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Accounting Essay Examples

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Accounting Martinez Corporation

Martinez Business has actually decided to introduce a brand-new product. The brand-new product can be manufactured by either a capital-intensive technique or a labor-intensive technique. The production method will not affect the quality of the product. The estimated manufacturing expenses by the 2 methods are as follows: Capital Labor Intensive Direct materials $5 per unit $5.50 per system Direct labor $6 per system $8.00 per system Variable overhead $ 3 per unit $ 4.50 per system Repaired production costs $…...

Accounting Regulation Essay

For many years there has been a consistent argument over the requirement of accounting regulations. Some individuals have lots of reasons favouring accounting guidelines such as the belief that accounting conventions are needed in order to allocate and control the financial results of resource allowance and details terms in the market. Nevertheless, others have arguments versus the usage of accounting guidelines, such as regulation causing oversupply of info as users who don't bare any expense tend to overstate their requirements.…...

Cost Accounting

If you are starting out in a new business, especially a service/manufacturing business, understanding the cost accounting system and which cost accounting system will work best for your company, is the first step to being successful. Once you find someone to help you navigate those waters, let them help you sail the rough seas of direct and indirect inventory, direct and indirect labor costs, and how to allocate factory overhead as well. While it all may sound confusing, having the…...

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E-Marketplace, E-Mall and E-Tailing

There are various electronic commerce activities and mechanisms. E-Commerce Activities and Mechanisms include the following but not limited to: E-Market Place: It is an online market usually B2B where buyers and sellers exchange goods or services. EC transactions take place in the electronic equivalent of a mall called the electronic marketplace (e-marketplace). Electronic marketplaces utilize different tools (electronic shopping cart, e-catalog, fulfillment technologies, and checkout and payment mechanisms) to provide the equivalent brick and mortar shopping tools. Types of Electronic…...

Internal Control Procedures in Accounting

Culotti’s Pizza operates strictly on a carryout basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for cash. While at the counter, the customers can see other employees making the pizzas and the large ovens in which the pizzas are baked. Instructions: Identify the six principles of internal control and give and example of each principle that you might observe when picking up your pizza. (Note: It may not be possible to observe all…...

Uniform accounting standards produce

In the last decade, various countries around the globe have shifted towards a uniform accounting standards or the International Financial Reporting Standards (IFRS). The main motive behind this movement is to come up with a global language for accounting which will be comparable and understandable beyond the borders of a nation. As of today about 120 countries require IFRS for domestically listed companies, although only about 90 countries have fully conformed to IFRS . While some argue that it is…...

FASB Accounting Standards Codification

This section deals with certain general background considerations and information related to the FASC and the answers can be found by clicking the “About the Codification” and “Notice to Constituents” sections on the FASC Welcome Page. This section is a good general source of information about the FASC and should be reviewed prior to starting to answer the specific questions set forth in all sections. The related research questions that you must answer are: (a) When did the FASC Codification…...

Role of Managerial Accounting

Chapter 01 The Changing Role of Managerial Accounting in a Dynamic Business Environment True / False Questions 1. Controlling involves the coordination of daily business functions within an organization. True False 2. Measuring the performance of managers and subunits is not an objective of managerial accounting. True False 3. Middle-level managers would likely be considered internal users of accounting information rather than external users. True False 4. A controller is normally involved with preparing financial statements. True False 5. The…...

Causes of Accounting Scandals

The accounting entities and accounting professionals of the world have specified several requirements and ethical guidelines that need to be and should be followed by the accounting professionals so that things are not misrepresented and no wrong info is provided to the investors. The accounting info produced by any business is normally used by external entities and stakeholders too and thus it is crucial to maintain and define some standards and practices that serve the purpose and are in the…...

The American Accounting Association: Seven-Step Ethical Decision Model

The American Accounting Association Seven-Step Ethical Choice Design Each case is analysed using a seven-step design, revealed listed below. 1. Determine the truths What? Who? Where? When? How? What do we understand or need to understand that will assist define the issue? Define the ethical problem List the considerable stakeholders. Specify the ethical issues. Determine the significant concepts, rules and worths (For example; integrity, quality, regard for persons, profit) Specify the alternatives List the significant alternative strategies, consisting of those…...

