Accounting Essay Examples

Essays on Accounting

Role Of Financial And Managerial Accounting
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Financial accounting pertains the preparation of an organization’s financial statements. The role of financial accounting therefore is to come up with information that can help the users of financial statements in making decisions. Some of these users include employees, shareholders, suppliers and financial Institutions. Managerial accounting on the other hand aims at providing information that is u7sed by managers in the planning and controlling functions of the organization. In an organization therefore, financial accounting plays the role of analyzing and…...
Transparency in Corporate Governance
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Many recent corporate governance scandals have caused government to implement a number or regulatory modifications. One factor in relation to these changes is improved disclosure requirements. An example, Sarbanes-Oxley (SOX), created because of Enron, WorldCom, and additional public governance malfunctions, with detailed reporting of off-balance sheet financing and extraordinary use entities. Furthermore, SOX amplified the punishment to executives for misrepresenting. (more…)...
Threat and treatment for fair value accounting and accounting information system
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Threat and treatment for fair value accounting and accounting information system. 1. Introduction to threats to accounting information system and fair value accounting: Threats as clear from the word signifies the harm that a person or an organization is expected to get from the other person or an organization.  Actually the risks on the life and survival of both the person and the organization is called threat. An accounting information system is developed in the businesses to stay in touch with…...
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The Accounting Profession and Its Obligation to Society
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Over the last decade or so the credibility of the accounting profession has taken some major hits. Enron, WorldCom, and the Australian HIH Insurance case are just a few examples where the executives of corporations have served their own self interest while leaving the stakeholders and society to cop the blow. So how can the accounting profession safeguard against these huge corporations destroying their credibility? Will there have to be a major shift towards accountants being ultimately responsible to society…...
Strategic Management Accounting
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Firms are now should face a lot of competition because a lot of changes in contemporary business, such as globalization of world trade, changing product life cycle, changing customers tastes that demand to improve levels of service in cost, quality, reliability, delivery and the choice of new products; and the emergence of e-business and so on. As a result of the defects of traditional accounting have been unable to meet these changes new management themes have evolved which in turn…...
Risks of Being a Partner in an Accounting Firm
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Partners in large accounting firms can make over $250,000 per year, with top partners drawing over $800,000. However, consideration of those incomes should take into account the risks that partners take and the fact that the incomes of partners in small accounting firms are often much lower. Partners are not compensated in the same way as managers in corporations. Partner's income is not guaranteed, but rather is based on the performance of the partnership. Also, each partner is required to…...
Nine Steps of Accounting Cycle
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When it comes to Accounting there are nine steps that one must follow. The nine steps as followed in the accounting cycle are: 1. Analyze Transactions 2. Journalize Transactions 3. Post to Ledger Accounts 4. Prepare a Trail Balance 5. Journalize and Post Adjusting Entries 6. Prepare an Adjusted Trail Balance 7. Prepare Financial Statements 8. Journalize and Post Closing Entries 9. Prepare a Post Closing Trail BalanceIn the first step of accounting the analyze transactions is something that is…...
Negotiations Over Accounting Issues
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Recent events in the financial world have led to increasing research on issues relating to accounting negotiations. Auditing standards and economic models generally portray the auditor-client management’s reporting, rather than seek to modify it. However, recent negotiation research is of the view that if there is a difference in opinion between the auditor and client management about the client’s reporting, both parties can resolve the difference. (more…)...
Managerial Accounting In the Power Generation Sector
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Introduction   The emerging business on a global scale and the accompanying competitive environment continue to become impacted and influenced by the growing operating complexity and intricacies of the industrial workplace. In more cases than one, managers and decision makers are learning to understand and appreciate the need to adopt managerial accounting strategies and techniques in confronting the issues and problems in the modern organization. Business,  especially those that have entered the international market have become fiercely competitive and diversified…...
Management Accounting Techniques
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For example, manufacturing companies use management accounting techniques to sees their operations such as budgeting, variance analysis and breakable analysis. These methods help organizations to plan, direct and control operating costs and to achieve profitability. Furthermore, Management Accounting Practices (MAPS) can be dividing as 3 topics which are risk management topics, Performance management topics and performance measurement topics. Besides, risk management topics can be defined as the ability to evaluate the strategic, operational, and financial risks and ensure that these…...
