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Overview of the Accounting Cycle

Words: 415 Length: 1 Pages Document Type: Research Paper Paper #: 30572202

The Accounting Cycle

The accounting cycle is a step-by-step procedure of recording and grouping business transactions in order to create financial statements. It involves gathering, processing, and communicating business transactions based on the different categories of business transactions. The accounting cycle shows the primary goal of financial accounting i.e. to develop meaningful financial information in the form of financial statements for general purpose and use. Therefore, the accounting cycle is important to a business in terms of the role it plays in developing general-purpose financial statements. In this regard, the accounting cycle enables a business to keep track of its expenses and revenues based on its different transactions during a specific timeframe.
Since it’s a step-by-step procedure, the accounting cycle is characterized by various steps beginning with identifying and analyzing business transactions that pertain to the business entity (Porter & Norton, 2007). For example, a business transaction could be money…… [Read More]

Reference
Porter, G.A. & Norton, C.L. (2007). Financial accounting: The impact on decision makers (6th ed.). Mason, OH: Cengage Learning.
 
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Accounting Several Terms and Definitions Are Valuable

Words: 895 Length: 3 Pages Document Type: Essay Paper #: 53038561

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…… [Read More]

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
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Accounting for Partnerships Businesses Can Be Classified

Words: 2169 Length: 7 Pages Document Type: Essay Paper #: 72324982

Accounting for Partnerships

Businesses can be classified into various forms of ownership. In this text, I concern myself with partnerships. In so doing, I will discuss partnerships and the various advantages as well as disadvantages associated with this form of business ownership. Further, I will also highlight the Financial Accounting Standards (FAS) governing accounting for this form of business ownership from creation and operation to liquidation. Partnerships' tax consequences will also be discussed.

Partnerships: Advantages and Disadvantages

Just like any form of business ownership, partnerships also do have several advantages and disadvantages. A partnership according to Needles, Needles and Powers (2010) is "an association of two or more persons to carry on as co-owners of a business for profit." In that regard, a partnership is formed when two or more people come together with an aim of initiating a business activity. Individuals may be motivated to start a partnership form…… [Read More]

References

Clifford, D.C., Warner, R.E. & Warner, R. (2008). Form a Partnership: The Complete Legal Guide (8th ed.). Berkeley: Nolo.

Eisen, P. (2000). Accounting (4th ed.). Hauppauge, New York: Barron's Educational Series.

Needles, B.E. & Powers, M. (2010). Financial Accounting (11th ed.). Mason, OH: Cengage Learning.

Pride, W.M., Hughes, R.J. & Kapoor, J.R. (2011). Business (11th ed.). Mason, OH: Cengage Learning.
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Financial Standards and Reporting Process of Germany and Its Effects on Deutsche Bank

Words: 2690 Length: 10 Pages Document Type: Research Paper Paper #: 92236307

Financial Standards

eporting standards for financial transactions have been varied with regard to countries and companies across the globe for many years. This fact has made it difficult for transactions to be reported with any great degree of accuracy. This was especially true in Germany where there was no true German GAAP. What the rest of the world has considered the German GAAP, the GoB, was actually comprised of here say and opinion gleaned from many different sources. With the advent of the IASB that the European Union adopted in 2007, Germany has finally decided on a single standard with which to govern financial reporting. Large companies within the country, such as Deutsche Bank, have had to make adjustments to the new standards, but this does not seem to have caused a problem. Since the country has loosely used international standards for many years, the new IASB is not new…… [Read More]

References

Bonthrone, R. (2000). German financial accounting and reporting. Translation Journal, 4(3). Retrieved from  http://translationjournal.net/journal/13finan.htm 

Deutsche Bank. (2011). Company. Deutsche Bank. Retrieved from  http://www.db.com/en/content/company/company.htm 

Feige, P. (1997). How "uniform" is financial accounting in Germany? European Accounting Review, 6(1), 109-122.

