1000 results for “Accounting System”.
Assessing the Current and Future State of The lifeblood of any business is the revenue it generates while managing costs, ensuring profitability of the business, and its long-term survival and growth. The catalyst of managing a business effectively is the use of accounting information, financial analysis, and increasingly in the 21st century, the use of real-time financial analytics on key performance indicators (KPIs) used to manage a business (Ferguson, Seow, 2011). Accounting systems continue to be the foundation of managing businesses to profitability while mitigating potential risks though insightful and real-time use of financial data. The future of accounting systems will be increasingly influenced by the real-time reporting and analysis as the Securities and Exchange Commission (SEC) has required the largest publically traded corporations in the U.S. To report their results through the extensible Business eporting Language (XBL) protocol (Tribunella, Tribunella, 2010). The SEC is setting a very…
Ferguson, C., & Seow, P. (2011). Accounting information systems research over the past decade: Past and future trends. Accounting and Finance, 51(1), 235.
Gill, R.. (2011). Why Cloud Computing Matters to Finance. Strategic Finance, 92(7), 43-47,1.
Salah A Hammad, Ruzita Jusoh, & Elaine Yen Nee Oon. (2010). Management accounting system for hospitals: a research framework. Industrial Management + Data Systems, 110(5), 762-784.
Tribunella, T., & Tribunella, H.. (2010). Using XBRL to Analyze Financial Statements. The CPA Journal, 80(3), 69-72.
accounting systems, their tradeoffs, and discusses the differences between countries in their approaches.
Each of the cost accounting systems discussed in the articles accomplishes some management goals better than other systems, but there are tradeoffs involved with each. Different nations approach their cost accounting systems differently due at least in part to differences within cultures. For instance, GP is more suited to countries where the culture is one of uncertainty avoidance, one of the five dimensions of Hofstede's taxonomy. GP offers the most uncertainty avoidance because there is relatively little ambiguity in the assignment of costs; GP is characterized by narrowly defined cost centers and strict cost center criteria. Cultures such as Germany's are characterized by a management environment that includes highly skilled workers and technical expertise among managers. This is in contrast to the U.S. where workers tend to have more generalist skill sets and managers have been educated…
Krumwiede, Kip & Suessmair, Augustin, (2008). A closer look at German cost accounting methods: a survey of the cost management systems used by companies in Germany, Switzerland, and Austria. Management Accounting Quarterly. Retrieved July 26, 2010, from http://findarticles.com/p/articles/mi_m0OOL/is_1_10/ai_n31370936/?tag=r bxcra.2.a.55
Lockhart, Julie & Taylor, Audrey, (2007). Environmental considerations in product mix decisions using ABC and TOC. Management Accounting Quarterly. http://proquest.umi.com/pqdweb?index=0&did=1411673321&SrchMode=1&sid=9&Fmt=3&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1301590287&clientId=29440
Portz, K. & Lere, J.C. 2010. Cost Center Practices in Germany and the United States: Impact of Country Differences on Managerial Accounting Practices. American Journal of Business. Muncie: Spring, 2010. Vol. 25, Iss. 1; pg. 45. http://proquest.umi.com/pqdweb?index=25&did=1992507361&SrchMode=1&sid=6&Fmt=2&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1315214891&clientId=29440
Accounting System Implemented at Chic Paints Limited
eport submitted in order to fulfil the requirements of AAT Accounting Qualification
Internal Controls and Fraud
Accounting System eview
Weaknesses in the Existing System and ecommendations
Cost and Benefit Analysis
Mapping of report to outcomes and criteria
The purpose of this report is to present the findings of the evaluation of existing accounting system implemented at Chic Paints Limited. Chic Paints Limited hired me as an Accounting Technician of the Company to review the accounting systems of the company and report on the operating effectiveness of the internal controls, and this report explains it.
The report also discusses the results of the evaluation of existing accounting systems implemented at Chic Paints Limited on the basis of the AAT code of Ethics and Sustainability requirements. The report also identifies and presents the weaknesses in the existing accounting system along with the effects of the…
Aat.org.uk (2013). AAT and sustainability | AAT. [Retrieved from: http://www.aat.org.uk/about-aat/aat-sustainability [Accessed: 16 Dec 2013].
AAT London (2011). AAT code of Professional Ethics. Code of Ethics. London: AAT.
Fraudiscovery.com (2013). 20 Question to Detect Fraud. Retrieved from: http://www.fraudiscovery.com/detect.html [Accessed: 16 Dec 2013].
Griffin, D. (2013). What Are Internal Accounting Controls? Retrieved from: http://smallbusiness.chron.com/internal-accounting-controls-3809.html [Accessed: 15 Dec 2013].
felt differently. She was concerned about the bad decisions that were made throughout the year based on the incorrect inventory numbers. She felt that she and the other accountants should have helped develop more timely and effective system controls."
Accountant B. was right to be concerned. However, the balance sheets that were created during the year would eventually be checked, and the inventory balances would be noted. It would also be noted that inventory balances had been adjusted to reflect all downward adjustments at the end of the year The related income statement account would then have the periodic adjusting entry, which for CBU, when compiled at the end of the year, should equal the amount of $1 million.
Losses in supplies, but usually not inventory, need to be entered into the asset account in order to reduce the periodic balances. If part of January's inventory had been lost, that…
The current accounting system at Pappadeaux is fundamentally flawed, and the result is distorted performance figures for managers. Appendix A contains the basic income statement that Harry is using to evaluate Gregory, with variance noted. However, Gregory should not be evaluated on matters that do not relate to his performance. A significant portion of the poor performance against the budget relates to elements of the budget that were out of Gregory's control. For example, all food is purchased at head office; overhead is allocated by head office; utility rates cannot be controlled, only usage; Harry granted supervisors a raise; rent is established by corporate head office; taxes are out of Gregory's control.
