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Accounting Scandals With the Accounting
Words: 338 Length: 1 Pages Document Type: Term Paper Paper #: 46320805
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Sarbanes-Oxley stipulates criminal and civil penalties for securities violations. Also, it mandates auditor independence from the interests of the firm, meaning that accountants cannot have a financial interest in the success or failure of the firm. Additionally, it mandates the certification of internal audit work by external auditors and mandates increased disclosure regarding executive compensation, insider trading and financial statements, in the interest of making more information public to investors. ("Sarbanes-Oxley Compliance," Technet 2005) Although the act is not a panacea, increased objectivity on the part of auditors and greater insistence on free and fair disclosure on the part of firms will hopefully ameliorate the some of the hiding of vital information that created the climate of secrecy within the firms of Enron and orldCom that helped give rise to the 2002 scandals.

orks Cited

Sarbanes-Oxley Compliance." (2005) Technet. Retrieved on 23 Oct 2005 at http://www.techlistings.net/xlist/tech/bizsoft/compliance/sox?id=1

Sarbanes-Oxley. (2002) Law retrieved…

Works Cited

Sarbanes-Oxley Compliance." (2005) Technet. Retrieved on 23 Oct 2005 at http://www.techlistings.net/xlist/tech/bizsoft/compliance/sox?id=1

Sarbanes-Oxley. (2002) Law retrieved by findlaw on 23 Oct 2005 at  http://news.findlaw.com/hdocs/docs/gwbush/sarbanesoxley072302.pdf

Accounting Convergence the State of
Words: 608 Length: 2 Pages Document Type: Research Proposal Paper #: 52900563
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Purpose/Perceived Value

The findings of this report will be valuable to two different audiences. The first consists of accounting regulatory bodies. These bodies are working towards convergence and are presently struggling with the resistance from the business community. Understanding the nature of that resistance is key to finding ways of overcoming it. For the large publicly traded corporations themselves, this report will help them understand why they and their peers are resistant, and this will shed light on whether or not that resistance is justified. Convergence is coming whether the corporate world is ready for it or not, but the key for corporations is to understand what convergence is, why it is important, and which elements of their resistance are not worth the effort. For both parties, it is important to work together to make the convergence process as smooth as possible, and that is going to take a greater…

Works Cited:

Qu, X. & Zhang, G. (no date). Measuring the convergence of national accounting standards with International Financial Reporting Standards: The application of fuzzy clustering analysis. Xiamen University. In possession of the author.

Larson, R. & Street, D. (2004). Convergence with IFRS in an expanding Europe: Progress and obstacles identified by large accounting firms' survey. Journal of International Accounting, Auditing and Taxation. Vol. 13 (2004) 89-119.

AICPA. (2011). International Financial Reporting Standards (IFRS): An AICPA backgrounder. American Institute of CPAs. In possession of the author

AICPA (2010). Financial system considerations in IFRS conversion projects. American Institute of CPAs. In possession of the author.

Accounting Resources in Any Industry
Words: 1713 Length: 6 Pages Document Type: Thesis Paper #: 1738376
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Then again, even the sites that allow for such commentary often don't receive any. PwC IFS hasn't received any comments in the past month on any of its articles, for instance, though it does provide accurate and fairly up-to-date information. Part of the reason for this could be the fact that this blog, like many others in the accounting world, are run by large firms -- Price Waterhouse Coopers, in this case. Though this does not mean there is necessarily a bias at work in the blog, and indeed certain differing opinions are allowed, the fact that the information on such blogs is so directly under the control of a single for-profit entity means it must be regarded as at least slightly suspect. As these resources are also free, however, there is no harm in regularly browsing them.

eferences

Accounting and Business esearch. Accessed via EBSCO 8 October 2009.

Accounting…

References

Accounting and Business Research. Accessed via EBSCO 8 October 2009.

Accounting Historian's Journal. Accessed via EBSCO 8 October 2009.

Accounting and the Public Interest. Accessed via EBSCO 8 October 2009.

Accounting Today. Daily print periodical. 2009 issues reviewed.

Accounting Credibility the Accountability Failures
Words: 1413 Length: 5 Pages Document Type: Term Paper Paper #: 17956493
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(5) Auditors and CPAs should consider several ways that the Sarbanes-Oxley Act and SEC implementation rules as a whole impact accountants and work closely with regulators to address these effects. (6) Public accounting firms need to reconsider external auditors' participation with their client's internal audit function and control structure. This reporting on the internal controls can be very useful and add value to the integrity and quality of the financial reporting process. However, management accepts full responsibility for the design and maintenance of the adequate and effective internal control system. (7) Auditors should advise their clients and make recommendations for the appropriate disclosures of financial information. A more timely, relevant, objective, and transparent financial reporting process should improve the quality, integrity, and reliability. (8) it is necessary to use more effective and objective audit procedures and related standards to improve audit efficiency. The role of independent auditors on financial statements…

Journal of Accountancy. 199(2) p. 74-75.

Rezaee, Z. (2004) Restoring public trust in the accounting profession by developing anti- fraud education, programs, and auditing Managerial Auditing Journal. 19(1): 134-148

Walker, D.M. (2005) Reclaiming public trust in the wake of recent corporate accountability failures International Journal of Disclosure and Governance 2(3):.. 264-271-279

Accounting Journal Entries A P A R Cash Liabilities
Words: 731 Length: 3 Pages Document Type: Essay Paper #: 51029117
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Accounting

Journal Entries

A/P

A/R

Cash

Liabilities

AP

AR

Cash

Liabilities

Cash

Cash

Liabilities

Reserve

Theory

Alan Moser and Stephanie Philips operate a successful software business in Brisbane. Alan and Stephanie are existing clients of your accounting firm CPT Accountants. Their business currently operates as a partnership but due to expansion plans they are considering incorporating the business (ie becoming a company). They wish to clarify the following points before making a decision and have asked CPT accountants to write a report answering the following:

What is the difference between forming a proprietary (private) company and public company?

There is substantial difference in the reporting requirements and tax basis for private and public companies. However, the biggest difference is how the legal entities deal with liability. Under a sole proprietorship and a partnership the owner can be held liable for many different problems that the business incurs while under a…

Accounting for That Quite Likely
Words: 2684 Length: 7 Pages Document Type: Research Paper Paper #: 70137900
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They then proceed to detail their selected sample (76 NYSE firms that reported at least three annual losses in period's 1980-1985 and that reduced cash dividends. They then implemented various conditions to test their hypothesis that it is the troubled firm's aim to retain preservation of their company, rather than to make a bonus, that causes them to select a certain accountancy plan.

In section 2, the authors describe their methods used in selecting a sampled population and their bias controls. There is a great deal of numerical data, and the material is dense particularly when they elaborate on the earnings and cash flow performance of the various firms. Each unit is broken up into subunits. Scholarly tables condensed with data that for instance report accrual levels and changes for the 76 firms support their written text and the Tables are alluded to in the text. Statistical analysis of these…

References

DeAngelo, H. DeAngelo, L. & Skinner, DJ (1992) Accountign choice in troubled companies. Jour. Of Account. & Econ. 17, 113-143

Elliot, Barry & Elliot, Jamie: Financial accounting and reporting, Prentice Hall, London 2004

Gray SJ (1988) Towards a Theory of Cultural Influence on the Development of Accounting Systems Internationally Abacus, pp.1-15

http://folders.nottingham.edu.cn/staff/zalzae1/ATP/articles/Gray.pdf

Accounting Has Been Nothing if Not a
Words: 937 Length: 3 Pages Document Type: Essay Paper #: 89936224
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Accounting has been nothing if not a dynamic, global discipline over the last two decades. The role of the accountant has changed dramatically during that time and will continue to do so -- as will the nature of the challenges that the accounting profession faces"

Over the past twenty years, the modern business community has been faced with the challenges of globalization, the new predominance of technology in business affairs, and the creation of a service-based 'knowledge economy' versus a manufacturing-based one. The profession of accounting has had to adapt to this new environment. "Business internationalization and globalization has facilitated the transfer of capital and information across national borders, with economic power residing in holders of particular knowledge sets. Business and management location is becoming increasingly irrelevant and management and accounting work is becoming multidisciplinary" (Parker 2002).

Globalization has lead to more uniform regulations in accounting. Until recently, U.S. accountants…

References

GAAP'S Last Stand IFRS is no rumor -- welcome to the next phase of financial reporting.

2011. Periso. Accessed:

http://perisho.com/keeping-current/gaaps-last-stand-ifrs-is-no-rumor-welcome-to-the-next-phase-of-financial-reporting / [June 23, 2011]

Parker, Lee D. 2002. Reinventing the managerial accountant. Glasgow University.

Accounting Allows Managers to Better
Words: 645 Length: 2 Pages Document Type: Term Paper Paper #: 50133555
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d.). The methods by which this information is gathered will differ based on the type of production that is being undertaken. Cost flow assumptions relates to how costs flow through inventory accounts. This can include FIFO, LIFO, weighted average and other methods. This impacts the costs because it helps to determine which costs are counted for which period. Recording interval capability refers to the points in time when a company takes inventory. Many firms use perpetual inventory, but some firms will take inventory periodically in order to provide this information.

Overall, cost accounting systems provide the information that managers need with respect to the costs of a product. By using a specific system, wherein decisions about methodology are made about each of the five parts of the cost accounting system, the system will be consistent through different products and through different time periods for the same product. This will ensure…

Works Cited:

Kinney, M. & Raiborn, C. (2009). Cost accounting: Foundations and evolutions. Mason, OH: Thomson Higher Education.

