of the oldest professions in the world today, and the backbone of any business operation. It is not just about numbers, accounting is about planning. Accounting has many subfields, which includes management accounting, financial accounting, and cost accounting. Accounting can be a prestigious career, but to achieve that prestige you will have pass the CPA (Certified Public Accountant) exam and become a licensed accountant, and with that license you can work in any of the subfields....   [tags: Accounting]

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Five Accounting Concepts

- Accounting in general has many terms that are important to know and understand when dealing in the financial realm. When looking at these terms and understanding how they are implied it is important to remember what the objective of businesses are: to earn a profit and remain out of bankruptcy. To better understand how a company can achieve these objectives we need to understand accounting’s terms and principles first. In order to do that we will look at five concepts that are important to Accounting: Generally Accepted Accounting Principles (GAAP), Contra-Asset Accounts, Historical cost, Accrual Basis vs....   [tags: Accounting]

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Outline the structure of the International Accounting Standards Committee Foundation

- The purpose of this essay is to outline the structure of the International Accounting Standards Committee Foundation. The International Accounting Standards Board (IASB) is organised under an independent organisation called the International Accounting Standards Committee Foundation (IASC Foundation). IASC Foundation is a private sector body, which receives funding in the form of donations from banks and accounting firms. IASC Foundation is a not-for-profit organisation who acts in the public’s interest....   [tags: Accounting]

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Global Issue: Management Uses for Internal Accounting Procedures

- Review of the Subject: Our course focuses on the two main objectives of internal accounting procedures. The two objectives, in no particular order, are decision making and control. “Information about firms’ future costs and revenues is not readily available but must be estimated by managers. Organizations must obtain and disseminate the knowledge to make these decisions. (Zimmerman, 2009, p. 2) At the same time employees’ interests are rarely aligned with those of management. While we would like to think our staff finds great satisfaction in helping us meet our goals the reality is that their objectives are not always our own....   [tags: Accounting]

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The On The Accounting System

- ... Long-term assets deal with real property, plant, and equipment. Prepaid and deferred assets deals with outflows for the upcoming expenses, like payment for a lease or interest in a loan. Prepaid and deferred assets are separable and it is important to know the difference because they have similarities. By knowing payments that have been made more than a year earlier to the cost being charged is known as deferred expenses on the balance sheet as a noncurrent or long-term asset. However, prepaid expense is where a payment has been made less than twelve months before to the cost being expensed and is on the balance sheet as a current asset....   [tags: Generally Accepted Accounting Principles]

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Accounting profit and True Profit

- In first part of the assignments, I have narrowly defined the term accounting profit, forming a technical discussion on the basic accruals concept and the literal difference between accounting profit and true profit. This was portrayed by Hines (1988) as simply ‘measuring the reality’ without questioning who created the reality. Throughout this module, I have developed awareness on the level of sovereignty held by the standards-setters who determine how accounting profit is calculated. Instead of focusing on accrual assumptions, this essay will examine the formulation and implementation of the Conceptual Framework as a whole....   [tags: accounting policies, accounting practices]

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Financial Accounting

- The accounting system we use today started in Venice in renaissance period over 520 years ago. The trade business increased hugely during this time and all the financial recordings had to be written down to help people see how their business is doing. During that time in 1494 the first book about was published in accounting by Luca Paciolli and was called “The Collected Knowledge of Arithmetic, Geometry, Proportion and Proportionality”. He was called “The father of Accounting” and most of his described principles have been used up until this day....   [tags: Accounting]

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History Of Management Accounting And Its Roles

- Introduction Management accounting is a branch of accounting, it is apply accounting and financial management principles to establish, protect, save and raise value in order to deliver this value to stakeholders of private and public enterprises (Bhimani, 2012). The aim of management accounting is to improve enterprise economic revenue, using a series of methods and processing, sorting and reporting the information of financial accounting to make the enterprise management personnel at all levels can planning and control the daily economic activities and to help decision makers to make decisions(Weetman, 2011)....   [tags: Management accounting, Cost accounting]

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The Different Functions of Financial Accounting and Managerial Accounting

- Business requires the appropriation of funds and the analysis of how these funds are and should be used. The primary task of an accountant is to account for all transactions that were done over a period of time for a specific organization and to arrange these facts into financial statements that can be analyzed. The two main types of accounting, financial and managerial accounting are used to evaluate a businesses financial status through financial information that is specific to the audience. Although financial and managerial accounting use similar primary financial statements, the analysis of the documents and the information presented differs tremendously primarily because the financial a...   [tags: accounting, financial, business]

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Accounting and Financial Statements