Management Accounting Systems: a Balanced Scorecard
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I New Customer Sign-ups I To ensure that the Tallest store is constantly growing in long-term fiscal terms with he addition of new customers I Monthly customer sign-ups I Sign-up of between 1 and 100 - satisfactory (Store is signing new business)Sign-up of more than 100 customers a month - good (Store is signing a large degree of new business every month) I The Tallest store should endeavourer to sign up new customers each month. Signing new business will ensure…...
Management accounting system for fast food industry
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The ingredients or raw materials needs to be replenish, ordered and stock-up. J. The number of complaints from disgruntles customers. The above information is much needed to be available daily for a smooth operation of the outlet and to recognize any defects that need immediate remedies or action. (2) The regional manager who supervises of all the retail outlets in a three- Tate region will need a summarized or report of each outlet by weekly or monthly. Such report includes:…...
Management accounting and decision making
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If an example of Information Technology is to be awaken then It Is realized that once they were left to do IT related Jobs or make computers work however, in today's world IT professionals are now moving into higher level management positions which require them to perform many other tasks which may not be directly related to the their profession. Therefore, a stereotypical role of an accountant was once considered a "number person" but today's era demands accounting professional to…...
Lease of Super Scan Equipment of ‘See Through Inc’ and its Proper Accounting Treatment
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     In answer to the requirement to make a recommendation after an analysis and the lease of Super Scan Equipment entered into ‘See Through Inc’ under a given case study[1], please consider this memo as formal way of presenting the results.  Based on my appreciation of the case study, there is a need to classify the lease of asset entered into on whether it is a direct financing, sales-type or operating lease with the added requirements to indicate the relevant…...
Lean Accounting
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As companies grow, they continuously look for ways to save on costs, be more productive, and overall be more efficient. Many companies are starting to implement lean accounting. The traditional accounting method focuses mainly on reducing costs and creating increased shareholder value, whereas lean accounting is mainly focused on increasing capacity, creating more customer value, and reducing the amount of waste. Successfully changing the accounting system within a company can take a considerable amount of time and resources, and does…...
Is Accounting as a discipline has no theory?
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Accounting is concerned with the collection, analysis and communication of economic information, which can be used to make decisions and plans about business by various users. The Committee On Terminology of the American Institute of Certified Pubic Accountants defined accounting as follows: "Accounting is the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in past at least, of a financial character and interpreting the results thereof". (Ahmeo Riahi-Belkaou,…...
Introduction to Management Accounting
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According to the AAA Committee on Management Accounting, It Is the application of appropriate techniques and concepts in processing the historical and projected economic data of an entity to assist management in establishing a plan for seasonable economic objectives and in the making of rational decisions with a view towards achieving these objectives. Purpose Management Accounting supplies the information needs of management. This information should be more detailed, forward looking, and presented and analyzed differently to cult the unique Informational…...
Importance of Business Ethics in Managerial Accounting
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When companies don't see the Importance of business ethics In managerial accounting they usually end up down the same road as Enron: bankrupt. And while that isn't always true, the importance of business ethics in managerial accounting cannot be understated If you want your company to be a success. Why Ethics Is Important in Managerial Accounting The Enron scandal is probably the most well-known example of improper accounting ethics on the part of a business' managers. But others companies have…...
Business Ethics in Managerial Accounting
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Importance of Business Ethics in Managerial Accounting When companies don't see the importance of business ethics in managerial accounting they usually end up down the same road as Enron: bankrupt. And while that isn't always true, the importance of business ethics in managerial accounting cannot be understated if you want your company to be a success. (more…)...
History Of Accounting
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The name that looms largest in early accounting history is Luca Pacioli, who in 1494 first described the system of double-entry bookkeeping used by Venetian merchants in his Summa de Arithmetica, Geometria, Proportioni et Proportionalita. Of course, businesses and governments had been recording business information long before the Venetians. But it was Pacioli who was the first to describe the system of debits and credits in journals and ledgers that is still the basis of today's accounting systems. The industrial…...
