Government Accounting Essays (Examples)

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Government Budgeting

Words: 4599 Length: 10 Pages Document Type: Essay Paper #: 93287495

Government Accounting Office in America (GAO)

This is an examination of the Government Accounting Office in America. The writer discusses the history, purpose and background of the GAO as well as the duties that the office is charged with performing. The writer then analyzes literature that illustrates the office in action. The final discussion revolves around the question, "Is the office effective or is it a waste of money." There were four sources used to complete this paper.

During the last few years there has been a public outcry and demand to investigate government spending. The public was brought stories by the media about the government paying thousands of dollars for toilet seats, and spending hundreds of dollars on a screwdriver and other such tools. When the reports began to surface about wasted government spending the public became angry. Lobbyists across the nation began to demand an accounting of not…… [Read More]

Bibliography for a listing of non-GAO publications.) It should be noted that, as with any effort to put current events into historical context, alternative interpretations are possible. Often debated are the intent and motivation of the framers of the Constitution who created the census. In this report, we have quoted the Constitution and various laws relating to the decennial census and have attempted to place their language in an historical context. We are not, however, providing our own independent review or interpretation of the constitutional and statutory issues discussed in this report, which, unless otherwise noted, are based primarily on the analysis contained in the various publications and documents we relied upon in preparing this report.

Short answers to some frequently asked questions about the decennial census are in appendix 1. Appendix 11 contains information on changes in the apportionment of the membership of the House of Representatives between the 1920 and 1990 Decennial Censuses by region of country and on changes in the nation's population and its undercount by race and ethnicity between the 1950 and 1990 censuses, as well as a snapshot of the growth and cost of census-taking since the first decennial census in 1790. Major contributors to this report are identified in appendix III.

L. Nye Stevens Director, Federal Management and Workforce Issues

Chapter 1

Why Take the Census?
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Accounting Fundamentals for Health Care Management

Words: 1261 Length: 4 Pages Document Type: Essay Paper #: 20123590

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…… [Read More]

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.
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Accounting History Accounting Texts Were

Words: 1149 Length: 4 Pages Document Type: Essay Paper #: 73553193

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…… [Read More]

Bibliography

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
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Accounting by Its Nature Requires a Set

Words: 656 Length: 2 Pages Document Type: Essay Paper #: 66882179

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…… [Read More]

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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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Government and Private Sector Accounting

Words: 616 Length: 2 Pages Document Type: Essay Paper #: 73821817

Fixed assets are assets and property that cannot be easily converted into cash. The public sector deals with those that mainly involve expense, whilst the private sector deals with tangible property such as machinery, factory buildings, and large computer systems.

3. The public sector account analysis reports public accounts (i.e. those applicable to the nation and its people as a whole), whilst the private sector, obviously reports accounts that are congruent, relevant, and applicable just to its own peculiar concerns.

4. The public sector account deals with fixed assets not depreciation, whilst the private sector account deals with fixed assets and depreciation included. In other words, the private sector -- working on matters of gaining profit -- also takes into account the gradual and possible permanent decrease of value in the stock. The public sector, on the other hand, does not concern itself with this matter.

In short, the exercise…… [Read More]

References

Barton, A. (1999). Public and Private Sector Accounting: The Non-identical Twins Australian Accounting Review, 9, 22-31

Chan, J.L. (2003). Government Accounting: An Assessment of Theory, Purposes and Standards, Public Money & Management, 1-9
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Government Welfare Discussed Should the Government Provide

Words: 681 Length: 2 Pages Document Type: Essay Paper #: 49840928

government welfare. Discussed: should the government provide fewer or more benefits for single parents on welfare. Thesis, three reasons to support, at least 4 quotes and paraphrases on each page from experts.