With respect to food costs, a variance budget would show that the food expense should be 1/3 of sales, based on the budget. This implies that the food budget should have been $266,666 but was $240,000. This…
Explain a Contractors Estimation and Accounting SystemA contractors accounting system consists of the methods and records used to identify, assemble, analyze, classify, record, and report a contractors transactions, assets, and liabilities (Defense Contract Management Agency (DCMA), 2019). Conversely, a contractors cost estimation system refers to the policies, practices, and procedures for generating cost data and other data included in cost proposals that are submitted to the government in the expectation of obtaining contract awards (DCMA, 2019). An adequate cost estimation system should maintain a consistent approach, utilize sound estimation techniques, make use of appropriate source data, and follow established procedures as per the federal acquisition regulations (FAR) (DCMA, 2019). A good accounting system needs to be well-designed to prevent mistakes and provide reliable accounting data (DCMA, 2019). The adequacy of a contractors accounting and cost estimation systems determines whether or not they receive a contract offer. This research paper seeks…
Arif, F., Lodi, S., & Azhar, N. (2015). Factors Influencing Accuracy of Construction Project Cost Estimates in Pakistan: Perception and Reality. International Journal of Consruction Management, 15(1), 59-70.
Defense Contract Management Agency (DCMA) (2019). Contractor Business Management. Defense Contract Management Agency (DCMA). Retrieved from https://www.dcma.mil/Portals/31/Documents/Policy/DCMA-MAN-2301-01.pdf
Defense Procurement and Acquisition Policy (DPAP) (n.d.). Reviewing the Contractor’s Pricing and Accounting Practices. Defense Procurement and Acquisition Policy (DPAP). Retrieved from https://www.acq.osd.mil/dpap/cpf/docs/contract_pricing_finance_guide/vol4_ch3.pdf
Fitrios, R. (2016). Factors that Influence Accounting Information System Implementation and Accounting Information Quality. International Journal of Scientific and Technology Research, 5(4), 192-98.
Such adjusting entries will help to improve the accuracy of financial statements. Adjusting entries is necessary because accrual accounting systems demand that the events are recorded accurately. They are not to be recorded strictly on the basis of cash transactions, and all of these adjustments serve to translate the accounting figures that arise from the cash accounting to accrual accounting by incorporating all of the different non-cash transactions and ensuring that every element of the income statement and balance sheet is correct.
On a computerized accounting system, there might be software that can actually make these entries. If not they will need to be entered manually into the system.
As with any accounting, there are certain ethical issues that need to be understood. The accrual statements are where we report our profits and losses. It is important that they are completed accurately. Any fraud is illegal and cannot be tolerated.…
No author. (2012). Adjusting entries. Accounting Coach.com. Retrieved November 29, 2012 from http://www.accountingcoach.com/online-accounting-course/08Xpg01.html
This model could then be customized for the needs of the different companies.
Sankaran and AlHashim (2006) make a compelling case regarding the need for harmonized accounting standards and practices. In addition to the globalized economy, they also rightly point to the benefits of such harmonization for corporations - including a greater ability to keep track of expenses and a better way of reconciling different accounting practices in its branches worldwide. Furthermore, Sankaran and AlHashim (2006) also allay fears that harmonization is equivalent to imposing only one accounting system around the world. Instead, they highlight the need for commonality, for a web-based accounting system that lends itself to different accounting practices.
The paper makes a strong argument, and the data regarding the need for a harmonized accounting system is compelling. hile this article may present a challenge for readers unfamiliar with basic programming language, the inclusion of a generic algorithm…
Sankaran, Siva and Dhia D. AlHashim. 2006. "An Accounting Information System for Harmonization."
Journal of American Academy of Business, Cambridge. 9(2): September.
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…
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 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
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…
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.
Wood was used more for recording, ink and seals were used to write accounts on top of a piece of wood. It was used mostly by everyone as it was inexpensive plus it was very easy to write on top of it. Marked stick also played many roles, also known as counting tally. ut in fourteenth century, there was an argument for a decline in tallies and to increase the use of paper which was found in England. Still this was an expensive import, in a result tally remained there for many years along for efficient calculation's an abacus was used.
y 1700, few professional accountants were found in Scotland for the Italian method of book keeping. ut by 1800 there were many professional accountants who were operating in the major Scottish towns as the knowledge of accounting became even more common in the business community. The notable accountants were…
Basil Selig & Robert Henry. "Accounting History: Some British Contributions" 1994. http://www.google.com.pk/books?id=avQ6KzZEzHoC&printsec=frontcover&dq=accounting+history&sig=BzfVxGuY9YCOP2zRSRbDXtQIeCM
Accounting Fundamentals for ealthcare Management
This paper examines governmental and nonprofit accounting and discusses how it differs from commercial accounting. In the accounting field, there may not always be a clear distinction between the three types of organizations. The dividing line between business and nonbusiness organizations may depend on the incidence and relative importance of the nonbusiness characteristics found in an entity. The funds of such organizations are usually earmarked for specific purposes and must be used in accordance with laws, regulations, or contractual requirements.
One distinction of nonbusiness organizations is that they generally have no single indicator of performance, such as profit or net income. FASB:CS-4 provides two performance indicators for financial reporting for nonbusiness organizations:
They provide information about the nature and relationship between inflows and outflows of resources.
