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Accounting Essay Topics & Paper Examples

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…

Principles of Accounting

This paper seeks to examine at least four accounting regulatory bodies, and discuss how an organization complies with the standards of the regulatory bodies. The four regulatory bodies to be discussed are the Financial Accounting Standards Board (FASB), Government Accounting Standards Board (GASB), the US Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board PCAOB. Both standard boards FASB and GASB aim to the make the financial statements understandable, relevant and useful to users of financials statements by prescribing the generally accepted accounting principles (GAAP) to be used as guides in the preparation of financial statements (Business Editors, 2002). They however differ on entities covered. While GASB issues GAAP to local and state governments, FASB prescribes GAAP to…

Generally Accepted Accounting Principles

A. What is the difference between a contribution income statement and a traditional income statement? Contribution income statement is an income statement that classifies cost by behavior (fixed cost and variable cost). Traditional income statement is sometimes called the functional income statement. It is an income statement prepared in the multiple-step or single –step income statement format which conforms to Generally Accepted Accounting Principles (GAAP) and can be used for external financial reporting. The main difference between the two is that the contribution income statement list variable costs first, followed by fixed costs. Keeping in mind that GAAP and does not permit businesses to use the contribution income statement for financial accounting – it is used only for internal decision…

Inkwell Accounting Department

The Accounting Department 1. Inkwell has a small finance team. The accounting department is based in the head office of the company, which is located in Birmingham. There are 8 people in the finance team. Each member of the team has their own computer. The team has access to the internet using Firefox and two printers integrated to each computer. 2. Inkwell has one Financial Director, Anil Gupta. Anil’s main job is to manage the overall financial position of the business, ensuring capital investments and corporate strategy is properly dealt with. He has delegated the running of the accounts department to the company accountant. 3. Inkwell has one company accountant, Michael O’Payne who has been in charge of most financial…

Pragmatic Accounting

There is no generally accepted theory of accounting. There are a number of accounting theories (though a systematic attempt has been made by Financial Accounting Board (FASB) of USA and IASC and other to formulate a comprehensive theory of accounting). The definition of Accounting Theory given by Hendriksen as “a set of broad principles that (i) provide a general frame of reference by which accounting practice can be evaluated, and (ii) guide the development of new practices and procedures” lead us to perceive accounting theory as a basis of explanation and prediction. The primary objective of accounting theory, as it follows from this definition, is to provide a coherent set of logically derived principles that serve as a frame of…

Ethical Issues in Accounting

“Accountants and the accountancy profession exist as a means of public service; the distinction which separates a profession from a mere means of livelihood is that the profession is accountable to standards of the public interest, and beyond the compensation paid by clients.” —Robert H. Montgomery, describing ethics in accounting. Accounting ethics is primarily a field of applied ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics. Accounting ethics were first introduced by Luca Pacioli, and later expanded by government groups, professional organizations, and independent companies. Ethics are taught in accounting courses at higher education institutions as well as by companies training accountants and auditors. Due to the diverse…

Public and Private Sector Accounting

Accounting, known by and large to be a skilled, remunerative, but rather dry profession, has a long and fascinating history. In existence practically from the dawn of civilization, in one form or the other, accounting activity has been integral to some of the most important phases of history. Responsible for the invention of writing, accountants have over the ages, (because of their organic and fundamental association with the processes of trade, business, industry, governance, and taxation), been involved in monarchy and empire expansion, the process of colonisation, the industrial revolution, the World Wars, scientific progress, globalisation, and the spread of neo liberal economics across the world. Confucius, as a government official, was responsible for accounting, and much of what we…

Run a Better Business with Accounting

Accountants are a crucial part to my business success. The key is finding the right professional to provide the services that my business needs to advance. ( http://www. wahm. com, paragraph 1) I as a business owner/manager must educate myself on the questions to ask and the services that will help me achieve my goals. I realize that it can become a little overwhelming, but here are 5 things you need to consider before you hire that accountant. ) Does the accountant demonstrate the ability to help find ways to get you financial gain? 2) Will the accountant be accurate and trustworthy? 3) Is the accountant up to date with their own taxable responsibilities? 4) What tools does the accountant…

Accounting Ethics

1. Given the corporate ethical breaches in recent times, assess whether or not you believe that the current business and regulatory environment is more conducive to ethical behavior. Provide support for your answer. With the historical amount of fraud that has taken place over the last few decades, there had to be a stop of some sort to this type of unethical behavior. Through our class lectures, discussions, and readings, I have learned about the changes made to the business of accounting to ensure that the financial documentation occurred in an honest and professional manner. I would say that I am a believer that the current framework for accountants is working and does lead to more ethical behavior. The Sarbanes-Oxley…