Martin, J. (no date). What is a cost accounting system? Management and Accounting Web. Retrieved June 23, 2010 from  http://maaw.info/5partsofcostsystem.htm 

Cooper, R. & Kaplan, R. (1988). How cost accounting distorts product costs. Management Accounting. Vol. 69 (10) 20.

Accounting Ethics Questions
Words: 2185 Length: 3 Pages Document Type: Essay Paper #: 35697360
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.....ethical for an employer to use social media information as a factor when considering whether to hire an employee? What about monitoring social networking activities of employees while on the job? Use ethical reasoning in answering these questions.

The wide-ranging use of social media in the workplace gives rise to serious moral and ethical concerns. Kantian ethics lays emphasis on the form of an action in ascertaining its morality. Kant insists on the Categorical Imperative. Kant implies that this ethical principle is the superlative and outright and proper test to morality, whereas imperative implies that from time to time one must command oneself to be moral and undertake the right thing, even and particularly when one's self-centeredness may be infringed by acting ethically (Mintz, 2015). As an overall moral rule, for an employer to impose into an employee's private life on social media devoid of consent or in a clandestine…

Accounting Best Practices
Words: 1003 Length: 4 Pages Document Type: Essay Paper #: 65423462
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Yost directly aware of the fact that counting different locations on the same day was not the best idea if accuracy was demanded. However, Yost shot down the idea of doing all locations on the same day and even went to so far as to sign off on the fact that doing all locations on the same day was not practical due to manpower/locational issues.

B) To defend themselves against the bank, the PA firm could simply point to the details enumerated in the prior part of this question. Yost specifically and explicitly brought up the fact that doing counts on different days was less than wise. This was surely because even if no subterfuge was going on (and it was), it would give the appearance of impropriety, or at least bad procedure.

) Yes, they would probably prevail. Yost specifically noticed and advised their client that they were unwise…

Chapter 8 - Question 30

There are a few red flag and issues that should be discussed about the two sets of meeting minutes. First, the talk about the IRS audit was a little incomplete and there was not a lot of good news to glean from it. Related to this is the handling of the computer equipment and this neatly dovetails with the timeline of the computer switchovers. They dispensed with the equipment shuttered after the 2008 computers were purchased and then the very next day the spent money for yet another computer system in the form of a loan. The fact that the IRS audit period relates to property and it's the same year as the last computer upgrade is a head-scratcher.

Also concerning is that that every single vote was unanimous. The only thing that seemed to get anyone's dander up was the talk about the profit sharing for other employees. In terms of knowing for sure whether the meeting minutes were all forwarded, this would require either the auditor to be present in the room for all meetings or that the people involved sign off on the minutes being accurate and complete. If the auditor is presented with the fact that they are complete and they turn out not to be, the people who signed committed a fraud, in all likelihood. Again, though, it would be better if it was required that the auditor take the minutes themselves or author their own copy so as to compare to what is published and approved. If anything is omitted, changed or materially represented, then the auditor would have a cause of action to voice some concern.

Accounting a Great Prospective Major
Words: 2366 Length: 7 Pages Document Type: Term Paper Paper #: 53299913
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Accountant

hy I Chose Accounting

"I hate math." Ever since I can remember people have approached me to tell me how much they loathe math, when they hear that I love it. However, I have always been fascinated by the order mathematics can bring to a chaotic world. Sometimes when life seems hard, it is very comforting to be able to look at numbers. This is not to say, of course, that accounting is not challenging. In fact, like many prospective accounting majors, I initially struggled with the discipline in my fundamentals courses ("Top 10 Easiest and Hardest College Degree Majors of 2016"). There is a reason that introductory accounting classes are often considered weeding-out, gatekeeping classes for the profession. Many people decide they want to be accountants because they think it is a lucrative profession that does not require as much additional schooling as law or medicine but then…

Works Cited

Erstad, Will. "Is an accounting degree worth it or worthless?" Rasmussen. 16 Nov 2015.

Web. 8 Jul 2016.

Grohol, John. "10 Highly Effective Study Habits." Psych Central. Web. 8 Jul 2016.

"How to become a CPA." CPA Review. Web. 8 Jul 2016.

Set Up Accounting Information System for New Company
Words: 1544 Length: 6 Pages Document Type: Business Plan Paper #: 95114127
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Accounting System

Accounting Information System

The following plan details the business areas and services to be provided for a growing homeowners' association by a certified accounting firm. The large growth in size of the association is cited as a need for this contracting with the accounting firm, and the specific business areas in need of servicing are identified as billing, collections, payments, reporting, taxes, and miscellaneous advisory duties. Input, output, and control requirements are listed in brief for each business area, with reference to current scholarly and regulatory/advisory information to ensure consistency and conformity with accounting standards. Automation of accounting processes is a major focus of the service provision, and levels of automation are fully discussed, with the decision to build an in-house automation system and certain automation challenges discussed.

Introduction

The homeowner's association is facing a problem of a major increase in the amount of accounting work it will…

References

AICPA. (20110. AICPA Publishes New Attest Guidance for Reporting on Controls at a Service Organization. Accessed 30 October 2011.  http://www.aicpa.org/press/pressreleases/2011/pages/aicpapublishesnewattestguidanceforreportingoncontrolsataserviceorganization.aspx 

COSO. (2009). Guidance on Monitoring Internal Control Systems. Durham, NC: COSO.

Kruck, S. (2011). The emergence of accounting information systems programs. Accessed 30 October 2011.  http://www.allbusiness.com/accounting/3504565-1.html 

Romney, M. & Steinbart, P. (2011). Accounting Information Systems. New York: Prentice Hall.

Accounting Several Terms and Definitions Are Valuable
Words: 895 Length: 3 Pages Document Type: Essay Paper #: 53038561
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Accounting

Several terms and definitions are valuable to understand financial statements. In the United States, financial statements of public corporations are produced in accordance with the U.S. Generally Accepted Accounting Principles. These principles govern how the information for financial statements is compiled and presented. The purpose of these principles is so that all stakeholders can easily understand the statements and make comparisons across both time and across different companies, because the statements are produced and presented in a consistent manner. The International Financial eporting Standards (IFS) are the international equivalent of GAAP. While several countries utilize a national version of GAAP (U.S., Canada, UK, etc.), more than 100 countries use IFS, making this set of standards the most widely-adopted in the world. There is a move to converge national GAAP standards with IFS, including a multi-year project to converge U.S. GAAP with IFS. For now, however, IFS represents a different…

References:

No author. (2012). Generally accepted accounting principles (GAAP). Investopedia. Retrieved August 18, 2012 from  http://www.investopedia.com/terms/g/gaap.asp#axzz23vrKSd9Q 

PCAOB.org (2012) PCAOB oversees: The auditors of companies to protect investors. Public Company Accounting Oversight Board. Retrieved August 18, 2012 from  http://pcaobus.org/Pages/default.aspx 

SEC.gov. (2012). The investor's advocate. Securities Exchange Commission. Retrieved August 18, 2012  http://www.sec.gov/about/whatwedo.shtml

Accounting the Role of Financial Statements in
Words: 906 Length: 3 Pages Document Type: Essay Paper #: 39784246
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Accounting

The role of financial statements in investing is that they provide a consistent format that can be used by potential investors and other stakeholders to evaluate a company. There are several components that facilitate this happening. For publicly-traded firms, Generally Accepted Accounting Principles (GAAP) play a key role in the creation of financial statements. GAAP is a common set of accounting principles and procedures that companies use to compile their financial statements (Investopedia, 2012). ith companies having to produce their statements according to a common set of criteria, the information is easier to compare not only between different years at the same company, but also against other firms in the industry and all other publicly-traded firms.

The IFRS is essentially the international version of GAAP. Financial statements in many countries, especially those in Europe, are produced according to IFRS. There are a many areas where GAAP and IFRS diverge,…

Works Cited:

AICPA. (2011). International financial reporting standards (IFRS): An AICPA backgrounder. AICPA. Retrieved March 22, 2012 from  http://www.ifrs.com/pdf/IFRSUpdate_V8.pdf 

Beiersdorf 2011 Annual Report. Retrieved March 22, 2012 from  http://www.beiersdorf.com/GetFile.ashx?id=3243 

Investopedia (2012). Generally Accepted Accounting Principles (GAAP). Investopedia. Retrieved March 22, 2012 from  http://www.investopedia.com/terms/g/gaap.asp#axzz1pmKm2c8C 

Revlon Fiscal Year 2011 Form 10-K. Retrieved March 22, 2012 from  http://services.corporate-ir.net/SEC/Document.Service?id=P3VybD1odHRwOi8vaXIuaW50Lndlc3RsYXdidXNpbmVzcy5jb20vZG9jdW1lbnQvdjEvMDAwMTE5MzEyNS0xMi0wNjUzMTAvZG9jL1JldmxvbkluYy5wZGYmdHlwZT0yJmZuPVJldmxvbkluYy5wZGY=

Accounting Forms the Overall Backbone of the
Words: 1922 Length: 5 Pages Document Type: Term Paper Paper #: 77472520
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Accounting forms the overall backbone of the financial world. Financial markets are predicated on consumer and user confidence. Without confidence, consumers attempting to make financial decisions will be doing so using inaccurate and incomplete information. The lack of transparency regarding the truthfulness of reported numbers creates uncertainty within the capital markets. This uncertainty regarding the accuracy of information ultimately undermines the overall financial system, causing harm to society in the process. Investors will require higher rates of return, individuals will become unlikely to invest, and innovation could become stifled, harming the quality of life for society overall. Accounting standards, particularly those from the IFRS, are required to help maintain confidence in the reliability of reported financial performance. These standards, such as IFRS , are often amended to reflect the economic realities of business transactions. These changes, although well intended, may often have unintended consequence. This is particularly true for IFRS…

8) Jeffers, Agatha; Mengyu Wei; Sidney Askew (2010). "The Switch from U.S. GAAP to IFRS." Proceedings of the Northeast Business & Economics Association: 48 -- 54

9) Oler, Derek K., Mitchell J. Oler, and Christopher J. Skousen. 2010. "Characterizing Accounting Research." Accounting Horizons 24 (4): 635 -- 670

10) Perks, R.W. (1993). Accounting and Society. London: Chapman & Hall. p. 16. ISBN 0-412-47330-5.

