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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
(2.4 pages)
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Accounting and Management Information System Improvements - Accounting Information Systems: The Challenge of Extending Their Scope to Business and Information Strategy” is a scholarly journal from the American Accounting Association Accounting Horizons. Written by David H. Brecht and Merle P. Martin, they describe how information technology is becoming more advanced as the years pass and that accounting information systems are becoming insufficient as a result. Due to the inadequacy that accounting information systems are becoming, accountants are being advised to focus on designing new accounting information systems to help businesses receive the information and support needed....   [tags: Information Technology]
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1084 words
(3.1 pages)
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Computerised Accounting System - The following essay aims to analyse in depth a computerised accounting system and its aspects such as its history, what technologies is based on, and how it has developed since its beginning. Other aspects such as the current state of the system and the interactions with other systems and the future of the system will also be covered in this paper. 1. The history of the system. Accounting itself is a system that people has been using for thousands of years, the system records financial information about a person or business, businesses use it in order to be able to keep and track their financial accounts and other financial information in a safe and efficient way....   [tags: History, Current System, System Behavior]
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1303 words
(3.7 pages)
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Management Accounting: Effect Decision Making - INTRODUCTION: Today, the significance of Management Accounting spreads widely throughout the globe. More companies require Management Accounting to operate their business be it a small firm or large company. Unlike financial accounting, which is used to measure financial performance of the company, managers use management accounting for long-term decision making. Additionally, by comprehending the skills in practicing management accounting and mobilizing management accounting to contribute to a company’s objectives and goals, it will eventually develop an oganisational units’ functionality (Ahrens & Chapman, 2007)....   [tags: skills, goals, counting, methed, application] 1697 words
(4.8 pages)
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A Report on The International Financial Accounting Standards - The purpose of this report is to provide relevant background information on the history and status of international IFRS convergence. The history of international IFRS Convergence displayed the significant growth of convergence over time from the 1960’s till now. With many major players such as IASB, FASB AASB agreeing to work collaboratively with each other to improve and converge to international standards. The report ought to further highlight the current developments in the relationship between these major players in International Financial Reporting Standards....   [tags: standards, new strategies] 1057 words
(3 pages)
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Government Regulations: Accounting - Charlie Munger once stated, “You have to know accounting. It’s the language of practical business life.” This statement emphasizes that accounting has become the center of the business world. With the world now being focused around businesses and the idea of how to make the next dollar it’s obvious that the accounting field is rapidly becoming the most influential field in the world today. With these occurrences comes regulation, and when I say regulation I mean stiff government regulations on how financial reporting is done....   [tags: Government]
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1664 words
(4.8 pages)
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Proposed Accounting Standards Changes and Their Effects on - ... There are specific areas that will receive the most signifiant changes. For instance, revenue would be recognized only from the transfer of goods or services to a customer. This alteration would affect some long-term contracts. Percentage-of -completion revenue recognition could be permitted but solely when the customer or client owns the work-in-progress as it is constructed (Journal of Accountancy, July 24, 2010). There would also be a requirement for a company to account for all distinct goods or services....   [tags: revenue, transactions, contracts] 824 words
(2.4 pages)
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Fair-Value Accounting and the Financial Crisis - Market crashes are nearly as old as the invention of money itself. But, as Gillian Tett underlines in Fool’s Gold, “the latest financial crisis stands out due to its sheer size”. Economists estimate total losses could sum up to $2000 to $4000 billion, a number surprisingly not dissimilar to the British Gross Domestic Product. In its post-mortem, the self-inflicted disaster has commonly brought to light the question: “Did bankers, regulators and rating agencies fail to see the flaws, or did they fail to care?” Importantly, it has also created a hunt for scapegoats and quick fixes....   [tags: Economics]
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1080 words
(3.1 pages)
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Cloud Computing's Impact on Accounting and the World - Technology is definitely the driving force in our world today. All it takes is one look around a room to see someone either on a tablet or smartphone, but how does technology impact business and what trends are there in the information technology field. Currently, cloud computing is one of the most talked about trends in the IT field and for good reason. The cloud gives unprecedented amount of the way a business is run from accounting systems all the way to process control. What is even greater is the impact it has on the global economy....   [tags: financial reports with real time numbers]