Should the Government Provide More or Fewer Benefits for Single Parents on elfare?

elfare reforms have been a continuous debate for years. The latest reform regarding single parents and government benefits has stirred controversy and initiated studies to determine the effects of new policies. hile many critics believe the new reforms are too harsh and simply increase the number of poverty level families, the new policies with reduced benefits are making a positive significant impact in reducing the number of single parent recipients and placing them in the employment arena. Therefore, the government should provide less benefits to single parents on welfare.

Many critics argue that the economy is responsible for caseload declines (New B7). However, according to…… [Read More]

Works Cited

Adkisson, Richard V. "Welfare reform: What are the numbers, and does anyone care?" Journal of Economic Issues. March 01, 2001; pp 184.

New, Michael. "Helping the Poor: Strong Work Requirements are the way out of Welfare." St. Louis Post-Dispatch. October 01, 2002; pp B7.

Welfare Reform - More Research Needed on TANF Family Caps and other Policies for Reducing Out-of-Wedlock Births." Government Accounting Office Report. September 11, 2001. http://ask.elibrary.com/getdoc.asp?pubname=Government_Accounting_Office_Report&puburl=http~C~~S~~S~www.emediamillworks.com&querydocid=:bigchalk:U.S.;Lib&dtype=0~0&dinst=0&author=&title=WELFARE+REFORM+%2D+MORE+RESEARCH+NEEDED+ON+TANF+FAMILY+CAPS+AND+OTHER+POLICIES+FOR+REDUCING+OUT%2DOF%2DWEDLOCK+BIRTHS++&date=09%2D11%2D2001&query=welfare+and+single+parents&maxdoc=24&idx=5.(accessed 12-01-2002).
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Reconciliation of the Government Wide Financial Statement With the Fund Statements

Words: 596 Length: 2 Pages Document Type: Essay Paper #: 59047357

Government accounting is substantially different from other accounting formats, and at the same time the two methods are essentially alike. Accounting for any entity involves, on the most basic level, balancing expenditures and revenues. However, government accounting has one major departure from standard accounting statements: it mush be reconciled with a budget set up in advance by a governing body, like the city council, state legislature, or, in the federal realm, Congress. This difference does not, however, make the basic precepts of governmental accounting significantly different from other types of accounting.

A government accounting statement must track all cash flows, both expected and realized, for an entity that is comprised of possibly hundreds of relatively autonomous entities. Each of these smaller entities has separate budgets, accounts, and in many ways operates independently of the larger entity, such as the state or city. Despite this individuality, a comprehensive report on the…… [Read More]

Work Cited

Georgia Comprehensive Annual Financial Report, 2004. Prepared by State Accounting Office and Georgia Department of Audits and Accounts.
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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 Forms the Overall Backbone of the

Words: 1922 Length: 5 Pages Document Type: Essay Paper #: 77472520

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…… [Read More]

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.
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Accounting Scandals With the Accounting

Words: 338 Length: 1 Pages Document Type: Essay Paper #: 46320805

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

orks Cited

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

Sarbanes-Oxley. (2002) Law retrieved…… [Read More]

Works Cited

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

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

Words: 569 Length: 2 Pages Document Type: Essay Paper #: 904747

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…… [Read More]

Works Cited

Sankaran, Siva and Dhia D. AlHashim. 2006. "An Accounting Information System for Harmonization."

Journal of American Academy of Business, Cambridge. 9(2): September.
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Accounting Deals With Financial Transactions

Words: 740 Length: 2 Pages Document Type: Essay Paper #: 71580661



The Statement of Owners' Equity

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

The Statement of Cash Flows

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

References

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

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

Words: 1375 Length: 4 Pages Document Type: Essay Paper #: 1290387

However, the application of the 3% independent ownership has been restructured to make SPEs much clearer to delineate between parent company ownership and independent ownership.