Accounting This Discussion Contains Research Pertaining to
Words: 1089 Length: 4 Pages Document Type: Term Paper Paper #: 62517010
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Accounting

This discussion contains research pertaining to the impact of cash-basis accounting on the distortion of the financial position and operating results of a business.

We began our discussion with a definition of cash base analysis. We concluded that this accounting tactic is used to examine cash and cash equivalents. This is done by separating cash flow transaction into one of three activities which include; operating, financing and investing activities.

Our investigation then explored why and how financial statements completed using cash-basis accounting can be distorted to present a misleading picture about the financial position and operating results of a company. Our investigation found that these distortions exist when accountants fail to provide a report of additional information that may not appear on the face of the financial statement. Additionally, we found that inconsistencies in the presentation of a financial statement can greatly influence the distortion of information that is…

Reference List

Financial Reporting under the Cash Basis of Accounting (2000) Standards Report International Federation of Accountants.

Live on the Lakeshore Financial Statements. (2003) Retrieved August 19, 2003 at http://aliveonthelakeshore.gospelcom.net/aotlfinancial03.pdf.

Navani, Vinay S. (2002) IRS eases cash-accounting rules for small businesses

Journal of Accountancy, Vol. 193

Accounting Deals With Financial Transactions
Words: 740 Length: 2 Pages Document Type: Research Paper Paper #: 71580661
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The Statement of Owners' Equity

The statement of owner's or shareholders' equity is designed to show the components of the change in equity from the end of one fiscal year to the next. Beginning with the amount of equity shown at the end of the previous fiscal year, net income is added and cash dividends paid to the owners are subtracted. If owners contributed any additional capitol this amount (such as the sale of new shares) it is added to the equity. On the other hand, if the owners withdrew capitol, equity declines. All the additions and subtractions, taken together, equal the changes in owner equity from one fiscal year to the next (Kurtz, 2010).

The Statement of Cash Flows

Public companies are required to prepare and publish a statement of cash flows. This statement provides investors and creditors with relevant information about a firm's cash receipts and cash payments…

References

Kurtz, D.L. (2010). Contemporary Business, 13th ed. Hoboken, NJ: John Wiley & Sons Inc.

"The Four Financial Statements" (NDI). The four financial statements. QuickMBA. Retrieved July 24, 2011, from  http://www.quickmba.com/accounting/fin/statements/

Accounting Is the Basic Function
Words: 1515 Length: 5 Pages Document Type: Essay Paper #: 74934849
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Yet, financial statements and managerial accounting reports can be highly effective nonetheless. Sometimes they will merely confirm what the proprietor already knows, but there are inevitably going to be times when they will reveal that the proprietor's assumptions about the nature of the business are false. Moreover, accounting can act as essentially a second opinion. The proprietor may feel one thing is true, but the numbers can reveal something different.

Overall, accounting is an essential component of any business. Sole proprietorships often make less use of accounting, in part because the law does not obligate them to engage in any more than the most rudimentary accounting. However, proprietors should not overlook the value of accounting. Accounting helps to reveal the business' past performance, but can also be used to enact organizational controls today and to help plant for more effective operations in the future. By understanding the firm's cost structure…

Works Cited

Marshall, David H.; McManus, Wayne W & Viele, Daniel F. (2008). Accounting - What the Numbers Mean. McGraw-Hill/Irwin, New York, 2008.

Accounting and Intrusion Detection in a Report
Words: 6872 Length: 25 Pages Document Type: Term Paper Paper #: 17210308
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Accounting and Intrusion Detection

In a report issued by Paladin Technologies, Inc., entitled: "Security Metrics: Providing Cost Justification for Security Projects," 273 organizations were surveyed on the topic of security. The report illustrates in quantifiable terms the depth and reach of intrusion detection on the financial viability of the organization. The combined reported losses from the firms surveyed totaled $265.6 million in 1999. The highest loss categories were reported as follows:

Type of Loss

Estimated Dollar Value

Number of espondents

Theft of intellectual capital

m

Financial Fraud

m

Sabotage

m

The average annual financial loss of firms surveyed was estimated at $40 million. Forty three percent of respondents were able to quantify financial losses, and seventy four percent were able to acknowledge financial loss. Ninety percent detected cyber attacks within the most recent twelve-month period and seventy percent reported serious breaches other than viruses, laptop theft, and employee abuse of…

Resources

Risk Assessment risk assessment involves estimating the likelihood and severity of an occurrence, the relative impact of risk on the facility, information handler, processing, support, and the mission of the organization. Assessing the likelihood means determining the probability that existing controls will be skirted. Pfleeger has identified a series of steps for examining the likelihood of adverse occurrences:

Calculate the probability that the risk may happen, found in the observed data for the specific system.

Estimate the likely number occurrences in a given time period. The analyst gives a rating based on several different risk analysis methodologies, and then creates a table to hold and compare the ratings.

The Delphi approach: several raters individually estimate the probable likelihood of an event, combine their estimates, and choose the best one.

Accounting Method and Coca Cola
Words: 594 Length: 2 Pages Document Type: Questionnaire Paper #: 71293075
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Does Coca-Cola have the ability to influence CCE's debt levels?

The debt to equity ratio of Coca Cola is: .92 for 2009 and 1.33 for 2010. While CCE has a debt to equity ratio of: 1.51 for 2009 and 1.3 for 2010. Coca Cola does have the ability to influence the debt levels of CCE. The way that this can take place is to use Coca Cola's credit line to help the firm raise additional working capital in the public markets. This would cause the debt levels of CCE to increase. Another option is that Coca Cola can purchase CCE and assume a percentage of their debt. A good example of this can be seen with Coca Cola's acquisition of CCE North America. In exchange for increasing their ownership in this segment, there was also an agreement for Coca Cola to take on CCE North America's debt of $7.9 billion.…

References

2010 Annual Report. (2011). The Coca Cola Company. Retrieved from:  http://www.thecoca-colacompany.com/investors/pdfs/form_10K_2010.pdf 

Kothari, S. (2010). Implications for GAAP. Journal of Accounting and Economics, 2 (3), 246 -- 286.

Accounting Contingent Liabilities Are Could
Words: 431 Length: 2 Pages Document Type: Essay Paper #: 37863849
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Common buzz words management uses in regards to loss are, "Probable," "easonable," or "emote." Although these words can vary, management must be careful to provide an accurate account of the likelihood of loss and a reasonable estimate of loss. It is important to note that many contingent liabilities are not currently a liability but may become one in the event of adverse circumstances in the future. An example of an accounting journal entry for a contingent liability is listed below

Accounting Example:

A manufacturer of XYZ shoes provides products to various consumers worldwide. XYZ Company provides itself on excellent customer service. As such, it provides a one year warranty on its shoes. Using the company's proprietary information, they estimated that each shoe sod is equivalent to roughly $2 of warranty expenses. During the current year, XYZ Company sold 20,000 pairs of shoes. As it is probable that XYZ company will…

References:

1) Keenan, Denis.Accountancy; Jan1980, Vol. 91 Issue 1037, p91

2) Management Accounting: Magazine for Chartered Management Account; Jan97, Vol. 75 Issue 1, p10

Accounting Financial Accounting Is an
Words: 571 Length: 2 Pages Document Type: Research Paper Paper #: 2417987
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The management accounting leads candidates into finance, risk management and even production management. hile CMA certification is not necessary to pursue a career in management accounting, it is recommended. The IMA claims that certified management accountants earn on average $25,000 more per year than non-certified peers (IMA, 2011).

As with the accounting profession in general, there is increased demand for management accountants. CMAs are in demand because of their ability to contribute to the profitability of businesses, and demand for CMAs is expected to grow in coming years. Because CMA job duties are less structured than those of financial accountants or auditors, CMAs enjoy greater career flexibility.

Both types of accounting positions are poised to enjoy significant growth. There is also a trend in business, particularly since Sarbanes-Oxley, of looking to accounting professionals to lead firms. More CEOs are coming from the accounting stream than ever before, which highlights the…

Works Cited:

Bureau of Labor Statistics. (2011). Occupation outlook handbook 2010-2011: Accountants and auditors. BLS. Retrieved March 20, 2011 from  http://www.bls.gov/oco/ocos001.htm 

IMAnet.org, various pages. (2011). Institute of Management Accountants. Retrieved March 20, 2011 from  http://www.imanet.org/ima_home.aspx 

Taub, S. (2003) Now playing: CFO as CEO. CFO Magazine. Retrieved March 20, 2011 from  http://www.cfo.com/article.cfm/3007934

Accounting Finance Repo 105 and Lehman
Words: 1057 Length: 3 Pages Document Type: Essay Paper #: 87109356
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By re-characterizing the epo 105 dealing as a sale, Lehman detached the account from its balance sheet (Durden, 2010).