Gornik-Tomaszewski, S., & McCarthy, I.N. (2003). Cooperation between FASB and IASB to achieve convergence of accounting standards. Review of Business, 24(2), 52-61.
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Financial Management Content Find Articles Address Financial

Words: 1275 Length: 4 Pages Document Type: Essay Paper #: 86568101

Financial Management

Content Find articles address financial reporting practices ethics standards health care finance, including * generally accepted accounting principles * corporate compliance, ethics, and fraud abuse

Financial management: Literature review

Healthcare institutions, like all organizations, are continually confronted with the four basic elements of financial management: deciding what to invest in or produce; how to finance those investments or products; how to manage assets, and how to report those assets in a manner that is useful and also complies with all necessary regulations. This paper will provide an overview of two recent articles, one on the necessity of uniform accounting procedures to ensure ethical and legal compliance amongst healthcare institutions and the other on the financial consequences of failing to do so for the institution itself.

Article 1: Maintaining the strength of your convictions

According to Larry Tyler's 2004 article "Maintaining the strength of your convictions" "Most financial executives…… [Read More]

References

Adam. (2007). Dot. Boston. Retrieved August 12, 2011 at  http://adamp.com/college/us-gaap-vs.-international-gaap-vs.-unified-gaap/ 

Fong, Gary R., Randy Wiitala & Frederick Stodolak. (2011). Uncovering pharmacy department risks and opportunities. Healthcare Financial Management Association Journal. Retrieved August 12, 2011 at  http://www.hfma.org/Publications/hfm-Magazine/Archives/2011/May/Uncovering-Pharmacy-Department-Risks-and-Opportunities/ 

Rode, Dan. (1990). Uniform accounting standards enable accurate comparisons.

Healthcare Financial Management. Retrieved August 12, 2011 at  http://findarticles.com/p/articles/mi_m3257/is_n7_v44/ai_9174983/
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Financial Resource Management Reaching a Financial Decision

Words: 2362 Length: 8 Pages Document Type: Essay Paper #: 99186204

Financial esource Management

eaching a financial decision regarding heath care services

All forms of industries deemed financial management as expressive in origin till the 1960's. Its basic and sole role was to ensure financing for completing the business's operatives and functions. The department for business planning or marketing would project a net total for meeting the services and meeting daily demands; managers would calculate the assets required to complete a given project needed, equipment's, supplies and building. Financial management is a field which focuses on business securities as well as the markets in which they are in key demand. Also, more emphasis is made on how businesses can tap new markets and unlock their hidden potential. As a result, financial management books were pretty explanatory and predictable in origin during those times. (Sandrick, 2008).

These days, financial management plays a pivotal role in day-to-day operations of a business. The responsibility…… [Read More]

References

Allen, S., and M. Bombardieri. 2008. "A Healthcare System Badly Out of Balance." The Boston Globe, November 16.

Glaeser, E.L. 2004. "The Governance of Not-for-Profit Organizations." The International Journal of Not-for-Profit Law 6 (3).

Halvorson, G.C. 2005. "Healthcare Tipping Points." Healthcare Financial Management (March): 74 -- 80.

Helvin, L.K. 2008. "Caring for the Uninsured: Are Not-for-Profit Hospitals Doing Their Share?" Yale Journal of Health Policy, Law, and Ethics (summer): 421 -- 70.
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Accounting Is the Basic Function

Words: 1515 Length: 5 Pages Document Type: Essay Paper #: 74934849

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…… [Read More]

Works Cited

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

Words: 1036 Length: 3 Pages Document Type: Essay Paper #: 61167342

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…… [Read More]

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Accounting Discontinued Operations Depreciation and

Words: 1029 Length: 4 Pages Document Type: Term Paper Paper #: 32138199

As required under Statement of Financial Accounting Standards No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, WB must evaluate the carrying value of PC and T. against the fair value, as determined by the market capitalization of the two companies at the official spin-off date. In this case, both PC and T. will qualify as discontinued operations because after the confirmation of the transaction neither will be a part of the business or parent company.

WB maintains a March 31 end of year and the stock sale was dated May of 2000 which may cause a reporting concern. It is crucial that WB reports these events properly for the sake of accuracy. WB will be responsible to verify if any changes occur in their end of year reporting under SFAS No. 131. "The registrant, in consultation with its counsel, is responsible for determining whether a fundamental change…… [Read More]

References

SEC Regulations Committee. (June 12, 2001). Section C - Changes in Segment Reporting. Joint Meeting with SEC Staff. Retrieved on February 7, 2005, at http://preview.aicpa.org/belt/sec06_01.htm

