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Accounting Essay Topics & Paper Examples

Accounting

Accounting is often referred to as the language of business, and rightly so, since it is the means by which information about an entity is communicated (Meigs, 2000). Contrary to popular belief, accounting is more than just doing taxes, or keeping books. Doing taxes is just one of the many tasks an accountant performs. Bookkeeping, the recording of transactions and day to day activities, is just the clerical aspect of accounting. Accounting is more concerned with the interpretation and use of the accounting information. As the new accountant of Claire’s Antiques, the fields of exposure would be in financial and managerial accounting. Financial accounting is a field of accounting which provides information about the financial resources, obligations, and activities of…

Managerial Accounting

Accountants and auditors help to ensure that firms are run efficiently, public records kept accurately, and taxes paid properly and on time. They analyze and communicate financial information for various entities such as companies, individual clients, and Federal, State, and local governments. Beyond carrying out the fundamental tasks of the occupation— providing information to clients by preparing, analyzing, and verifying financial documents—many accountants also offer budget analysis, financial and investment planning, information technology consulting, and limited legal services. Managerial Accounting: Managerial accounting is concerned with providing information to managers – that is, people inside an organization who direct and control its operation. Managerial accounting provides the essential data with which the organizations are actually run. Managerial accounting is also termed…

Career Investigation

My ideal career is in accounting. I have determined that this field is best suited for me through career assessment tests, learning styles assessments and by actually working in this field for several years. I have been interested in accounting since taking my first accounting class in high school. It was then that I found that not only was I good at bookkeeping but also enjoyed it. From my Learning Style Graph (Toft, 2006) I discovered that I equally reflect two learning styles: “Why? mode” and “What if? mode.” My knack for understanding people and ability to recognize problems are strengths I posses in the “Why? mode.” On the other side of the graph my drive to get things done…

Current and Noncurrent

When an individual starts a business understanding financial statements are vital to tracking the company profits and losses. The company decisions are often decided by the figures and statistics. The figures are recorded and compared at a later date. Accounting knowledge is the core of the business and every aspect of a growing company depends heavenly on understanding the basic concept of debits and credits. Companies often develop departments that handle a large in flow of activity. The department keeps track of how well the business is performing and should be well staff with enough employees to fits the demands the company. When making certain that the business financial operation is running smoothly knowledge of the difference between current and…

Brandywine Homecare

1. Construct a Brandywine’s Income Statement. This income statement summarizes the company’s performance during 2007. It reflects how much money the company brought in as revenues, how much spent on expenses, and the difference between the two is the net income profit. All figures above are in terms of millions. Excel rounded the depreciation value which was 1.5 to 2 and net income of 1.5 to 2 as well which gave total expense of 11 which is actually 10.5 million. I will attempt to explain the major components of this Income Statement. Revenue is the first major component. The primary goal of a not-for-profit corporation is financial viability which is generally given in a mission statement in terms of service to…

The Nine Steps of Accounting Cycle Checkpoint

Step 1 in the accounting process is to analyze the transactions. This would include revenue, expenses, etc., anything that the company received or paid during the time period. Step 2 is to journalize these transactions. To take the information and correctly post each transaction with a debit and credit line item. Step 3 is to post the journal information into an accounting ledger that shows all of the line items as totals in their respective accounts. Step 4 is to prepare an unadjusted trial balance. This would list all balances at the specific point in time. This is a good time to review all transactions and line totals. Step 5 is to adjust the entries. This would involve adjusting the…

Financial Accounting Standards Board

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are two of the most important bodies of the Accounting/Finance field today. Though both boards work together to develop and enforce financial reporting standards for publicly held organizations, the FASB concentrates on the accounting standards in the United States while the IASB sets its focus on global standards. The rules and standards that are set for individual certified public accountants that practice in the United States are also set by the FASB. By introducing the IASB and FASB into the MSA program, students are able to gain more insight into what businesses are required to report and the progress that the accounting field continues to make. The…

Accounting Records Required

The general rule of the Companies Act of the Section 167(1) state that every company and the directors and managers thereof shall cause to be kept such accounting and other records as will sufficiently explain the transactions and financial position of the company and enable true and fair profit and loss accounts and balance sheets and any documents required to be attached thereto to be prepared from time to time, and shall cause those records to be kept in such manner as to enable them to be conveniently and properly audited. Thus, Beta Sdn Bhd, a private company, shall keep the accounting and other records of the company. The Beta Sdn Bhd, the company is required to keep records of…

