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- Accounting Introduction The financial information is a very important matter in a company success. Allow them to see if they have been successful in the past, in the present and help them to predict a future performance of you company. The form, the use and the people involve with the financial and accounting information in a company is going to be developed in this report. Accounting Knowing the status of your company in every single area will allow you to improve your performance and developed strategies with a solid background for a successful operation....   [tags: Business Accounting Finance]

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- According to the Generally Accepted Accounting Principles, T-Shirts by Tommy can account for the accident is to record an extraordinary item. Using the definition from our Intermediate Accounting textbook, extraordinary events are defined as, "…events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence" (Keiso). Because of the nature of the plane crash, and the fact that these types of accidents happen very rarely, it can definitely be categorized as extraordinary....   [tags: Business Analysis Accounting Finance]

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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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ACG 2021, Introduction to Financial Accounting, Spring 2001, Exam 3 Final

- 2021FINALSP01 5/9/2001 FORM CODE: A Page 1 ACG 2021 – FINAL EXAM SPRING 2001 NAME _____________________________________ SS# ____________________________ Instructions: NOW: Bubble in your section number on your Scan Sheet. Fill in your name and social security number on this examination and your scan sheet. 1. Listen carefully for any comments your proctor may have related to the exam. Read these instructions carefully. Failure to do so may result in your losing points. 2. This exam consists of 60 multiple-choice questions....   [tags: UFL Florida Business Accounting]

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ACG 2021, Introduction to Financial Accounting, Fall 2000, Exam 1

- VERSION A Page 1 ACG 2021C EXAM 1 FALL 2000 NAME _____________________________________ SS# ____________________________ Instructions: NOW: Bubble in your section number on your Scan Sheet. Fill in your name and social security number on this examination and your scan sheet. 1. Listen carefully for any comments your proctor may have related to the exam. Read these instructions carefully. Failure to do so may result in your losing points. 2. This exam consists of 50 multiple-choice questions. Select the BEST answer and mark the appropriate space on the scan sheet with a #2 pencil only....   [tags: UFL Florida Business Accounting]

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ACG 2021, Introduction to Financial Accounting, Summer 2001, Exam 3 Final

- 2021FNLSM01A 7/18/01 Page 1 ACG 2021 FINAL EXAM SUMMER 2001 NAME _____________________________________ SS# ____________________________ Instructions: NOW: Bubble in your section number on your Scan Sheet. Fill in your name and social security number on this examination and your scan sheet. 1. Listen carefully for any comments your proctor may have related to the exam. Read these instructions carefully. Failure to do so may result in your losing points. 2. This exam consists of 60 multiple-choice questions, each worth two points for a total of 120 points....   [tags: UFL Florida Business Accounting]

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ACG 2021, Introduction to Financial Accounting, Spring 2001, Exam 2

- MT2SPR01 5/9/2001 Page 1 FORM CODE: A ACG 2021 – EXAM 2 SPRING 2001 NAME _____________________________________ SS# ____________________________ Instructions: NOW: Bubble in your section number on your Scan Sheet. Fill in your name and social security number on this examination and your scan sheet. 1. Listen carefully for any comments your proctor may have related to the exam. Read these instructions carefully. Failure to do so may result in your losing points. 2. This exam consists of 50 multiple-choice questions....   [tags: UFL Florida Business Accounting]

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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 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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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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The Fair Presentation Requirements of International Accounting Standard 1 will Undermine the UK’s View of True and Fair

- The Fair Presentation Requirements of International Accounting Standard 1 will Undermine the UK’s View of True and Fair During the last 20/30 years there has been an increase in trade and communication. It is easier for people to do business across the world as the new technology allows this to be possible. The problem with this is that different countries have different ways of accounting standards, and therefore there is a problem on how to account standards. Hence, during the last years the debate on whether to use Fair presentation or the True and fair View is becoming a major concern....   [tags: Business Accounting Standards]

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Accounting In New Zealand

- A number of legislative controls are available to shareholders wishing to exercise their rights. If it appears that the affairs of the company are not being conducted properly, shareholders have some options available to them and among which, the statutory remedy for shareholder oppression. It protects minority shareholders against being deprived of their fair share and greatly improves their ability to take action against the company alleged to be in breach of good corporate practices. The Courts have adopted a liberal approach in the interpretation of the oppression remedy following some leading common law cases and it is now the broadest of all the remedies available to minority sharehold...   [tags: Business Accounting]