Yungmann, George, & Taube, David. (Jul/Aug 2002). GAAP Net Income Measures Up. Retrieved on February 7, 2005, at  http://www.nareit.com/portfoliomag/02julaug/accounting.shtml 

Accounting
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Accounting Finance Repo 105 and Lehman

Words: 1057 Length: 3 Pages Document Type: Essay Paper #: 87109356

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,…… [Read More]

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
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Accounting Function for a Chosen

Words: 6160 Length: 23 Pages Document Type: Thesis Paper #: 22760906

"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…… [Read More]

Bibliography

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
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Financial Fraud Fannie Mae Review of Fraud

Words: 1285 Length: 4 Pages Document Type: Case Study Paper #: 18898066

Financial Fraud Fannie Mae

eview of Fraud Schemes within Fannie Mae 1998-2004

Scope

The agency found the fraud understatements of earnings and illegal gratuities that led to accounting violations and inability to meet Wall Street goals.

The investigation of Lee Frakas, executive of a major mortgage company which had dealings with Fannie Mae with hundreds of fake mortgages. The Securities Exchange Commission cited that Fannie Mae had to repay earnings and correct their books for the period 2001 through 2004. This major undertaking will cost the company over $11 billion by SEC estimates. In addition the Department of Justice has conducted a criminal investigation on the board members.

Summary

The top executive managing Fannie Mae were found guilty of illegally reporting accounting information that led to their receiving million dollar payments. Under Fraudulent Financial Statement Schemes this case is one of corruption and financial fraud. The specific areas include Illegal…… [Read More]

References

Associated Press. (2006). Fannie Mae manipulated accounting. Retrieved January 19, 2012 from  http://www.msnbc.msn.com/id/12923225/ns/business-corporate_scandals/t/report-fannie-mae-manipulated-accounting/# 

Schoenberg, T. (2011). Silence on taylor bean opened the way to $3 billion fraud. Retrieved January 19, 2012 from  http://www.freerepublic.com/focus/f-news/926704/posts
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Accounting Profession Towards a More

Words: 3151 Length: 10 Pages Document Type: Essay Paper #: 57289159

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…… [Read More]

References

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
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Accounting Information a Senior Executive in a

Words: 580 Length: 2 Pages Document Type: Essay Paper #: 7128783

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…… [Read More]

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
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Financial Management Both Economics and

Words: 652 Length: 2 Pages Document Type: Essay Paper #: 93459617



The ratios that derive from the financial accounting statements are used frequently in finance to determine the health of a company (Russo, n.d). hen a lender wants to know what interest rate to charge a borrower, it looks at the liquidity and solvency ratios of the company to determine the likelihood of default, and assigns the interest rate based on that analysis. This is just another example of how the information that accountants compile and audit is used in financial management.

The same can be said for the investments side of finance. For example, when one wants to invest in a company, or in derivatives relating to that company, accounting information is critical. Usually this is financial accounting information, but if managerial accounting data can be found then that is also sometimes used. Formulas such as Black-Scholes are used to value derivate holdings of companies for the production of financial…… [Read More]

Works Cited:

Russo, S. (no date). The importance of financial information. Valencia College. Retrieved February 5, 2013 from  http://faculty.valenciacollege.edu/srusso/ch18bus.htm 

Simpson, S. (2011). The difference between finance and economics. Investopedia. Retrieved February 5, 2013 from  http://www.investopedia.com/articles/economics/11/difference-between-finance-and-economics.asp#axzz2K45yGnjc
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Financial Analysis and Management at

Words: 3019 Length: 10 Pages Document Type: Thesis Paper #: 29318125

Had the organization employed the techniques of activity-based costing, they would have realized the need to change their approach and had started manufacturing small size and fuel efficient engines, as most of the customers were requiring these items. "If Ford [...] had used activity-based costing, they would have realized early on the utter futility of their competitive blitzes of the past few years, which offered new-car buyers spectacular discounts and hefty rewards" (Drucker, 2003).