Introduction to Cost and Management Accounting Notes

Decision Making Decision making involves making a selection among competing alternatives. * What should we be selling? * Who should we be serving? * How should we execute? Strategy Strategy is a game plan that enables a company to attract customers by distinguishing itself from competitors. Focal point of a company’s strategy should be its target customers. Customer Intimacy Strategy – Understand and respond to individual customer needs. Operational Excellence Strategy – Deliver products and services faster, more conveniently and…...

Managerial Accounting

01)How does managerial accounting differ from financial accounting? A: Managerial accounting is concerned with providing information to managers for use inside the organization. Financial accounting is con¬cerned with providing information to stockhold¬ers, creditors, and others outside of the organi¬zation. 02)Pick any major television network and describe some planning and control activities that its managers would engage in. A: Five examples of planning activities include: 1.Estimating the advertising revenues for a future period. 2.Estimating the total expenses for a future period,…...

Accounting Information Systems Research Paper

Abstract The Sarbanes-Oxley Act of 2002 (SOX) was enacted into law in 2002 in the wake of corporation financial reporting scandals involving large publicly held companies. SOX instituted new strict financial regulations with the intent of improving accounting practices and protecting investors from corporate misconduct. SOX requires corporate executives to vouch for the accuracy of financial statements, and to institute and monitor effective internal controls over financial reporting. The cost of implementing an effective internal control structure are onerous, and…...

Accrual Basis over Cash Basis Accounting

There are two accounting techniques that companies use to report revenues and expenditures. The 2 approaches are the accrual basis and cash basis. The difference in the accounting processes will fundamentally change the way the company reports its money, so a choice must be made prior to tape-recording any transactions. Accrual Basis Accounting Accrual basis accounting is the method accepted by business accounting and the general accepted accounting concepts. "Accrual-basis accounting implies that deals that change a business's monetary declarations…...

Unethical Practices and Behavior in Accounting

The Sarbanes-Oxley Act of 2002 (SOX) was developed to prevent deceptive financial activities, and to provide financiers with more accurate monetary resources on corporations. Under SOX, companies are held responsible if they fail to keep the requirements that were set forth in the act. The act requires business to maintain acceptable internal control measures, provide responsible monetary reports, disclose regular reports, and establish rules for yearly reporting. (Hazels, 2010) These requirements are all part of the Typically Accepted Accounting Principles…...

Audit Procedures

1. For each of the following specific audit procedures, indicate the type of audit procedure it represents: (1) inspection of records or documents, (2) inspection of tangible assets, (3) observation, (4) inquiry, (5) confirmation, (6) recalculation, (7) reperformance, (8) analytical procedures, and (9) scanning. a. Sending a written request to the client’s customers requesting that they report the amount owed to the client. a. Confirmation i. Existence; trying to determine if A/R is overstated. b. Examining large sales invoices for…...

Financial Accounting Theory & the Reporting Environment

5. Researchers who develop positive theories and researchers who develop normative theories often do not share the same views about the roles of their respective approaches to theory construction. (a) How do positive and normative theories differ? (b) Can positive theories assist normative theories, or vice versa? If yes, give an example. If not, why not? Normative accounting research makes policy recommendations and is concerned with what should be done in contrast to explaining why current practice is carried out…...

Difference between capital and revenue items of expenditure and income

Accounting involves any business, company or person recording their financial transactions, such as payments coming in or paying going out. It is very important for a business to record their transactions for a number of reasons: Economic decisions: If a company is going to succeed then it’s needs to be aware of what it can and cannot afford and how the resources available will be effectively used and not put to waste. Inventory: Knowing how much of a product you…...

Accounting Personal Statement

The way I think of Accounting is that it is a fundamental part of our way of life. This is because I believe that every person in the world uses the principle of Accounting at least once in their lives. It can be things that they do in their daily life, for example, checking how much money they have with them, or how much they have spent; or they use it in businesses and large-scale transactions where it is commonly…...

The recent collapse of Arthur Andersen

It is difficult to find an example of a more spectacular business failure than the recent collapse of Arthur Andersen. Within a few years, Andersen moved from one of the largest professional service organisations in the world to almost complete collapse. The impact of the firm's failure on its employees, customers, investors, and the general public is hard to overstate. Its once proud reputation had been reduced to shambles. Even the President of the United States joked: We just received…...