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Ethics in Accounting

- Introduction There has been an increasing call for the consideration of ethics as part of accounting education programme and management globally in recent years. Many professional bodies are requiring ethics coverage. We regularly see calls for more ethical behavior in business in the media. Businesses need to clean up its act, including the phases and concepts as concern for environment, concern for employees, stakeholder interest, and the need for people to take a position. The study of ethics does not provides a list of things which are right or which are wrong, rather it provide a framework for understanding and analysing the impact of a decision from an ethical perspective....   [tags: code of conduct]

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Accounting for Carbon

- Introduction This paper examines the implications of using different approaches when it comes to accounting for carbon emissions. This essay provides a brief background on the Kyoto protocol. Then it goes into the issues surrounding accounting for carbon. The starting place that needed to be addressed was how to account for carbon credits and the free allowances, next was the obligation. The paper subsequently examines the current practices for accounting for carbon, such as the IFRIC 3 approach, the net liability approach, and the recognition of government grants approach, followed by that there was some other issues that had to be alluded to that are important for when accounting for carbo...   [tags: environment, carbon, kyoto protocol]

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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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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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Managerial Accounting, Applied to Successful Project Accounting Practices

- ... 3.1 Determining the Potential Payoff One of the first steps in project accounting is to determine the potential payoff of solving a problem or developing a new opportunity. In order to achieve success, the project needs to have a clear, focused outcome. The project planners need to ask critical questions: What is the probable ROI of the project. Is the project worth it. Projects that have a high potential of success along with a high probability of potential rewards, perhaps do not require a high level of analysis....   [tags: determining potential payoff]

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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]

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Analysis on the benefits of Private Accounting

- This study aims to know the different benefits that Private Accounting can give. The expected results for this study are the knowledge of the Accountancy students about the benefits of Private Accounting. Moreover, the factors affecting the career paths of these students are also expected. This study is not only useful for the researchers but also for the respondents for them to gain a better understanding of their course and Private Accounting. This study is intended to find the benefits of Private Accounting and its effects on the career paths of Accountancy students of De La Salle Lipa....   [tags: accountancy students, de la salle lipa, CPA]

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Auditors in the Business World

- Accounting is the process of identifying, recording, and communicating the economic events of an organization to interested users to make sound decisions. In accounting identifying economic events involves selecting the economic activities related to a particular organization such as paying out salaries to employees of a particular entity. In turn, once these economic activities have been identified they are recorded in the books daily into a systematic system measured in dollars. These economic events are then classified and summarized by an accounting system....   [tags: Accounting]

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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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Statement of Purpose for a Ph.D in Accounting

- What is your purpose. What are your career aspirations. What type of research do you want to conduct. What topics and methods are you intending to pursue. I am applying for admission to the Ph.D. program in accounting because I want a career in the research and teaching of accounting. I have wanted to pursue a PhD in accounting since I was a college sophomore about 25 years ago. A PhD in accounting would provide me with opportunity to fulfill my life-long dream of involving in teaching and play a positive role in the lives of my students the same way my teachers have played in mine....   [tags: research, career, experience]

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The Use of Information Technology in Accounting

- Intro In this day and age, it is almost unthinkable to perform accounting functions without the help of information technology (IT). Accounting dates back to 3600 BC when the oldest business event was recorded and there is evidence accounting systems were utilized in ancient Greece, China, and Rome (Knežević, Stanković, & Tepavac, 2012). Managerial accounting is a relatively new function of accounting and provides information such as capital investment status, payback period, planning and controlling, budget, etc....   [tags: data, management, business]

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Analysis of the Enron/Arthur Anderson Scandal

- Enron and Arthur Anderson were both giants in their own industry. Enron, a Texas based company in the energy trading business, was expanding rapidly in both domestic and global markets. Arthur Anderson, LLC. (Anderson), based out of Chicago, was well established as one of the big five accounting firms. But the means by which they achieved this status became questionable and eventually contributed to their demise. Enron used what if often referred to as “creative” accounting methods, this resulted in them posting record breaking earnings....   [tags: Accounting]

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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]

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The History and Role of Accounting in Business

- Accounting can be defined in a number of ways, but I chose the book definition, which is; Accounting is an information system that provides reports to stakeholders about the economic activities and condition of business. The person in charge of accounting is called the accountant. The accountant is typically required to follow a set of rules and regulations. These rules and regulations are called the General Accepted Accounting Principles. Throughout these next few paragraphs, I will be giving you the history and evolution of accounting, and I will be explaining who the stakeholders are and what type of information they require, and I will be explaining the role of accounting in business....   [tags: Accountant, Economics]