- In this essay I am going to explain and identify external users of accounting information and give detail on the main characteristics and how these characteristics and the conceptual framework develop the benefits of financial statements for external users. Financial accounting includes information distributed to external users that are not part of the enterprise, e.g. stockholders, creditors, customers and suppliers, although the information is also of interest to the company's officers and managers....   [tags: Accounting / Finance]

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Accounting in Relation to Management Function

- Management accounting can be viewed as Management concerned with Accounting. Basically, it is the study in order to the management of financial accounting, "accounting in relation to management function". This mention the way accounting function can be arranged again so it can be suitable in the background of management movement. The primary task of management accounting is, to reinvent the whole accounting process so that it may work as operational need of the organization. It provides specific information of accounting of present, past and future and this can be beneficial for basis management process....   [tags: accounting, costs, management]

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Accounting Is An Important Aspect Of A Business

- Accounting is a process of organizing and calculating financial data, which specifies the health and productivity of a business or entity. The accounting equation is a process of breaking down financial data into groups, which helps to decipher what a business owns during a specific period of time. The data retrieved from the accounting equation can then be used to build other financial reports that give details about a business’s current financials, cash flows, and profits or losses. Accounting is an important aspect of a business’s operations, because the financial data gathered from the accounting equation and other financial reports dictate what a business can and cannot do....   [tags: Generally Accepted Accounting Principles]

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The Cash Vs. Accrual Accounting

- Every small business must make a choice between two accounting methods, the cash method or the accrual method. The difference between the two is how and when you record income and expenses. In the cash vs accrual accounting debate, most experts recommend the accrual method for businesses, however, there are pros and cons to both and ultimately it 's up to you to decide which is right for your business. An accounting method wherein revenues are recognized when cash is received and expenses are recognized when paid....   [tags: Generally Accepted Accounting Principles]

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The Need for Accounting Standards

- What would financial statements look like if there were no accounting standards?” Accounting standards are a set of principle that govern current accounting practice and are used as a reference to determine the appropriate treatment of complex transactions. Having financial statements in the same format allow them to be compared and in this essay we shall discuss how the accounting standards came about, and why it continues to exist until this very day, as the format of such practice has changed dramatically over the years as they are now used as a reference when problems occur....   [tags: Accounting Standards Research]

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The World Needs International Accounting Standards

- Financial reporting has a responsibility to communicate the economic condition and functioning of an enterprise. This has to be accurate, reliable and comply by the accounting standards. Effective financial reporting is essential in maintaining confidence in an economy and encouraging investors to invest. Towards the end of 2008, the financial sector across the world was becoming increasingly unstable. Lehman Brothers had been declared bankrupt, Various allegations towards accounting standards have been made in relation to the financial crisis....   [tags: Accounting, Finance]

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Accounting Is The Language Of Business

- ... Mark Heil was a former internal audit and internal controller of Micron. Now he is a corporate controller for Micron and was one ever since 2001. Some of the responsibilities of a Controller is to establish accounting policies, prepare external financial reports, prepare registration statements, oversee accounting process and unique transactions. He is proud to be an accountant. He received a bachelor degree in accounting and computer information systems in Boise State University. Many people think that finance and accounting is the same thing....   [tags: Generally Accepted Accounting Principles]

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Abraham J Briloff and Accounting

- It was my pleasure to be given the opportunity to attend the International Conference of Critical Accounting at Hunter College. At the conference, there were many professional international accountants, brilliant college and university professors, and many others who are expertise in the accounting field. All of these accountant professionals shared their experiences in the field, and their researches and findings. However, there was a unique session of this conference, a brief memorial of Abraham J....   [tags: conference, accounting firm, truth]

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Success And Failure Of A Management Accounting Technique

- Chua & Briers (2001, p267) found that success and failure of a management accounting technique is “a fragile construction that turns on the strength of diverse ties tying together many heterogeneous elements.” In their experiment, they found that the ABC model that ultimately succeeded was a hybrid of human and non-human elements and was made to succeed. Conversely, the predecessor to ABC, the ‘plant integrated standard cost system’ (PISCS), ultimately crumbled, not because it did not fit the company’s goals, but because it was not made to succeed (Chua 2001)....   [tags: Management accounting, Cost accounting, Failure]

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The Purpose Of Accounting For An Organization

- “P1 – describe the purpose of accounting for an organisation.” In this task I am going to describe the purpose of accounting, why is it compulsory for businesses and organisations to keep a record of all accounts such as “profit/loss,” the amount of cash spent on “stock”, “bills”, “wages” and numerous other things related to the business that money is spent on . Accounting also covers the cash situation, sales levels, stock levels and credit given to customers as well as their bad debts. “Record Transactions” For a business or organisation, keeping the business records accurate and updated is essential, necessary for the business to run smooth and make as much profit as possible....   [tags: Generally Accepted Accounting Principles]