Accounting

a). The CEO is mainly concerned with reporting the highest amount of income possible. Thus the CEO will be pleased if the company uses the FIFO method. This method recognizes as cost of goods sold the oldest costs, and because prices are rising, the costs charged to cost of goods sold will be less than if LIFO is used. b). It would be difficult to state absolutely which method is truly in the best interest of the stockholders, as FIFO results in lower COGS on the income report; it also results in higher earnings. But when earnings are higher so the taxes are also higher. And when taxes are higher, after-tax earnings become lower. On the other hand, LIFO results…

Accounting

Accounting is the language of business. It is the system of recording, summarizing, and analyzing an economic entity’s financial transactions. Effectively communicating this information is key to the success of every business. Those who rely on financial information include internal users, such as a company’s managers and employees, and external users, such as banks, investors, governmental agencies, financial analysts, and labor unions. Accountants must present an organization’s financial information in clear, concise reports that help make questions like these easy to answer. Finance is the study of how investors allocate their assets over time under conditions of certainty and uncertainty. A key point in finance, which affects decisions, is the time value of money, which states that a unit of…

Leigh Ann Walker, Staff Accountant

Leigh Ann Walker was an exceptional student in college. Her 3.9 grade point average and her involvement in numerous business organizations set her apart from most other students. As a result of her hard work and dedication on campus, Leigh Ann received a total of six job offers. Upon graduation, Leigh Ann accepted an offer from a Big Six accounting firm to be an entry-level auditor. Despite such accomplishments, we believe that Leigh Ann made a significant mistake by lying to her supervisor about her CPA examination, and that she was rightly punished for her actions. We feel as if Leigh Ann’s supervisor, Jackie Vaughn, did not overreact in this situation, but rather she handled the situation like a professional…

Accounting Information Systems

Every Company or Business has different Information Systems that the use to run the Company. There are various types of information systems employed by payroll, accounts payable, accounts receivable, and accounting? Types of Information systems that are employed by payroll, accounts receivable, and accounts payable are Paychex, UltiPro Payroll Software, ADP Payroll services, Intuitive Payroll Systems, and QuickBooks Payroll. Various types of Accounting Software is Microsoft Excel Spreadsheet, Intuit Quicken, Sage 50, and QuickBooks. Paychex Inc. s a payroll and human resource service company which serves approximately 572,000 businesses in the US. The company provides services including Payroll Services, Time and Labor Management, HR Administration & Compliance, 401(k) Employee Benefits, Group Health Insurance, and Paychex HR Solutions. UltiPro by “Ultimate…

Continuing Differences Between US

U. S. GAAP IFRS Convergence In January 2008, the U. S. SEC issued a final rule that adopted rules that allowed non U. S. -based issuers’ financial statements in accordance with the IRRS, as issued by IASB, without the need to reconcile with the U. S. GAAP (SEC, pp. 20, 2008). In its ruling, the SEC acknowledged that the convergence efforts between the IFRS and U. S. GAAP have made progress in eliminating many disparities. The SEC acknowledged that its prior complaints on lack of information or disclosure by foreign issuers on certain areas, and the manner of presentation of their financial statements have been resolved by the convergence efforts. The SEC, however, recognize that a number of difference still…

Student Accounting

This paper addresses the way state funds are distributed to schools using ADA or ADM. It also addresses the advantage of using either one of these and equalizing the funds to maximize cost-quality relationships. It also focuses on preparing for changes in local area revenue and expenditures of a school district based on demographic and economic factors. Distributing state dollars to all the schools in the state is one of the most important jobs of the state department of education. There are several different ways in which the state department of education collects data to use in deciding how to allocate state dollars to public schools. The two most common methods that are used are ADA (average daily attendance) and…

Accountant’s Role in Project Feasibility

Many new projects which have passed countless feasibility and viability appraisal studies have been sunk by unexpected events such as flood. fire, burglary, changes in legislation, plague, demographic shifts, an inability recruit and/or keep suitable staff, the failure of a major customer, seasonal demands, health scares, product recalls due to poor quality, withdrawal of financial support, weather, new technology and poor management to list but a few. Many projects of course can pass feasibility tests and studies and be brought undone by sheer incompetence or downright dishonesty. A key factor in any feasibility study must be ensuring that you are dealing with correct facts, correct assumptions and up to date financial data. Almost daily, Tanzanian Newspapers Larry prominent reports of…