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Aspects of Materiality: A Continuing Education Report

- Introduction The concept of materiality provides a topic for continuing educational discussion that many firms across the country find essential to the development of their audit staff. Measuring and using materiality to obtain desired results during an audit becomes the responsibility of the staff member of a CPA firm. Partners and managers of a firm typically allow the staff member to use his/her judgment when applying this concept during the fieldwork of an audit. The overall success of an audit relies at least in part on the materiality concept; therefore, staff members’ continuing education on the concept becomes important and necessary....   [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 ]

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Was Modern Accounting Developed by The Muslims

- I am going to demonstrate that there are at least three major flaws in Omar Abdullah Zaid’s article. First, the financial records that he claims were developed around 622 AD by the Muslims were in fact in existence thousands of years prior to that date. Secondly, much of his article is based on his and others opinions of what accounting records were developed, but he proves no evidence that these originated from the Muslim culture. Thirdly, the journals or lists that he discusses as the basis for accounting records are not the same as the double entry accounting system that Luca Pacioli became famous for in the 15th century....   [tags: history, ancient civilization, patioli]

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A History and Summary of Accounting

- Accounting dates back over five thousand years, to before the birth of Christ. It has been traced back to when Mesopotamia traded and needed to keep records. The scribes who recorded when they traded things were like modern day book keepers. Ancient Egyptians also used scribes to keep an inventory of all products coming in and going out. They compared the records to the inventory to make sure it was accurate; Egyptians also used their notes to measure how much they could allot over time. The Roman Empire used accounting to figure out the amount of taxes people had to pay the emperor; they calculated the worth of the person to determine what amount they had to pay....   [tags: financial analysis and reports ]

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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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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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Importance of Income Statement and Balance Sheet

- The income statement called the statement of earnings reports the amount of net income earned by a company during a period. Almost every day The Wall Street Journal contains report of net income or earnings figures announced by companies the day before. Stock prices go up or down depending on whether their announced earnings meet investors’ expectations. For instance if there was an increase in the price of share of a specific company the increase is compared to net income of the previous year. This high level of interest centered on net income makes it apparent that investors find this accounting number useful in evaluating the health and performance of a business....   [tags: Accounting]

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Gender Inequality in the Accounting Profession

- RESEARCH: This formal report will utilize mainly online resources will attain information on gender inequality. These sources will include scholarly articles and reports, journals, statistics on the relevant topic, and some print sources that can be accessed from the internet. BACKGROUND: For centuries there has been gender discrimination and inequality, most often towards women. At one time or another, in many different counties, there have been laws that denied women the right to go to school, to travel, the right to hold property, to enter certain occupations, and many others....   [tags: Flexible Schedules, Professional Conduct]

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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]

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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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Skills Necessary for Accounting Success

- Before I started this research, I thought of an accountant as someone who punched numbers every day and had great book-keeping skills but I have now learned that the accountant has to possess certain other skills often referred to as “soft skills” in order to be competitive and successful in this ever-changing business economy. Some of these “soft skills” are, but not limited to, excellent written and oral communication skills, the ability to work well with other people, work ethic, honesty, empathy, and problem-solving....   [tags: Business]

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Tax Accounting Cases

- 1. Deducting Cosmetic Surgery Issue: Can Ms. Gorgeous deduct the cost of her cosmetic surgery enhancements as a medical expense. Facts: Ms. Gorgeous is an aspiring actress who has managed to earn a living doing television commercials. Decided to have botox injections in her forehead and collagen enhancements to her lips to hopefully move up in the industry. After the procedures, her career drastically improved and she received movie offers. Statutory: Section 213(d)(9) classifies and treats cosmetic surgery as follows: (A) The term “medical care” does not include cosmetic surgery or other similar procedures, unless the surgery or procedure is necessary to ameliorate a deformity aris...   [tags: Taxes Tax Accounting ]

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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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Theories for the Accounting Department of an Organization

- ... COSO International control framework is an important and well organized management based tool which used to bring internal control in the organizations. There are four different angles in which COSO Internal Control framework works which particularly are controlling the environment, assessment of risk, control based activities and information and communication control. All of these provisions are used to strengthen the internal system of the company with perfection and most of the organizations are now utilizing the same for the sake of the organizational productivity in particular (Guillermo D'Andrea, 2001)....   [tags: business management]

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Decision Making in Managerial Accounting