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1194 words
(3.4 pages)
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Accounting Deals with Internal and External Users - Accounting deals with internal and external users. External users are the investors, customers, suppliers, employees, authorities, and creditors that use the information about the firm to make decisions regarding their future relationship with that firm. The information that they look at to make these decisions are the financial statements. Each of these external users may use the financial statements differently. An investor may look to see if it is worth investing in that specific company; while a supplier may look to see if they should do business with that specific company....   [tags: financial analysis] 1251 words
(3.6 pages)
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Accounting Information Systems - Managers have to make decisions everyday to solve problems, sometimes during period of crisis and uncertainty, when the pressure is enormous, Sayegh (2004). In order to make a decision they need to evaluate the situation before they can make an effective decision. This process can be very long and exhausting; it can go on for weeks and even months before all the information needed is gathered. It takes long time and much effort to get the right information because the process starts in gathering data, sometimes a very large amount of data....   [tags: Business Management ]
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1434 words
(4.1 pages)
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Accounting Knowledge Transfer - 1. Question 1: Proficient: Describe the major differences between income statements for a service company and a merchandise company. The difference between a services company and a merchandise company income statements centers on how the company’s profitability or net income is determined. To determine the net income for a service-based company, the total expenses incurred during an accounting period are deducted from the earned revenue. A merchandise company is a more complex operation; therefore, it would have a more complex method of getting to its net income....   [tags: income statements, merchandise cost & value]
:: 4 Works Cited
1010 words
(2.9 pages)
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Benefits of Having International Accounting Standards - The purpose of this essay is to discuss the benefits of having international standards, reasons for national differences and difficulties in gaining agreement for standards. There are many benefits of having international standards. Firstly, this essay will only look at 4 benefits, which are comparability, credibility, principles and discipline. Secondly, this essay will state three national differences and evaluate their difficulties in gaining agreement. Finally a conclusion. Comparability is an accounting principle....   [tags: International Business] 752 words
(2.1 pages)
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Effective Accounting Practices on Small Business - You see the world of business industry, how it operates, the way it goes, and then you would consider walking into that world. Then you took that first step inside the industry and success is what you’d see. So you would wonder how everything turned to be a big thing. Different fields show achievement, may it be a clothing line, Fast Food Chains, even online shopping is on the hit. Then you realize, they are succeeding for a reason. What reason could that be. Hardworking that goes along in following right practices, right Accounting Practices....   [tags: chains, business need]
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1019 words
(2.9 pages)
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HealthSouth Fraudulent Accounting - We learned in class by watching the 6 video clips regarding the big Scandal with HealthSouth that one the two major activities in their fraud was falsely capitalizing regular expenses In a nutshell HealthSouth is A Public company who is providing outpatient rehabilitation services, They noticed that the business is not that great as they proclaimed, business is not so profitable and it also have too much expenses which this will end up taking away from the profit and they will show lower earnings that expected so they came up with a fraudulent idea to create false entries in their books by claiming that the expenses they have is not real expenses, they called it investing like everyone...   [tags: capitilizing, profit, expences] 879 words
(2.5 pages)
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The Government Accounting Standards Boards 45 - GASB 45 The Government Accounting Standards Board (GASB) issued Statement 45 (GASB 45) in June 2004; this statement establishes accounting and reporting standards for post-employment benefits other than pensions, or “other post-employment benefits (OPEB),” offered by state and local governments. It requires local governments to actuarially determine their annual required contribution (ARC) to fund OPEB and to account for the unfunded amount as liabilities on annual financial statements. Government employers required to comply with GASB 45 include all states, towns, education boards, public schools, and all other government entities that offer OPEB and report under GASB....   [tags: GASB 45, Post-employment Benefits]
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1281 words
(3.7 pages)
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Cost Accounting Systems and the Health Sector - Cost Behavior, Driver and Health Management In the competitive time of today no one can escape the financial complications that encircle a business irrespective of the fact whether it is health business or even laboratory operations. Much of the expenses that are included in the accounts of a hospital are generated from laboratory sessions and experiments that are conducted. Every hospital therefore allocates special budget for the laboratory and its associated expenses which include expenses related with the cafeteria, administrative disbursements and admissions....   [tags: Health Management] 1240 words