Lehman frequently augmented its utilization of epo 105 transactions in the time previous to reporting interludes to decrease its openly reported net leverage and balance sheet. Lehman's intermittent reports did not reveal the money borrowing from the epo 105 transaction, even though Lehman had in reality borrowed tens of billions of dollars in these dealings, Lehman did not reveal the acknowledged responsibility to pay back the liabilities. Lehman utilized the money from the epo 105 dealings to pay off other dangers, thus dropping both the entire debts and the entire assets accounted for on its balance sheet and decreasing its power percentages. Therefore, Lehman's epo 105 dealing was made up of a two-fold procedure: performing epo 105 dealings followed by the utilization of epo 105 cash borrowings to pay down debts,…

References

Durden, Tyler. (2010). The "Repo 105" Scam: How Lehman Fooled Everyone (Including

Allegedly Dick Fuld) and How Other Banks Are Likely Doing This Right Now. Retreived

April 10, 2011, from Web site:  http://www.zerohedge.com/article/repo-105-scam-how-lehman-fooled-everyone-including-allegedly-dick-fuld-and-how-other-banks-a 

Goldstein, Jacob. (2011). Repo 105: Lehman's 'Accounting Gimmick' Explained. Retreived April

Accounting and Audit Enforcement
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Accounting and Audit Enforcement
1. The Sarbanes-Oxley Act applies to publicly-traded companies. Thus, it does not apply to non-profit entities. Nor does it apply to for-profit entities that are not publicly-traded. This is because SOX was passed specifically to address instances of accounting fraud in publicly traded companies that were undermining consumer trust in the capital markets (101.com, 2018). A publicly traded companies has a variety of different obligations under SOX that will help to reduce the opportunities and incentives for accounting fraud. Both opportunity and incentive are components of the fraud triangle – one needs to have a perceived need to commit the fraud and the circumstances with which to do so (ACFE, 2018).
Non-profit organizations have no obligations under SOX. However, there is a school of thought that holds that non-profit entities can benefit from some of the recommendations and mandates that SOX contains. Fritz (2016) writes that…

Accounting Ratios the Financial Statements
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An unaware analyst may think the second company to be better but in reality its low encouraging level is due to the fact that it is unable to secure additional funding. The companies may possess different capital structures and to attempt comparison of performance when one is all equity financed and another is a geared company may not suffice for a good analysis. The chosen application of government incentives to several companies may also twist the inter-company evaluation. There may be the possibility of providing a company with the tax holiday while the other within the same line of business not, and evaluation of such two enterprises may be misleading. (Session 15: Limitation of atio Analysis)

As a matter of principle, the accounting strategies are required to be applied persistently. Changes are required to be emphasized and the influence of variations from an original policy revealed. This is applicable when…

References

Accounting and decision making - Ratio analysis. Retrieved from http://www.learn.co.uk/cima-mc/lesson4/page4.htm Accessed on 22 April, 2005

Basic Financial Statement Analysis: Objective 3: Explain the limitations of ratio analysis. Retrieved from http://www.wu-wien.ac.at/usr/h93/h9352467/Limitations%20on%20Ratio%20Analysis/limitationonra.html Accessed on 22 April, 2005

Cars, Andreas. 2002. The Dynamic Current Ratio. 3 September. Retrieved from  http://www.investopedia.com/articles/02/090302.asp  Accessed on 22 April, 2005

Covers Information from Accounting 200 and 201. Retrieved from  http://www.everettcc.edu/emplibrary/Financial%20Ratios.pdf  Accessed on 22 April, 2005

Accounting Equation
Words: 369 Length: 1 Pages Document Type: Book Report Paper #: 38210800
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Accounting Equation

The basic accounting equation is assets = liabilities + shareholder's equity. The equation reflects that the value of the firm lies with its assets, but that these can be acquired using two different methods of financing. The methods of financing are essentially different types of claims on the firm's resources. Liabilities are credit claims on the company's resources that arise when the company borrows from somebody (a bank or a supplier, often) in order to acquire assets. Shareholder's equity arises from the money that the shareholders invest. The value of the shareholder's equity is derived from the value of the firm, net of the amount owing to the creditors. Therefore, new profits that the firm earns but does not pay out in dividends ("retained earnings") will often form the bulk of the shareholder's equity.

The accounting equation also reflects that accounting transactions need to balance when they are…

Works Cited:

QuickMBA. (2010). Accounting equation. QuickMBA.com. Retrieved October 14, 2012 from  http://www.quickmba.com/accounting/fin/equation/

Accounting Choosing the Right Structure
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, 2010). Where there is the sale of shares, there is also a great potential that the existing owners will have little control over who the shares are subsequently sold to, especially in a quoted company. The firm will also be subject to the Sarbanes-Oxley Act (SOX), which was also known as the "Company Accounting eform and Investor Protection Act," in the Senate (Libby et al., 2010).

3.

Decision for the Business

As the business is a new idea, and will initially only involve a single person, the idea of a partnership may be eliminated. This leaves sole proprietorship and corporation. If there is to be only one owner the S-corporation may be used, as this may accommodate a single shareholder. This structure may be attractive as the business will be a separate entity, especially as the owner will not carry any personal liabilities for the business debts. However this…

References

Clarkson, Kenneth W; Miller, Roger LeRoy; Cross, Frank B, (2010), Business Law: Text and Cases - Legal, Ethical, Global, and Corporate Environment, Cenage Learning

Libby, Robert; Libby, Patricia; Short, Daniel, (2010), Financial Accounting, McGraw-Hill

Weygandt, J, J; Kieso, DE; Kimmel, PD, (2011), Financial Accounting, Wiley

The business idea has been set up in a manner which can be easily changed by the student, without impacting on the rest of the paper.

Accounting - FedEx and UPS
Words: 3140 Length: 9 Pages Document Type: Research Proposal Paper #: 69265327
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Another factor that should be taken into consideration is that of overall strategy. Financial statements are snapshots, and sometimes it can be difficult to discern from looking at a small sample of them the firm's overall direction. Key strategic decisions can have a significant impact on the financial statements for a limited period of time. For example, during the period studied FedEx was having trouble absorbing Kinko's which it had purchased. These difficulties are not fully reflected on the income statements for 2005 and 2006. Instead, they appear as an unusual item (a writedown) in 2008. Likewise, UPS took a $6.1 billion writedown in 2007, which made the financial figures for that year look terrible. There is always strategic context in financial statements. That context is not always readily apparent, but it should be taken into consideration when analyzing the financial statements.

The potential impact of mergers and acquisitions should…

Accounting and Finance Comparison of Selected Financial
Words: 1024 Length: 3 Pages Document Type: Case Study Paper #: 80991135
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Accounting and Finance

Comparison of Selected Financial Performance Data for WalMart and Target

WalMart and Target compete in very similar markets, competing in the supermarket segment of the retail industry, with some diversified interests. To assess the performance of these two firms, their results for the financial years ending January 2012 and 2013 may be examined and compared. This paper will look at the performance in terms of revenues, cost of goods, accounts receivable and payable and inventory management.

evenues

The performance of a firm often starts with an assessment of the revenue that is generated and the way in which this changes over time. The revenues for both WalMart and Target are shown in table 1.

Table 1; evenue for WalMart and Target 2012-2013

WalMart

Target

2012(Jan)

2013(Jan)

2012(Jan)

2013(Jan)

evenues ($ millions)

446,950

469,162

69,865

73,301

Change in revenues from previous year

The levels of revenues demonstrate that…

References

Target, (2013), 10k, retrieved  https://corporate.target.com/_media/TargetCorp/annualreports/content/download/pdf/Annual-Report.pdf?ext=.pdf 

WalMart, (2013), 10k, retrieved  http://www.sec.gov/Archives/edgar/data/104169/000010416913000011/wmt10-k.htm

Accounting Operating Leverage Return on Investment Economic
Words: 580 Length: 2 Pages Document Type: Case Study Paper #: 56201325
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Accounting

Operating Leverage, Return on Investment, Economic value added and Net Profit Margin at Yum Brands

A firms performance is often measured using ratios. There are many different ratios which are used, all indicating different types of performance measurement; four of these measures are operating leverage, return on investment (ROI), economic value added (EVA) and net profit margin. These all provide the ability to perform historical assessment to assess the trends or patterns in the firms' performance when measured against itself, as well as allowing the firm to be assessed against other competitors or potential alternate investments. Each of the ratios will be examined and considered in the context of Yum Brands

Operating leverage

Operating leverage is a ratio which shows the companies fixed coasts to variable costs. To calculate the ratio it is necessary to have details of the fixed and the variables costs for the items produced. The…

Accounting Information a Senior Executive in a
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Accounting Information

A senior executive in a Fortune 500 firm along with their colleagues on the company's management team are dependent on accurate, timely, and pertinent financial information regarding the health of the organization. Accounting information has aptly been described as "the language of business, which is used in the management, planning, control, and decision- making processes integral to achieving organizational objectives" (Marshall, D. & McManus, W. 1996). In this regard accounting information falls into distinct categories: financial and managerial accounting; yet with considerable overlap in their utilization by management. Explication of these accounting areas provides considerable insight into their utility in providing effective quantitative data for analysis.