Unlike absorption costing, marginal costing uses the traditional division into direct, indirect, fixed and variable costs. The accounting method sees that the final marginal cost of a product will be calculated by summing up the direct costs of labor, the direct costs of materials, the direct expenses and the variable overheads (Brown). The applications of marginal costing revealed that Ford was able to support a price advantage relative to General Motors and Chrysler due to its…… [Read More]

References

Bernstein, L.A., Wild, J.J., 1999, Analysis of Financial Statements, 5th Edition, McGraw-Hill Publishers, ISBN 0070945047

Berry, a., 1999, Financial Accounting: An Introduction, 2nd Edition, Cengage Learning EMEA, ISBN 186152479X

Brown, G., Introduction to Costs Accounting: Methods and Techniques,  http://www.globusz.com/ebooks/Costinglastaccessed  on March 9, 2009

Drucker, P.F., 2003, Peter Drucker on the Profession of Management, Harvard Business Press, ISBN 1591393221
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Accounting Choosing the Right Structure

Words: 1626 Length: 4 Pages Document Type: Term Paper Paper #: 15995914

, 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…… [Read More]

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.
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Financial Management Ratios Risk and Diversification Financial

Words: 739 Length: 2 Pages Document Type: Essay Paper #: 32894776

Financial Management: atios, isk and Diversification

Financial atios elevant to Small Businesses and Large Corporations

In an attempt to determine the performance of his or her business, a small business owner can utilize ratios such as the current ratio and the profit margin ratio. The profit margin in the words of Needles and Powers (2010) "shows the percentage of each sales dollar that results in net income." For a small business owner, this ratio would be an appropriate measure of the profitability of his or her business. The current ratio as Stickney et al. (2009) point out helps in the measurement of a firm's ability to settle its short-term debts/obligations. A small business owner interested in determining the ability of the business to settle its everyday bills and other obligations would find this ratio useful. On the other hand, a manager of a large corporation would be interested in ratios…… [Read More]

References

Graham, J. & Smart, S.B. (2011). Introduction to Corporate Finance (3rd ed.). Mason, OH: Cengage Learning.

Needles, B.E. & Powers, M. (2010). Financial Accounting (11th ed.). Mason, OH: Cengage Learning.

Stickney, C.P., Weil, R.L., Schipper, K. & Francis, J. (2009). Financial Accounting: An Introduction to Concepts, Methods, and Uses (13th ed.). Mason, OH: Cengage Learning.

Shim, J.K. & Siegel, J.G. (2008). Financial Management (3rd ed.). Hauppauge, New York: Barron's Educational Series.
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Financial Analysis There Is Little

Words: 1442 Length: 5 Pages Document Type: Thesis Paper #: 17196483

Thus, the Board ultimately had little control over this particular cost, which is how it is found itself in a difficult financial position this year. The general lack of control over the budget is a definite weakness for the Bridgeport Board of Education.

In lieu of financial statements, there were two main resources available to help assess this organization's health. Its budget book was the primary source, as it detailed the Board's financial situation with respect to its inflows and outflows. News items are also helpful. Since the Board is not a public company, it is not required to disclose items of financial significance, but such items may come to light through the local news media.

The organization's approach to creating shareholder value is to spend its money on the programs that deliver on its strategic objectives. These include graduating students at a college-ready level, reducing the dropout rate to…… [Read More]

Works Cited:

Bridgeport Public Schools Budget Request 2009-2010.

Bridgeport Board of Education website, various pages. (2009). Retrieved November 12, 2009 from  http://www.bridgeportedu.net/ 

Lambeck, L. (2009). Bridgeport schools face health insurance funding gap. Connecticut Post. Retrieved November 12, 2009 from  http://www.allbusiness.com/education-training/education-administration-school-boards/13333032-1.html 

Brewer, R. (2008). Bridgeport school funding dilemma: No easy solutions. 06106. Retrieved November 12, 2009 from http://06106blog.org/2008/03/07/bridgeport-school-funding-dilemma-no-easy-solutions/
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Accounting Software Inherent in the

Words: 841 Length: 2 Pages Document Type: Research Paper Paper #: 58950861

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…… [Read More]

References

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.
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Accounting There Are Several Principles

Words: 609 Length: 2 Pages Document Type: Essay Paper #: 24491444

These are considered to be unrealized gains, but for hold-to-maturity securities these gains/losses are not expected to be realized at any point. The company will note the fair value change in a footnote, but will not record such a change on either the income statement of balance sheet (Spiceland, et al.).