- Managerial accountants need to use accounting information in seeing to it that they are able to plan, evaluate the company performance, manage risks and control the business operations in a manner that is deemed beneficial to the business as a whole (Caplan, n. d). This can be achieved through: having high standards of ethics in all situations; employing the techniques of management reports, budgetary control, and analysis of fund flows and financial statements; making prudent capital investment decisions; and maintaining continuous quality control systems....   [tags: Budgetary Control, Capital Investments]

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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]

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Improving Accounting Standards in Australia

- Introduction Intangible assets have become increasingly noticeable with accounting due to the larger amounts linked to patents, franchises and brands. Although these items are not purchasable they are generated within an organization and sometimes account for huge differences between market capitalization and book values. Over the years, the International Accounting Standards Board has focused on the uniformity of accounting standards. However, these standards will only be appreciated across the board if they are of unquestionable integrity....   [tags: Assets, Standards]

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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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The Internet: The Present and Future of Accounting

- The Internet is an invention that revolutionized the century. It is a technology that has not only made accounting more efficient and effective, but arguably has improved most, if not all, of culture and commerce. It represents the product of one of the most successful examples of continued investment and research and development of information infrastructure. Not only has it helped shape accounting into what it is today, it will continue to develop accounting in the future. Although the exact date of origin of the Internet is not established, its history began with the development of electronic computers in the 1950s....   [tags: Technology, Kleinrock]

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Ethics in Business and Accounting in Vietnam

- 1. Introduction: Currently, in the complex global business environment, economic performance alone no longer guarantees business success. One of the integral driving factors for this success is the transparency and integrity of the management system. In many countries, there is enormous number of leading corporations coordinating ethical management into business practices to stay in tune with wider societal values. However, there still exist corporations where profit triumphs all other considerations....   [tags: global business, performance, unethical practices]

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The Value and Goals of Accounting

- ... 42). The Roehampton’s governing body is the Higher Education Funding Council for England (Bell, 2012, pp. 27-29). The SLC is owned by the Government – the Student Awards Agency for Scotland, Local Authorities in Wales, the Education and Library Boards in Northern Ireland, Higher Education Institutions and HM Revenue & Customs) – which are the shareholders of this organisation. (Smith & Laverty, 2012-2013, pp. 1-2) In both organisations the governing’ bodies have the responsibility to keep public officers or other officials accountable for their performance and results, which determines the proper functioning of the companies through well prepared and organised management strategies and...   [tags: business, profit, analysis]

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The Importance of Reliable Measurements in Accounting

- Performance measures play an important in all companies and their daily operations. By providing multiple methods of comparison and evaluation, accounting measurements provide a better view of the overall state of a corporation. Not only do investors use certain measures to help decide in which companies to invest, but internal managers use other measures to make sure their company is meeting set standards and that it is not falling behind or losing money. Therefore, it is important that these measures are accurate and not misleading....   [tags: economic performance measures]

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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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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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Measurements in Accounting: Finacial Reporting

- ...  Current cost, just as its name implies, shows the amount of cash or cash equivalents that was acquired currently. When there are efficient external markets for analogous replacement assets, current cost can be reliable.  Realisable (settlement) value shows the value of net assets and income if it is sold separately. Based on the active markets or actual realisations, this measurement could be reliable.  Present value illustrates the present value of future net cash flows at a present discounted rate....   [tags: monetary amounts, costs, instrument]

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The Accounting Fraud At Worldcom

- From the time of WorldCom’s inception there always seemed to be a tradition in management as if the company was only 100 or so employees. There was a “good old boys” mentality among the limited few running the company and if you were outside that circle then were told only what they wanted you to hear. An unspoken rule among employees was to do what you were told without questions or risk the consequences. One example of this situation occurred when senior management member Gene Morse told an employee “If you show those damn numbers to the f****ing auditors, I’ll throw you out the window” (Kaplan, R.S., & Kiron, D., 2007, p....   [tags: Critical Thinking Essays]

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Accounting Analysis

- The report focus on the financial statement analysis of Tick-Tock during 2005 to 2007.And at the same time provides the recommendation whether to purchase Tick-Tock for $275,000 or continue looking for another business. This financial statement has been divided into three segments: profitability, liquidity and financial stability .The first part is profitability which focuses on different aspect of return on investment & evaluating operating performance ratios. And the second segment concrete on the liquidity, as this ratio measures a company's ability to pay short-term obligations, the current ratio of 2007 shows that the firm has a good short-term financial strength to meet its current lia...   [tags: Accounting Finance Business]

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Overview of Forensic Accounting