(3.5 pages)
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Three Branches of Accounting, Cost and Variance - Knowingly, there are two main branches of accounting namely, financial and cost; however the usage of these accounting methods has taken new routes in the recent era. In the past both were used to merely calculate profit and loss and calculating manufacturing cost. But the recent era has changed the dimensions dramatically and today both branches have interacted to form managerial accounting, which along with financial and costing information helps companies for management decision making. Traditionally the very two costing methods of management accounting counts on Marginal and absorption costing and the advancement has intrigued the scholars to develop a relatively new method of costing “A...   [tags: Economy, Variables, Challenges] 1584 words
(4.5 pages)
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Management Accounting in Modern Business enterprise - Excellence in manufacturing and service enterprises can provide a competitive weapon to compete in the worldwide markets. In order for the competition to be effective, organizations have to perform under a combination of triple, strategic priorities, management techniques and management via accounting (MA). As a first part, the essay will define (MA) Under Chandler’s book ‘The Visible Hand’. It will also explain three advantages, of how (MA) assists in modern business enterprise and the new line and staff structure to enable economic, efficient and effective administrative coordination....   [tags: Internal Transaction, Firm Strategy]
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1317 words
(3.8 pages)
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Ethical Accounting Failure: The Enron Scandal - According to Croxford” Ethical accounting failure has continued to occur in multinational companies in spite of the increased legislation, enhanced corporate governance programs, and greater attention on business ethics by the academic community.” (Croxford, 2010) According to his research, (Croxford, 2010) believed “that accounting professional was discriminated against based on their age, culture, gender, and education.” Multinational corporations have been facing ethical failures scandals for many years....   [tags: audit, quality control, detection of fraud]
:: 9 Works Cited
1192 words
(3.4 pages)
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Accounting: The Four Types of Financial Statements - When it comes to Accounting, there are four types of financial statements. These statements are critical when managing a business. The four types of financial statements are Statement of Financial Position, Income Statement, Statement of Changes in Equity, and Cash Flow Statement. Statement of Financial Position is the company’s financial position of an entity at any given time. The Statement of financial Position is composed of three things, which are assets, equity, and liabilities. Income Statement is also known as “The Profit and Loss Statement,” is a report that underlines the company’s financial performance....   [tags: income, changes in equity, cash flow] 661 words
(1.9 pages)
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Royalty Accounting Services’ SWOT Analysis - SITUATION ANALYSIS Royalty Accounting Services is exceedingly reliant on profits from tax planning and preparation for businesses and individuals. I will need to expand the profits base to realize constant growth and steadiness in a shifting business. SWOT Analysis The subsequent SWOT analysis discourses the strengths and weakness within Royalty Accounting Services and the opportunities and threats that exist in the environment. This breakdown highpoints zones to be leveraged and points out where we must progress and develop within the business and within our industry and marketplace....   [tags: customers, profit, tax planning] 982 words
(2.8 pages)
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Decision Making Techniques in Managerial Accounting - Managerial accounting comprises all the financial information needed to help managers make educated decisions and do their job duties efficiently. A typical manager’s responsibilities with managerial accounting include interpreting finance reports and projections and using those to make financial decisions that will affect the company. Since managers have to make routine decisions and finalize reports periodically, it is vital that they are able to conduct healthy decision making processes and are able to come to make quick educated conclusions....   [tags: educated decisions, knowledgeable ]
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889 words
(2.5 pages)
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ABC Accounting System and Time Driven - Nowadays, every manufacturing company needs to choose an accounting system for its products and costumers. There are many accounting system, but we will be focusing on traditional and time-driven activity based costing (ABC) systems and what are the differences between them. Also, how Time-driven ABC addresses the drawbacks of traditional ABC, and if there are any drawbacks in Time-driven ABC. And the connection between time-driven ABC and Enterprise Resource Planning (EPR). The drawbacks of traditional ABC systems Activity Based Costing was developed in the 1980s; however, Kaplan and Anderson later offered a costing system that avoids the mistakes in traditional ABC system....   [tags: Capacity, Process, Software] 595 words
(1.7 pages)
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ACG 2021, Introduction to Financial Accounting, Fall 2000, Exam 2 Explanations - ACG 2021 Fall 2000 Exam 2 Answer Key Explanation Based on the Order of Version A 1) A defined contribution program is one with “Regular, defined contributions to the fund. The fund balance changes in value with the accumulation of contributions and earnings and is decreased by benefits paid. Benefits received depend on the fund balance available at retirement.” (9-21 in the notes on page 247) 2) This is an error because ordinary repairs (ones that do not increase the original useful life, efficiency or capacity of the asset) are to be treated as expenses and entirely reported on the income statement in the year they are incurred....   [tags: UFL Florida Business Accounting] 3849 words