If, however, it becomes necessary to sell investments previously classed as hold-to-maturity, then the following adjustments are made. The cash received from the sale is recorded along with any discount on bond investment is sitting as an asset. The investment in the bonds will be recorded at face value. Any profit above face value will be recorded as gain on investments. This essentially ensures that the asset for discount on bond investment is reversed as a result of the sale. FASB No. 115 lists six conditions under which a change of security status from HTM could occur, including deterioration…… [Read More]

Works Cited:

Spiceland, D., Sepe, J., Nelson, M. & Tomassini, L. Intermediate Accounting.

Statement of Financial Accounting Standards No. 115: Accounting for Certain Investments in Debt and Equity Securities. FASB. Retrieved April 23, 2010 from  http://www.fasb.org/cs/BlobServer?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1175818827848&blobheader=application%2Fpdf 

Leone, M. (2008). Revised fair-value rule is weaker: Moody's. CFO Magazine. Retrieved April 23, 2010 from  http://www.cfo.com/article.cfm/12623892/c_12624199?f=home_todayinfinance
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Accounting Merchandise Inventory Merchandise Inventory

Words: 726 Length: 2 Pages Document Type: Essay Paper #: 81512061

To do otherwise would create problems with the company's accounting.

Cosigned goods are also included in the merchandise inventory (Elliot & Elliot, 2004). Even though they are out on consignment, they are still a part of the goods that belong to the company (Elliot & Elliot, 2004). If these goods have not been included in the company's inventory, it becomes difficult to account for their sales and can cause serious problems with accounting. Not including cosigned goods would make it appear as though those goods have already been sold, but there would be no income for them. When they did sell, the income would appear to come from goods that were not shown in inventory. That can take time and effort to sort out, and can leave the company looking as though it was trying to hide something when, in fact, it simply listed its goods incorrectly. By making sure…… [Read More]

References

Elliot, B. & Elliot, J. (2004). Financial accounting and reporting. London: Prentice Hall
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Financial Derivative the Aim of

Words: 3179 Length: 8 Pages Document Type: Term Paper Paper #: 60776383



eport: 2

The developments of credit derivatives began in 1980s as a new financial innovation after the swap market started. Swap market provided derivative organizations with profit due to their intermediary position while the credit margins for borrowers were reduced. As the swap market developed there was the development of new interest derivatives so that there were additions to the list of products. Credit derivatives are relatively recent introductions and these are mechanisms for the credit institutions to separate the credit risk from their loans and treat market risk as a separate category so that their pricing efficiency could be more competitive and the concerned organizations could be more competitive in the market. (Credit Derivatives Move Beyond Plain Vanilla)

Thus one can say that credit derivatives are a recent form that can be used by bankers to reduce risk, or increase risks and thus meet their corporate objectives. The general…… [Read More]

References

Aggrawal, Sunil K. Credit Derivatives Move Beyond Plain Vanilla. Retrieved at http://pages.stern.nyu.edu/~sjournal/articles_00/credit_derivatives.htm. accessed 27 July, 2005

Black Scholes Model. Retrieved at  http://www.cs.sunysb.edu/~mverma/blackscholes.htm . accessed 27 July, 2005

Cox, Daniel. FAS 123(R): Lattice vs. Black-Scholes. Retrieved at  http://www.fmnonline.com/publishing/article.cfm?article_id=836accessed  27 July, 2005

Credit Derivatives. Retrieved at  http://www.finpipe.com/crederiv.htm . accessed 27 July, 2005
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Accounting Tootsie Ratio Analysis in

Words: 944 Length: 2 Pages Document Type: Essay Paper #: 63439349

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…… [Read More]

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
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Financial and Accounting at a Hospotal

Words: 1277 Length: 5 Pages Document Type: Term Paper Paper #: 21658097



It is, in this sense, a question of security and risk avoidance. In a financially insecure environment, an environment where state budgeting and financing for hospitals may be influenced by issues such as a change in the governing party, a change in the state priorities or anything like this, it is important to know that, while on one hand your sources of financing are variable, including here the possibility that sponsorship contacts may be less important in some years, your financial obligations remain stable and are not subject to modifications.