Another major issue that arose out of the Enron scandal is the manipulation used by Anderson of derivatives. In a BBC report, Emma Clark explains, "If you dig deep enough into any financial scandal you can usually find a derivative or two to take the blame" (Callahan, npg). Derivatives are in fact financial products that derive their value from any underlying assets that a company might have. Enron, much like other companies used derivative trading in order to fully engage its business and reduce its business risks. Although it was actually profitable within its derivative trading, the accounting practices involved in calculating these profits allowed them to disguise heavy losses in its business sectors attributed to derivatives trading. Enron's case was especially severe "their dubious…… [Read More]

2003. 21 Aug. 2006 http://www.discourse.net/archives/2006/07 / enrons_special_purpose_entities.html>.

Callahan, Gene. "In Defense of Derivatives." Reason online. 20 Feb. 2004. 21

Aug. 2006 http://www.reason.com/0402/fe.gc.in.shtml.
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Accounting America Was Not Founded as a

Words: 1876 Length: 5 Pages Document Type: Essay Paper #: 7176595

Accounting

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…… [Read More]

Bibliography

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
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Accounting and Economics the Power

Words: 2218 Length: 6 Pages Document Type: Essay Paper #: 43132637



Education should come from non-profit international scientific, health and environmental organizations. They would be most widely respected and would have more access to both the TNCs and the host and origin country governmental bodies. They can educate the corporations on the practicality of policing their own people and actions. They can educate government bodies on how to include these considerations in political decisions. They can be resources for The United Nations and the TO to help them decide on their programs. Finally they can help the educate the global populace via global media, especially independent educational media.

The last suggestion is one way to approach using public relations. Another is to incite the press and various other media to report the good and the bad actions of TNCs. His makes for interesting news for their audiences, and good public service for the media. In essence, Fowler has said much of…… [Read More]

Works Cited

Fowler, Robert J. "International Environmental Standards for Transnational Corporations." Environmental Law 25.1 (1995): 1-30. Questia. 14 Dec. 2006 http://www.questia.com/PM.qst?a=o&d=5000274495.

Ietto-Gillies, Grazia. Transnational Corporations: Fragmentation Amidst Integration. London: Routledge, 2002. Questia. 14 Dec. 2006 http://www.questia.com/PM.qst?a=o&d=108115153.

Thomas Donaldson, The Ethics of International Business 31 (1992).
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Accounting Financial Accounting Is an

Words: 571 Length: 2 Pages Document Type: Essay Paper #: 2417987

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…… [Read More]

Works Cited:

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

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

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

Words: 1577 Length: 5 Pages Document Type: Essay Paper #: 45566862

Accounting

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…… [Read More]

Bibliography

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
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Accounting Function for a Chosen

Words: 6160 Length: 23 Pages Document Type: Essay 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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Accounting Ratios the Financial Statements

Words: 2089 Length: 5 Pages Document Type: Essay Paper #: 78170223

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

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

References

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

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

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

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

Words: 2826 Length: 10 Pages Document Type: Essay Paper #: 72406272

Accounting and Finance

Henkel AG is a multinational company focusing its brand and technologies in three business areas that include Beauty Care, Laundry & Home Care and Adhesive Technologies. Established in 1976, the company holds its global market positions in both the consumer and industrial products with well-known brands that include Lactate, Persil, and Schwarzkopf. Henkel's headquarter is in Dusseldorf in German and the company has over 47,000 employees globally. Typically, the company is considered among the most "internationally aligned German-based companies in the global marketplace." (Henkel 2012).

Objective of this paper is to use various financial models to carry out financial analysis and valuation of financial Henkel AG.

Valuation Model

One of the methods to carry out the valuation of a company is to use enterprises discounted cash flow (DCF). The DCF could be carried out using WACC (weighted average cost of capital) that represents the opportunity costs that…… [Read More]

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Accounting Choosing the Right Structure

Words: 1626 Length: 4 Pages Document Type: Essay 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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Accounting Information for Decision-Making

Words: 2585 Length: 8 Pages Document Type: Essay Paper #: 97908272

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…… [Read More]

References

Task 1:

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.