- Introduction What is forensic accounting one might ask. It has been on the rise lately and has been talked about for years, but do people really know what it is. Well look no more; you came to the right place. This paper will discuss the ends and outs of forensic accounting. For example, the certifications required to become one, the history of forensic accounting and many different types of crimes that forensic accounts handle. Forensic accounting is an investigative style of accounting used to verify whether a single or company has occupied with any illegal financial movement (Forensic Accounting Online, 2013)....   [tags: Illegal Activites, Employee Fraud]

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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 “” for information concerning the matter. In addition to the typical look upon accountants, I will also take a more public stance from “”....   [tags: Careers]

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Ethicality of Accounting Activities

- Ethicality of Accounting Activities Worldcom was a telecommunications company that merged with MCI in 1997 and was renamed MCI Worldcom. Worldcom was the United States second largest long distance phone carrier, until the accounting scandal in 2002. In 2002, a lady named Cynthia Cooper found discrepancies in their accounting. Someone was cooking the books by moving money around and recording it in places it should not be. The main accounting activities involved in the Worldcom case are auditing....   [tags: code, professional conduct]

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Accounting Types and Jobs

- Analyzing numbers, organizing many pieces of paper, and working overtime during tax season. Accountants deal with all of this, plus more. To better your education and cover some costs scholarships, schooling, and degrees are important to have when working to become an accountant. Will there be a need for career accountants in the future. Will there be job openings for accountants when you enter the workforce. These are all questions that you have to consider when examining the option of becoming an accountant as your occupation which you want to succeed at in the future....   [tags: Numbers, Taxes]

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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]

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Accounting: Shared Based Payment

- ... Compensation costs are not recognized under this view unless the performance target is probable-- regardless of the years of service required from an employee. For example, if employees are required to work 5 years in order to receive stock, but a target is likely anticipated to be met after the 6th year, no compensation cost would be recorded years 1-5. Once the performance target is deemed probable in the 6th year, the company is allowed to record the compensation cost at the grant-date fair value....   [tags: compensation costs, awards, performance]

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The WorldCom Accounting Scandal

- The WorldCom Scandal   Contents Key elements at WorldCom………………………………………………………………………3 Corporate Governance Issues at WorldCom…………………………………………….........4 UK Corporate Governance...................................................................................…...5, 6 Conclusion………………………………………………………………………………………… 6 References………………………………………………………………………………………….7   Key Elements at WorldCom WorldCom began as a small provider of long distance telephone service. During the 1990s, the firm made a series of acquisitions of other telecommunications firms that boosted its reported revenues from $154 million in 1990 to $39.2 billion in 2001 (Lyke and Jickling, 2002)....   [tags: WorldCom ]

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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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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 ]

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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]

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Accounting Software

- Since technology is getting more developed time after time, many of life aspects has been influenced by the presence of computer as a remarkable innovation in human history. The emerging of a new concept called Computerized Accounting Information System (CAIS) particularly, is one example of this “cutting-edge calculator’s” intervention on bookkeeping activities. As many companies tend to apply this new frame to treat their transaction recordings, many accounting software developers try to provide an advanced computer program as the main engine of the companies’ CAIS....   [tags: Definition, Risks, Accountants]

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Forensic Accounting

- Forensic Accounting When I hear the word ‘Forensic’ the idea and image of a homicide investigation in which evidence gathered is analyzed at a laboratory to determine ‘who done it’. Shows like CSI, Bones, Law and Order depicts the forensic aspect in their broadcast. Being a registered nurse, another thought comes to mind when hearing the term ‘forensic’. I like to watch Dr. G medical examiner on the Discovery channel. That is a reality show regarding investigative research on how a person died....   [tags: Business Ethics]

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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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Management Accounting

- From the management accounting viewpoint of business, the process of decision-making is the main aim of management accounting. The way of how accountants make their decisions has been studied and investigated widely. It is very helpful in management accounting to categorize decisions in to strategic and tactical and in to short run and long run decisions. The objective of management accounting is to make a good decision as the process of management decision-making is extremely subjective. A good decision is depends on the aims and purposes of management....   [tags: Business Management]

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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, 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:

- 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]

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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]

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Advantages and Disadvantages to Cash and Accural Accounting

- Cash and Accrual Accounting are two elemental accounting methods that are essential to keep records of the expenses and income of a business (Zarandi, et al., 2013).Therefore throughout this essay I will be discussing the advantages and disadvantages of each method in order to conclude which accounting method is more useful for a business. Cash accounting is more favoured especially for small businesses whereby the income is only counted when the payment is received and the expenses are practically paid whereas the accrual accounting method accounts for revenue when the sale takes place and the expenses are counted when the goods or services are received regardless of whether the receivables...   [tags: income, business, bills]