(11 pages)
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Ethics and Accounting - Ethics and Accounting What's ethics got to do with accounting. Everything. Believe me, everything. When the word ethics is mentioned, what readily comes to mind is the question of deciding between doing what is right and doing what is wrong. But doing what is right versus doing what is wrong within what context. The idealist will say that decisions of ethics should not be conditional. But it is not as simple as it sounds, for what constitutes "right" to one person, may be "wrong" to another person....   [tags: Finance Business Accountant Accountancy]
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1220 words
(3.5 pages)
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An Accounting Problem - The annuities department was faced with an accounting problem. The current accounting system would be obsolete in a few years and our business customers are currently experiencing resource issues when problems arise and support for this system is required. Since financial reporting is a complex process, convoluted action was required to resolve this problem. The annuity technology group, along with the annuity business group came up with three possible solutions and conducted a high level requirements analysis and a cost benefit analysis to determine which solution to implement....   [tags: essays research papers] 1182 words
(3.4 pages)
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Real Estate Accounting: New Regulations - The level of agony for individuals and businesses continues to rise as they experience losses in the value of their real estate holdings. In some circumstances, the fair market value of their property has fallen below the loan or mortgage amount. As a result, many debtors decide to walk away from the loan, resulting in repossession of the property by the lender. As shown in Appendix A the default rates continue to rise (United States), affecting accounting issues such as, revenue recognition, measurement, fair value, and impairment....   [tags: The Financial Crisis] 1546 words
(4.4 pages)
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Enron Cultural Analysis: Accounting Fraud - Enron Cultural Analysis Enron, which was the seventh largest company not so many years ago, was forced into bankruptcy in 2001 due to the collapse of their once successful organizational structure. Enron was seen and widely recognized as one of the most innovative companies of its time, and its downfall came as a great surprise to many. However, Enron’s consistent rise in profits did raise some eyes. In fact in that turned out that Enron had conducted millions dollars of accounting fraud. What set aside Enron from other companies was its aggressive organizational culture....   [tags: economic religion, collapse] 686 words
(2 pages)
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TQM in Accounting - Accounting 43 Cost Accounting Costs of Total Quality Management Submitted By: August 4, 2004 Morris De Rosa Total Quality Management or TQM is a management strategy to embed awareness of quality in all organizational processes. The philosophy of TQM goes back to the 1940’s when Dr. Deming started his quality endeavors in Japan. TQM is an approach for continuously improving the quality of goods and services delivered through the participation of all levels and functions of the organization....   [tags: essays research papers] 2253 words
(6.4 pages)
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Discuss the Perception that Financial Accounting Appears to be Transforming - This essay is going to discuss the perception that financial accounting appears to be transforming. It demonstrates that why the financial accounting theories appears and the difference between descriptive and prescriptive methods of research; the reason why researches might shift from one method to another and how the accounting theories influence by some famous researchers contribution such as Paton, Littleton and Chambers. Accounting is a human activity; therefore accounting theories should consider people’s behavior with respect to accounting information....   [tags: Finance ]
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2159 words
(6.2 pages)
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Analyzing Various Authors on Accounting Management Techniques - INTRODUCTION Management accounting can be defined as the use of finance, accounting and management, which drive the success of an organisation and help in providing appropriate information for planning, control and decision making in order to improve the efficiency and effectiveness of operation (Colin Drury 2008). Cost accounting can be defined as the cost accumulation for inventory valuation to meet the requirements of external reporting and internal profit measurement (Colin Drury 2008). Traditional accounting involves the intensive and detailed use budgeting for every department and cost centre and for every cost account and sub-account (Hopper et al 2008)....   [tags: Johnso, Kaplan, Ezzamel, ] 1704 words
(4.9 pages)
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The Role of Management Accounting in creating Added Value to the Firm - The essay sets to provide a perspective upon Management accounting and the effect it can have in creating added value for a firm. It purposes to do so by first giving a short definition and history of management accounting, identifying the differences between management accounting and financial accounting and then proceeding to analyzing some of the most important tools for management accounting. The pylons of the essay will be defining the strategy and its role in management accounting, presenting the plan–do–check–act cycle, the strategy map and the Balanced Scorecard....   [tags: Business Strategy, Step by Step Analysis]
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1519 words