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The Perspective Of Strategic Management Accounting

- ... Thus Strategic Management Accounting involves dealing with information produced by the management accountants of various Multinational Corporations; which assist them in the decision making process 2. The Multinational Corporation: This report focuses on a particular Multinational Corporation and their decision making procedures from the view point of Strategic Management Accounting. In today’s dynamic business world, it is indeed difficult to control organisations centrally. Considering the corporation operating in 20 countries, it is neither possible for central management to keep track of all the relevant information in particular countries/regions, nor to determine detailed plan fo...   [tags: Management accounting, Management, Corporation]

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Learning Styles and the Accounting Profession

- Every human being in this world is unique and each individual has different ways in which they learn. Learning styles have been formulated over the years to help us recognize the way we approach learning and methods we use to gain knowledge. It is an individual's distinctive approach to learning based on strengths, weaknesses, and preference with a mixture of various styles. In this essay, we will take a look at different learning styles and how they can be implemented and integrated in the accounting profession....   [tags: Business Accounting Learning]

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Accounting Cycle : Steps And Roles

- In this paper the accounting cycle, the steps and roles will be explained and how they benefit a company to use them. The omission of any of these steps will also be explored and their potential damage. Finally financial statements will be explained and their use to both the company and potential investors. The accounting cycle can be described as “the process by which companies produce their financial statements for a specific period.” (Nobles, T. L., Mattison, B. L., Matsumura, E. M. 2014) The first three steps; beginning account balances, journalizing transactions, and posting journal entries are done during the financial period, while the last seven; computing unadjusted balances, enter...   [tags: Generally Accepted Accounting Principles]

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A Cost Accounting System Analysis

- A cost accounting system is a framework used by firms to estimate the cost of their products for profitability analysis, inventory valuation and cost control. Its goal is to advise the management on the most appropriate course of action based on the cost efficiency and capability. Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future. Costing is essential for every organization, as every manufacturing and other department has to be assigned accurate budget for proper operation (Hansen, Mowen and Guan, 2006)....   [tags: accounting, cost control, costing]

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Adapting International Accounting Standards

- Companies in each country have to adapt and regulate their financial statements to certain requirements. They base and format their accounting standards on their national General Accepted Accounting Principles (GAAP) set by security regulators. However, in this modern globalized era, owing to too many financial differences between nations, it is increasingly difficult for entities to compare their financial records and identify trends in their financial position and performance with their competitors....   [tags: Accounting International Business]

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The Purpose Of Cost Accounting

- The overall purpose of cost accounting is to advise top administration and the management team on the most suitable and cost effective methods and actions to employ based on cost, capability and efficiencies of a given product or service. It can be defined as the method where all the expenditures used during execution of business activities are gathered, categorized, examined and noted down (Horngren & Srikant, 2000). Once these numbers are gathered and recorded the information is used to determine a selling price and/or to identify possible investment opportunities....   [tags: Cost, Cost accounting, Costs, Business]

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Generally Accepted Accounting Principles

- Generally Accepted Accounting Principles (US GAAP) are a set of rules for accounting used to prepare and standardize the reporting of financial statements, such as balance sheets, income statements, and cash flow statements. The U.S. Securities and Exchange Commission (SEC) impose these rules on publicly traded and some privately traded companies located within the United States' borders. Although, GAAP is not written into law, the Financial Accounting Standards Board (FASB) sets GAAP. US GAAP designed to make financial statements useful to creditors, investors, and shareholders, providing insight into the financial stability of a company....   [tags: financial statements, income, accounting]

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Accounting Scandal Of Toshiba And Satyam

- ... There are several factors that due to this problem .First,The improper accounting started in financial crisis period under CEO Atsutoshi Nishida in 2008 that soar sharply into Toshiba’s profit and then it continue under next CEO and ended scandal under Tanaka period and Toshiba also fails to account for more than US $100 million in Westinghouse losses involving construction of nuclear power plant in Floria in 2013 . Second ,continuously making loss in recent ,Toshiba’s leadership set unrealistic profit target , known as challenger for business with implication that failure would not be allowed ....   [tags: Fraud, Accounting scandals, Mahindra Group]

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Business Ethics in Accounting