A second important advantage for the two types of conventional mortgage schemes I have mentioned is the fact that they seem to be more addressed to long-term activities than the adjustable rate conventional mortgage. Indeed, the adjustable rate advantages people who will prefer to change their asset after the first years and will benefit form the lower interest rate and…… [Read More]

Bibliography

1. Understanding Mortgage Options. Alpha Mortgage Services Inc. On the Internet at  http://www.loanbright.com/alphatoledo/options.htm 

2. Conventional Mortgage Program Overview. 2005. FreddieMac. On the Internet at  http://www.freddiemac.com/multifamily/conventional.htm 

Understanding Mortgage Options. Alpha Mortgage Services Inc. On the Internet at
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Accounting for That Quite Likely

Words: 2684 Length: 7 Pages Document Type: Research Paper Paper #: 70137900

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…… [Read More]

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
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Financial Statements of Marriott Hotels and Discusses

Words: 1322 Length: 4 Pages Document Type: Essay Paper #: 6787111

financial statements of Marriott Hotels and discusses measurement bases they employ. The essay also surveys the literature for current thinking on fair value measurement.

According to the International Financial Reporting Standards (IFRS), measurement "involves assigning monetary amounts at which the elements of financial statements are to be recognized and reported" (Deloitte, 2011). Accounting measurement consists of quantifying financial information in dollars or units. These measurements are then used to report information to internal and external users through the use of financial statements that accountants prepare. Financial accounting measurements may be recorded at historical cost or adjusted to reflect current market values (Conjecture Corporation, 2011).

Generally Accepted Accounting Principles (GAAP) require companies to record balance sheet information using a fair value accounting measurement. Companies must therefore use this measurement technique to value assets and equity investment at the current market rate which thee items would bring if they sold in an…… [Read More]

Works Cited

Barth, M.E. (2006). Including estimates of the future in today's financial statements. BIS Working Paper No. 28. Available at SSRN:  http://ssrn.com/abstract=947525 

Cairns, D. (2006). The use of fair value in IFRS. Accounting in Europe 3, 5-22. Available at:

ftp://124.42.15.59/ck/2011-03/165/027/066/423/The%20Use%20of%20Fair%20Value%20in%20IFRS..pdf

Conjecture Corporation. (2011). What is an accounting measurement? Retrieved August 30, 2011 from:  http://www.wisegeek.com/what-is-an-accounting-measurement.htm
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Accounting Process and Financial Statements A Reliable

Words: 1533 Length: 5 Pages Document Type: Term Paper Paper #: 62404570

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…… [Read More]

Sources

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)
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Financial Statements Generally Accepted Accounting

Words: 1696 Length: 5 Pages Document Type: Term Paper Paper #: 69151827



MICOSOFT: No terrorist is going to try to blow up Microsoft; no oil products are needed to run computer hardware and software; computers run the world of commerce; and Bill Gates owns a huge percentage of all things computer software-related, so the Microsoft steamroller is a great investment and not as vulnerable to world conditions as are the first two companies reviewed in this section.

One final conclusion: for EXXONMOBIL, albeit their fortunes can change because of the war and oil's vulnerability to war, their earnings for the 4th quarter of 2004 were their highest ever ($8,420 million), and they have friends in the White House in Bush and Cheney, so their financial picture remains very bright; for FOD, they experienced a $5 billion pre-tax profit from their "financial services" (auto loans) division, which is very impressive; moreover, car sales are booming and Ford will, in the near future, realize…… [Read More]

References

AllBusiness (2005). What Are Generally Accepted Accounting Principles? Retrieved February 8, 2005, at  http://www.allbusiness.com/articles/content/17954.asp .

Anderson, Curt. (2005). Microsoft Reports Record Revenue and Earnings. Retrieved February 9, 2005 from Microsoft Investor Relations Web site:  http://www.microsoft.com/msft .

Bruebaker, Gary H. (1999). A Question of Value. Government Finance Review, 15(3),

Ensman, Richard G. (1999). Accrual Basis vs. Cash Basis Accounting. Doors and Hardware, 63(10), 20-22.
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Financial Statements Are the Income

Words: 530 Length: 2 Pages Document Type: Essay Paper #: 42018096



The statement of cash flows separates out the cash flows from the non-cash flows on the income statement. This gives the reader a better indication of the cash position of the company, rather than the position with regards to accounting profit. The statement of cash flows separates cash flows into three categories -- operations, investing and financing. This can help analysts to determine where profits and changes in cash position come from -- do they come from successful operations or from other activities.

The statement of changes to owner's equity explains the changes in retained earnings. It illustrates how the company's activities over the period have impacted the value of the owners' stake in the firm.