(4.3 pages)
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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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Accounting as a Professional School - Accounting professionals are in very high demand. The nature of work in accounting is so vast an individual would have so many different areas of accounting to choose from. Accounting requires people who can work with complex business structures, computer systems, and financial analysis packages. Accounting work further requires an aptitude for mathematics and the ability to compare and analyze accounting data quickly. Accountants also need to have strong communication skills as they must effectively communicate accounting data to their employers and/or clients....   [tags: Business Education] 1326 words
(3.8 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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Personal Statement on My Pursuing Accounting as a Profession - ... My long-term goal is to start my career in a foreign-funded company in China. I hope I can apply knowledge and experiences that I have had in USA to the practical situations so that I can reveal the meaningful times that I spent in USA. I am highly motivated to continue pursuing graduate degree in Accounting as a result of several reasons. First, I am interested in Accounting. I am good at Mathematics and I have a good sense of numbers all the time. Second, my personality is suitable for studying Accounting....   [tags: career choices and opportunities] 591 words
(1.7 pages)
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Accounting - Accounting The nature of work of accountants and auditors is to prepare, analyze, and verify financial reports and taxes, and monitor information systems that furnish this information to managers in business, industry, and government. The major fields of accounting are Public accountants who have their own business or work for public accounting firms. They perform a large range of responsibilities such as doing taxes, numerous accounting and auditing, consulting activities for their clients, who may be corporations, governments, nonprofit organizations, or individuals....   [tags: essays research papers] 1861 words
(5.3 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 and Management Information Systems - Accounting and Management Information Systems A business needs accounting and management information systems to help solve business problems that a business might encounter; and a business needs accounting and management information systems to help gather and organize information, so that the business can make good decisions in their decision-making process in order to help the business succeed. Also, without accounting and management information systems the businesses would be less organized because that is a major part of accounting and management information systems....   [tags: Essays Papers]
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1945 words
(5.6 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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Stronger Integration Between Management Accounting and Marketing - The call for a stronger integration between management accounting and marketing is a relatively new phenomenon. In recent years, some Authors have started to face the topic of the interface of management accounting and marketing with reference both to the management accounting and to the marketing literature (Glaves et al. 2007, Wilson and Gilligan 2005, Roslender and Hart 2003, Roslender and Hart 2002). The implicit acknowledgment of the importance of specialized information provided by management accounting systems (MAS) is strictly linked to these systems’ nature and aims....   [tags: Business Management] 957 words
(2.7 pages)
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Accounting - Accounting is the compilation of financial information for use in making economic decisions. BOOKKEEPING provides the basic accounting data, by systematically recording such day-to-day financial information as revenue from the sale of products or services; expenses of business operations such as the cost of merchandise sold; and overhead expenses such as rent, wages, and so forth. Accounting principles determine which financial events and transactions should be recorded in the bookkeeper's ledgers, journals, and computer printouts....   [tags: essays research papers fc]
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2576 words
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The Evolution and Importance of Generally Accepted Accounting Principles - Introduction GAAP is the acronym for Generally Accepted Accounting Principles. GAAP includes universally accepted guidelines and procedures to properly yield accepted accounting standards and financial reporting’s within companies. The universality of GAAP ensures that there is some sort of consistency with the preparation each company’s financial statements that may include, balance sheets, income statements, and statements of cashflow. Therefore when comparing and analyzing financial records, a set standard followed to achieve stability from one company to the next....   [tags: great depression, assumption, procedures]
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1316 words
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The Differences Between the GAAP and the IFRS Accounting Systems - In the world of international finance there are two major accounting systems; GAAP, which stands for Generally Accepted Accounting Principles, and IFRS, which stands for International Financial Reporting Standards. The United States prefers GAAP while the European market, as well as many other countries, prefers IFRS. By 2015 the Securities Exchange Commission is anticipating a total transfer to IFRS in the United States. Though the differences between GAAP and IFRS are few, they could affect accuracy of financial reporting throughout the world....   [tags: finance, global standards]
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1089 words
