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Accounting - Accounting Accounting Project BAC 3AA Profile of an Accounting Department My interview with the accountant of Robin Hood Multifoods Inc. was one of the greatest interviews I have ever experienced. The person whom I interviewed was Mr. Jeff R. Scott. Jeff was a really nice person when I asked him questions. His desk was not as organized as I thought, because accountants are really organized. The reason is because he just got promoted from assistant controller to controller. As I asked him more and more questions, the answers that came back at me were pretty interesting....   [tags: GCSE Business Marketing Coursework] 368 words
(1.1 pages)
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Accounting Article Analysis - Accounting Article Analysis One of the foremost problems facing the accounting profession today is the loss of respect that faces accountants in light of recent accounting scandals. In order to regain lost respect in the accounting profession an accountant must have integrity and ethics that are above and beyond the norm. This fact is true whether the accountant works for a business entity or for a government entity. In either situation the accountant is responsible for remaining steadfast, not only in professional behavior, but in personal behavior as well....   [tags: Business Accounting Ethics] 372 words
(1.1 pages)
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Accounting - When most people go to college they think of what major would be the most interesting, and most exciting. However there are a few brave souls who want to be bored out of their mind but learn the language of business. For those few the major of accounting calls to them. Those men and women who choose accounting as their major will spend many semesters trying to figure out what the hell the professors are talking about when they go into managing and valuing inventories for companies. This one area of accounting is one of the most important parts to understand, because of the vast amounts of money companies have raped up in inventories....   [tags: essays research papers] 395 words
(1.1 pages)
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Accounting - National Mortgage News, 2005. 1-9. This article presents information related to a corporate survey of chief financial officers that find that the job market looks bright in the finance, insurance, and real estate industry. Carey III, Addison. “Accounting: What's the Real World of Accounting Like?”. 3rd ed. Vol. 35. Black Collegian , 2005. 31. This book focuses on several types of accounting careers in the US areas of accounting. This book also contains a list of major accounting firms in the country....   [tags: Free Essay Writer] 456 words
(1.3 pages)
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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, ] 483 words
(1.4 pages)
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AASB Accounting - Apply AASB 1001 to Report: The Financial Report 2004 of Coles Myer Ltd has proven that the company has obliged the Standard of AASB 1001 Accounting Policies. The report has satisfied relevance by Relevant financial information assisting users in making and evaluating decisions about the allocation of scarce resources(Statement of Financial Position-profit or loss). It assists them in making predictions about future situations and in forming expectations, or it plays a confirmatory role in respect of their past evaluations Financial information may be relevant because of its nature, itsnature and magnitude, or because of its magnitude in relation to its nature....   [tags: essays research papers] 486 words
(1.4 pages)
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accounting - Accounting A) The budget at Henigen Corporation is an imposed “top down” budget which fails to consider the need for realistic data and the human interaction essential to an effective budgeting/control process. One cannot know whether or not there are any realistic goals for this company because the president has not given any basis for his goals. Participation of employees in preparation of the budget is minimal and limited to mechanical gathering and manipulation of data. Implementation of the budget will show little eagerness....   [tags: essays research papers] 499 words
(1.4 pages)
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Code of Ethics in Management Accounting and Financial Management - Code of Ethics in Management Accounting and Financial Management When faced with major problems and dilemmas in management accounting and financial management, practitioners look to the 'standards of ethical conduct' for practitioners of management accounting and financial management. While looking at ethical standards one has to look at four different areas they are competence, confidentiality, integrity, and objectivity. These four areas are the backbone of what management accounting and financial management are made....   [tags: Ethics Morals Accounting Finance Essays]
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521 words
(1.5 pages)
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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] 530 words
(1.5 pages)
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Studying Accounting and Branches of the Field - Accounting World is moving very fast everyone wants to catch up with this advancement world is turning into a global village things are getting smaller and smaller day by day due to advancement of technology. Everyone trying its best to just cope up with this situation. Good home, a good job is everyone’s dream and to achieve that everyone is working hard. Everyone would agree that competition between younger generation have become tough in every field of life whether it be studies or jobs everyone tries to settle with the best....   [tags: Finance, Auditing] 552 words
(1.6 pages)