- In the past there [ ] have been several cases in the business environment related to the practices of accountants and auditors who have violated the trust and confidence of public. A number of researches have been conducted to find the potential factors resulting in unethical, biased or inappropriate decision making and judgments by the professionals. The aim of this paper is to review two academic articles and conclude on the reliability of the claims and assertions made by the authors. The research paper of Pflugrath, Martinov-Bennie & Chen (2007) aims to analyze the impact of organizational codes of ethics on the accountants’ and auditors’ judgments and professional decisions making ski...   [tags: Accounting, Business Ethics]

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Staff Accounting Bulletin ( Sab ) No

- Staff Accounting Bulletin (SAB) No. 101, Topic Revenue Recognition’s on the SEC’s website stated Revenue should not be recognized until it is realized or realizable and earned. (SEC 1999) Revenue is realized or realizable and earned is when all of these 4 criteria are met. Number one is Persuasive evidence of an arrangement exits. A substantial transaction that indicates a sale has been taken place. Best evidence of a sale is an arm’s length agreement between the seller and buyer conducted according to the normal practice of both parties....   [tags: Revenue, Generally Accepted Accounting Principles]

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Management Accounting and Algebra

- This may surprise you but, there are many jobs dealing with algebra, three different types of jobs that use algebra are accounting, home health care providers, and credit manager. These different jobs all require knowledge of algebra to be able to solve the problems, and to do daily work that happens within the job. Accountants use algebra to make decisions and such, while health care providers use it on a daily basis to take care of their patient. And credit managers use it to help people with their financial deals and such as....   [tags: mathematics, health care, accounting]

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Is The Accounting Boot Camp?

- ... The accountant and I sit and go through each month why there was a shortage of the expected total for every month. In my perceptive, accounting is all about numbers , budgeting and balancing numbers. In everyday of our lives we practice accountant without knowing . For instance budgeting our money or budgeting our monthly income, writing checks, reviewing our monthly bank statements, and finally make sure our groceries or shopping receipts correspond to what we paid for. I have always love to expand my career in healthcare to one day become a healthcare administrator or consultant....   [tags: Generally Accepted Accounting Principles, Asset]

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Preferences of the Banks in Hiring Accounting Technicians

- Accounting technicians are now creating their names in the accounting firm. They are accounting professionals that could work in all types of organizations and widely employed throughout the public sector, industry and commerce and in private accountancy practices. According to the website of Foras Aiseanna Saothair Training & Employment Authority (n.d) they assist professional accountants in collecting, checking and analyzing financial reports. They could work independently or as a part of a team....   [tags: Accounting Technicians Careers]

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Accounting Scandals: The ENRON Scandal in 2001

- Accounting Scandals: Accounting fraud refers to fraud that is committed by a company by maintaining false information about the sales and income in the company books, when overstating the company's assets or profits, when a company is actually undergoing a loss. These fraudulent records are then used to seek investment in the company's bond or security issues. By showing these false entries, the company attempts to apply fraudulent loan applications as a final attempt to save the company by obtaining more money from bankruptcy....   [tags: corruption, accounting frauds]

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Fair Value Accounting ( Drury & Colin )

- ... With such accurate reporting, based on the market and current value, any decisions and conclusions made by the organization must be correct (Liang, Lihong, and Edward, 1162). An increase in the market value leads to an increase in the financial statements value while a loss would have to be treated likewise. Secondly, it helps to prevent manipulation of the net incomes of a firm as the gain or loss is captured when it occurs. Most financial statements are subject to manipulation of the bottom line figures to serve the interests of the parties involved....   [tags: Generally Accepted Accounting Principles]

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Suggestions to Improve the City Accounting Department

- As a general overview, this paper will cover the challenges of the Accounting Department at the City of Menlo Park. The interest of this short essay or paper lies in the interest on the impact of my future career goals and other personal plans. In my career as an Accountant in a private sector, I worked for many different companies. The difficulty and usual economic instability of private sector had my career goals on a stand-by and merits based on hard-work is often found unrecognizable. Finding a steady job in the competitive private sector was difficult and unrewarding....   [tags: Problems With Accounting Department]

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Cost Accounting Systems, Job Costing And Process Costing

- Process Costing: A How-To Guide There are two main types of cost accounting systems, job costing and process costing. In job costing, each job is tracked separately. For example, a company that install roofs can keep track of each cost separately. They can easily track labor by tracking the total amount of human hours spent of the job and what each person was paid. Materials can easily be tracked by tracking the total costs of supplies needed to complete the job. For job costing the total costs of each job can be easily tracked....   [tags: Costs, Cost accounting, Management accounting]

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The Purpose of Internal Controls in the Accounting Process