Financial and Managerial Accounting

Financial accounting concerns itself with the "preparation and reporting of financial statements for an entity" (Marshall, D. & McManus, W. 1996); while managerial accounting "is concerned with providing information to managers- that is, to those who are inside…

Likewise, managerial accounting also utilizes financial data to reach conclusions as to how the company is operating and what if any corrections are necessary to enhance profitability. In this vein managerial accounting concerns itself with the analysis of costs, budgeting, performance, and capital expenditures. Managerial accounting information is highly detailed and provides a platform from which to judge the company's revenue creation and its cost controls. As examples, an executive management team might take considerable time analyzing activity based-costing; a "system identifying the activity that causes the incurrence of a cost" (Marshall, D. & McManus, W. 1996). This data could lead to a discussion on the company's operating leverage based on their orientation of fixed or variable costs. While both financial and managerial accounting provides detailed data concerning company performance, managerial accounting has a distinctive narrowness to its scope of focus.

Communication of Information

With volumes of financial information generated by a Fortune 500 firm's accounting department, the question becomes how

Accounting -- Economics Accounting and
Words: 562 Length: 2 Pages Document Type: Term Paper Paper #: 32534655
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Leaders can also increase self-leadership by withdrawing from the team leading function and by motivating each team member (perhaps privately) of the expectation and hope that each will develop leadership skills to his or her full potential. Finally, leaders can increase leadership among their followers by gradually increasing leadership responsibilities at appropriate opportunities.

Question 2b: How might an understanding of knowledge-based trust explain the reluctance of a person to change jobs?

People differ substantially in the degree to which they seek novel experiences or changes from established routines. People considered of self-described as thrill seekers, differ neurologically from people who prefer the safety and security of routines (Gerrig & Zimbardo, 2001). Naturally, anyone who prefers stable routines over changes or novel experiences is likely to be much less comfortable changing jobs than a person who relish excitement and change.

Apart from differences in personality and preference, skill-specific competence increases sharply…

References

Ross, a. (2002) No Collar: The Humane Workplace and Its Hidden Costs.

Basic Books

Greenstein, F.I., Lerner, M. ed (1971) a Sourcebook for the Study of Personality and Politics. Markham Publishing Company Chicago

Gerrig, R., Zimbardo, P. (2001) Psychology and Life 16th ed. Allyn & Bacon

Accounting Goals of the Firm
Words: 1610 Length: 6 Pages Document Type: Term Paper Paper #: 33709352
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b. An issue of bonds that is sold simultaneously in several countries is traditionally called a (n) eurobond.

c. If a lender ranks behind the firm's general creditors in the event of default, the loan is said to be subordinated.

d. In many cases a firm is obliged to make regular contributions to a (n) sinking fund, which is then used to repurchase bonds.

e. Most bonds give the firm the right to repurchase or call the bonds at specified prices.

f. The benchmark interest rate that banks charge to their customers with good to excellent credit is generally termed the prime rate.

g. The interest rate on bank loans is often tied to short-term interest rates. These loans are usually called floating-rate loans.

h. Where there is a (n) private placement, securities are sold directly to a small group of institutional investors. These securities cannot be resold to individual…

Accounting a Static Budget Is Defined as
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Accounting

A static budget is defined as a budget that is "planned ahead of time based on the owner's best guess about future actual activity." This type of budget is therefore put together for the upcoming time period, and is often based on the data from past time periods, plus or minus different adjustments that management thinks will be necessary. In contrast, a flexible budget is one where the business management can make changes in the midst of an accounting period. Flexible budgeting allows for management to make better decisions on the fly, because the information used in those decisions is kept more up-to-date. Static budgeting relies only on the ability of management to analyze the numbers after the period in order to determine the magnitude and direction of variance, along with the causes of variance. For a flexible budget, management can identify issues with the budget right away, and…

Works Cited:

Mueller, D. (2012). Static budget vs. flexible budget. eHow. Retrieved September 12, 2012 from http://www.ehow.com/info_7784641_static-budget-vs.-flexible-budget.html

Bigelow, L. (2012). Static vs. flexible budgets for new businesses. Houston Chronicle. Retrieved September 12, 2012 from  http://smallbusiness.chron.com/static-vs.-flexible-budgets-new-businesses-20879.html

Accounting A I Using Direct Labour Hours
Words: 1350 Length: 5 Pages Document Type: Essay Paper #: 101465
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Accounting

a) i) Using direct labour hours as the cost driver for the overhead costs, the following table presents the net profit calculation for each line of motorcycle:

Vroom plc

Total Profit

Driver:

Direct labour

Sunshine

oadster

Fireball

Output

DL

P

Materials

evenue

less DL

less Materials

Gross Profit

Less Overhead

Net Profit

Activity-based costing is designed to allocate overhead costs based on the resources that each activity consumes (The Economist, 2009). The key to activity-based costing is that the cost drivers are assigned differently, and in a manner that should better reflect actual resource usage than a cost driver that may be picked almost at random (Investopedia, 2013). Using ABC, the following are the net profit calculations for the three different products at Vroom.

Vroom plc

Total Profit

Driver:

ABC

Sunshine

oadster

Fireball

Output

DL

100000

110000

40000

250000

P

Materials

Deliveries

Set-ups

Purchase orders

evenue

7

8

2800000…

References

The Economist. (2009). Activity-based costing. The Economist. Retrieved November 12, 2013 from  http://www.economist.com/node/13933812 

Investopedia. (2013). Activity-based costing. Investopedia. Retrieved November 12, 2013 from  http://www.investopedia.com/terms/a/abc.asp

Accounting Assessment of Costs and
Words: 1275 Length: 3 Pages Document Type: Book Report Paper #: 95779138
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One example has been the printer market; firms will often subsidize the printers that are sold, with the aim of creating long-term profits by the ongoing sale of the printer cartridges (Thompson, 2007). The cellular telephone market also operates in a similar manner, with mobile phone service suppliers subsidizing the cost of the handsets in order to gain a contract from a customer, the cost of the subsidy is offset against the profit that will be gained on the service contract. Therefore, the firm will need to look at the impact that ending production may have on the sale of other goods. However unless there is a complimentary item then it would appear some changes may need to take place.

If there is a loss with the fixed costs of $1,000,000 it is will be expected that higher fixed costs will increase the loss.

Assessment with fixed costs at $3,000,000…

References

Gillespie a, (2010), Business Economics, Oxford, Oxford University Press

Seal, Will; Garrison, Ray H; Noreen Eric W, (2011), Management Accounting, McGraw-Hill Higher Education

Thompson JL, (2007), Strategic Management; Awareness and Change, London, Thompson Business Press.

Accounting Capital Accounting and Budgeting Questions NPV
Words: 870 Length: 3 Pages Document Type: Essay Paper #: 98923524
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Accounting

Capital Accounting and Budgeting Questions

NV

When a firm has different potential projects or investments, they will want to assess their options to ensure they make the best choice. However, comparing different types of projects or investments can be difficult, especially if the projects have different terms to maturity and/or different risk profiles. A useful tool is that of net present value (NV). Net present value allows different types of project to be compared on a like for like basis.

The net present value calculation takes all of the forecast future net cash flows of a project (the revenue less all the costs), and then discounts them into today's value. The discounting allows the firm to assess what the value of the future cash flows will be in today's money. The rate of discount applied will usually be the cost of capital for the firm, but where there is…

Political risk manifest in a number of ways, they may be in the policies and laws that a government enacts, political instability and even aspects such as competition regulations. These will all impact on the potential level of risk associated with an investment. When undertaking capital budgeting, for a project to be viable, where there is an additional risk it is necessary for there to be a risk premium to justify taking that additional risk. The introduction of different types of policies, regulation or laws by government, may impact on the overall value of an investment, and in some cases may be severely detrimental. For example, in some countries there may be a risk of nationalization which the company may lose a significant amount of its investment (Mintzberg et al., 2008). Likewise, the amount of value in investment may create, especially if it is targeting markets, will be impacted by the competitive conditions, which in turn influenced significantly by government policies and attitudes.

Transfer pricing

Transfer pricing refers to pricing of internal transactions, for example when goods are sold by one company to another company in the same group, or possibly transfers between divisions. When undertaking capital budgeting, the potential benefits and risks associated with transfer pricing will need to be considered. A project may be viable due to the economies which can be gained from in-house, or in group supply. Likewise, the potential benefits may also be limited in terms of national regulation and the way in which transfer pricing is controlled. Transfer pricing will impact on the costs and potential profits that are assessed when examining potential investments or projects. The security of the

Accounting Economics Marginal Analysis Define Marginal Revenue
Words: 3770 Length: 13 Pages Document Type: Creative Writing Paper #: 3755498
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Accounting Economics

Marginal Analysis

Define marginal revenue.

Explain its relationship with total revenue.

Marginal Revenue (MR) is the revenue that is linked to one more additional unit of production. The demand for the product will determine whether it will be higher or lower or even the same as the previous unit of production revenue. MR can be defined therefore as the addition realized revenue to the Total Revenue (TR) by a unit increment in the sales volume of a firm in the market (Economics Concepts, 2011).