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Financial Accounting Standards - Accounting for financial instruments and the issues that go along with it have been an ongoing issue throughout the years for businesses. As a result the Financial Accounting Standards Board have handed down decisions regarding the valuation method that should be used. Whether these decisions are truly the best way to value financial instruments has been up for debate. The earliest decision came down in May of 1993 when the Financial Accounting Standards Board passed Statement of Financial Accounting Standards No....   [tags: debt, securities, market value] 579 words
(1.7 pages)
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Accounting Theory - Accounting is in the current state of being an art. It is referred to as a social science, but the question that still remains in view today is should accounting be an art or should it actually be a science. Although the move to scientific based accounting would be desirable in today’s society it is not possible. When you consider the facts of this issue in a true debate style, the scientific based approach does not work and cannot do today what the current system does for its users. Accountants provide information that is reliable, verifiable and precise....   [tags: essays research papers] 595 words
(1.7 pages)
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Three Viewpoints on Accounting - Is Accounting That Boring In the past, most Americans stifled a yawn when someone mentioned the word "accounting". Accounting is perceived to be so boring because it is analogous to counting. Most older people view it as glorified counting. What could be exciting about that. No one wants to talk about accounting regulations and tax laws. First, I will look at “Gaebler.com” for information concerning the matter. In addition to the typical look upon accountants, I will also take a more public stance from “Answers.yahoo.com”....   [tags: Careers] 629 words
(1.8 pages)
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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] 632 words
(1.8 pages)
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Accounting - Introduction Accounting technician is an occupation that is needed in many aspects of our society. If you like to work with mathematics, computer and money management, a suitable occupation for you is accounting technician. To achieve your goal, you need to be familiar with the job description and duties, working conditions, education and training program, job opportunities and financial aspects. Job Description and Duties Accounting technicians keep systematic records of business transactions....   [tags: essays research papers] 632 words
(1.8 pages)
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A Career In Accounting - A Career In Accounting Management accounting is considered one of the most essential management services. Management accountants are considered internal managers; they produce information for managers within an organization. Management accountants identify, measure, accumulate, analyze, prepare, interpret and communicate information that helps managers fulfill organizational objectives. With increased competition and consequent economic pressures, management accounting has become part of the primary fabric of management....   [tags: Papers] 644 words
(1.8 pages)
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Use of Computers in Accounting - Use of Computers in Accounting Introduction Computers play an important part in the recording of finical information. There care many accounting packages available, and so many businesses are able to use computerised accounting system. One of the most important factors of computerised accounting system is that it provides the same functions as a manual accounting system. Main body Most business use computer systems instead rather then manual systems to record finical information, because it is a lot faster file can be shared more easily and changes can be made easily....   [tags: Papers] 645 words
(1.8 pages)
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Confidentiality in Accounting - In a business surrounded by money such as accounting, a sense of trust must be formed between the client and the accountant. An accountant must know who they can or cannot share a client’s information with. Anytime someone’s bank accounts or cash is handled, there needs to be trust that the accountant will not go around telling everyone how much money is in what accounts. State law acknowledges that a business relationship between a client and the accountant is to be confidential. However, the federal law does not distinguish an accountant and client confidentiality relationship....   [tags: accountant relationship with client]
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657 words
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Pros and Cons of Computerized Accounting - Pros and Cons of Computerized Accounting There are many benefits of using a computerised accounting which I am going to list below and talk about in a little more detail. Ø Timesaving Ø Increased speed and accuracy Ø Less staff required Ø Less space need Timesaving It is fair to say that a computerised accounting system is much quicker than a manual accounting system as all the user has to do is enter the data into the computer and the computer will make the calculations and produce and print out any reports, invoices or credit notes at the touch of a button....   [tags: Papers] 666 words
(1.9 pages)
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Role and Evolution of The International Accounting Standards Board - Role and Evolution of The International Accounting Standards Board The International Accounting Standards Board, (IASB), began life as the International Accounting Standards Committee (IASC) in the 1973. The IASC was created in June 1973 as a result of an agreement by the accountancy bodies of Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland and the United States. These countries constituted the Board of IASC at that time. The international professional activities of the accountancy bodies were organized under the International Federation of Accountants (IFAC) in 1977....   [tags: Accounts Accounting Business Essays]