Ict Impact on Accounting

Introduction The purpose of this commentary is to explore how information and communication technologies (ICT) have forever changed many aspects of business and accounting practice and, as a result, offer new and exciting research opportunities to accounting professionals and academics. In today's computerized, interconnected, global business environment, the accounting profession must deal with a host of complex issues that never existed in the past—for instance, how to capture and record new business transactions and events, develop value-added business and information processes,…...

Concept, nature and limitation of financial accounting

Accounting is the process of recording, classifying, summarizing, analyzing and interpreting the financial transactions of the business for the benefit of management and those parties who are interested in business such as shareholders, creditors, bankers, customers, employees and government. Thus, it is concerned with financial reporting and decision making aspects of the business. The American Institute of Certified Public Accountants Committee on Terminology proposed in 1941 that accounting may be defined as, “The art of recording, classifying and summarizing in…...

Accounting for leases

Abstract This paper will offer an overview of lease accounting. It will present the history, existing status, and future ramifications of the current suggested standard, as jointly provided by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). Additionally, the paper will take into account relevant observations made by numerous proponents who are worried about the requirement, and conclude with an individual viewpoint on the requirement and why it's better than the present standard. Existing accounting…...

Accounting Theory and Practice

QUESTION 1 - Question 1.8: What is the difference between developing a theory by induction and developing a theory by deduction? QUESTION 2 - Question 1.9: Is the study of financial accounting theory a waste of time for accounting students? Explain your answer. QUESTION 3 - Question 1.26: Would you reject as ‘insignificant and useless’ a positive theory of accounting on the basis that in a particular research study the results derived failed to support the hypotheses and the related…...

?CASE: Accounting for the iPhone at Apple Inc.

The non-GAAP numbers of Apple Inc. reflect its economics better. Because, in the existing method of accounting, revenue and cost of goods sold are spread over the lifetime of the product (expected 24-months), while the costs incurred for engineering, sales, marketing and warranty are recorded immediately. This accurate recording of expenses while recognizing only a part of the cost of goods sold thus showed reduced margins. While this did not affect the cash flow of the business, it affected the…...

Relevant Accounting Standards at Woolworths Company

Intangible Assets An intangible asset, despite not having a physical form to it, has great value to a company and is to be disclosed in the financial reports. Some companies only disclose the brand and goodwill as their only intangible assets, while others include more such as software and the company trademarks (Loftus et al. 2012). The Accounting Standard AASB 138 advises businesses on the accounting treatment of these intangible assets, but only if the specific criteria have been met…...

Essay about Cost Accounting

1.Flexibility is said to be the hallmark of modern management accounting, whereas standardization and consistency describe financial accounting. Explain why the focus of those two accounting systems differs. Financial accounting is more about the bigger picture—it evaluates the finances of the organization as a whole, using historical, quantitative, monetary, and factual data. It is more formal and requires the use of GAAP. The information financial accounting provides is more suitable for external users such as investors, creditors, and the SEC.…...

Managerial Accounting Quiz 1

Chapters 1 and 2 10 Points 1. Complete the answer sheet below by placing an "X" under each heading that identifies the cost involved. The "Xs" can be placed under more than one heading for a single cost. (5 Points) Variable Cost Fixed Cost Direct Materials Direct Labor Manufactu ring Overhead Period Cost Materials costs X X Production line workers wages X X Production Equipment rental X X Factory Building depreciation X X Advertising costs X X 2. A partial…...

Advanced Accounting by Guerrero

Chapter 1 Multiple choice answers and solutions 1-1: a Jose's capital should be credited for the market value of the computer contributed by him. 1-2: b(40,000 + 80,000)  2/3 = 180,000 x 1/3 = 60,000. 1-2: c 1-3: a CashP100,000 Land300,000 Mortgage payable( 50,000) Net assets (Julio, capital)P350,000 1-4: b Total Capital (P300,000/60%)P500,000 Perla's interest ______40% Perla's capitalP200,000 Less:Non-cash asset contributed at market value LandP 70,000 Building90,000 Mortgage Payable( 40,000)_120,000 Cash contributionP 80,000 1-5: d- Zero, because under the…...

Overview of accounting analysis

1. A finance student states, “I don’t understand why anyone pays any attention  to accounting earnings numbers, given that a ‘clean’ number like cash from operations is readily available.” Do you agree? Why or why not? I disagree with the finance student, because net income forecasts future cash flow and is informative. a. Net income forecasts future cash flow better than current cash flow, and does so by recording transactions associated with cash consequences when the transactions occur, rather than…...