For instance if a lime factory sells 100 liters of lime at $4 per liter, the total revenue of the factory would be $400. Incase the factory increases the sales volume from 100 liters to 101 liters, then the total revenue of the factory increases to $404. The increase by $4 in the total revenue by one unit increase in rate of sales per…

Accounting Memo John and Jane Smith Add
Words: 870 Length: 3 Pages Document Type: Case Study Paper #: 61528973
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Accounting Memo

John and Jane Smith

Add, NearLakes CPA Services

RE:

Tax Implications

Mr. And Mrs. Smith:

I have carefully reviewed the materials from our recent meeting and have the following information and recommendations for your situation:

Under U.S. Tax law, Gross Income is defined as compensation for fees, services, commissions and similar items (26 CFR 1,61.2) (Internal Revenue Service, 2013). In this case, the income derived from a client in a personal injury case is considered taxable income. The IRS would expect that you note this as income to the firm and would expect an estimated tax be paid. Based on a simple calculation from the IRS site, and treating this $300,000 as a bonus, we would recommend that you make a payment of $85,048 in Estimated Taxes by the end of next quarter. Failure to do so might cause the IRS to levy additional penalties when the tax…

Accounting What Are Some Differences Between IRR
Words: 796 Length: 3 Pages Document Type: Term Paper Paper #: 38941049
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Accounting

What are some differences between IRR and PI?

Internal Rate of Return (IRR)

IRR is the method by means of which returns on investment are calculated. IRR reflects the value of money over a period of time. In short it explains returns on investments in terms of interest rates. It tells how much rise in interest rate is needed to completely remove any expectation of good returns on investment. When IRR is really high, it means your investment involves little risk. A low risk investment is always desired and you might feel like undertaking a project based on high IRR. However IRR is not always accurate and may give highly unrealistic picture. Since IRR doesn't really talk about actual returns, it is considered safer to opt for a project that gives realistic IRR instead of one that shows unbelievably high IRR. When there is no initial cash outflow, the…

Accounting Budgeting the Traditional Role of Budgeting
Words: 1113 Length: 3 Pages Document Type: Research Paper Paper #: 36277238
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Accounting

Budgeting

The traditional role of budgeting combines the need for planning and the development of a framework which can be used for control. This is achieved through the gathering of figures for the expected or desired revenue generation and the expected or desired outgoings associated with the generation of that revenue (de Waal et al., 2011). Two major forms of budget exist for commercial organizations; capital budgeting and operating budgets, the former deals with large long-term projects and investment, whereas operating budgets deal with the everyday operations of the firm or department (Horngren et al., 2010). It is usual for budgets to be prepared in advance of the period in which they will be applied, gathering the relevant information in order to create a budget. The most effective and potentially accurate budgets are those which have accurate input information, which often means consulting with relevant managers involved in the…

References

Chenhall, Robert H; Brownell, Peter, (1988), The effect of participative budgeting on job satisfaction and performance: Role ambiguity as an intervening variable, Accounting, Organizations and Society, 13(3), 225-233

Horngren, Charles T; Sundem, Gary L; Stratton, William O; Burgstahler, Dave, Schatzberg, Jeff O, (2010), Introduction to Management Accounting, Prentice Hall

Howell, R. A, (2004, July), Turn Your Budgeting Process Upside Down, Harvard Business Review, accessed at  http://hbr.org/2004/07/turn-your-budgeting-process-upside-down/ar/1 

de Waal, Andre; Hermkens-Janssen, Miriam; van de Ven, Arco, (2011), The evolutionary adoption framework: explaining the budgeting paradox, Emerald 7.

Accounting - Merck & Co
Words: 580 Length: 2 Pages Document Type: Term Paper Paper #: 66438591
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25 in 1999, $0.24 in 2000 and $0.23 in 2001. This earning is after deducting cost of sales and operating expenses.

The following were the cash flows from 3 activities of Merck and ICN (figures were in dollars):

Cash inflow (outflow)

Merck & Co., Inc.

ICN Pharmaceutical Inc.

From operating activities

6.1B

7. 7B

9.1B

87.1M

From Investing activities

2.8B)

3.6B)

4.3B)

50.36M)

90.08M

119M)

From Financing activities

3.9B)

3.4B)

5.1B)

36.4M

Operating cash flow is the cash that the Company generates through running its business. Considering cash flows of both Companies were positive, it can mean that their working capital is more than adequate to meet the operating requirements of the Company.

Cash flow from investing activities were aggregate change in a company's cash position resulting from any gains (or losses) from investments in the financial markets and operating subsidiaries, and changes resulting from amounts spent on investments in…

Accounting Finance Identify the Stages of
Words: 1424 Length: 4 Pages Document Type: Term Paper Paper #: 16608887
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production/income and so on. Some companies also include quality assessments as part of their analysis of department efficiencies.

5.Explain the role of the budget in the business control cycle.

Budgets can be used to help a firm meet goals and objectives. The business control cycle consists of four steps. The first is setting the standard, that is, creating the budget. The next is recording the performance of the company's departments. Third, variances from the budget are identified and analyzed to understand why they occurred. Finally, action can be planned to either correct problems identified this way, or to put preventive measure in place to enhance future performance.

6.Analyze internal and external control mechanisms that can be put in place to monitor and evaluate the budget.

Internal control mechanism could include consistent follow-up on internal and external audit findings and reporting findings of internal audits to the head of the organization…

References

Loeb, R. And M. Workman (2002) Annual budgeting as a management tool. Robert Loeb and Company. Retrieved 6 September 2005 at http://www.robertloebandcompany.com/articles/body_articles.html2002

Miller, G.J. And J. Rabin. (2001) Performance-based budgeting. Boulder, CO: Westview Press.

Porter, W. (2005, June 1). CRO advantage: outsource clinical trials to launch biotech development success. Biopharm International. Retrieved 8 September 2005 from www.highbeam.com.

Accounting Due in Part That
Words: 542 Length: 2 Pages Document Type: Essay Paper #: 65021833
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As such, their may be little money to invest in expansion, organic growth, acquisitions, and so forth. This can potentially be a detriment to the company as they may be unable to pursue business initiatives that may otherwise increase earnings and profitability of the firm. By not pursuing these initiatives, the company is actually limited its overall amount of growth as the company can not fully invest in strategic initiatives.

3) Yes, the company can issue common stock to the lawyer. To determine the price of the common stock, the owners should use a discounted cash flow analysis. Both Curtis and Natalie must estimate how much the future cash flows of the business are worth, today (uback, 1995). In this instance, both Curtis and Natalie can project out the earnings of the company over the coming years (5-10 years). As they project the possible earnings of the business, they can…

References:

1) Pablo Fernandez. 2004. Equivalence of ten different discounted cash flow valuation methods. IESE Research Papers. D549

2) Ruback, R.S., 1995, an Introduction to Cash Flow Valuation Methods, Harvard Business School Case # 295-155.

Accounting CVP Analysis for Snap
Words: 610 Length: 2 Pages Document Type: Essay Paper #: 56411415
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It is known that the membership fee is $26. Using this, the variable cost per member can be calculated, as shown in table 2.

evenue per member (a)

$26

Fixed costs per member (b)

$20

Variable cost (a-b)

$6

If the membership fee is $26 per member, the membership fee, less the fixed cost (at the break even point) will give the variable cost per member.

The information in tables 1 and 2 can be used to assess the number of membership the Snap Fitness will need to sell each month if they wish to make a profit of $10,000 per month. As seen above, it is the contribution per unit that will initially pay for the fixed costs and then the profit. To calculate the sales needed for a predetermined profit level, the required profit should be added to the fixed costs. That total may then be divided by…

References

Horngren, Charles T; Foster, George; Datar, Srikant M; Rajan, Madhav, (2008), Cost Accounting: A Managerial Emphasis, Prentice Hall

Kinney, Michael R; Raiborn, Cecily a, (2012), Cost Accounting: Foundations and Evolutions, South-Western College Pub

Assuming no other fixed costs

Accounting and Corporate Finance Is
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5% for FY2003 to 25.26% in FY2007. From this specific financial ratio it is clear that Microsoft is performing significantly above their competitors in terms of managing the long-term value of shareholder's equity. nother critical profitability ratio, Return on ssets (RO), Microsoft again shows exceptionally strong performance relative to Google and Oracle. For FY2002, Microsoft deliver 11.52% on asset utilization, rising to 18.1% for FY2006. Google's RO was 34.74% for FY2002 dropping to 1.66% in FY2006. For Oracle, RO also dropped, from 20.85% in FY2003 to 12.36% in FY2007. Oracle's many acquisitions during these years has significantly dropped RO. Oracle acquired PeopleSoft, Siebel Systems, Retek, and several smaller software companies, which has also diluted their Return on Equity (ROE) as well.

nother key profitability ratio, Net Profit Margin (%), shows the volatility of Google as an investment relative to Microsoft or Oracle. Microsoft's Net Profit Margin (%) showed stability in…

Assessing the relative risk of Microsoft as an investment begins with an assessment of profitability across each of the companies profiled. Return on Equity (ROE) Microsoft has grown from 15% from FY2002 to 31.42%in FY2006, more than doubling in value. Conversely ROE for Google has slipped from 57.29% for FY2002 sliding to 18.06% for FY2006. For Oracle, ROE has also slid from 36.5% for FY2003 to 25.26% in FY2007. From this specific financial ratio it is clear that Microsoft is performing significantly above their competitors in terms of managing the long-term value of shareholder's equity. Another critical profitability ratio, Return on Assets (ROA), Microsoft again shows exceptionally strong performance relative to Google and Oracle. For FY2002, Microsoft deliver 11.52% on asset utilization, rising to 18.1% for FY2006. Google's ROA was 34.74% for FY2002 dropping to 1.66% in FY2006. For Oracle, ROA also dropped, from 20.85% in FY2003 to 12.36% in FY2007. Oracle's many acquisitions during these years has significantly dropped ROA. Oracle acquired PeopleSoft, Siebel Systems, Retek, and several smaller software companies, which has also diluted their Return on Equity (ROE) as well.