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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] 715 words
(2 pages)
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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] 718 words
(2.1 pages)
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Accounting Regulatory Bodies Paper - Accounting Regulatory Bodies Paper Introduction The success of a company is very dependent upon its financial accounting. In accounting there are numerous Regulatory bodies that govern the accounting world. These companies are extremely important to a company because they set the standards when it comes to the language and decision making of a company. These regulatory bodies can be structured as agencies, associations, commissions, and boards. Without companies like the Security and Exchange Commission (SEC), The Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), Internal Accounting Standards Board (IASB), Internal Revenue Service (IRS), and ot...   [tags: Monitoring Regulation Accounting] 721 words
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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] 737 words
(2.1 pages)
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Choosing a Major: Accounting at ULM - ... There are many facts and opinions surfacing around why the accounting program at ULM is better than the rest. The undergraduate program at ULM is one of less than 10 in the world accredited by the AACSB. ULM graduates have had a 100% job placement rate for many years now (McEacharn). One-third of all students in the program have jobs prior to graduating. All the professors have at least one professional degree in accounting. Jordan Baugh, a sophomore accounting major at ULM says, “The professors are extremely magnificent....   [tags: College, Program, Workforce]
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Management Accounting - Finances Future: Challenge or threat?-Management Accounting Missing Article This article is a bout the changing demands of the business world and the impact it will have on management accounting. According to this article the business role that management accountants play will be significantly different in the future. While this change is inevitable it is unclear how many of today's accountants will be able or willing to adjust to the change and conform to what is being called "New Accounting." Accountants in the future will have to play a much larger role in their organization....   [tags: Management] 770 words
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Financial Accounting - Just Data 2-1.A. Given: A=$95,000; L=$40,000 OE = 95,000 - $40,000 OE = $55,000 2-1 B. Given: A = $65,000; OE = $40,000 L = $65,000 - $40,000 L = $25,000 2-1 C. Given: Current Assets = $25,000; L = $40,000; OE = $55,000 Non-Current Assets = $95,000 - $25,000 Non-Current Assets = $70,000 2-1 D. Given: Current Ratio = 2.2:1; Current Asset = $33,000, Non-current Asset = $55,000; Liabilities = $15,000 Current Liabilities = Current Assets / Ratio Current Liabilities = $33,000/2.2 Current Liabilities = $15,000 OE = Total Assets - Total Liabilities OE = $88,000 - $15,000 OE = $73,000 2-1 E....   [tags: Business Accounting] 771 words
(2.2 pages)
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Accounting - Accounting There are many different types of accounting. I haven’t made the choice of which particular part of the profession I am going to go into. I am going to focus on financial accountant. The decision to become an accountant is usually not made until college. However general accounting and bookkeeping classes can be taken in high school. In college, the student needs to decide on a more specific field of accounting. An accountant has many choices regarding what particular field of accounting to specialize in, depending on the financial information he or she wants to analyze and how it is done....   [tags: essays paper] 777 words
(2.2 pages)
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Accounting Code Of Ethics - New York State Accounting Code of Ethics Introduction The accounting system is constantly changing. During these changes, it is important for accountants to adhere to the high ethical standards that they have always lived by. Adhering to the high ethical standards is an accountant?s obligation to the public, the profession, and themselves. An accountant?s ethical conduct usually lies within four different areas. This includes competence, confidentiality, integrity, and objectivity. NYSSCPA.ORG states, ?Members also have a continuing responsibility to cooperate with each other to improve the art of accounting, maintain the public?s confidence, and carry out the professions special responsib...   [tags: Business Ethics] 778 words
(2.2 pages)
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Accrual Basis Accounting - ... The specific accounts that relate to accruals include among others accounts payable, accounts receivable, deferred tax liability and future interest expense. Accrued revenue is the unpaid amount due for goods or services that have been deliveried to the customer. This is sales has been recognized. When cash is received in a later period, the amount is deducted from accrued revenues. Accrued revenue: is revenue that is recognized before the company receives cash. Accrued expense is a liability that exists for a pending obligation that payment is due for goods or services that have been received....   [tags: principle, expenses, finance] 802 words
(2.3 pages)
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Accounting for Compensation at a Company - Re: Murray Compensation, Inc. Facts Murray Compensation, Inc. (Murray), an SEC registrant that provides payroll processing and benefit administration services to other companies, granted 100,000 “at-the-money” employee share options on January 1, 2006. The awards have a grant-date fair value of $6, vest at the end of the third year of service (cliff-vesting), and have an exercise price of $21. Subsequent to the awards being granted, the stock price has fallen significantly. On January 1, 2008, Murray decreased the exercise price on the stock options to $12....   [tags: Accounting Case Study] 815 words