They provide information about service efforts and accomplishments.
FASB: CS-4 also sets forth the distinctive features of the nonbusiness…
Horowitz, K.J. (2006, February 26). State and Local Government Accounting Principles. Retrieved on Aril 15, 2011 from Mercer County Community College website: http://www.mccc.edu/~horowitk/documents/Chapter02D.pdf
Ruppel, W. (2010). Governmental Accounting Made Easy. Hoboken, New Jersey: John Wiley & Sons, Inc.
Siegel, J.G., & Shim, J.K. (2006). Barron's Accounting Handbook (4th ed.). Hauppage, New York: Barron's Educational Series.
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…
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
Differential Cost strategy when used by an educational entity such as UOS means that the institution determines what it would cost to offer alternative forms of education based on the number of students interested in choosing those alternative forms. In other words, by offering choices to the students based on the student's specific needs and desires and then measuring the difference in cost when compared to other educational offerings, the school will know exactly what the differential cost is. This allows the school to offer courses and activities in the most efficient and effective manner, and in a manner that produces the highest amount of revenue with the lowest cost. By knowing the difference between the school's offerings and what the same type of offerings are being offered by their competitors, the school will be capable of offering more for less. As an example, if the school…
Further, Oracle also has templates and process definitions for the electronics components market as well. Lastly the financial modules with Oracle can also be used for local government reporting in addition to SOX compliance.
For the small business of $2M their needs are drastically different than the $100M distributor that has offices across multiple geographies. The $2M company for purposes of this example is a manufacturer of air conditioning spare parts and is heavily manufacturing based. Their customer base is primarily throughout the U.S. Their primary need is for an accounting system that can has Accounts eceivable, Accounts Payable, General Ledger, Billing, Inventory Management, distributed order management and sales order management, all core functions of an accounting system (Collins, 2006). In addition this small manufacturer also needs support for Debt Collection, electronic payment processing, online payroll, timesheets and purchase requisition as well. All of these features can be found in…
Susan B. Anders. (2006). Website of the Month: Accountant.intuit.com. The CPA Journal, 76(11), 70-71.
Phillip G. Armour. (2005). Sarbanes-Oxley and software projects. Association for Computing Machinery. Communications of the ACM, 48(6), 15-17.
J Carlton Collins. (2006). Small Business Software Grows Up. Journal of Accountancy, 201(3), 50.
Ivancevich, S., Ivancevich, D., & Elikai, F. (2010). Accounting Software Selection and Satisfaction. The CPA Journal, 80(1), 66-72.
However, when a shock happens that changes that pattern, the information is no longer relevant. In periods of turmoil, only the most up-to-date information is relevant. The usefulness of the information wanes quickly as the behavior of the company becomes more erratic. After a period of erratic behavior and change, the company may be forced to make internal changes that affect the way they do business. They may make changes that affect their inventory management, sales cycle, stock levels, supply chain, distribution network or other fundamental business functions. New patterns may emerge and the old information no longer applies.
The term "relevancy" can have many different meanings depending on what is happening with the company. A new accounting regime may need to be instituted when a change takes place. Looking at the most recent historical information is one way to determine the relevancy of the accounting information. The analyst needs…
Cadwalader, Wickersham, & Tact LLP. 1999. Application of the Safe Harbor for Forward-
Looking Statements. Findlaw. Accessed April 23, 2009
Giroux, G. (n.d.). American Big Business and Cost Accounting. In a Short History of Accounting and Business. Accessed April 23, 2009
Accounting for Decision Making
Shelter Partnership's Case Study
Purposes of Cost Information
The intended purpose of cost information is to provide a basis for determining the expenses and revenues associated with a particular activity (or cost object). Generally, cost and income is measured in order to determine net income or profit margins. However, as Shelter Partnerships is a non-profit, the cost information forms a basis for the allocation of resources and to assist with decisions about scaling. The cost information of Shelter Partnerships can also be used to address any cycles in the stream of donations and contributions that can impact the overall ability of the non-profit to meet its mission. In addition, since Shelter Partnership regularly applies for grant funding, it is essential that their accounting system be readily interpretable to grant reviewing bodies. Fund development cannot be sustained for long in an environment that is only loosely accountable…
Prestige Telephone Company (2004) [Course Notes ] AIM 4343 Retrieved
ACCOUNTING FOR DECISION MAKING
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…
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.
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…
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
Accounting Process and Financial tatements.
A reliable internal system of accounting is an essential element of a solvent profit or nonprofit business entity. By recording virtually every business activity or endeavor, with regards to the creation of monetary inflows of sales revenue and monetary outflows of expenses resulting from operating activities; an accounting system should provide the financial information needed to evaluate the profitability or effectiveness of past and operations. Along with maintaining data for reporting purposes, an effective accounting system will effectively report the status of asset resources, creditor liabilities, and ownership equities of the business entity. With today's rapid and ever expanding technological developments have lead to increasing operating speeds, convenient data storage capabilities, reliability and significantly reduced costs.
Historically, maintaining an effective accounting system involved extensive manual labor which was described as tedious, aggravating, and time exhaustive. Recording transactions, adding subtracting, summarizing, and checking for errors were…
BASIC FINANCIAL ACCOUNTING REVIEW: media.wiley.com/product
Smith; Outlines & Highlights for Financial Accounting Basics. AIPI; 3 edition (October 19, 2006).
Stickney, Clyde P., Weil, Roman L.; Financial Accounting: An Introduction to Concepts Methods, and Uses. South-Western College Pub; 10 edition (July 2, 2002).