Task 2:
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Accounting Theories and Business Decisions The Business

Words: 1729 Length: 5 Pages Document Type: Essay Paper #: 16133016

Accounting Theories and usiness Decisions: The usiness World

Case Facts

Application of theories

Other cases of stakeholder theory application

Accounting theories and business decisions: The business world

There are many theories that explain the complexity of relationship between different groups of people directly and indirectly related to an organization. Two of the most comprehensive and most discussed theories are stakeholder theory and agency theory. oth the theories describe what the main purpose of each group is and how these groups ought to manage these relationships. In agency theory, it identified that agency relationship takes place when one or more than one principal, acting as owners, delegate their power to make decisions, to a person acting as their agent or steward. Thus, agency theory principally revolves around the relationship of principal and agent. While the principal delegates the authority or decision making power to agent (managers) to act in the best…… [Read More]

Bibliography

Alessi, Chirstopher. 2013. "Understanding the LIBOR Scandal." Council on Foreign Relations, Feb 6. Accessed August 23, 2013. http://www.cfr.org/united-kingdom/understanding-libor-scandal/p28729

Dean, Cornelia. 2007. "Executive on a mission: saving the planet." New York Times, May 22. Accessed August 23, 2013. http://www.nytimes.com/2007/05/22/science/earth/22ander.html?pagewanted=all&_r=0

Jensen, Michael C. 2010. "Value maximization, stakeholder theory, and the corporate objective function." Journal of applied corporate finance 22: 32-42.

Kanter, Rosabeth Moss. 2011. How great companies think differently. Harvard Business Review, November. Accessed August 24, 2013. http://hbr.org/2011/11/how-great-companies-think-differently/ar/2
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Government Performance Results Act

Words: 2370 Length: 7 Pages Document Type: Essay Paper #: 81263864

Government Performance esults Act

The General Accounting Office (GAO) may be one of most essential agencies in the federal government, because of its investigative oversight, but to the average American citizen, it may also be among the lesser known agencies. That is because the average hard-working nine-to-five person - whose contact with "news" is a few sound bites on television after work - might never dig into newspapers deep enough to read up on how taxpayer dollars are spent in Washington D.C. It's regrettable that the average person complains loudly about taxes, and "politicians" - yet knows little of the GAO's pivotal work. Meanwhile, this paper will focus upon the GAO report on the U.S. Department of Justice (DOJ), titled, "Status of Achieving Key Outcomes and Addressing Major Management Challenges" - which is clearly a wise use of taxpayer monies, whether taxpayers know about the GAO or not.

The GAO…… [Read More]

References

American Civil Liberties Union (2003). "ACLU Demands Truth From Justice

Department: New Report Details False Claims about SCOPE, Impact of PATRIOT Act." http://www.aclu.org/SafeandFree/SafeandFree.cfm?ID=13100&c=206.

Kast, Sheila (2001). "Terror probe raises concerns about civil rights." CNN.com. http://www.cnn.com/2001/U.S./10/22/inv.civil.rights/

Perry, Tony (2002). "Immigration Attorney for 7 Detainees Lashes Out At INS:
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Government Economy Government Intervention in

Words: 669 Length: 2 Pages Document Type: Essay Paper #: 51489241

Government managing of the economic using fiscal policy typically amounts to spending more, as governments rarely use fiscal policy to slow an overheated economy, preferring to rely on the more effective monetary policy tools that central banks have at their disposal. An increase in government spending provides a short-term boost to the economy. If the money is spent on investments for future growth such as transportation infrastructure and education, then the impacts will be long-term positive as well. There is the risk that active management of the economy through fiscal policy will be insufficient, or that it will have long-term negative impacts if the government borrows too much to pay for the spending.