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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] 817 words
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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] 822 words
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The Profession of Accounting - An accountant’s job duties are to compile, examine, confirm, and prepare financial statements that include the profit and loss analysis of a given organization/corporation (Ferguson). A typical day would entail working indoors, assessing information and evaluating “best-practices” to recommend (“Accountants”). Some of the main skills that are required form an accountant would be to have analytical, problem-solving, communication, math, and organizational skills (“Accountants”). These skills go hand in hand with everything pertaining to an accountant’s job, for there is slight to nonexistent room for error (Ferguson)....   [tags: career choices]
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832 words
(2.4 pages)
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Accounting Information Systems - Financial Accounting Accounting systems is very important tool for any type business such as corporation, Partnership, and Sole proprietorship. Accounting systems is also referred to as Accounting Information system. Accounting Information systems is process of collecting and processing transaction data and communicating with decision makers. Every business should have Accounting Information system because it helps us answer questions such as should we expend our company overseas. Do we have enough payroll for our employees....   [tags: business, corporation, partnership] 837 words
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Internal Control - There are two primary goals of internal control. The first goal is to keep assets safe from robbery, theft by the employees, and any other unauthorized use. The second goal is to assure the reliability and accuracy of the accounting records. This step is done to reduce the risks of mistakes, intentional or unintentional in the accounting process. The Sarbanes-Oxley Act was implemented in 2002. This act was implemented as a result of a number of accounting scandals that resulted in the loss of billions of dollars to the investors....   [tags: Accounting]
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852 words
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Foensic Accounting - Foensic Accounting Corporations are often the victims of the most common white-collar crimes that occur in corporate America. According to the Association of Certified Fraud Examiners (cfenet.com), “abuse and fraud by employees cost U.S. organizations more than $400 billion annually…[which equals] $9 per employee per day.” These statistics show the corporate need for forensic accountants, there also is an immense demand for these specialized accountants in the private sector. For example a forensic accountant is used to “quantify economic loss” (askhal.com) in personal injury cases....   [tags: BTEC Business Marketing GCSE Coursework] 886 words
(2.5 pages)
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Financial Reporting in an Accounting Environmnent - Introduction/Overview of the first three weeks of the Module Week 1 provide background for the financial reporting module and refreshes basic accounting concept in Finance and accounting for manager module. It provides detailed differences between cash flow and accrual accounting and a critical analysis of preferred methods as well as examines the standard setting processes and challenges. Week 2 is a follow up to week1 as it dwells extensively on economist approach to income and asset valuation, accounting for price-level changes and income recognition models....   [tags: accounts, economoy, internet] 894 words
(2.6 pages)
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Accounting - Revenue Recognition Policies The purpose of this paper is to compare the revenue recognition policies of two companies in the search, detection, navigation, guidance, and aeronautical systems industry. The two companies I have selected are Aerosonic Corporation, and Esco Electronics Company. Esco Electronics Company is engaged in the design, manufacture, sale and support of engineered products. These products are used principally in filteration/fluid flow applications, electromagnetic compatibility (EMC) testing, and electric utility communications and control systems....   [tags: essays research papers] 896 words
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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
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Internal Control - Companies must have “Internal Control” to maintain principles and limitations. Internal controls are in place to help with securing the company from theft, robbery, and unauthorized use and enhancing the corrected and reliability of its accounting records by minimizing errors and making sure that are no unknown patterns in the accounting process. All U.S. corporations are required to have an adequate system of internal control because of the Sarbanes-Oxley Act of 2002 or the companies will be subject to fines and company officers may be imprisoned that do not comply....   [tags: Accounting ] 903 words
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Accounting Basics - Accounting is a way to provide information that” identifies, records and communicates the economic events of an organization”(Weygandt, J., Kimmel, P., & Kieso, D., 2012). In order to ensure that businesses and accountants produce similar financial statements, they are held to generally accepted accounting principles or GAAP standards (Weygandt, et.al. 2012). In addition to GAAP standards, the Sarbanes-Oxley Act of 2002 was passed by Congress to help reduce unethical behavior by large businesses (Weygandt, et....   [tags: economic events, unethical behaviors]