- Internal control is the specific procedures used within a company to safeguard its assets from employee theft, robbery, and unauthorized use and enhanc the accuracy and reliability of its accounting records by making fewer mistakes (Weygandt, Kimmel, and Kieso, 2008). There are six principles that are used throughout the industry as standards for such control. They are: 1. Establishment of responsibility 2. Segregation of duties 3. Documentation procedures 4. Physical, mechanical, and electronic controls 5. Independent, internal verification 6. Other controls The first of these controls, establishment of responsibility, is the assignment of responsibility to certain employees....   [tags: Internal Controls, Accounting, ]

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Accounting Treatment Of Gains On Bargain Purchases

- ... It was difficult to value the assets and those valued assets were reduced to zero and gains were recorded for any remaining bargain purchase amount. But when SFAS No. 141 introduced new version, the negative goodwill allocation was referred as bargain purchase amount where the entire bargain-purchase amount is reported as gain in the income statement and is treated as a component of earnings before extraordinary items. In addition the business firms that involve bargain-purchase gains increases its earnings since those bargains are not to be used to reduce the valuations of the assets but to be valued at higher amounts....   [tags: Generally Accepted Accounting Principles]

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Inventory Accounting : A Company

- Paper #6 Inventory Accounting Inventory accounting is exceedingly important to a firm because inventories are a significant asset to the firm both in absolute size and proportion to all of the firm’s other assets. Furthermore, selling inventories more than its cost price represents the main source of a firm’s sustainable income. For a typical wholesaler or retailer there is only one inventory account called the Merchandise Inventory. For a manufacturing company there are three categories of inventory accounts which are Raw materials inventory, Work-in-process inventory and Finished goods inventory (Revsine, Collins, Johnson, Mittelstaedt & Soffer, 2015)....   [tags: Inventory, Balance sheet, FIFO and LIFO accounting]

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Preferences of the Banks in Hiring Accounting Technicians

- Accounting technicians are now creating their names in the accounting firm. They are accounting professionals that can work in all types of organizations and widely employed throughout the public sector, industry and commerce and in private accountancy practices. They are the ones who assist professional accountants in collecting, checking and analyzing financial reports. They can work independently or as a part of a team. As an accounting technician you must work accurately and methodically with figures....   [tags: public sector, finance, accounting firm]

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Accrual Accounting vs. Cash Accounting

- The recording of financial activities in a business is essential in making sure accurate information is provided for decision making. Zafirakis (2005:4) states that "Accrual accounting is the cornerstone of modern accounting procedures." In this essay, the importance of accrual accounting will be considered by looking at how it functions in the Double Entry System and comparing it to cash accounting, another method of gathering financial information. Time and an accurate accounting measurement is what will be considered in determining the importance of accrual accounting....   [tags: Financial Accounting Basis]

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Worldcom Accounting Scandal

- It has been noticed that during the accounting scandal of WorldCom, journal entries in the amount of $150 million and $771 million, respectively, were made by two General Accounting employees – Dan Renfroe and Angela Walter—without detailed support. Although, this was not out of the ordinary at WorldCom, this is not a correct accounting practice as it is against the basic principles of bookkeeping and accounting. This is because detailed support in the form of documentation is the key element in providing support to a journal entry and explains the reason or purpose why the journal entry was created in the first place....   [tags: Worldcom Accounting Fraud]

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An Effective Accounting Method For Cost Management

- Furthermore, it is vital that the company not only use effective cost management, but also adopt an effective accounting method that will help managers achieve goals. Blocher et al (2013) compares and contrast the three types of accounting method that will benefit the firm; Actual Costing Actual costing is the current rate of each activity pertaining to materials and labor to measure production. A firm uses this approach to analyze specific areas of the production process and accounting costs....   [tags: Cost, Cost accounting, Costs, Firm]

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The Accounting Career and Its Contributions to Society

- Since the day we are able to comprehend, our parents have tried to set a good example for us to understand the importance of right and wrong and how to act in many situations. As we get older to attend school, our teachers, family, and friends also influence our daily lives. During our journey to adulthood, we come across everyday challenges of whether to be ethical or unethical in situations we find ourselves in. When entering our career profession, we are taught and trained by the company to understand their ethical codes of conduct, such as in an accounting career....   [tags: accounting scandal, right, wrong, morality]

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Values Of Accounting

- When it comes to choosing a major in college, it is important that you pick a major that you will enjoy working in for the some part of your life. How does one make that decision. There are several different factors that play a role in choosing a major; or there was for me at least. When I looked into business for my intended major the first thing that came to my mind was not if I was going to enjoy working in some kind of business environment because I already new I would like that. Instead I looked at other aspects or values that a business degree offers....   [tags: Business Accounting]

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Principles and Assumptions Used in Preparing Accounting Statements