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Accounting Questionaire

- Distinguished: Identify the main disadvantages of each inventory valuation method. Since inventory costs affect net income, they have potential tax effects. Companies can use different methods for financial reporting and tax reporting. The only exception is when LIFO is used for tax purposes; IRS requires it be used for financial statements. The consistency principle requires that a company use the same accounting methods period after period (for comparability) unless a change will improve financial reporting....   [tags: Inventory, Tax, Cost]

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Defining "Fair Value"

- IFRS: Companies may use either historical cost or revalued amount. Revalued amount is fair value at date of revaluation less subsequent accumulated depreciation and impairment losses (Touche, 2009). Canadian and U.S. GAAP use historical cost as the basis of measurement for property, plant and equipment (Touche, 2009). Revaluations are prohibited in both Canadian and U.S. GAAP (Touche, 2009). So what does that mean for companies not sure of what to choose or needs guidance. Even when a particular IFRS lacks guidance, the application of the IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors is required to the company or auditors for fair value guidance in other standards (I...   [tags: Accounting]

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Accounting for a Restaurant

- Accounting for a Restaurant Scenario I have just been assigned as the new system analyst at a restaurant called 'Venice' that specialises in Italian food. Up until now all the accountancy was done manually, so it took a lot of time to keep it up to date. To make it easier and more efficient I have been assigned to introduce a spreadsheet system to help calculate the annual profit the restaurant makes. This will save hours of paper work. The new method will save all finance information into a spreadsheet that can be easily accessed....   [tags: Papers]

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Management Accounting: Its Principles and Importance

- In a competitive business environment, all organizations take on the full responsibility or accounting and management. So, what is management accounting. Management accounting is accounting however in a sense that it includes the production of all useful information in an organization. This may be comprised of information where such may be financial or nonfinancial, accurate or broadly correct, actual or estimated, detailed or highly aggregated, presented in various forms either written or spoken which also includes graphs and tables, and is primarily related to profits and/or losses, volumes, trends and etc....   [tags: competitive business environment]

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1195 words | (3.4 pages) | Preview

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]

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Universal Set of Principles in the Field of Accounting

- ... In the final section I will discuss and reflect upon the evidence presented to support the topic of this essay along with a conclusion of facts and ideas presented. The need for a conceptual framework As we can understand from above that one person’s principle cannot necessarily be another one’s too; there needs to be an independent body, which can produce universally acceptable principles to resolve matters systematically and uniformly. When we talk about the introduction of a universal set of principles in the field of accounting, it was the famous stock crash of 1929, which wreaked havoc in the financial markets around the globe and created a situation where the need for generally...   [tags: rules, experience, ethics]

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Vitamix Revenue Recognition

- Vitamix Revenue Recognition – “Special Cases” Proper revenue recognition is important in because it has a direct impact on quarterly income statements, incentive calculations, investor confidence, and perception of an organizations financial health. The scandals at Enron and WorldCom illustrate how important properly recognize revenue is to the financial integrity of a company and how abuse can be extremely dangerous. (Labaton, 2006) To maintain consistency across organizations, the Securities and Exchange Commission (SEC) relies on the standards published by the Financial Accounting Standards Board (FASB) to establish the guidelines for revenue recognition....   [tags: Accounting]

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1128 words | (3.2 pages) | Preview

Government Accounting Standards Board versus Financial Accounting Standards Board

- ... They are appointed for five year terms, and are eligible for an additional five year term. The FASB uses due process to implement the process of the standard setting process. The rules for setting or changing standards include; identifying financial reporting issues from stakeholders or other sources, and then the FASB decides whether or not to add the issue to the agenda. Once that is done the boards deliberates at one or more public meetings, and an Exposure Draft is issued for stakeholder input....   [tags: private vs government/non-profit companies]

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A Comparsion of Accrual Accounting and Cash Flow Accounting for Financial Transactions

- In this paper I will describe two different systems that companies use to record their financial transactions; the Accrual and the Cash Flows accounting, in the same way I will explain the reason why companies keeps accounts and what do they need it for. Accounts are records in which transactions affecting liabilities, owners’ equity, revenue, expenses, and assets are registered. These accounts are mostly used to track and corroborate the usage of the cash available; moreover it has the aim of produce accounting information that will be express as useful information regarding a particular company, business, and firm....   [tags: companies, accounts, systems]

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