Overall, government efforts to manage the economy make things better. Our economy does not even remotely resemble a free market economy, and has not since at least the 1930s. The economy has experienced, with few breaks, a…… [Read More]

Works Cited:

Leamer, E. (no date). Components of GDP. UCLA. Retrieved February 14, 2011 from   http://www.anderson.ucla.edu/faculty/edward.leamer/documents/Hw%20Components%20of%20GDP%20Eviews%20Version.pdf  

Lesher, M. & Miroudot, S. (2006). Analysis of the economic impact of investment provisions in regional trade agreements. OECD Trade Policy Working Papers.
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Government Budgeting for Kelsey Budget Changes Needed

Words: 2104 Length: 6 Pages Document Type: Essay Paper #: 83456162

Government Budgeting for Kelsey: Budget Changes Needed to Better Protect and Serve the Community

"We're not going to use the budget as an excuse. We're not crying about it. But I'm going to push as hard as I can to get as many people on the streets as I can. We need all hands on deck," so were the words of the Philadelphia Police Chief when faced with a similar situation to what Kelsey faces now (Steele 2010 p 2). Police strength is an absolute necessity in the effort to fight crime, both on local and larger federal levels. Without the appropriate funding resources, many local police forces around the country are beginning to suffer in terms of just how effective they are at fighting crime overall. Limited budgets mean limited capabilities, and that is exactly what the city of Kelsey is experiencing right now. Essentially, the budget is already…… [Read More]

References

Budget of the United States Government. (2004). Budgets and taxes. Almanac of Policy Issues. Web.  http://www.policyalmanac.org/economic/budget.shtml 

City of Kelsey. (2006). Annual Budget for the Fiscal Year 2005-06. University of Phoenix. Web. https://ecampus.phoenix.edu/secure/aapd/cist/vop/Government/KelseyCity/docs/KelseyBudgetBook2005.pdf

City of Kelsey. (2009). Kelsey profile. City Government. University of Phoenix. Web. https://ecampus.phoenix.edu/secure/aapd/cist/vop/Government/KelseyCity/docs/KelseyProfile.doc

DeWeese, Adrianne. (2011). Police say safety tax is needed to help alleviate 'blackout.' The Examiner. Web. http://www.examiner.net/features/x1896018474/Police-say-safety-tax-needed-to-help-alleviate-blackout
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Accounting Software Inherent in the

Words: 841 Length: 2 Pages Document Type: Essay 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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Government and UCC Contracts Revision

Words: 1272 Length: 4 Pages Document Type: Essay Paper #: 63616441

The ability to end or terminate the contract is unilateral. Gabbard expresses the fact that changes must also be unilateral. The terms in settling a dispute must be predetermined before entering contract. The Government contract gives the authoritative party the right to audit the books of the company selling the product or service. In this court case, the government was allowed to appeal the case won by Agredano resulting in a reversal of the former court ruling.

Government Contract Comparison to Uniform Commercial Code/Contract

The U.C.C. Or commercial contract is less formal and authority to enter a contract is assumed by the parties involved (Gabbard, 2011). In a UCC the terms are not detailed or written out in a formal document as required by a government contract. In fact the details are implied (Gabbard, 2011).

Analyzing and Evaluation Example: Carpet Cleaning Contract

For example in a UCC contract with a…… [Read More]

References

Cengage Learning, (2011). Buyer beware applies to vehicle bought by the government.

June 12, 2010 from   http://www.swlearning.com/blaw/cases/sales/0410_sales_01.html  

Gabbard, E.G. (2011). Relationship of far and ucc in subcontracting. Retrieved June

10, 2011 from http://www. fasmg. org/farucc. html
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Accounting Capital Accounting and Budgeting Questions NPV

Words: 870 Length: 3 Pages Document Type: Essay Paper #: 98923524

Accounting

Capital Accounting and Budgeting Questions

NV

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

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

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

Transfer pricing

Transfer pricing refers to pricing of internal transactions, for example when goods are sold by one company to another company in the same group, or possibly transfers between divisions. When undertaking capital budgeting, the potential benefits and risks associated with transfer pricing will need to be considered. A project may be viable due to the economies which can be gained from in-house, or in group supply. Likewise, the potential benefits may also be limited in terms of national regulation and the way in which transfer pricing is controlled. Transfer pricing will impact on the costs and potential profits that are assessed when examining potential investments or projects. The security of the
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Accounting Question on Form 8-K the Process