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Financial Accounting - Financial Accounting Companies operate to achieve varies goals. They may be interested in providing a healthy work environment for their employees, in reaching a high level of control, or making contributions to civic and social organization and activities. However, to meet these goals, a company must first achieve its two primary objectives: earning a satisfactory profit and remaining solvent. If a company failed to meet either of these objectives, it will not be able to achieve its various goals and will not be able to survive in the long run....   [tags: Papers] 936 words
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A Career in Forensic Accounting - ... They can be a part of criminal investigations, personal injury claims, fraud investigations, matrimonial disputes, professional negligence cases, expert witness cases, and a part of mediation or arbitration. They work alongside lawyers, police and law enforcement agencies, government departments, banks and financial institutions. The opportunities are great and the many different groups you could work with make it an exciting opportunity. Even though forensic accounting is relatively new to some of society, as incidence of white collar crime continues to increase, the demand for forensic accountants will increase (Idowu, 2011)....   [tags: define, statistics, feedback] 937 words
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Considering Forensic Accounting as a Profession - Four months ago, I made an important decision: I changed my major to Accounting. I decided to change my major because I thought I had more job opportunities and options with an accounting major. At the beginning I specifically didn’t know what I wanted to do or in what area of accounting to specialize. After doing some research I decided I wanted to be a forensic accountant. Doing some research I also found that being a forensic accountant has some unique advantages and disadvantages. Becoming a forensic accountant demands money, time, and professional related experience, and as forensic accountant there are higher possibilities of getting blackmailed, but when one is already a forensic acco...   [tags: court room, evidence]
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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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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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Accounting Clerks - Accounting Clerks Accounting, bookkeeping, and auditing clerks are financial record-keepers. Their work is to update and maintain accounting records containing of receipts, accounts receivable, expenditures, and profit and loss. These clerks must possess a wide range of skills. The work of a bookkeeper is to maintain books in the company. Nature of Work Accounting, bookkeeping, and auditing clerks make a number of calculations every day and they must be comfortable using computers to compute and record data....   [tags: Career Description ] 946 words
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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, ] 955 words
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A Career in Accounting - Requirements and Job Opportunities in the Accounting Field Accounting is something I have wanted to do since I was a sophomore in high school. It requires a lot of education. One will have to take a CPA just to get his license. Lastly, an accountant’s job has a lot of varieties. Accounting is a great career that needs a good amount of education, a license, and has a vast amount of possibilities and temptations. An accountant’s education depends on which state he or she is trying to become an Certified Public Accountant in....   [tags: job oppportunities, public accountancy]
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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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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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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] 977 words
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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] 983 words
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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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Public Versus Private Accounting - Lucas Pacioli was the first to describe a system of debts and credits in accord with journals and ledgers in 1494. These basics came together to be the concoction for what is known as accounting. Since the formal establishment of accounting in 1494, the field has expanded as the demands of the ever-changing economy became greater. The industrial revolution created the first jump in the field forcing the creation of sectors within. Since this first creation of sectors, accounting as a field has been creating more specific sects to accommodate a large variety of areas....   [tags: transactions, training, stigmas] 999 words
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The History of Accounting - ... During the times of the Italian Renaissance, one of the most forgotten facts was that they highly depended on a population that was fluent in the language of accounting. Merchants and property owners used accounting not just for their businesses; They also used it for getting in touch with God, their environmental settings and family members. Francesco Datini, a famous Italian merchant wrote “In the Name of God and Profit” in his ledger books. Merchants like Datini (and later Benjamin Franklin) kept moral account books, too, for tallying their sins and good acts the way they tallied income and expenditure....   [tags: record of human society and commerce]
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Financial Accounting: - Introduction Financial accounting that is about reporting and summarizing the transactions of business and provide an accurate financial reports or financial statements such comprehensive income and finacial position (Averkamp, 2014). However, if investing in a business and want to acquire more profit, the financial statemnet of company is must be analysed before taking a decision. This essay will explains that financial statements between two companies about four years comprehensive income statements and four years statements of financial position....   [tags: comprehensive income and finacial position] 1001 words