Functional Areas Of Business: Law, Human Resource Management, Accounting
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These functional areas re business law, human resource management, leadership, accounting, finance, economics, research and statistics, marketing, operations management, and strategic management. Each of these functional areas are like a piece of the pie, in where when they are assembled, represent the business as a whole cohesive unit. In business law, the manager ensures that the operations of a business are legally sound and that the business Is compliant with any state, federal, or International codes and regulations. Many businesses…...
Financial And Management Accounting
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Business accounting serves the duty of providing the organization with relevant and up to date information pertaining the financial performance of an organization. This information helps the company in making decisions and coming up with long term strategies for the company’s operations. “Accounting is the art of organizing, maintaining, recording, analyzing financial activities and translating the accounting information into meaningful terms that are used by interested parties” (Peter Eisen, 2003). Management on the other hand are activities which include planning,…...
Financial Accounting vs. Bookkeeping
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Accounting is the art of recording financial or business transactions in a methodical manner. So as to show their relation to each transaction and the state of the business in which they occur; summarizing, analyzing, verifying, and reporting the results. Accounting is the art of keeping accounts. It is a ridged definition, but it is exactly what accounting is, it is more than just memorizing terms and procedures; it's a whole new way of thinking about finances, "The person who…...
Economics and Politics of Accounting
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INTRODUCTION: International Accounting Standard no. 39 concerns the presentation of financial instruments. This includes lease receivables in terms of derecognition and impairment. It also concerns lease payables in terms of derecognition. Lastly, it affects financial presentation of derivatives that are embedded in leases (www.iasplus.com). A financial instrument will give rise to a financial asset like cash, an equity instrument of another company, or a new contract to receive or pay cash in the future. A financial liability is a contract…...
Earnings Management
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In the accounting world, earnings management is increasing becoming an area of interest o many people including government regulators, SEC and stakeholders. Earnings management is defined as the use of accounting techniques to produce financial reports that may paint an overly positive picture of a company's financial position ("Earnings Management" 1 Ethics and integrity are key aspects of earnings management and people believe that professionals that use earnings management to manipulate their company's financial standings are not being ethical nor…...
Cost And Management Accounting
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What are the advantages and disadvantages of changing the company organization from a sole proprietorship to a corporation? Ultimately, what action would you recommend the company undertake? Why? 4. Using the financial statements provided for S&S Air, calculate each of the ratios listed in the table for the light aircraft industry. 5. Mark and Todd agree that a ratio analysis can provide a measure of the compass performance. They have chosen Boeing as an aspirant company. Would you choose Boeing…...
Corporation and Accounting
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Corporation and Accounting             A corporation is a legal entity created by shareholders, individuals or groups of individuals, according the laws of the land. It is business organization that has separate legal entity from its owners who are the shareholders and is considered distinct. This means that the corporation can act as a real person where it can sue or be sued in a law court, can enter into contract with other business organizations or individuals, is obliged to pay…...
Basic Accounting Concepts
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Generally accepted accounting principles allows the accounting profession to follow a recognized organization of objectives, to provide a structure for solving problems, to improve the understanding of financial statement and confidence in financial reporting, and to develop contrast among companies financial statements that can be generally accepted and universally practiced, “generally accepted” means that a reliable accounting organization has developed a standard of reporting that has been accepted because of the universal application (pg. , Kieso, Weygandt, & Warfield, 2007).…...
Accounting Theory Research Essay
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Financial accounting plays a crucial role in management of all companies, as it is the basis within which decisions will be made by the management.  The measurement of wealth and income differs between different companies due to the flexibility allowed in measuring them.  Due to this flexibility, some methods of measuring wealth and income have certain advantages over others. According to Carey and the American Institute of Certified Public Accountants (2000: 1-5), there are also differences in reporting standards by…...
Accounting Synopsis
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Table of contents 1. Introduction6 2. Review of Company Profile7 3. Analysis of Financial Position8 4. Financial and Non-Financial Factors20 5. Recommendation22 6. Conclusion23 7. ReferencesError! Bookmark not defined. 8. Appendices23 List of figures Figure 1: Du Pont Analysis Figure 2: Relationships amongst Profitability measures Figure 3: Profit Margin Ratio Figure 4: Gross Profit Rate Figure 5: Assets turnover Ratio Figure 6: Return on Assets Ratio Comparison Figure 7: Debt to Total Assets Figure 8: Cash Debt Coverage Figure 9:…...