World Com and Accounting Ethics

Current business and regulatory environments are more conducive to ethical behavior due to many new laws that have been put into effect in recent years. For many companies, especially small ones, the checks and balances are not put into place as well as they should be. With new laws in effect and more and more accountants paying attention to their clients’ accounts, ethical behavior is on the rise although it will take a long time to recover from the scandals that rocked the world beginning with Waste Management in 1998 and following with Enron, WorldCom, Tyco, HealthSouth, Freddie Mac, AIG, Lehman Brothers, Bernie Madoff and Saytam in 2009. For 10 years unethical behavior and choices almost brought our country to…

Earning Management

“Earning Management” refers to those accounting practices that may follow the letter of the rules of fundamental rules of accounting practices but unethically misrepresented to the users of accounting information. For the personal interest managers often try to show outstanding performance of the business and use the strategic way to falsify Income, Assets or Liabilities. Earning Management as generally understood refers to systematic misrepresentation of the true income and assets of corporations or other organizations. “Creative accounting” is at the root of a number of accounting scandals, and many proposals for accounting reform – usually centering on an updated analysis of capital and factors of production that would correctly reflect how value is added. Quality of accounting information is one…

Accounting Estimates and Policy

Disclosure of significant sources of estimation uncertainty and judgments in applying accounting policies are two important requirements in financial reporting, although these are the most subjective and complex areas, they are of significance in making business decisions to users of financial statements. This paper compares our company’s current accounting practice with the requirements in respective accounting standards in relation to disclosure of sources of estimation uncertainty and judgments in applying accounting policies with the aim the identify any gaps between these two which may trigger ASIC’ reviewers attention. It takes a look first at the requirements in respective accounting standards (Chapter 2). It then examine the current accounting practices in our company (Chapter 3 and 4) and identify the gaps…

Accounting Cash Flows

Question 2.2 – Accounting and Cash Flows: Why is it that the revenue and cost figures shown on a standard income statement may not be representative of the actual cash inflows and outflows that occurred during a period? Financial Statements are prepared according to accrual rule of , according to which cost and revenue are recorded as they occur and not when they are actually received or paid. This is why cash flows during the year may be different from revenue and costs in income statements. Different companies use different policies to pay the costs and collect revenues in current and subsequent years. In other words, the income statement assumes that once a good is sold, it is also paid for…

Assets, liabilities, equity

Accounting, per se, is based on five types of accounts namely: assets, liabilities, equity, income and expense. These account types belong either of the Balance sheet accounts or Income and Expense accounts. Assets, liabiliites, and equity fall under the balance sheet account and the rest goes to the income and expense accoutnts. Definining each, asset is composed of a group of things that an individual or an entity owns. These includes tangible items like car, cash or often stocks (intangible) and others that possess convertible values. On the other hand, liabilities are group of things on which an individual or an entity is indebted to. Loans and mortgages are the common examples of liabilities. Equity, is what we also call…

Introduction, review of accounting process and financial statement

Part 1 General acceptable accounting principle General accounting principles are set of rules generated by accounting board to guide accountant in preparation and reporting of financial statements. General acceptable accounting principles are accounting guidelines (GAAP) used in United States and are issued by financial accounting standard board (FASB). Other countries uses the guideline issued by international accounting standard board (IASB) supplemented by their own local laws. GAAP guide selection of events to be accounted for, the measurement of these events, and the mean of summarizing and communicating them to interested parties. In recording transactions GAAP make use of the following principles a) historical cost principle b) revenue recognition c) marching principle d) full disclosure GAAP facilitate comparability of financial statement…

Fair-value accounting change

The role played by the financial market in determining the levels of performance that can be recorded by the economy is not in doubt.  The 2008 economic crisis is a vivid reminder to all policy makers and even governments to ensure that issues that affect the economy are objectively addressed. The Financial Accounting Standards Board (FASB) which is a key player in the financial sector appears to be oblivious of its role in the economy and has once again used its mandate to develop a standard that is not relevant to business let alone accounting.  The move to adopt the mark-to-market accounting standard is a dark mark in American accounting history that may in fact lead to poor practices within…

Fair Value accounting

The squabble on the issue of what accounting measurements will be used as the standard for financial instruments had caused the on-going debate with various proponents of accounting standard; even today, proponents of every side argues on the basis of their advantages over the others. Among these contending parties are the proponents of the fair value accounting and those who favored accounting standard based on the historical costs. Hitz (2007, p. 324) pointed out the increasing importance of fair value as an accounting measurement attributes. Hitz stated that today, the “cost and transaction-based reporting model is in decline and a new market value and event-based model is on the rise” (Hitz, p. 324). Citing the significance of fair value accounting,…