Another key profitability ratio, Net Profit Margin (%), shows the volatility of Google as an investment relative to Microsoft or Oracle. Microsoft's Net Profit Margin (%) showed stability in the years included in this analysis, starting at 27.6% for FY2002, rising to 28.45% in FY2006. Oracle's Net Profit Margin (%) dropped slightly yet stayed flat during the analysis period, moving from 24.35% in FY2003 to 23.75% in FY2007. Google's volatility is shown in their performance on Net Profit Margin (%). From 22.67% in FY2002, dropping to 7.21% in 2003, then rising to 29.02% in FY2006 shows how volatile the Google business model can be when analyzed using profitability ratios.

When these three companies are compared on key liquidity indicators, Google's dominance on the Quick Ratio shows how well their advertising-based business model is working. On the Current Ratio, Google increased from 2.59 in FY2002 to 10 in FY2006. For Microsoft, their Current Ratio decreased from 3.81 in FY2002 to 2.18 in FY2006. For Oracle, their Current

Accounting Tootsie Ratio Analysis in
Words: 944 Length: 2 Pages Document Type: Essay Paper #: 63439349
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46. So far the firm looks to be a good potential candidate for a loan.

3.

Solvency

The current and quick ratio looks at the short-term ability of a firm to meet its obligations. A lender will also want to look at the longer term position and the ability to repay the entire debt plus interest and fees (Libby et al., 2010). The solvency ratio assesses the level of cash generated in a year as a percentage of the debt. The cash generated is calculated by taking the net profit after tax and adding back the depreciation. The total liabilities are calculated by adding together the current and the long-term (non current) liabilities.

Table 3; Solvency ratio for Tootise oll Industries Inc.

2006

2007

Net profit after tax (a)

65,919

51,625

Depreciation (b)

15,816

15,859

Adjusted net profit (a + b) (c )

81,735

67,484

Current liabilities (d)

62,211

57,972…

References

Paper is based on a case supplied by the student

Howells P.G.A, Bain, K, (2007), Financial Institutions and Markets, London, Longman

Libby, R; Libby, P. Short D, (2010), Financial Accounting, McGraw-Hill

Accounting Finance Operating Leverage the Cost
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Leverage permits superior possible returns to the investor than otherwise would have been obtainable but the probable for loss is in addition superior, since the investment becomes valueless, the loan principal and all accumulated interest on the loan still need to be paid back (Kotarski, 2009).

In monetary economics it has been projected for a long time that financial capital is put into a company each time the probable return of the investment lies beyond the opportunity cost of capital. Opportunity costs point to the worth that would have been produced by another utilization of capital. In the monetary markets opportunity cost of capital matches up to the yield of an investment with a related danger. A corporation generates worth when it utilizes capital more resourcefully than the market. In order to figure out if and how much worth has been produced, the yield of the capital utilized by the…

References

Combined Effect of Operating Leverage and Financial Leverage. (2009). Retrieved January 27,

2011, from Web site:  http://www.articlesbase.com/finance-articles/combined-effect-of-operating-leverage-and-financial-leverage-973967.html 

Kotarski, K. (2009). Structural Imbalances and Financial Crises Proliferation. Politicka Misao:

Croatian Political Science Review, 46(3), 69-90. Retrieved from EBSCOhost.

Accounting Forecasting for the Winter
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This is demonstrated in figure 1, with the data shown and the regression line shown. The equation for the line can be used to forecast the demand for any point in the future.

Figure 1; Chart for month 1 with forcast and regression line

The line shown has the equation y = 0.0289x + 0.9278, where x is the year, so for year 5 the equation would be (0.0289x 5) + 0.9278 = 1.07. Thins can be repeated for each of the months.

The result of the equation gives the new index figure for the fifth year. To assess the level of inventory needed the index needs to be converted back to units: this in undertaken by multiplying the index by the base line for that month, as shown in table 2.

Table 2; Forecast for the winter inventory

Month

Average

Forecast Index

Forecast in Units

1

47,370

1.07

50,790…

References

Brockwell, Peter J; Davis, Richard a, (2010), Introduction to Time Series and Forecasting, Springer

Morlidge S, (2009), Future Ready: How to Master Business Forecasting, John Wiley & Sons

Ethics the CPA Firm Is Under Pressure
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Ethics

The CPA firm is under pressure to adapt to an ever-changing marketplace. The global environment affects not only large corporations, but smaller entities as well. Additionally, the customer(s) are constantly being wooed by the competition, lower prices, and online convenience that was not available only a few short years ago. In order to maintain and grow the firm, action must be taken to keep clientele from leaving, while enticing new clients to move their business to the firm. It seems as if globalization has brought added pressure to small firms, yet opportunities still abound. This is not the 'normal' business environment that one might expect. As one recent study found however; "the management of abnormal situations becomes more important every day" (Aguilar, Prato, Bravo, ivas, 2009, p. 406).

There are certain aspects of accounting that customers expect from their accountant and the firm that he/she works for. One of…

References

Aguilar, J.; Prato, F.; Bravo, C.; Rivas, F.; (2009) A multi-agent system for the management of abnormal situations in an artificially gas-lifted well, Applied Artificial Intelligence, Vol. 23, Issue 5, pp. 406 -- 426

Gardels, N.; (2007) America no longer owns globalization, New Perspectives Quarterly, Vol. 24, No. 2, pp. 2 -- 5

John Wiley and Sons; (2006) Ethics in Accounting, accessed on April 12, 2012 at:  http://higheredbcs.wiley.com/legacy/college/kieso/0470374942/gate/Ethics_in_Accounting/ethics_in_accounting.html 

Kreng, V.B. & May-Yao, H.; (2011) Corporate social responsibility: Consumer behavior, corporate strategy, and public policy, Social Behavior & Personality: An International Journal, Vol. 39, Issue 4, pp. 529 -- 541

Conservatism in Accounting Valuation Accounting
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That was the year that significant changes were made in the Securities Act and the rules for bringing class action lawsuits were adjusted and modified. Because of those changes, it became more important from a litigation standpoint to ensure that conservatism was used in accounting valuation. Because there are empirical differences between the contracting and litigation perspectives, there have been many discussions regarding them in the past and that will likely continue well into the future. Each accounting firm must do what it feels is in the best interest of both itself and its clients, but the avoidance of lawsuits is a highly significant issue to consider when a company is planning to focus on a particular accountancy option.

C. Income Tax Perspective

Because income taxes are so closely tied to earnings, it only stands to reason that there would be an accounting valuation issue as it relates to conservatism…

References

Ahmed, A.S., B. Billings, M.S. Harris and R.M. Morton. 2001. Accounting conservatism and cost of debt: An empirical test of efficient contracting. Working paper, Syracuse University.

Ahmed, A.S., R.M. Morton and T.F. Schaefer. 2000. Accounting conservatism and the valuation of accounting numbers: Evidence on the Feltham-Ohlson (1996) model. Journal of Accounting, Auditing & Finance 15 (Summer): 271-292.

American Institute of Certified Public Accountants, Committee on Accounting Procedures (AICPA). 1939. Accounting Research Bulletin 2.

Antle, R. And R. Lambert. 1988. Accountants' loss functions and induced incentives for conservatism. In Economic Analysis of Information and Contracts: Essays in Honor of John Butterworth, edited by G. Feltham, A. Amershi, and W. Ziemba. Boston, MA: Kluwer Academic Publishers.

Arthur Anderson Questionable Accounting Parctices Arthur Anderson
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Arthur Anderson: Questionable Accounting Parctices

Arthur Anderson: Questionable Accounting Practices

Arthur Andersen LLP was founded in 1913, and for over 90 years, the company would have become one of the "Big Five" largest accounting and auditing firms in the United States with the same standard comparable to PricewaterhouseCoopers, Deloitte & Touche, KPMG and Ernst & Young. In the 80s, Arthur Anderson name was synonymous with integrity, trust, and ethics. Such values are critical to the success of firms charged with auditing and firms confirming a company's financial statement, whose accuracy of a company's financial statements generally influence investor's investment decision. (Ferrell, Linda, 2012).

In the 1990s, Arthur Anderson became one of the fastest growing accounting and auditing firms in the United States with huge financial success during the period. However, starting from 2001, the company faced several lawsuits for accounting irregularities. In May 2001, "the company paid $110 million to…

References

Ferrell, O.C. Linda, J.F. (2012). Business Ethics: Ethical Decision Making and Cases: 2009 Update. Cengage Learning

Fraedrich, J. Ferrell, O.C. Ferrell, L.(2011). Ethical Decision Making for Business. Cengage Learning.

McGlynn, M (2010). Arthur Andersen Case Studies in Business Ethics. Carnegie Mellon Temper School of Business.