Benefits and Effectiveness of Accounting

The research was based on two variables these are computerized accounting systems which comprise of definitions, components of computerized accounting software and benefits and limitation of computerized system and financial reporting which also comprises of definitions of financial reports, benefits and effectiveness of accounting system used at National Water and Sewerage Corporation. The study will enable management to understand the significance of preparing quality and reliable financial reports. The study will point out weakness in the accounting system which management needs to address. The Government of Malaysia through the Department of Accountant General (MDAG) has instructed MARA to implement the Standard Accounting System for Government Agencies (SAGA). This is a total Enterprise Resource Planning (ERP) System, developed based on web-based…

Accounting

Merchandise inventory is generally valued at the price for which the goods can be sold. reported under the classification of Property, Plant, and Equipment on the balance sheet. reported as a current asset on the balance sheet. often reported as a miscellaneous expense on the income statement. Items waiting to be used in production are considered to be finished goods. merchandise inventory. raw materials. work in progress. In a manufacturing business, inventory that is ready for sale is called store supplies inventory. finished goods inventory. aw materials inventory. work in process inventory. Inventory items on an assembly line in various stages of production are classified as Finished goods. Work in process. Merchandise inventory. Raw materials. Rudolf Diesel Company’s inventory records…

Conventional Accounting Systems

Advantages of a Computerized Accounting System The Difference Between Net Income & Pretax Accounting Income The Difference Between Strategic & Traditional HR Before the advent of fast and cheap computers, accounting traditionally was processed manually with all transactions recorded in columnar papers and kept in voluminous binders. Once computers became popular and software affordable, accounting tasks moved into this medium, where concepts stayed the same but mechanics changed from papers to programs. Sponsored Link Diesel Exhaust Brakes Exhaust Brakes On & Off-Highway Euro 6 & Tier 4 Compliant www.GTPP.co.uk Speed The most glaring difference between traditional and computerized accounting is the speed of operations. With an accounting program, data is entered once and it is saved. The program provides management…

Survey – Payroll

A1. The most important I learned in this payroll accounting course is that there can be different methods of calculating income taxes and other taxes, but the underlying idea is to lawfully tax the earner, according to their wage-level and family structure. The different taxing figures for weekly, biweekly, monthly, semi-annually and annually salaries gives a clear picture of the differences that have been implemented by the federal board in taxing these different types of workers. Setting a standard across the board for taxing would have led to injustices to at least a group of workers. Instead, the federal board has carefully revised the different types of workers and set up taxing brackets and percentages according to their need and…

The GDP Term

GDP should really stand for Grossly Deceptive Product” The Economist What does GDP actually measure? When discussing about the economy of one country, people often talk about “Gross Domestic Product (GDP). However, there are a number of disagreements among economist about the value of GDP. Therefore, this essay will discuss whether or not GDP is an ideal measurement of the development of a nation. It first explores the term GDP and ways to measure it. The essay then compares GDP with Gross National Product (GNP) and Human Development Index (HDI). According to Mankiw (2011), the value of all final goods and services in the market produced within a country in a given time span is defined as GDP. Through this…

Sop Accounting

I have always believed that the path to enlightenment is the “path of knowledge”. My strong belief is that greater things can be achieved through perseverance. An open mind and a determined approach are the basis for my aspiration to pursue my studies. In recent years, my native country of India has adapted to the trend of globalization and transformed from a low-tech manufacturing base into a technology-based economy. Growing up in such a dynamic and quickly developing economy has given me a strong interest in taking part in the business world of the future. With this longstanding interest in Accounting and Business, I am very eager to begin engaging in advanced business studies. Business and Finance has been a…

Accounting System Paper

Kudler Fine Foods has done a wonderful job with its current accounting system by manually tracking data and not having a uniform system for providing information about that data. Data is the raw and unorganized version of information while information is categorized and decipherable data that correlates to the business. Kudler Fine Foods is making a transition from the less efficient and more labor intensive accounting methods to a technology based accounting system which saves money being that it is more efficient and more robust. The core features, benefits, and cost will be discussed as you continue to read this paper. As mentioned earlier, Kudler Fine Foods is making a transition to a computerized accounting system which will have the…