Maher, Michael W., Stickney, Clyde P., Weil, Roman L.; Managerial Accounting: An Introduction to Concepts, Methods and Uses. South-Western College Pub; 10 edition (March 13, 2007)
This will of course change the methods in which companies in the U.S. do their accounting and report financial information, but a change in accounting methods should not lead to a major change in the way these companies actually perform their business.
If the transition to IFRS rather than GAAP is expected to change a company's business practices, it is only a sign that the transition needs to be made that much sooner. If a company makes business decisions based on the way it will be able to report that decision's financial effects, rather than on the real value of that decision, there is clearly something wrong with the accounting methods the company is using. The recent financial meltdown largely caused by questionable accounting practices (and tangentially exacerbated by a lack of international standardization in these practices) is definitely evidence that such practices need to be changed, and with an…
"AmEx profit triples, beating expectations." http://money.cnn.com/2010/01/21/news/companies/American_Express_earnings/
This article describes the unexpected profit gains that New York-based credit card company American Express made in the fourth quarter of 2009. Though revenue remained flat when compared to the same quarter in 2008, near the height of the global recession, the six-and-a-half billion dollars that the company saw was nearly half-a-billion more than expected. This led to a profit of seven hundred and sixteen million, or sixty cents per share, in the three-month period. Much of this is due to a rise in consumer spending with the use of their AmEx cards, which rose for the first time in over a year during the fourth quarter of 2009. The percentage of credit card payments defaulting or failing to be made also dropped significantly in the quarter, boosting the company's earnings.
Though this is considered a significant improvement in the company's situation, analysts warn that the company could still see hard times as record unemployment levels continue to hurt many consumers, in both their willingness to spend and their ability to make their credit card payments. Although American Express is showing greater profits and revenue, it actually posted a larger revenue in the fourth quarter of 2008, with significantly higher earnings per share than the profits of the past quarter brought to investors.
When it comes to standard costing, what is referred to as a standard cost is assigned the costs (actual) of manufacturing overhead, direct labor as well as direct material. In this case, these costs are not assigned to a product. It therefore follows that amounts mirroring standard costs are what become identified first in regard to the cost of goods sold as well as inventories of a given manufacturer. In this case, it can also be noted that standard costing is regarded a rather important tool of management. Incase of any variance, the top leadership of the organization immediately becomes aware of the variation between planned/standard costs and manufacturing costs.
The information provided by cost accounting is critical when it comes to the effective management of an organization. Without such information, decision making would become an equivalent of operating in the dark for most businesses. For instance, firms would…
Brammertz, W., Akkizidis. L., Breymann, W., Entin, R. & Rustmann, M. (2009). Unified Financial Analysis: The Missing Links of Finance. West Sussex: John Wiley & Sons.
Drury, C. (2007). Management and Cost Accounting (7th ed.). London: Cengage Learning EMEA.
Needles, B.E., Powers, M. & Crosson, S.V. (2010). Principles of Accounting (11th ed.). Mason, OH: Cengage Learning.
Siegel, J.G. & Shim, J.K. (2000). Accounting Handbook (3rd ed.). New York: Barron's Educational Series.
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.
The homeowner's association is facing a problem of a major increase in the amount of accounting work it will…
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 Information System
Improving Transactional Processing in Accounting Information System (AIS)
Propose two (2) innovative technology changes that would be appropriate for a firm's:
evenue (sales to cash collection) cycle
evenue cycle represents the description of the financial progression of a business entity in relation to the accounts receivable from the point of acquisition of products to the stage when the company or business organization receives full payment for the products (omney, 2012). One of the innovative technological changes that can transform the revenue cycle is leverage technology. This technology would allow the company or business entity to adopt appropriate way of providing crucial information to essential parties in relation to consumers or market audience. Application or adoption of this technology would allow the company to maximize consumer relationships and production or profit levels. The other innovative technological change is automation of the management systems of the firm or organization.…
Dolgui, A., & Proth, J.-M. (2010). Supply chain engineering: Useful methods and techniques. London: Springer.
Hall, J.A. (2011). Accounting information systems. Mason, OH: South-Western Cengage Learning.
Langevin, A., & Riopel, D. (2005). Logistics systems: Design and optimization. New York, NY: Springer Science+Business Media.
Romney, M.B., & Steinbart, P.J. (2012). Accounting information systems. Upper Saddle River, NJ: Prentice Hall.
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,…
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=
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…
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 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.
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…
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, by its nature, requires a set of standards that are exactly the same industry-wide. If there were not established rules for determining revenues, profits, expenses, and other influences on a company's bottom line, there would be no way to evaluate a corporation's effectivity, production, or potential. A lack of established standards would also mean that no two companies could be honestly compared, since their accounting methods could be so significantly different that their financial statements showed vastly different accounting methods.
In light of these potential discrepancies in reporting methods, the bodies that govern accounting have established Generally Accepted Auditing Standards, or GAAS. Generally These principles are required to be applied in all accounting situations, and they are extensive enough so that almost every possible scenario has a standard response. Interest owed in Houston is reflected on a financial statement in the exact same way that interest owed in New…
Accounting report generation, tackling exercises and answering exams is vital, especially when testing the competency of each student. The accounting profession is a demanding course and requires accuracy in the presentation of information: almost all skills taught in class are implemented directly in the field. This analysis presents some findings in favor of three integral exams-based learning methodologies. The ideas are extracted from chapter twelve of "Effective Writing: A Handbook for Accountants" as written by May and May (2012). The first section focuses on essay exams, which may be handwritten, or in computer-generated documents whilst appreciating the importance of cognitive reasoning in responding to essay exams. The second section- professional exam- attempts to expose a handler into real accounting situations. In most cases, the handler will tackle similar assignments as those in a real company in the form of reports.