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Accounting - Accounting Accounting is the practice of “…maintaining, auditing and processing financial information…” (http://en.wikipedia.org/wiki/Accounting) for the purpose of a company, persons or organisation. There are some fundamental parts of accounting which are; “Identifying, measuring and communicating” (Black, 2000). You need to identify the important financial sections of a company, person or organisation which will include the companies assets, liabilities, capital, income and of course expenditure....   [tags: Business Management Studies] 1306 words
(3.7 pages)
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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 - 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 - 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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The Government Accounting Standards Board Statement 45 - ... From an accrual accounting perspective, the cost of OPEB, like the cost of pension benefits, generally should be associated with the periods in which the exchange occurs, rather than with the periods when benefits are paid or provided (usually many years later). When implementing GASB 45, many governments will report annual OPEB costs and the unfunded actuarial accrued liabilities (UAAL) for past service costs. Disclosure of this information will foster improved accountability and better informed policy decisions about the level and types of benefits provided by employers and potential methods of financing and managing those benefits....   [tags: affect on government entities]
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841 words
(2.4 pages)
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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
(3 pages)
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The Ethical Values Held in Accounting, A Literature Rewiew - ... However like everything when the ethical values that are integrity, objectivity, professional competence and due care, confidentiality and professional behaviour are complied with, it can still leave accountants to be faced with many potential ethical dilemmas. Jackling, Cooper, Leung and Dellaportas (2007) carried out an online survey in relation to ethical issues and put it forward to sixty six different professional accounting bodies. They found out from their research that the largest ethical challenges accountants face include conflicts of interest, earnings management and whistle-blowing....   [tags: code of ethics, principles, integrity] 1416 words
(4 pages)
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Finance and Accounting for ABC Complete Kitchen Inc. - ... If you look at figure 1 it shows the balance sheet includes two sides, left side for assets, right side for liabilities and stockholder’s equity. To find stockholders equity, the equation is assets-liabilities=stockholder’s equity. On the balance sheet asset must equal liabilities and stockholder’s equity (Edition, 2011). The assets show the type of resource that the organization use; the other side shows the type of resources, and how much money it needs to take care of expenses. In Figure 1, it shows an example of a balance sheet for ABC....   [tags: stockholders, liabilities, taxes] 1056 words
(3 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
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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
(2.6 pages)
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Accounting Practice Contributes to a Just Distribution of Resources - ... The argument concludes that goods and services are valuable only when it increases welfare within the society or community. In the United States, the majority of business entities are privately owned rather than government owned. Private ownership is important in a free market society that scarce resources are allocated accordingly within a society efficiently. Many people have a different perspective regarding the allocation of resources similar to the theories discussed above. Accounting helps society allocate resources to individuals or enterprises that will use those resources in the most efficient and effective way....   [tags: laws and regulations of an economic system] 1610 words
(4.6 pages)
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Accounting: The Equation, Assets = Liabilities + Stockholders Equity - The main reason to have accounting is to be able to keep up to date and valid financial records of all aspects of your business. Without accounting and finance it would pretty much be a free for all when it comes to buying, selling, and providing customers with the support they need. Accounting keeps companies from lying about profits and losses that might affect investors. Businesses have to provide some sort of service, and doing this usually requires a change in currency, which needs to be recorded in great detail....   [tags: financial records, business] 627 words
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Foundation Degree in Accounting & Finance - Foundation Degree in Accounting & Finance How training contributes to the achievement of business objectives In order for the organisation to benefit from successful training, there must be a planned and systematic approach to effect management of training. R Harrison (1989:48) defined systematic approach as “…in order to determine as precisely as possible what are the minimum resources the organisation should invest for the development of its workforce, an accurate assessment should be made of known and agreed training needs at all levels....   [tags: Business Management Studies Essays]
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Link Between Marketing and Accounting - In this paper I will be discussing the link between marketing and accounting as I am a marketing/accounting major. There are many connections between the accounting business and marketing. The marketing business is something that should not be overseen and many times is more helpful and detrimental to a business. It is absolutely true that all businesses, including professional service firms, need to distinguish themselves in their marketplace. This is accomplished by creating a compelling message that differentiates the firm from its competitors....   [tags: Business] 1525 words