- Introduction 1. definition of accounting: [2] *"Accounting is a set of principles and procedures relating to the registration and compilation, analysis and interpretation of financial data for the purpose of determining the outcome of business and its financial position". * "A method of recording and tabulating and summarizing operations and financial events and then interpret the results". *Body: 2.Assumptions used in accounting: [1] What assumptions used in accounting is generally predict solutions through experimentation of phenomena to upgrade them to the level of reality through the use of a combination of induction and deduction, and when the results to an acceptable degree of accu...   [tags: Accounting and Financial Management]

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History Of Accounting

- Once upon a time, Luca Pacioli wrote a math book. It was just a little survey and should have been treated like ordinary books of the time and read and then disappeared into historical archives and forgotten. A few brief chapters on practical mathematics made this one special. The time was 1494. Columbus had discovered America just two years before. The author was a Franciscan monk. The chapter on practical mathematics addressed mathematics in business. He said that the successful merchant needs three things: sufficient cash or credit, an accounting system that can tell him how he¡¯s doing, and good bookkeeper to operate it....   [tags: Accounting Accountancy]

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Explain The Difference Between Financial And Management Accounting

- ... 2. Discuss the need for accounting standards and explain how government accounting standards are set in Canada. Having accounting standards is important because it sets a basis for what is acceptable as a credible report. It specifies how to create accountable and understandable clear presentations of transactions and other events in financial statements. In addition, this information will all its audience to use this information for deductive reasoning and future courses of action by providing financial statements that give a candid or honest representation of an organizations financial position....   [tags: Generally Accepted Accounting Principles]

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Technology In Accounting

- Technology is on a fast track and progresses in some fields take place on a daily basis. This does not exclude the accounting sector, where things are not as simple as keeping books to show profit, loss and the balance in the bank. Financial accounting systems have evolved rapidly over the past decade as companies grapple with the challenges of compressed business cycles, rising customer demand and a globalized, expanding customer base. The accounting community is a highly competitive one and in combination with technology things are changing in a very fast pace....   [tags: Business Accounting]

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The Accounting Cycle

- The Accounting Cycle The accounting cycle consists of the following ten steps: 1. Analyze and classify events. 2. Journalizing the event. 3. Posting to the ledger. 4. Taking an unadjusted trial balance. 5. Making adjusting entries. 6. Taking an adjusted trial balance. 7. Prepare financial statements. 8. Complete closing entries and post to the ledger. 9. Take an after closing trial balance. 10. If needed, do reversing entries and post to the ledger. This paper will discuss these steps in detail....   [tags: Business Accounting]

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Overview Of Accounting

- Introduction This test is about an informational presentation to a group of small business owners with no accounting or financial knowledge. It is a report that identify the audiences, purposes, and natures of financial statements and managerial reports. In addition, it will explain the use of financial accounting information in making informed and ethical business decisions. Audiences, Purposes, and Natures of Financial Statements Prior to decide the audience, purpose, and natures of financial statement, it becomes necessary the definition of the words....   [tags: Business Accounting]

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Governmental Accounting Standards Board 67 and 68

- As financial accounting has its set of rules, governmental accounting has its own. Governmental entities in preparing financial statements and related accounting report must follow the rules set by the Governmental Accounting Standards Boards (GASB). On June 25, 2012, in Norwalk, CT, the Governmental Accounting Standards Board has voted two new standards that will considerably change and develop the accounting and financial reporting of public employee pensions by state and local governments. The first one is Statement No....   [tags: Governmental Accounting Standards Board]

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Ethical And Legal Obligations In Accounting

- According to Marshall (2004), "accounting is the process of identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgements" (p. 3). Specifically, financial accounting "refers to the process that results in the preparation and reporting of financial statements for an entity" (Marshall, McManus, & Viele, p. 5). While many entities prepare their own financial statements, firms can also contract with a public accounting firm or a Certified Public Accountant (CPA) to perform services such as reviewing or compiling statements....   [tags: Business Accounting]

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Business Accounting

- Introduction Financial statements What carries out the accounting and financial forecasting of any type of company is financial statement. As for financial statement, it is a financial report or record compiled usually on a quarterly and annual basis which quantitatively provides the indication of an individual’s, an organization’s, or business’s financial status. There are, according to belief of most experts, generally three financial statements such as: an income statement (Pro Forma Profit and Loss), a balance sheet and a cash flow statement....   [tags: Accounting]

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Financial Performance And Basic Investigation Of Accounting Theory