These statements are all interrelated. The income statement and the statement of cash flows work together to explain not just profits but the sources of positive and negative cash flows. The statement of changes…… [Read More]

Works Cited:

No author. (2007). The 4 financial statements. QuickMBA.com. Retrieved November 23, 2009 from  http://www.quickmba.com/accounting/fin/statements/
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Financial Statements in This Text

Words: 613 Length: 2 Pages Document Type: Essay Paper #: 37155782

Balance sheet items can also be used by investors to determine the financial health of a given company. This can be done through the analysis of the relevant financial ratios including but not limited to liquidity ratios.

4. The Cash Flow Statement

Of the financial statements discussed in this text, the cash flow statement is typically the last financial statement prepared. A cash flow statement in the opinion of Cunningham et al. (2011) "shows the changes in a business' cash during an accounting period by listing the cash inflows and outflows from its operating, investing and financing activities..."

easons for Preparing the Financial Statements in the Order Above

One of the main reasons why financial statements have to be prepared in a prescribed logical order has got to do with the need to transfer some pieces of information from one financial statement into the next. In this case, entries in…… [Read More]

References

Cunningham, B., Nikolai, L.A., Bazley, J., Kavanagh, M., Slaughter, G. & Simmons, S. (2011). Accounting: Information for Business Decisions. South Melbourne, Victoria Australia: Cengage Learning.

Porter, G.A. & Norton, C.L. (2010). Financial Accounting: The Impact on Decision Makers (7th ed.). Mason, OH: Cengage Learning.
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Accounting Code of Conduct The

Words: 1283 Length: 4 Pages Document Type: Term Paper Paper #: 83471567

It also publishes interpretations about certain rules.

WHEN AN ACCOUNTANT FAILS

The AICPA's Code of Professional Conduct is considered to be a binding agreement for every CPA in America.

As with other professions most accountants are ethical and honest in their dealings with their clients, however every so often a problem arises that must be disciplined. This can happen in a purposeful attempt to be deceitful, or it can happen by an error in judgment or an error in practice. egardless of how or why it happened a review is called for and a sanction or discipline course of action is decided upon (Badawi, 2002).

Most of the violations that occur are ethical dilemmas that are relatively easy to solve but some of the problems become quite in depth and resolution is more difficult to reach.

A study of conduct violations in a ten-year period produced the following result.

The…… [Read More]

References

Badawi, Ibrahim M.(2002) Accounting codes of conduct, violations and disciplinary actions. Review of Business; 1/1/2002;

Carey, J.L. The CPA Plans for the Future. New York, NY: AICPA, 1965.

Demski, J.S. And J. L Zimmerman.(2000) "On Research vs. Teaching: A Long-Term Perspective." Accounting Horizons
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Accounting Allows Managers to Better

Words: 645 Length: 2 Pages Document Type: Term Paper Paper #: 50133555

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…… [Read More]

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.
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Accounting GAAP and IFRS

Words: 2554 Length: 8 Pages Document Type: Essay Paper #: 72191952

Accounting includes recording, summarizing, and reporting of the economic activities and events of an organization. It is pertinent in business decision-making and the management and control of operations. The financial statements reported by a company include the income statement, balance sheet, statement of retained earnings and statement of cash flows. Globally, there are two sets of accounting standards, the Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). In particular, the GAAP are more often than not employed in the United States whereas IFRS are more often than not employed in Europe and international expanses. IFRS are regarded as being more principles-based and U.S. GAAP as being more rules-based. The establishments responsible for setting the IFRS and GAAP are the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) respectively (Gaspar et al., 2016). The purpose of this paper is to discuss the difference between GAAP…… [Read More]

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Accounting Questions and Answers

Words: 1232 Length: 4 Pages Document Type: Essay Paper #: 51951868

financial crisis was abusive off-balance sheet accounting. Abusive off-balance sheet accounting led to a daisy chain of ineffective and dysfunctional decision-making because it removed transparency from regulators, investors, and markets. Spread of derivative transactions, bad loans, and securitizations brought a once stable financial system to the edge of ruin. While improvements have been made, the FASB's guidelines suffer from two main flaws. The first is lack of congressional mandate. With no clear congressional mandate, FASB and SEC guidelines remain subject to the same type of interpretation that led to the growth of 'regulatory arbitrage' or what others may pen as financial engineering, meaning shifting debts off-balance sheets. This means a company must consolidate a VIE only when it possesses 'control' and has the right to receive benefits and access to VIE's 'most pertinent activities' making the design of the guidelines qualitative in nature (Stickney, 2010).