Provide the Definitions of Critical Path and Critical Chain

Critical path and critical chain are both schedule network analysis techniques. Critical path is the one that determines the shortest time to complete a project, which assumes low uncertainty and does not consider resource dependencies. Critical chain is a modified or refined technique about critical path; it involves the deterministic and probabilistic approaches to analyze the project schedule, which is more realistic and practical than critical path. Differences between critical path and critical chain: Critical path is based on deterministic…...

Accounting Standards Boards

Increased globalization in the business world has brought to fore some of the issues and challenges that multinational businesses face in financial recording and reporting of foreign based operations. With operations based in different countries that operate under different accounting principles and with varying currencies, there has been a need for the accounting principles and standards to be converged. This has in the past nine years seen the accounting policy making suggesting a complete overhaul in the way financial statements…...

Facts about Cost Accounting

Origins All kinds of services, whether service, manufacturing or trading, require expense accounting to track their activities. [1] Cost accounting has long been used to assist managers understand the costs of running a business. Modern cost accounting stemmed during the commercial revolution, when the complexities of running a big scale business led to the development of systems for recording and tracking costs to assist entrepreneur and supervisors make decisions. In the early industrial age, many of the costs sustained by…...

The Balance Scorecard Initiative

Executive Summary This report provides the analysis of case study given to me. Gail Palmer Ashton Graduate School of Business ranks among the top schools of USA but the dean of the institute feels that the school has deviated from its foundations. This analysis proposes implementation of the balanced scorecard and performance metrics in order to achieve the four strategic goals of the institution. Even the ranking is consistent and high the institute needs performance standards devised along the lines…...

Accounting fraud

Accounting scams can be specified as intentionally falsifying accounting records in order to increase sales revenue and earnings. Accounting scams is dedicated in corporations by methods of showing false details, using funds for illegal functions or pump up expenditures, overstating revenues, downplaying expenditures or overemphasizing the worth of corporate possessions. All these activities are totally dishonest. Acting morally depends upon the ability to recongnize the ethical concerns and to believe on their existence. This capability to react morally at work…...

Accounting Harnischfeger Corporation Case

From Financial Note 2, we know that, in 1984, the corporation had computed depreciation expenses on plants, machinery and equipment using straight-line method for financial reporting purpose. Prior to 1984, the corporation used principally accelerated methods for its U.S operating plants.The cumulative effect of this change, which was applied retroactively to all assets previously subjected to accelerated depreciation, increased net income for 1984 by $11.0 million or $0.93per common and common equivalent share. The impact of the new method on…...

Regulatory Bodies with Roles in Accounting

IRS (Irs):. It is the earliest in the United States regulatory body also called the internal revenue service or IRS. The primary objective of IRS is to manage and carry out the internal earnings law. Their obligation is to assist individuals to comprehend their tax obligations along with to tax collection. SEC (Security and Exchange Commission):. SEC also called the Securities and Exchange Commission. Their primary objective is to protect financiers, maintains the Integrity of the market and facilitates capital…...

Summary of The Accounting Standards Setting Process in the U.S.: Examination of the SEC-FASB Relationship

The question arises, how much power and influence does the SEC have over the FASB pertaining to setting accounting standards? Do the SEC and FASB work together as believed by the authors of The Accounting Standards Setting Process in the U.S.: Examinations of the SEC-FASB Relationship ? Or is the FASB in complete control of the standard setting process? The SEC has the legal responsibility to set accounting standards, but gave this duty to the FASB. According to the article…...

Nature and scope of accounting

As an introduction to the course in accounting, it may be useful to define the following terms : - Accounts : These are the financial records in the organization. Every business transaction, or accounting entity, may be represented in an account by itself, e.g. wages, telephone expense, motor vehicle, Cash at bank, Investment - Book-keeping : This is the recording of the financial transactions of a business in a systematic manner, so that relevant financial data may be extracted when…...

Final Paper Cost Accounting

Principles of Accounting II Cost Accounting Accounting is the accumulation and aggregation of info for decision makers including administrators, traders, authorities, loan providers, as well as the general public. Accounting systems impact behavior and administration and have effects across divisions, companies, and even nations. This report will provide the reader a knowledge regarding cost accounting. This report will talk about: Why is cost accounting so essential to the achievement of the company; what are the different ways of cost accounting…...

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