Words: 600 Length: 2 Pages Document Type: Essay Paper #: 74256582

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…… [Read More]

References

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
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Accounting Economics Marginal Analysis Define Marginal Revenue

Words: 3770 Length: 13 Pages Document Type: Essay Paper #: 3755498

Accounting Economics

Marginal Analysis

Define marginal revenue.

Explain its relationship with total revenue.

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

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

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Accounting and Finance Comparison of Selected Financial

Words: 1024 Length: 3 Pages Document Type: Essay Paper #: 80991135

Accounting and Finance

Comparison of Selected Financial Performance Data for WalMart and Target

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

evenues

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

Table 1; evenue for WalMart and Target 2012-2013

WalMart

Target

2012(Jan)

2013(Jan)

2012(Jan)

2013(Jan)

evenues ($ millions)

446,950

469,162

69,865

73,301

Change in revenues from previous year

The levels of revenues demonstrate that…… [Read More]

References

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

WalMart, (2013), 10k, retrieved  http://www.sec.gov/Archives/edgar/data/104169/000010416913000011/wmt10-k.htm
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Accounting Finance Identify the Stages of

Words: 1424 Length: 4 Pages Document Type: Essay Paper #: 16608887

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…… [Read More]

References

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

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

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

Words: 6042 Length: 18 Pages Document Type: Essay Paper #: 88904117

Allestree indicates that flattery is a form of mental slavery and says that love and friendship are far too valuable to prostitute them. In addition, he believes that flattery is harmful because, by failing to point out a man's flaws, or by transmuting those flaws into assets, one condemns the man to continue in those faults. Furthermore, he points out that flatterers are often treacherous, because their affection ends when the one that they have flattered falls out of favor. In fact, when the formerly adored friend falls out of favor, the flatterers are often the first to point out their faults to those who are coming into favor.

In section nine, Allestree speaks about boasting. Boasting is not limited to people speaking bombastically about themselves, but also includes people who cannot hear talk on any subject without trying to turn that subject towards them. Therefore, it becomes clear that…… [Read More]

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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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Accounting Finance Alternative Approach to Taxes

Words: 1189 Length: 3 Pages Document Type: Essay Paper #: 64515614

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…… [Read More]

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Accounting Finance Is Social

Words: 718 Length: 2 Pages Document Type: Essay Paper #: 96504484

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…… [Read More]

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Accounting-History Was the 20th Century

Words: 1079 Length: 3 Pages Document Type: Essay Paper #: 22013255

It wasn't until the 1920s and '30s that their blue-collar counterparts began to get paid vacations as well.

Americans in the late 20th century "worked more days per year than workers in other prosperous nations, such as those in Europe, yet on average, had less vacation time (Sabga, 2001)." Americans averaged two to three weeks off a year, in sharp contrast to many European nations which guaranteed up to six weeks a year. This is due to the fact "unlike in other countries, particularly Europe, vacations in the United States are not guaranteed by the government (Sabga, 2001)."

oles of Women

Women have played important roles in science and technology, however many times they have faced "social, economic, and intellectual obstacles (Kohlstedt, 2004)." In the early 20th century, the United States benefited from the efforts of "women of distinction like Anna

Botsford Comstock and Ellen Swallow ichards, while in Europe…… [Read More]

References

Asmar, Marwan. Dr. (31 December, 1999). "The makers of the 20th century." The Star (Jordan,

Middle East.

Cowen, Tyler. (January, 2000). "Who Says the Arts Are Dying?" USA Today (Magazine). (accessed 28 November, 2004). www.findarticles.com/cf_dls/m1272/2656_128/58576593/p1/article.jh).