The guidelines then require assumptions…… [Read More]

References

Larkin, R. & Ditommaso, M. (2016). Wiley Not-for-Profit GAAP 2016. Wiley.

Ramanna, K. (2016). Why "Fair Value" Is the Rule. Harvard Business Review. Retrieved 24 October 2016, from  https://hbr.org/2013/03/why-fair-value-is-the-rule 

Shaik, K. (2014). Managing Derivatives Contracts. Berkeley, CA: Apress.

Stickney, C. (2010). Financial accounting. Mason, OH, USA: South-Western Cengage Learning.
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accounting for a lease

Words: 1026 Length: 4 Pages Document Type: Essay Paper #: 94109566

FASB Accounting Case

New Standards for Capital Leases

Case Overview and Key Issues

Sable., a company located in San Fransico, CA, specializes in the manufacturing of heavy equipment and have different financing options for clients to own or lease the heavy equipment that they produce. The first option is to purchase the machinery in a traditional standard sale for a lump sum price of $135,000 in which the customers purchases the equipment outright. Another option is for a client to lease the equipment for a period of ten years and pay the lease payment on an annual basis. Sable has been charging $16,000 annually each year to lease the equipment during the ten-year period. However, both options are being effected by the economic conditions that loom in the external environment and some of the company's competitors are reducing their fees for similar equipment options and charging an average of $125,000.…… [Read More]

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Accounting for a Loss Contingency for a Verdict Overturned on Appeal

Words: 665 Length: 2 Pages Document Type: Case Study Paper #: 69908622

Loss Contingency

A transaction between Company M. And Company W. has caused some serious accounting problems and a complex legal scheme and law set is necessary to figure out how to resolve this issue. Company M. And Company W. have been tied up in a long and drawn out legal battle over some copyright and patent infringement argument. In May 2007, W filed a claim against M. And a verdict was reached in September of 2009. This jury found that M. must pay W $18.5 for their mistakes. M did not like this and called for an appeal in November of 2009. More than one year later, the appeals court ruled in favor of M. And the jury's verdict was overturned. W was still upset and filed a petition for a rehearing the next month. That request for appeal was denied and the matter was over according to all legal…… [Read More]

References

Financial Accounting Standards Board. "Accounting Standards Codification." Viewed 17 Sep 2013. Retrieved from  https://asc.fasb.org/section&trid=2127165&analyticsAssetName=subtopic_page_section  &nav_type=subtopic_page

Nilsen, K. (2011). Renewed Focus on Loss Contingency Disclosures. Journal of Accountancy April 2011. Retrieved from  http://www.journalofaccountancy.com/Issues/2011/Apr/20113854.htm
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Financial Statements Importance of Financial Statements the

Words: 1304 Length: 4 Pages Document Type: Essay Paper #: 88097139

Financial Statements

Importance of Financial Statements

The Importance of Accurate Financial Statements to Outside Business Interests

The four financial statements are the balance sheet, income statement, statement of cash flow, and statement of owner's equity. All of these statements are interactive even though they each serve a unique purpose. They are intended to assess the health of a business and their accuracy is vitally important to investors, creditors and other outside interests. The income statement, statement of cash flow, and statement of owner equity, close out at the end of each year. The balance sheet amounts are carried over from year to year (Kurtz, 2010).

Discussion

Both internal and external entities use these statements in order to inform the decision making process. These documents provide pertinent information on the financial position (balance sheet), profitability (income statement), and operating, investing, and financing activities (statement of cash flow and statement of owners…… [Read More]

References

"Cash vs. accrual accounting." (2000). Inc. Nolo.com Inc. Retrieved September 27, 2012, from  http://www.inc.com/articles/2000/04/19194.html 

Horngren, C.T., Harrison W.T., & Oliver, M.S. (2012). Accounting (9th ed.). Upper Saddle River, NJ: Pearson Prentice Hall.

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

Lasher, W.R. (2008). Practical financial management (5th ed.). Mason, OH: Thomson South-Western.