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Financial Accounting - Accounting - It is the process of identifying, recording and summarizing economic data about the organization and reporting it to decision makers. Financial Accounting - It serves external decision makers such as Stockholders, suppliers, banks, and government agencies Management Accounting – It serves internal decision makers, such as top executives, department heads, college deans, and other people at management levels within the organization. Questions on Financial situation about the company: A) What is the financial picture of the organization on a given day....   [tags: Business Accounting] 1010 words
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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] 1014 words
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The Three Main Accounting Professions - ... The life of an accountant is important but what is more important is how they get the job. I’ll be discussing the employment of these three accountants. A Chartered Accountant works in many industries and businesses 8. They tend to work in commerce businesses but could also work overseas, at the government and public practice 8. Chartered Accountants are usually individual workers but they can become self-employed 8. A Certified General Accountant can work anywhere but will likely work in the government, educational institutions and charities 9....   [tags: Chartered, Certified General, Certified Management]
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Financial Accounting - Financial Accounting Financial accounting or ‘book-keeping’ is the process of recording financial transactions from the day-to-day operation of a business. The sale of goods to a customer and the subsequent settlement of the debt are two examples of financial transactions. Sales Accounting When credit sales are made to customers, a record needs to be kept of amounts owing and paid. Payment is normally requested with an invoice. An invoice usually gives details of goods supplied, quantities, prices and VAT....   [tags: Business and Management Studies:] 1021 words
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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] 1028 words
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Cash Audit - The audit objectives to be achieved for the audit of cash substantiate the following assertions: existence, completeness, rights and obligations, valuation, and presentation and disclosure. One of the objectives for a cash audit is to verify that the recorded cash balances exist at the balance sheet date and reflect all cash and cash items on hand, in transit, and on deposit with third parties. This objective validates both the existence assertion and part of the completeness assertion. Another objective is to make sure that the recorded cash balances include all of the cash transactions that have occurred along with the effects from those transactions; this would satisfy the remaining comp...   [tags: Accounting] 1032 words
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Accounting - I - A. “ Representational faithfulness is accomplished when transactions and events affecting the entity are presented in financial statements in a manner that is in agreement with the actual underlying transactions and events” (CICA, Financial statement Concepts 1000.21 (a), 2003). It means that all of information in the financial statement such as numbers and descriptions must be factual. The independent auditors checked the computer ID tags on each piece of equipment to confirm the actual numbers, and for that reason Byrn Company observes the representational faithfulness that is one of subsets of reliability....   [tags: Free Essay Writer] 1036 words
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Accounting Environment in Saudi Arabia - 1. introduction Accounting systems in Saudi Arabia was shown to be imported from developed countries. Although in Saudi Arabia, the accounting principle and structures were primarily constructed from Western countries, the new accounting system has been reformed to adapt the unique Saudi Arabian environment. The various factors might explain how the new accounting system emerges. This paper will analyze how the three main factors-economy environment, taxation policies and foreign accounting standards and principles affect accounting systems in Saudi Arabia....   [tags: Tax Policies, Business Operations]
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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 Case for Principle-Based Accounting - Samuel J. Ochieng DQ Week 2 Discussion on whether to use rules or principles based accounting standards Stakeholders in accounting include and are not limited to shareholders/investors in the company, regulators, lenders, customers and the accounting profession, just to mention a few. All the stakeholders have interest in high quality accounting reports that enable them to make a fair judgment whenever they need to make a decision on regarding a company. Rules-based and principle-based accounting standards both have advantages and disadvantages....   [tags: finance, stakeholders, ]
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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] 1059 words
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International Financial Reporting Standards - The globalization of business has resulted in the need for compatible accounting standards that can be used internationally for financial reporting. As a result, the International Financial Reporting Standards (IFRS) were developed by the International Accounting Standards Board (IASB) to unify the various financial reporting methods and create a single accounting standard which can be applied to any financial statement worldwide (Byatt). The global standardization of financial reporting will increase the readability and enhance comparability of globally traded companies’ financial statements, without the need of conversion or translation....   [tags: Accounting]