This chapter commences with a clear…
May, C, & May, S. (2012). Effective Writing: A Handbook for Accountants. New York: Pearson Prentice Hall
This would immediately flag the loans going outside their own bank and also provide greater insights into how customers were using funds over time. Another approach is to incent auditors to find fraud and embezzlement and make it widely known in the bank that anyone finding illegal practices would receive a reward up to 20% of the error found. Auditors, who are traditionally not paid that much, would work overtime looking for fraud, hoping to earn 20% of the fraud found, thereby drastically reducing the threat. While this may appear expensive, without this strategy a bank could go for years, losing millions of dollars, if no action was taken.
In the case study, it is apparent that Greater Providence Deposit and Trust auditors were not organized or incented in their job design and rewards to actively seek out embezzlement and fraud. This is a major limitation in the design and…
Kristy Holtfreter, Kevin M. Beaver, Michael D. Reisig, & Travis C. Pratt. (2010). Low self-control and fraud offending. Journal of Financial Crime, 17(3), 295-307.
Eelco R. Van Wijk, & Timothy R. Holmes. (2007). Fraud in the Audit Department. The Internal Auditor, 64(2), 83-85,8.
Joseph T. Wells. (1998). An unholy trinity. The Internal Auditor, 55(2), 28-33.
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.
Accounting and Business esearch. Accessed via EBSCO 8 October 2009.
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.
(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 for Postretirement Health Care and Life Insurance Benefits necessitates disclosures regarding an employer's accounting. These include a delineation of the provision of benefits and the groups of employees given coverage, a delineation of the employer's prevailing accounting and financing policies for such benefits and lastly the cost of such benefits acknowledged for the period. In particular, this is effective for the financial statements prepared by organizations for the financial period ending subsequent to December 15, 1984 with respect to postretirement health care and life insurance benefits that are provided not only in the United States but also international nations. Nonetheless, for financial periods prior to June 15, 1985 that lack data and information regarding benefits provided in foreign nations, it is not mandatory to include them (FASB, 2017).
Moreover, the net pension liability or net pension assets have to be included in the financial statements as an asset or…
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,…
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
Goldstein, Jacob. (2011). Repo 105: Lehman's 'Accounting Gimmick' Explained. Retreived April
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:
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.
Describe the company, the business problem the company was addressing with the system implementation, the system chosen to implement, and the company's rationale for selecting the system to solve the problem.
Wal-Mart, a company that enjoys a significant market share in the U.S. food industry, rolled out its multi-phased project. This marked the beginning of implementing the company's long ditched in-house IT systems, which favored their operations with vendors. However, implementation of the SAP system is already raising red flags. This is because the system comes with costly financial works, which have strained the company (Scheck, 2010). While the project was aimed at leading the firm to growth, Wal-Mart recorded a significant sales decline. This was one of the company's worst performance over three decades now, been beaten by new corporations from Germany and South Korea. As local competitors maintained the pace set by Wal-Mart, most…
Hellens, L, Nielsen, S., Beekhuyzen, J., & Ebrary, Inc. (2008). Qualitative case studies on implementation of enterprise wide systems. Hershey, PA: Idea Group Pub.
Jacobs, A.J. (2012). Information system implementations: Using a leadership quality matrix for success. S.l.: Authorhouse.
Ramachandran, S. (2007). Digital VLSI systems design: A design manual for implementation of projects on FPGAs and ASICs using Verilog. Dordrecht, Netherlands: Springer.
Scheck, D.E. (2010). Implementation project for traffic signal monitor/recorder and analysis system. Athens, Ohio: Dept. Of Industrial & Systems Engineering, Ohio University.
Systems Media Table: Comparison
The main purpose of this program is to construct sentences of the perceived information and manipulate paragraphs to form a word document. The program uses a display format 'what-you-see-is-what-you-get' to enhance the quality of the expected hardcopy.
WordPerfect and Microsoft Word are mostly superseded by both organization and personal computers to perform functions such as word formatting, letter processing and some simple designing. Accordingly, it is the most frequently used program in day-to-day operation.
It is used to type the text, save, and format and print the text.
It is used to insert pictures into the text page.
It is used to spell check the text document.
It is used to prepare letters and other word documents.
This kind of database system is to display a structure that would relieve the presentation of information using parent to child relationship. The…
AJ, W., & al, e. (2007). The role of decision aids in promoting evidence-based patient choice in Edwards A and Elwyn E (eds) Evidence-based patient choice:. O'Connor A and Edwards A.
European Commission DG Health and Consumer. (2012). Guidlines on the Qualification and Classification of Stand-alone Software used in Healthcare withing the Regulatory Framework of Medical Devices. Articles of Directive 93/42/EEC .
Eysenbach, G., Powell, J., Gunter, T.D., & Terry, N.P. (2005). The Emergence of National Electronic Health Record Architectures in the United States and Australia: Models, Costs, and Questions. Journal of Medical Internet Research: The Leading Peer-reviewed Internet Journal.
Fesenko, N. (2007). Compression Technologyes of Graphic Information. International Journal "Information Theories & Applications."