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Internal Controls - Internal Controls Internal controls are all of the protocol and methods by which a company or organization protects its assets and ensures the correctness and reliability of its financial and accounting records. Tight internal controls are essential to any company that desires confidence in its stockholders and clients. Recent accounting scandals at companies such as Enron and Tyco have necessitated the need for strong internal controls and accounting procedures. As a result of these accounting scandals new legislations and organizations have been developed to audit private companies and ensure that the proper controls are in place....   [tags: Accounting ] 1304 words
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Accounting - Crazy Computers and Three Little Pigs - Crazy Computers Crazy Computers Retailers is wrong in recognizing the insurance premium commission it receives after selling these policies to consumers as revenue. Provisions of ASC 605 – 45 on revenue recognition provides that an entity is a principal transaction and should be reported as gross on condition that the party recording is the primary obligator (Miller, 2013). This means that it is liable to the customer in case of a claim covered by the insurance policy accorded to the consumer. However, Crazy Computers Retailers does not offer primary obligation and thus should not recognize the initial commission collected from premium policies as gross revenue....   [tags: Computer Retail, Insurance, Technology]
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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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Durango Manufacturing Company: Accounting and Financial Areas - ... One of the departments that would need thorough investigation is the sales department. Revenue of a company increases due to an increase in the profits. The sales department is one of the many departments within an organization that trigger or potentially hinder the revenue improvement of the company. The sales department should be managed properly and strategies created on how to improve the number of sales made by the company in a certain period. For example, the sales department can be given more mandates on carrying out advertisements which can lead to more people knowing about Durango Manufacturing Company....   [tags: productivity, income, financial statement]
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Cost and Management Accounting: Improving Cost and Cost Control - Cost and management accounting is an integral element in preparation of an entity’s financial reports. Cost accounting consists of various branches, including; job and process costing, absorption costing, traditional costing and activity based costing. An efficient costing system allows managers and other users of financial reports to make decisions to better the company, in reducing and stream-lining costs, to improve overall profits. The way in which managers achieve this can be a rigorous and time consuming task, however, if a costing system can be perfected, productivity and general cost reduction can be achieved and an overall more efficient operation of the business will ensue....   [tags: financial reports, absorption, business]
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MBA Accounting Graduate School Application Letter - I am an ambitious young Saudi with a bachelor’s degree in Human Resources Management from King Abdulaziz University, Saudi Arabia. I seek admission to (name of university) to attend the MBA Accounting program as a means to achieve my goals. Such goals are to attain the necessary tools so I may initiate my career as an Accountant at one of Saudi Arabia’s largest corporations and utilize my specialized academic education through my position, while continuing to pursue my professional and personal development for the benefit of both the organization and the attainment of my own professional ambitions....   [tags: School Admission Request] 648 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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Internal Controls - Internal controls are increasingly a crucial part of any business large or small. Controls serve two purposes according to financial accounting chapter eight; they safeguard assets and enhance the accuracy and reliability of accounting records. Expanding on that concept internal controls are put in place as a result of activities that have occurred in the past and are an effort to protect internal and external users. Internal controls safeguard company assets by outlining fair and efficient regulations in an effort to prevent theft....   [tags: Accounting] 1121 words
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Two Methods Used for Accounting for Equity in Partnership - ... A fixed ratio is a simple method to be implemented. For instance, as an illustration Ifpartner 1 and partner 2 contribute the exact amount of capital to the business, but Partner 1 works full-time in the business, the other one work part-time. From that case, they can make an fixed ratio agreement according to the hours that they work. For example, 1/3 of the profit goes to Partner 2 and 2/3 goes to Partner 1. A Ratio based on Capital Balances This method is used mostly by the partnerships who consider the funds invested is the crucial point....   [tags: fixed balances, fixed ratios,profits] 529 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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Ethical Obligations in Accounting - Ethical standards have had vast changes over the years. Michael Josephson, in Chapter 1 of Ethical Issues in the Practice of Accounting, 1992, described the "Ten Universal Values." They were as follows: honesty, integrity, promise-keeping, fidelity, fairness, caring, respect for others, responsible citizenship, pursuit of excellence, and accountability. Good ethics does not always mean good business practices. The purpose of ethics in business is to direct business men and women to abide by a code of conduct that facilitates, if not encourages, public confidence in their products and services (Smith & Smith, 2003, 3)....   [tags: Business Ethics] 1243 words