Public Accounting Corporate Accounting and
Words: 3822 Length: 14 Pages Document Type: Term Paper Paper #: 3509043
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This role is in response to clients' demands for a single trustworthy individual or firm to meet all of their financial needs. However, accountants are restricted from providing these services to clients whose financial statements they also prepare." (U.S. Department of Labor, ureau of Labor Statistics, 2009)

1. Public Accounting

The work entitled: "The Reality of the CPA's Role" states that modern CPAs work "behind the scenes as trusted advisors in nearly all significant business decisions. Successful accountants display the ability to think strategically and creatively and to be problem solvers and business advisors." (Douglass, 2006) Douglass states that the views of the CPA are widely varied "...whether from the viewpoint of the investing public or from the perspective of the companies that engage CPAs to audit their financial statements or perform other functions. In fact, many people not involved in the business management or accounting profession may perceive CPAs…

Bibliography

Douglass, Kevin (2006) the Reality of the CPA's Role New Jersey CPA Magazine, April 2006. Accounting and Auditing. Online available at:  http://www.amper.com/publications/amper-cpa-role.asp 

Erard, Brian (1992) Taxation with Representation: An Analysis of the Role of Tax Practitioners in Tax Compliance. Journal of Public Economics 52 (1993) 163-107. North-Holland. Online available at:  http://aysps.gsu.edu/isp/files/ISP_SUMMER_SCHOOL_2008_ERARD_TAXATION_WITHOUT_REPRESENTATION.pdf 

Financial accounting for Local and State School Systems (2005) Chapter 4: Governmental Accounting. National Center for Education Statistics. U.S. Department of Education, Institute of Education Sciences. Online available at:  http://nces.ed.gov/pubs2004/h2r2/ch_4.asp 

Garrison, Ray H. And Noreen, Eric W. (2009) What is Managerial Accounting/Cost Accounting. Accounting Management. Online available t:  http://www.accountingformanagement.com/

Management Interview of Manger of Firm Earning at Least 10 Million in Annual Revenue
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men like Mr. Nus is underscored by an almost unappetizing uniformity. Although he attempts to invoke the dynamism of his organization in its ability to provide succinct resolutions to vexing problems, his mere language strikes us as pre-scripted, lacking the subtle virtues of personalization. His ideas seems unsubstantial, as is indicated by his insistence on hiring people who smile. French philosopher Jean Baudrillard said of American culture, "Smile if you have nothing to say...Americans may have no identity, but they do have wonderful teeth." The tastes of such men seem to reflect this lack of identity; they are reflected in anonymously elegant chain hotels such as Radisson and Hyatt, which seem to the casual observer to be all but identical from Prague to Singapore.

However, to limit our evaluation to these unflattering observations would do the dominant accounting firms an enormous discredit. Men like Mr. Nus emote the nature of…

Studied Appeared a Business Accounting Publications A
Words: 948 Length: 3 Pages Document Type: Article Review Paper #: 72879217
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studied appeared a business accounting publications. A partial list publications article selected: The Accounting eview, Barrons, Wall Street Journal, Business Week, Fortune, Barrons, and Wall Street Journal.

GAAP article review:

Crovitz, Gordon L. (2008, September 8).Closing the information GAAP. The Wall Street

Journal. etrieved November 22, 2010 at http://online.wsj.com/article/SB122083366235408621.html

GAAP article review:

Crovitz, Gordon L. (2008, September 8).Closing the information GAAP. The Wall Street

Journal. etrieved November 22, 2010 at http://online.wsj.com/article/SB122083366235408621.html

The Wall Street Journal is famous for its pro-business, conservative editorials. So perhaps it is no surprise that in 2008, Journal editorial writer Gordon L. Crovitz praised the Securities and Exchange Commission (SEC)'s decision to mandate a shift to international accounting standards, in a phasing out of GAAP (Generally Accepted Accounting Principles) by 2016 for all U.S. firms. The Journal writer said that this was reflective of the "remarkably quickening pace of acceptance of a true lingua franca for…

Reference

Crovitz, Gordon L. (2008, September 8).Closing the information GAAP. The Wall Street

Journal. Retrieved November 22, 2010 at  http://online.wsj.com/article/SB122083366235408621.html 

Gibson, Scott. (2008, October). LIFO vs. FIFO: A return to the basics. RMA Journal. Retrieved November 22, 2010 at  http://findarticles.com/p/articles/mi_m0ITW/is_2_85/ai_n14897182/

Mark to Market Accounting and
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28)

This quotation shows how arbitrary MTM can be. Simply by terming Enron's cash shortage a sa minority interest as opposed to the proper term for it, debt, Enron was able to manipulate MTM to prevent such a sizeable loss from appearing on its balance sheet. Moreover, MTM's role in this transaction allowed Enron to repair its problem of a cash flow shortage since it credited $500 million via its sale of Treasury securities. The relative short duration in which Enron was able to take out a loan and repay it indicates how effective MTM was in providing Enron a favorable balance sheet, and in singled-handedly dancing around the reality of its shortages. Additionally, it also kept others (shareholders, stakeholders, not to mention its hard working employees) to know how tenuous an economic position the company was actually in.

In discussing Enron's MTM approach to accounting and the considerable role…

References

Batson, N. (2003). "Second interim report of Neal Batson, court appointed examiner." Enron Corp et al., v. Debtors.

Monks, R.G., Minnow, N. (2008). Corporate Governance. New Jersey: Blackwell Publishers. Retrieved from http://www.ragm.com/enron/accounting.html

Valdmanis, T. (2008). "Senate report blasts SEC's Enron oversight." USA Today. Retrieved from  http://usatoday30.usatoday.com/money/industries/banking/2002-10-06-sec_x.htm

Sunbeam Corporation's Fraudulent Accounting for Its Financial
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unbeam Corporation's fraudulent accounting for its financial years 1996, 1997 and early 1998. The essay also reviews the historic audit failure that occurred, and discusses factors that contributed to the scandal and ways in which it might have been prevented.

unbeam, the consumer brand name that was to become well-known among generations of Americans, had its beginnings in 1893 when founders John K. tewart and Thomas J. Clark began manufacturing and selling a commercial horse clipping machine in Chicago. In 1897 the company was incorporated as the Chicago Flexible haft Company. When the company began manufacturing an electric iron named "The Princess," its first electric appliance, the product's introduction marked the beginning of the Electrical Appliance Division of today's Jarden Corporation (Jarden, 2011).

In the early years, the company's products, ranging from toasters to irons to mixers, were so successful that the company changed its name to the unbeam Corporation…

Securities and Exchange Commission. (1999). SEC Staff Accounting Bulletin: No. 99 -- Materiality. [online] Available at: [Accessed 23 December 2011].

Stanwick, S. And Stanwick, P. (2003). Sunbeam Corporation: "Chainsaw Al" and the Quest for a Turnaround. Auburn University. [online] Available at: [Accessed 23 December 2011].

Zabel, R.B. And Benjamin, J.J. (2002). Reviewing Materiality in Accounting Fraud. New York Law Journal. [online] Available at: [Accessed 23 December 2011].

Future of Accounting
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Future of Accounting

The business world is in a period of change, with accounting a major part of that business world. As one report says, "Accounting is the language of business. It is and always will be the analysis of how money is used by businesses, nonprofit organizations, governments and individuals" (Insight). As the business world changes, accounting must change to continue to meets the needs of businesses. This is one of the areas that will greatly influence the future of management accounting. To understand this issue further, the current and future trends in accounting will be investigated. This includes considering the changes in the work environment for accounting employees, trends in accounting roles and future opportunities for accountants, and future skills of accountants that will be in high demand. Considering these three areas will show where business accounting is headed and how best accounting professionals can prepare for these…

Works Cited

Gabbin, A.L. "The crisis in accounting education; the CPA's role in attracting the best and the brightest to the profession." Journal of Accountancy. April 2002. 7 Nov. 2002.  http://www.aicpa.org/pubs/jofa/apr2002/gabbin.htm 

Maness, D. "Visionaries: the future of accounting and finance software." BusinessFinanceMag. 2002. 7 Nov. 2002.  http://www.bfmag.com/specialreports/Visionaries/ 

Ravine, S. "Accounting." The Ohio State University, Fisher College of Business. 7 Nov. 2002.  http://fisher.osu.edu/fin/jobs/account.htm 

The pace of change." Insight. February/March 2002. 7 Nov. 2002. http://www.insight-mag.com/insight/02/02/feat-3-pt-1-ThePaceOfChange.asp

Ethics and Accounting - Financial Decision-Making Ethics
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Ethics and Accounting - Financial Decision-Making

Ethics in Accounting and Financial Decision Making

The article Ethical guidance and constraints under the Sarbanes-Oxley Act of 2002 by .M. Orin (2008), espouses the belief that the Sarbanes-Oxley Act did not go far enough in its desire to stop unethical financial practices by businesses. The article addresses what the Act actually does, which is to help companies practice more due diligence and lessen the chances of getting involved in unethical financial practices. The Sarbanes-Oxley Act involves important legal issues. The due diligence is one of those issues, but another is the need for accountants and lawyers to report the corporations they work with for wrongdoing if they see or suspect a serious financial issue (Coffee, 2002). This has been a concern for some because it technically compromises the attorney-client privilege. This was necessary, though, in the face of all of the corporate scandals…

References

Coffee, J.C. Jr. (2002, September). Leading issues under Sarbanes-Oxley, Part 1, New York Law Journal: 5.

Koehn, J.L. & Del Vecchio, S.C. (2004, February). Ripple effects of the Sarbanes-Oxley Act. The CPA Journal: 36-40.

Orin, R.M. (2008). Ethical guidance and constraints under the Sarbanes-Oxley Act of 2002. Journal of Accounting Auditing and Finance: 141-171.