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…
"Management believes that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates actual results could differ from the original estimates, requiring adjustments to these balances in future periods."
ased on the data retrieved and the projections made, the accounting division will proceed to the development of the consolidated statements for all of GM subsidies and the overall group. There are 24 consolidated statements, as follows: Discounted Operations; Asset Impairment; Investment in Nonconsolidated Affiliates; Marketable Securities; Variable Interest Entities; Finance Receivables and Securitization; Inventories; Equipment on Operating Leases; Income Taxes; Property - Net; Goodwill and Intangible Assets; Other Assets; Accrued Expenses, Other Liabilities and Deferred Income Taxes; Long-Term Debt and Loans Payable; Pensions and Other Postretirement enefits; Commitments and Contingent Matters, Stockholders' Equity; Earnings per Share Attributable to Common Stocks; Derivative Financial Instruments and Risk Management; Fair Value of…
1. 2007 General Motors Annual Report. Page 9. On the Internet at http://www.gm.com/corporate/investor_information/docs/fin_data/gm07ar/download/gm07ar_full.pdf.Last retrieved on February 15, 2009
2. General Motors Mission Statement, 2009, on the internet at http://www.samples-help.org.uk/mission-statements/general-motors-mission-statement.html . Ast retrieved on February 16, 2009
3. Supplier Diversity, Website of General Motors, 2009, on the internet at http://www.gm.com/corporate/dealers/diversity/index.jsplast retrieved on February 16, 2009
4. Management's Discussion and Analysis, Website of General Motors, 2009, on the internet at http://www.gm.com/corporate/investor_information/docs/fin_data/gm07ar/content/financials/mda/mda_10.htmllast retrieved on February 16, 2009
The Impact of Distance Learning in Accounting Higher Education
This paper is intended as an Introduction to a research study in to the impact of distance learning on the teaching of accounting in higher education. The context of the research will first be introduced i.e., the background to the research. The research to be undertaken will then be introduced, as will the specific questions and sub-questions to be addressed. The significance of this study will then be analyzed, and the people who are expected to benefit from this research will also be outlined. The research methodology and the practical design of this research methodology will be discussed, and the primary and secondary sources to be used will be introduced, and a list of preliminary resources will be given in the ibliography.
Distance learning has grown in popularity amongst students over recent years, for many reasons, one of which has…
Anne Nicholls, Flexible study opens doors., Independent on Sunday, 01-14-1996, pp 12.
Serwatka, Judy A, Improving student performance in distance learning courses., THE Journal (Technological Horizons In Education), 04-01-2002, pp 46.
Mariola, Eleni; Manley, John, Teaching finance concepts in a distance learning environment -- a personal note., Journal of Education for Business, 01-01-2002, pp 177
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
The second question is the cost per unit to produce a given product or deliver specific service. Just as the total cost of revenues for a business, this figure will also provide a business owner with insights into how their business is operating, from the supply chain through pricing and distribution of gross margin assumptions (Hall, 2010). The cost per unit to produce is also a good measure of how well the efficiency of a given company is running at. Often a business owner will evaluate these from the standpoint over the long-term, looking for trends in hwo their business is operating at an efficiency level that makes the entire company profitable. For services business, the cost per service event or services deliver (as a plumber making a house call) needs to have a minimum charge level as costs are allocated across all forecasted calls in a given month. This…
Hall, M. (2010). Accounting information and managerial work. Accounting, Organizations and Society, 35(3), 301.
Jansen, E.P. (2011). The effect of leadership style on the information receivers reaction to management accounting change. Management Accounting Research, 22(2), 105.
Accounting Information for Decision Making
Corporate Confirming on Water isk (Feb 2010) indicates that the Global Confirming Initiative (GI) G3 Guidelines' five water-related indications (total withdrawal volume by source, ponds considerably impacted by distributions, percentage and total amount of water recycled and used again, total water discharge by quality and destination, and identification water physiques and related habitats impacted by discharges) make the perfect beginning point for assessing and confirming water risks. Within this section, we'll briefly discuss the relevance of all these standards (Power, 2010).
Total water withdrawal by source
Confirming the entire amount of water withdrawn by source adds for knowledge of the general scale of possible influences and threats connected using the company's water use. The entire volume withdrawn offers an indication from the organization's proper size and significance as a user of water and offers to set up a baseline figure for other information relevant to…
GRI, (Global Reporting Initiative). (2006) Sustainability Reporting Guidelines. Version 3.0, Accessed on September 27, 2012 from: www.globalreporting.org/NR/rdonlyres/ED9E9B36-AB54-4DE1-BFF2-5F735235CA44/0/G3_GuidelinesENU.pdf
Power, G. Paddling Upstream - Approaches to Corporate Water Reporting. Business and the Environment, 21. 6 (Jun 2010): 1-3.
Kaplan and Anderson (2005) notes that activity-based costing (ABC) systems are not as effective in practice as they are on paper. Among the grievances that Kaplan notes with respect to ABC, the system is not very scalable, losing power as the company gets larger. The textbook version is usually a very simple company with a handful of activities, but in the real world companies can have hundreds of products, thousands of activities and tens of thousands of customers. This presents a challenge, because activity-based costing requires a substantial amount of information in order to be effective. Past a certain scale of organization, activity-based costing does not deliver a good return on investment because of the costs associated with gathering and analyzing this information. Kaplan wrote this in 2005, mind you, when perhaps information gathering and processing capabilities were somewhat worse than they are today. Certainly doing ABC manually is…
Gilbert, S. (2007). Adding time to activity-based costing. Working Knowledge. Retrieved March 15, 2014 from http://hbswk.hbs.edu/item/5657.html
Kaplan, R. & Anderson, S. (2005). Rethinking activity-based costing. Working Knowledge. Retrieved March 15, 2014 from http://hbswk.hbs.edu/item/4587.html
The lease on the building is for two years, so it is highly unlikely that this is a finance lease. It does not appear that the Large Mart is going to take ownership of the building. Thus, since this is not a finance lease, the journal entry would simply record the rent. There is no opening entry, just an expense.