- ... In the year of 2012, the IASB started a joint project to establish a board framework for recognition of revenue based on understandable rule. After 2013, that project is happened to finish and unique standard of revenue recognition seems to be established in early 2014. Revenue performs as a main important tool of financial performance in companies. Many companies make a discussion of the financial report as fundamental brief performance in the financial performance. Companies can easily know the realized gross profit from calculating revenue....   [tags: Generally Accepted Accounting Principles]

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Why Accounting Fraud Is The Misappropriation Of Assets

- In today’s day and age, there is a lot of news that is related to corporate accounting fraud as companies intentionally manipulate their financial statements to show a better picture of their financial health. The objective of financial reporting is to provide financial information about a company to its various stakeholders such as investors and creditors so that these stakeholders can make decisions accordingly. Companies can show a better image of their financial well being by providing misleading information....   [tags: Enron, Fraud, Accounting scandals, Balance sheet]

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Financial Accounting Standards Board For Discontinued Operations

- Reporting of discontinued operations INTRODUCTION The Financial Accounting Standards Board (FASB) has issued guidelines for reporting on discontinued operations April 10,2014. The rule reduce the number of disposal companies must present as discontinued operations in their financial operations in their financial statements. But they also expand the disclosures requirements when discontinued operations are reported. (LLP, 2014) Discontinued operations are company assets or components that have either been disposed of or are being held for sale The standard that has been revised is intended to address the concerns of financial statements users...   [tags: Generally Accepted Accounting Principles]

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1358 words | (3.9 pages) | Preview

Mangerial And Financial Accounting Report

- Managerial and Financial Accounting Report The role of managerial accounting is increasing. These managers have to be able to increase effectively the involvement and size of organizations. These business managers also have to be aware of the rapid growth and enactment of technology. Managers also have to be familiar with the regulatory environment, be able to contend successfully globally and have an increase importance on excellence. When examining the major differences between financial and managerial accounting, we find that with financial accounting the information is reported in statements....   [tags: Business Accounting]

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1129 words | (3.2 pages) | Preview

Accurate Accounting Measurement: Fair Value Measurement

- ... On the other hand, when look at the statement of financial position , the net fair value of financial assets and financial liabilities approximates their carrying amounts as disclosed in the consolidated statement of financial position and notes to the financial statement. The fair value measurement hierarchy classified derivative hedging instrument as level 2. All other financial assets and liabilities carrying amounts are a reasonable approximation of fair values as they are short term trade receivable and payables....   [tags: historical cost accounting, liability]

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Personal Principles And Principles Of Financial And Accounting Principles

- In today’s world being able to understand and identify financing and accounting principles is important to a person’s current and future success. One must be grounded by their own principles that are intertwined with the biblical and professional background. This will allow individuals to always keep God first, communicate on a professional level and be able to help others. The following paragraphs will discuss my personal principles, biblical principles and professional principles as pertaining to financial and accounting principles....   [tags: Generally Accepted Accounting Principles, Finance]

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1236 words | (3.5 pages) | Preview

Accounting For Income Taxes

- According to Accounting Theory: Contemporary Accounting Issues by Evans, accountants have developed two alternative approaches to accounting for income taxes, which are the cash method and the allocation method. The cash method is described as a simple and direct approach. The amount of income taxes actually paid for the year is reported on the Income Statement. The amount comes from the firm's income tax return and fit is not adjusted in any way. Therefore, the firm's actual transaction to record its income tax liability is the basis for the amount of the income tax expense reported on the Income Statement....   [tags: Tax Accounting]

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Accounting and Finance

- Abstract A largely accepted language is required for a business or organization to effectively communicate its results and position to stakeholders, which is why accounting has come to be known as the "language of business". Accounting is really the means for providing financial information to others. Financial analyst then take the data the accountants have compiled in the form of reports, and make educated guesses at what their company should do next. David ballast (1996) stated, "The fact remains that accounting and finance are the primary tools for reducing business problems and opportunities to a common denominator, setting goals, measuring results, and making decisions." (p....   [tags: Business Accounting Finance]

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What Is Accounting Goodwill

- WHAT IS GOODWILL. The main method used by businesses to classify assets is to split them into tangible assets, which have a separate existence from the business (examples of which would include buildings, land and machinery), and intangibles which do not. Some clear examples of intangibles include goodwill, patents, research and development expenditure and trademarks. Intangible assets are usually created within the organisation over a period of time, by the company itself, rather than acquired from an external source and are rarely sold off individually – they can normally only be sold in conjunction with associated tangible assets....   [tags: Business Accounting]