Accounting Standards In The World
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Accounting practices in different countries differ from the Generally Accepted Accounting Principles. In this paper, accounting aspects from one country in Asia, South America and Europe are compared. The chosen countries are Japan, Brazil and the United Kingdom. In Brazil, Accounting principles are contained in the Brazilian corporate law and the Brazilian institute of independent auditors provides the interpretations. Rules and regulations for companies are issued by the Brazilian securities commission (CVM). The Brazilian economy has been greatly improving globally…...
Accounting Regulation
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Over the years there has been a continual debate over the necessity of accounting regulations. Some people have many reasons favouring accounting regulations such as the belief that accounting conventions are needed in order to allocate and control the economic outcomes of resource allocation and information stipulation in the market. However, others have arguments against the use of accounting regulations, such as regulation leading to oversupply of information as users who don’t bare any cost tend to overstate their needs.…...
Accounting Professionals
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In many cases, accounting professionals must sometimes choose between two or more acceptable methods of accounting for business transactions and events. In selecting the most appropriate method, an accounting professional must weigh out the different methods of transactions in order to avoid matters involving ethical concern. The most appropriate accounting method is called the double entry bookkeeping system.  This system was first used in medieval Europe and, even possibly, all the way back to ancient Greece.  The system involves making…...
Accounting process
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Financial statements are the end-products of the accounting process which serve the financial information needs of various interested parties. The financial statement should be a faithful representation of the economic activities of the business. While a full description of the actual economic activity of the organisation is not possible, the financial statement should contain as full and as faithful a representation as feasible. The report should be accurate and timely, consistent with preceding statements and containing the adequate amount of…...
Accounting Internship
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The internship program has been a much beneficial phase of my career’s development towards a more professional level of comprehension on my part. Undeniably, being an accounting apprentice has made a great impact on how I particularly view my responsibilities based on the duties that are appointed to me by the organizations that I am actually working for. Applying the theories that I have learned from school certainly added to the color of this particular experience in my life. To…...
Accounting information systems management
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 Methodology: Considering the Literature Review of Emmanuel, Otley & Merchant (1990). Accounting for Management Control, Second Edition, and Chapman Hall the approaches to management control has been discussed in this course work. Modern scholars Emmanuel et al 1 (1990) has constructed the significance of accounting for management control even though they acknowledge its importance and seek to undermine the pretentiousness of the accounting potentials. Successful Outcomes Of the Literature Review: The accounting information systems management analysed that the accounting system…...
Accounting in healthcare
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What is the difference between accounting and finance? Accounting is concerned with recording, assessment and reporting of financial transactions of an organization or business entity. It involves declaration of information regarding to assets, expenses, liabilities and business outcomes. Financing on the other hand means time, risk and money related with certain businesses. A major difference therefore is that finance works on accounting information to predict or make decisions about the future. Another major difference between accounting and financing is treatment…...
Accounting for Non-Accountants Course
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Generally accepted accounting principles Generally accepted accounting principles (GAAP) provide guidelines for financial accounting and reporting. These accounting principles are prepared by Federal Accounting Standards Board and SEC authorizes companies to adhere to GAAP while reporting their performance in the shape of their financial statements (Carmichael, Whittington & Graham, 2007, p. 28). It is because of following these principles that there remains uniformity in financial reporting for all the companies; hence when third parties analyze the companies’ performances while comparing…...
Accounting Firm
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The accounting firm in this case is not liable under the law. It is quite clear that section 10(b) does not apply to those firms solely engaged in providing an independent audit of a firm’s financial statements. In order for Touche Ross to be liable the firm would have to receive a financial stake in one of the business entities involved in the scam and knowingly, willingly distort the numbers so as to encourage investment. Such an interest would by…...
Accounting – Financial Statement Differentiation
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Financial Statement Differentiation There are four different types of financial statements; they are balance sheets, income statements, retained earnings statements, and statements of cash flows. Each of these financial statements are important to investors, creditors, and management in various ways. This paper will provide further insight into these financial statements as well as explore, which of these would be of interest to investors, creditors, and management. Financial Statements Balance Sheet The balance sheet, according to Kimmel (2009), reports assets and…...
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