621 Rent Expense
101 Cash at bank
The wages show as a journal entry at the end of the month. Because the employees were not paid, the wage expense shows as the creation of a liability. The liability account is later offset when the two are paid.
624 Wage Expense
204 Wages Payable
204 Wages Payable
101 Cash at Bank
Well the first to do is have a chat with the audit department about that $12,000 trip to China. It does not cost that much, unless he's buying some…
To the extent the totality of circumstances suggest that possibility, even acceptance of the most nominal gratuities (i.e. A cup of coffee) is ethically inappropriate.
Similarly, even where the gratuity involved is of nominal value and there is no potential misunderstanding on the part of the individual proffering an otherwise appropriate gratuity, there is the issue of creating the appearance or inference of an improper relationship from the perspective of others observing the exchange. For example, while the proffer and acceptance of a single cup of coffee is excusable within the framework of ordinary positive community relations, the conspicuous regular transfer of even nominal gratuities in the presence of third parties can create an apparent inference of inappropriate influence regardless of whether or not that inference is necessarily accurate.
The SOI is intended to ensure that police officers do not misuse their duly authorized latitude to take different degrees…
Conlon E. (2004). Blue Blood. Riverhead, NY: Bantam.
Peak K. (2002). Policing America: Methods, Issues, Challenges. New Jersey: Prentice
Schmalleger F. (2008). Criminal Justice Today: An Introductory Text for the 21st
The subject matter of systems administration includes computer systems and the ways people use them in an organization. This entails knowledge of operating systems and applications, as well as hardware and software troubleshooting, but also knowledge of the purposes for which people in the organization use the computers.
The most important skill for a system administrator is problem solving. The systems administrator is on call when a computer system goes down or malfunctions, and must be able to quickly and correctly diagnose what is wrong and how best to fix it. In some organizations, computer security administration is a separate role responsible for overall security and the upkeep of firewalls and intrusion detection systems, but all systems administrators are generally responsible for the security of the systems in their keep. (Encyclopedia.com, 2011)
What is a computer network? According to McGraw Hill Online Learning Center, "a network is two…
Armstrong, L. (1995), Let's Call the Whole Thing Off
Dignan, Ars Technica, Jan 28, 2001, post 305, http://arstechnica.com/civis/viewtopic
Encyclopedia.com - Information Technology- accessed 2011/1/14
Hegel, G.W.F., the Phenomenology of Mind, (1807), translated by J.B. Baillie, New York, Harper & Row, 1967
However, the company did feel it should develop its own Database infrastructure that would work with the new underlying database management system and would mesh with existing organizational skills and the selected enterprise software solution.
Because the company followed a standardized implementation process, they were able to successfully reengineer their existing business structure. The objective of the System Development Life Cycle is to help organizations define what an appropriate system development methodology should be in order for them to continue to meet the rapidly changing business environment. The specific research approach employed by International Lumberyards, Inc. was to follow the steps of the cycle and it helped them dramatically.
This report attempted to analyze a work-related project that used a systems analysis tool for a specific business system. The report focused on the use of the System Development Life Cycle to implement a business or information technology need as…
Grabski, Severin V. (2002). International Lumberyards, Inc.: An Information System Consulting Case. Journal of Information Systems, 9/22.
Knight, Ph.D., Linda V. (2001, November 1). System Development Methodologies for Web Enabled E-Business: A Customization Paradigm. Retrieved January 16, 2005, at http://www.kellen.net/SysDev.htm
Peacock, Eileen (2004). Accounting for the development costs of internal-use software. Journal of Information Systems, 3/22.
Wikopedia. (n.d.). System Development Life Cycle. Retrieved January 16, 2005, at http://en.wikipedia.org/wiki/System_Development_Life_Cycle
America was not founded as a Democracy or as a Monarchy, for the educated and landed founding fathers felt assured that neither would provide the nation with rights for all and privilege for the few. America was founded as a Republic, and one might add as an ogliarchic republic at that. Those with the right gender, race, and wealth were represented through their while others were represented through the votes of their betters. Today, nearly-universal sufferage (age and past misbehavior are both barriers) assures that these factors do not determine whether a person can vote -- but an argument can still be made that the majority of the political process is determined by wealth. "The creators of America's constitution and government were among the wealthy aristocrats of their day. When they created their new government, the founders excluded democracy to the extent politically possible at the time. ..The great…
Bernstein, A. (1998) "Republican and Democratic -- The Identical Party? The Two Major Parties Are Becoming Dangerously Alike -- in Their Opposition to Individual Rights." Capitalism Magazine, Nov. 6. http://www.capmag.com/article.asp?ID=2020
Gitlin, T. (2000) "The Renaissance of anti-intellectualism." The Chronicle of Higher Education, Dec. 8. Archived at: http://chronicle.com/free/v47/i15/15b00701.htm
Grinning Planet. (2004) "INJECTING A SHOT OF REBEL YELL INTO OLD GLORY" http://www.grinningplanet.com/2004/11-11/direct-democracy-plutocracy-article.htm
Morgan, D. (2000) "Mercenaries For Big Business: Corporate Funding of Think Tanks Raises Question of Credibility" San Francisco Chronicle, Feb 16. Archived at: http://www.commondreams.org/views/021600-102.htm
Rational people think on the brink of the margin. This means that a rational decision-maker takes action if and only if the marginal benefit of the action exceeds the marginal cost. People tend to always respond to incentives. Behavior often changes when costs or benefits change (Principles of Economics, 2006).