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History of Accounting

- History of Accounting The history of accounting I feel is important in the learning, understanding, and developing of my foundation for my accounting career. In this report you will learn about the development of accounting. You will learn about the people who influenced accounting the most throughout the years. You will learn how accounting came about and how it was used in the ancient times. You will learn about the invention of the double-entry bookkeeping processes. You will learn how things were done before the birth of the double-entry bookkeeping process....   [tags: Accounting Employment Bookkeeping Essays]

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Tax Law And Accounting

- Tax Law and Accounting Every person, organization, company, or non-profit is subject to the income tax. Income tax refers to those taxes imposed on any money earned during a calendar year. The government taxes our income so it can have enough money to pay for the things we all need. In order to comply with tax laws and regulations, a good understanding of the Federal tax law, its sources and purposes, and the relation with the accounting profession must be achieved. Congress and the President of the United States are responsible for writing and approving the tax laws....   [tags: Tax Accounting]

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1249 words | (3.6 pages) | Preview

International Accounting Standards And Framework, Impairment Testing

- Under the possible accounting standards and framework, Impairment testing is required. The provisions for carrying out impairment tests have been concluded by the International Accounting Standards Board basically in International Accounting Standard (IAS) 36 Impairment of Assets. The fundamental intention of the impairment test is to take the carrying value of a company in accordance with its recoverable value, which is the higher of the fair value taking away the value in use and cost to sell....   [tags: Generally Accepted Accounting Principles, Asset]

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Users Of Accounting Information

- Lenders have no use for the Income statement and the Balance sheet with information relating to past transactions or events for making decisions unless they are accurate. The Balance sheet is a “statement at one point in time, which shows all the resources controlled by the entity and all the obligations due by the entity.” (Bazely, 2007, p90) Hence it merely provides an outline of the financial strength and asset liquidity of an entity. The Income statement “summarizes certain transactions that take place during a period of time.” (Bazely, 2007, p125) Hence the income statement provides some of the basic financial information for rational decisions to be made....   [tags: Finance Accounting]

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Why Accounting Is The Language Of Economic Information For Organization Decision Making

- Accounting is the language of economic information. Users of accounting can get economic information appropriate and effective. In this essay, there are some discussions about roles of financial and management account, then this essay will talk about relevance management accounting information for organization decision making. There are two branches of accounting, one branch is financial accounting and the other one is management accounting. All of them are useful to help users to make decision, but they have different roles....   [tags: Management accounting, Costs, Economics]

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2137 words | (6.1 pages) | Preview

The Role of Financial Accounting in Business

- This paper is meant to give an informative view on how financial accounting is used to help small and large businesses make positive and safe financial decisions. It is designed to help small business owners without a vast knowledge or understanding of accounting or of financial reports achieves maximum growth. We will examine the importance of financial reports as well as being able to account for a company’s assets and spending. Through proper accounting and reporting companies have a better way of assimilating what areas can be improved by comparing the reports of prior years and evaluating the differences in what was done then and now....   [tags: Business Management Accounting]

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Financial Accounting Theory: Reducing Balance Method vs. Straight Line Method

- Accounting is a multifaceted discipline. It is neither a dull profession nor a simple practice as how it has been viewed by lay people. This essay demonstrates the side of accounting that is complex and intriguing. It is structured in the following way: firstly, how my view of accounting is developed throughout this module will be explained. Next, the issue of what accounting profit is and whether it is a measure of true profit of an organisation will be tackled. The first part of my essay is challenged in various ways....   [tags: flexibility in accounting, machinery, buildings]

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898 words | (2.6 pages) | Preview

Accruals Concept in Finance and Accounting

- Accruals concept is the concept that attempt to correctly match all the accounting expenses (cost) to the income (revenues) to the year at which it occurs at that accounting period, thus referred to as accrued expenses. Whilst a going concern is an assumption that every business will continue in operation for the anticipated future, thus is a going concern for several years, unless if there is evidence i.e. owner acknowledgement. In the Introduction to Accounting Book by Marriott, Edwards& Mellett 3rd Edition it states, “The going concern concept assumes that the business is a permanent venture and will not wound up in the foreseeable future” However, problems might arise in companies applyi...   [tags: Business Finance Accounting]

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1306 words | (3.7 pages) | Preview

Best Accounting Principles Observed by the Top 5 Firms in the Philippines

- Accounting is a systematic and comprehensive recording of transactions pertaining to a business; it also refers to the summarizing, analyzing and reporting these transactions (Investopedia, N.D.). This statement particularly refers to accounting being the soul and heart of the corporate world, because without accounting there would be no transaction and if without transaction, there would be no business to operate and money to generate. Accounting is based on such practices that would enable the users to be competitive with full honesty and integrity....   [tags: accounting firms, gaap, accountants]

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1175 words | (3.4 pages) | Preview

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