Performance Management

Overview Welcome to Module 1. If you have not already done so, read the Program Manual located in the Reference Material section of the CMA Canada Professional Programs website. It provides you with important introductory information about the program. In Module 1 of the program, candidates are exposed to many functional competencies from the CMA Competency Map that involve decision making regarding performance management, performance measurement, risk management and governance, and financial reporting. For assistance when doing their assignments in these areas, candidates are expected to draw on many of their intermediate and advanced management and financial accounting concepts they learned in their university courses and/or in the Accelerated Program. For instance, in this assignment, one of the concepts involves…

Learning Team Reflection

This past week, our team has been going over and reflecting on four main objectives. These main objectives are differentiating between accrual basis and cash basis accounting, the process of creating adjusting entries, and adjusted trial balances. We will also collectively discuss our opinions of what would be the most important skills learned in an accounting position. In accordance to week three’s objectives, I would have to say that everything that we have gone over is essential to our success in future accounting positions, however, we feel that the most important skill is to be able to accurately record the inflow (revenue earned) and the outflow (expenses: utilities, etc.) of monies. Accural vs. Cash Basis Accounting According to the readings,…

Accounting Major

“Why I chose to major in accounting and what career path I plan to follow. ” There are two things in my life that I feel passion for, art and numbers. When I started at Miami Dade College, I always thought that I would study Architecture because even though I loved numbers, I was more inclined to the arts. I wanted to create models and design buildings because it seemed very interesting and it was a way to develop my creative side. So I began to study architecture and I must admit it is a beautiful major. However, a part of me thought that it was not really what I wanted to do. I realized that I was not creative…

How to Adjust a Trail Balance

A trial balance is created by companies at the end of an accounting period. It contains a list of all accounts within an accounting system that have balances. Companies separate the accounts into different categories, which include assets, liabilities, equities, revenues and expenses. The accounts are listed in order, beginning with assets, and each includes a balance that is either a debit or credit. Asset and expense accounts have debit balances, while the other types have credit balances. Adjusting entries are made to certain accounts to bring their balances up to date. After adjusting entries are made, the trial balance is updated to an adjusted trial balance. Instructions 1 Create a trial balance. Using the company’s general ledger, transfer all…

Adjusting Accounting Entries

I have been asked by my supervisor to mentor a new accounting clerk in my department, I am hoping that when I’m done mentoring this person that they will understand accounting better. I am also hoping that my supervisor will be proud of me, and continue asking me to mentor new people, and hopefully give me a raise or a promotion. To better understand accounting we need to know why adjusting entries are so important to a business. Adjusting journal entries are made at the end of each closing period to adjust the account balances. Most of the time, this is necessary in order to achieve a clean cut-off at the end of the accounting period, and to ensure the…

Reflective Account

On an occasion at work I was aware of a staff member communicating very negatively, for example sighing and tutting and general negativity. Supervision was due so it was brought into meeting that last had concerned had noticed a change in the person’s general attitude, I asked if there was a specific reason and was told there was not. Although they agreed that they were being negative. We discussed the workload and it was decided it was not that. It was mentioned by the staff member that they were feeling a little unsure of how to deal with a service user who had dementia and was unpredictable and seemed to have taken a dislike to the staff member .We discussed…

Convergence of US GAAP and IFRS

The Norwalk Agreement refers to a Memorandum of Understanding (MOU) which was signed in September of 2002 in Norwalk, Connecticut between the United States Financial Accounting Standards Board (FASB) and the International Accounting Standard Boards (IASB) The MOU was an agreement between the two organization to, “use their best efforts to (a) make their existing financial reporting standards fully compatible as soon as is practicable and (b) to coordinate their future work programs to ensure that once achieved, compatibility is maintained.” The original agreement called for all differences between US GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting System to be eliminated by January 1, 2005, but problems quickly surfaced in this approach and according the US Securities…

Critical Perspectives on Accounting

In this article Marcus Milne provides critical overview and analysis of literature devoted to establishing evidence for positive accounting theory in regards of corporate social disclosure. The central argument of the paper is that positive accounting theorists are trying to colonize social and environmental accounting research. The present article is empirical research and the author employs qualitative and quantitative data to support the claim that positive accounting theory of social disclosure has failed in its endeavor. The author’s purpose is to challenge the perceptions of positive accounting theory and to illustrate why efforts of theorists to social and environmental accounting has failed. The author focuses on the original work of Watts and Zimmerman and tends to present their concern and…