People make decisions based upon two things. hat they are going to get out of the decision and how much is the decision going to cost. People weigh decisions by comparing the marginal benefits against the marginal costs (Marginal Analysis, n.d.) And since people strive to get the most bangs for their buck, making less risky and thus less costly decisions will most often win out. The economic system as a whole relies heavily on the fact that people are going to take some risks and make some decisions.
"Marginal Analysis." n.d. 16 May 2009
"Marginal Analysis." n.d. 16 May 2009
"Principles of Decision Making." n.d. 16 May 2009
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
From Investing activities
From Financing activities
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…
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…
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 Question on Form 8-K
The process used to regulate the submission and examination of corporate financial document filings -- which is overseen by the United States Securities and Exchange Commission (SEC) -- is fundamental to the sustainable growth of a capitalist economy, because these filings act as a necessary measure of transparency for investors and financial managers. Without the meticulously gathered data compiled and submitted by public companies within regular SEC filings, investors would have no legitimate ability to analyze variables to arrive at the most prudent course of financial action. Furthermore, in the absence of SEC filings unscrupulous corporate executives would be inordinately tempted to manipulate certain aspects of the financial system, either in the pursuit of personal profit or to protect their company's interests in the event of losses. As the SEC's website states, "companies with more than $10 million in assets whose securities are held by…
SEC. U.S. Securities and Exchange Commission, (2013). Compliance and disclosure interpretations: Form 8-k. Retrieved from Government Printing Office website: http://www.sec.gov/about/forms/form8-k.pdf
SEC. U.S. Securities and Exchange Commission, (2013). The Laws That Govern the Securities
Industry. Retrieved from Government Printing Office website: http://www.sec.gov/about/laws.shtml#secexact1934
The common guiding principles of economics provide little direction. As a consequence, U.S. international tax policy is a clutter of rules with a diversity of political and economic reasons. It is frequently described as a concession that strikes a balance. Policy leans toward tightening foreign tax rules and putting foreign income on equal footing with U.S. income when it is thought that foreign investment hurts the U.S. economy. Then policy leans toward relaxing the rules and giving foreign income favorable treatment if it is thought that foreign investment promotes U.S. interests (Sullivan, n.d.).
Due to the fact tat every government charges taxes by its own process and at its own rates, the ensuing system of international taxation often warps investment and adds to reductions in international economic well-being. The environment of these alterations depends on the way of taxing profits from international investment. If investment earnings are taxed only at…
Social Security is a big insurance collection into which all working people contribute.
The current Social Security system is similar to an underfunded pension. Underfunded does not mean that it is in a dilemma, but that its funds are not sufficient to pay future benefits without gathering future tax revenues. Ultimately, Congress will have to deal with whether to change Social Security. Politically, much of the support for the program stems from the awareness that it is an earned benefit, not a welfare program. But in a time of fiscal strictness, Congress should at least think about whether it makes sense that an increase in taxes to finance the system automatically increases the benefits paid to those who need help the least.
Even though Social Security is often compared to private pensions, it shouldn't be since it is truly a social insurance program and not a retirement plan. Social Security…
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
The accrual basis of accounting recognizes income when it is earned and expenditures when they are incurred. This basis is used for financial statements for a couple of reasons. The first is that it is transparent, and the second is that it is consistent. For publicly-traded companies in particular, accrual accounting allows stakeholders both internal and external to benefit from the consistent production and presentation of statements, and the accrual method serves to count income and expenses when they are earned, rather than when the cash flows occur.
For most organizations, however, the accrual system is neither used nor desirable. Most organizations are small and medium-sized enterprises (SMEs), and do not need to produce financial statements for regulators. Thus, they can choose either to utilize accrual accounting or cash accounting. Most businesses find it easier and more useful to utilize cash accounting. Cash accounting is easier because it reflects…
QuickMBA. (2010). Double entry bookkeeping. QuickMBA.com. Retrieved October 12, 2012 from http://www.quickmba.com/accounting/fin/double-entry/
Technology on the Accounting Profession
Accounting and finance continue to see rapid improvements in the accuracy, efficiency and performance of systems as advances are made in the fields of analytics, big data, system integration and reporting, mobility and cloud-based platforms including Software-as-a-Service (SaaS). All of technologies taken together are accelerating the pace of change in accounting today. The intent of this analysis is to provide a description of these technologies, explaining their effects on accounting processes. These technologies are also discussed from the standpoint of how they are changing how accounting is being performance at Cincom Systems, a provider of enterprise software.
Analysis of How Technologies Are Changing The Accounting Profession
The most significant advances in technologies impacting the accounting profession are occurring in the area of cloud computing and SaaS, as cloud architectures are fundamentally changing the economics of how software is purchased and used (Arnesen, 2013). The growing…
Arnesen, S., C.P.A. (2013). Is a cloud ERP solution right for you? Strategic Finance, 94(8), 45-50.
Brands, K., C.M.A. (2013). XBRL and big data. Strategic Finance, 95(2), 64-65.
Christensen, M., & Skaerbaek, P. (2010). Consultancy outputs and the purification of accounting technologies. Accounting, Organizations and Society, 35(5), 524.
Collins, J.C. (2013). Technology Q&A. Journal of Accountancy, 216(2), 68-70,72.
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…
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.
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