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The Effects of Technology on the Accounting Field - Technology in the accounting field has come very far, from the abacus to modern day accounting software. E-Business, work being done through networks, is taking the accounting field to a more future computerized world, leaving the pen and paper behind. With all the new technologies, the profession of accounting is growing and expanding and proving that information and skills provided by accountants using modern technologies can spill over and help other parts of a business. Even with all the down falls that accounts have taken, from the stock market crash of 1929, and the fall of companies such and Enron, World Com, and Tyco....   [tags: e-business, convenience, forensic ] 1074 words
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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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Cost Accounting - Accounting is the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results; (Merriam-Dictionary, 2012). Cost accounting is described as the evaluating approach to the overall cost of when the business evaluates the cost that is associated with the business. Cost accounting consists of the identification, measurement, collection, analysis, preparation, and communication of financial information (Khan, 2010). In this paper, I will discuss the reasons why cost accounting is important to businesses and what role it plays in order for they to succeed....   [tags: Finance]
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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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Role of Managerial Accounting - Accountants have been a necessary tool in all organizations such as individual companies, partnerships, schools and governments. Indeed, they have great professional technique in a rule of accountancy that government are able to measure and report financial information as organizations. This can also provide a lot of positive impacts in the running of a business. Research shows there are three main ways accountants can keep business costs down which involve internal and external actions. For internal control, the accountant has a responsibility to monitor finances of a company....   [tags: business administration, finance]
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The Pros and Cons of being an Accountant - One of the most important jobs is an accountant. They very important because taxes are very complex and they are changing every year. They work on businesses records of assets and liabilities. There are many things to consider before becoming an accountant. They need a good education have a good math background. The nature of the work for an accountant is to maintain records of the assets and debts for a business or an individual and keep records of all financial transactions. They use this information to project the financial future of the business (“Wiscareers”)....   [tags: accounting]
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An Accounting Questionaire - 1. Question 1: Proficient: Explain why proper inventory valuation is so important to the calculation of a company's "bottom line" net income. A merchandise company must be sure it has properly valued it inventory for three reasons. If the ending inventory is overstated, cost of goods are unstated which leads to an overstatement of the gross margin and net income. Overstating the ending inventories also affect the current assets, total assets and retained earnings because any changes to the ending inventory is calculated dollar for dollar (ignoring any, income tax effects), in net income, current assets and retained earnings....   [tags: Inventory, Cost, Goods]
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Responsibility Accounting - Introduction Responsibility accounting is the practice that focuses on providing financial information useful in evaluating efficiency and effectiveness of managers or department heads, on the basis of financial performance directly under their control. Responsibility accounting is also based on the assumption that every cost incurred must be the responsibility of one person somewhere in the company. Examples could include; the cost of rent being assigned to the person who negotiates and signs the rental agreements; or the cost of an employee’s salary being the responsibility of that person’s direct manager, or human resources manager (S....   [tags: finances, efficiency, Hewlett-Packard Company]
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Managerial Accounting - The most important thing in chapter one is the Lean Thinking Model. My reason is it allows you to see the concept of doing more with less. A practical example of this is TESCO a grocery retailer in Britain uses lean thinking to improve its replenishment process for cola products. The most important points or concepts in chapter two are how to prepare an INCOME STATEMENT and a BALANCE SHEET. My reason is they are the most important in understanding the financials of a business. They give you a picture of the performance of your business....   [tags: Accounting]
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Accounting - The Financial Accounting Standards Board is board of seven independent members who are accounting professionals that was developed in 1973. This seven member group is responsible for communicating the standards that are in place for financial accounting and reporting that takes place in the United States. Generally accepted accounting principles (GAAP) are the standards that are used by the FASB to govern the way in which corporations prepare their financial reports. This process of utilizing these standards to maintain and report accounting files is the only method that the US Securities and Exchange Commission will accept....   [tags: Business Accounting Finance] 1116 words
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