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Bernard L. Madoff: The Largest Accounting Fraud in History - Through his business started in 1960, Bernard L. Madoff Investment Securities LLC hedge fund, he operated the largest Ponzi scheme that has ever been uncovered. In 2008, that scheme finally caught up with him. Depending on the source, the scheme has been estimated to be ripping investors off for approximately 40 years. Madoff convinced investors that they were investing in fund that promised high returns with low risk involved. In the end, Madoff had dug himself too big of a hole and couldn’t climb his way out....   [tags: Ponzi scheme]
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Tax Law And Accounting - Tax Law and Accounting In today's society income taxes are something in which almost everyone is familiar. However, the tax law and general purpose of income taxes is something in which the general society gives little thought. In addition, few tax preparers are aware that differences exist between the Generally Accepted Accounting Principles (GAAP) and tax accounting, not to mention the ramifications of avoiding or evading to proper complete the reporting of income taxes. This paper will discuss the objectives of modern tax law, the differences between Generally Accepted Accounting Principles (GAAP) and tax accounting as well as the differences between tax evasion and tax avoidance....   [tags: Taxes] 1409 words
(4 pages)
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Case 8-2: Whither The Withering Standard Setters? - Chapter 8 Case 8-2 “Whither the Withering Standard Setters?” 1. There are a number of differences between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). The IASB consists of 16 members with 3 part time members. The FASB consists of 5 members with no part time members. The members of the IASB board consist of 4 from Asia, 4 from Europe, 4 from North America, 1from Africa, 1 from South America, with 2 from any region in the world. This board is diversified with its members being knowledgeable in the varying fields of accounting such as the academic world, as well as those who utilize, prepare, and audit financial records....   [tags: International Accounting, Global Accounting]
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(3 pages)
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Market-to-Market Accounting - Market-to-market accounting Focuѕ of Financial Reporting Mark-to-market iѕ an accounting methodology of aѕѕigning a value to a poѕition held in a financial inѕtrument baѕed on the current market price for the inѕtrument or ѕimilar inѕtrumentѕ. For example, the final value of a futureѕ contract that expireѕ in 9 monthѕ will not be known until it expireѕ. If it iѕ marked to market, for accounting purpoѕeѕ it iѕ aѕѕigned the value that it would currently fetch in the open market(Webber, Clinton 2004)....   [tags: Finance ]
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Cash Basis Accounting Versus Accrual Accounting Method: Matching and Revenue Recognition Principles. - Introduction To account for profit, businesses have an option of choosing between two methods of record keeping; that is the accrual basis method and the accounting basis method. Using one method throughout accounting period and then changing it at the end while determining profit, might introduce a form of biasness and hence resulting in inaccurate figures. The two methods are completely different in terms of how revenue and expenses are recognized and recorded. As a result, the accounting for profit between the two is also poles apart....   [tags: Business Finance ]
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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
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Accounting Report - Accounting Report Anyone considering accounting needs to assess whether this career fits his or her interests, abilities, and aspirations. There are certain qualities and qualifications, however, that a person should consider before making a commitment to a particular career field. Selecting a career can take a lot of time, and many people do not choose until they are adults. Contributing to the difficulty in choosing a career is the vast number of vocations from which to choose. The field of accounting alone covers dozens of types of accountants and dozens of jobs....   [tags: GCSE Business Marketing Coursework] 2242 words
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Accounting Scandal - I should be guilty of dissembling if I were not to refer to the economic difficulties which have affected Japan recently along with several other countries. I assume that these difficulties have come as a shock to people in Japan because of their contrast with the prolonged period of economic success which preceded them. But they show, as history has shown so often, that the enjoyment of steady uninterrupted growth, over the very long term, is beyond the capacity of nations. Every country, no matter how successful, seems bound to experience setbacks....   [tags: essays research papers] 3254 words
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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
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Fasb Standard Developments - In 1929 the stock market crashed and along with it went public and investor confidence in the fairness of the securities markets. In response to this congress created the Securities and Exchange Commission (SEC) in 1934, which was given the authority to stipulate the methods to be used when compiling financial reports. Although the SEC was given this power, it turned to the private sector for the establishment of GAAP. Nonetheless, the SEC has remained active in the process, demonstrating its statutory authority to create accounting standards as it sees fit....   [tags: Accounting] 1509 words
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