Kohlstedt, Sally Gregory. (22 March, 2004). "Sustaining gains: reflections on women in science and technology in 20th-century United States." NWSA Journal.
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Public Accounting Corporate Accounting and

Words: 3822 Length: 14 Pages Document Type: Essay Paper #: 3509043

This role is in response to clients' demands for a single trustworthy individual or firm to meet all of their financial needs. However, accountants are restricted from providing these services to clients whose financial statements they also prepare." (U.S. Department of Labor, ureau of Labor Statistics, 2009)

1. Public Accounting

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

Bibliography

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

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

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

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

Words: 1696 Length: 5 Pages Document Type: Essay 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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International Accounting Standards There Is

Words: 1969 Length: 5 Pages Document Type: Essay Paper #: 12953224

Apart from this FASB has decided that capitalization of IP&D will only apply to business combinations. When assets are purchased, and they are not viewed as businesses under GAAP in U.S., would continue to have IP&D as expenses. One of the results could be to have businesses which are now following GAAP to find out new methods so that they could avoid capitalizing IP&D. The importance of this issue can be seen in the following statement by David Mosso, the FASB chairperson "ule 203 status adds that weight by strengthening the link between Federal financial accountants and the rest of the profession."

Conclusion:

To conclude, it could be said that getting information regarding accounting changes is not so difficult today. There are many issues on accounting and auditing that can be resolved through the search of sites that exist for the purpose of providing accounting and auditing related information.

End…… [Read More]

References

Brackney, Kennard S; Witmer, Philip. R. The European Union's Role in International Standards

Setting: Will bumps in the Road to Convergence Affect the SEC's Plans? The CPA Journal. November, 2005. Retrieved at http://www.nysscpa.org/cpajournal/2005/1105/infocus/p20.htm. Accessed 14 November, 2005

De Bell, Tony; D'Arecca, James. Sweeping Changes Coming in Worldwide M&A Accounting. 20

October 2005. Retrieved at http://www.cfodirect.com/cfopublic.nsf/vContentPrint/1CBFC24756BEFCEA852570A0006590DA?OpenDocumentAccessed 14 November, 2005
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Framework for Awarding Audit Contracts by US Government Departments Agencies

Words: 15848 Length: 58 Pages Document Type: Essay Paper #: 43068824

awarding audit contracts by U.S. government departments and agencies

Audit Management

Red

Rationale for and Objectives of the project

main and secondary

esktop or literature search

Rationale for Search Methodology

LITERATURE/ESKTOP RESEARCH

Authoritative sources

esktop Findings

Justification for audits

Evolving role of auditors

Types of audit contracts

Understanding the Audit Process

Best practices and benchmarking

Terminology

Case Studies

Audit management is a fundamental element in government accountability, control and performance management. Certainly there is justification within the Federal government to conduct audits of contracts for the procurement of goods and services.

It is imperative that Federal programs and agencies obtain reasonable assurance that the vendors they are dealing with are providing fair and adequate services based on contract specifications and government regulations. Federal agencies need to insure that their basic financial statements are free of material misrepresentation, that their performance is in compliance with certain expressed provisions of laws, regulations,…… [Read More]

Domestic & Foreign Product Preferences, Briefing Papers, Second Series, December 2000 (John W. Chierichella, Jonathan S. Aronie, Andrew Skowronek)

When is Information Confidential? The Government and Courts' Ongoing Tug-of-War over FOIA's Exemption 4 Leaves Contracts Professionals in a Bind," Contract Management, November 2000 (Jonathan S. Aronie, John W. Chierichella, James J. McCullough)

The Government's Assault of FOIA Exemption 4: Do You Know Where Your
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Difference Between Public and Private Entity Accounting

Words: 966 Length: 3 Pages Document Type: Essay Paper #: 74980879

Public Finance

Philosophy of public finance

All states must raise some sort of revenue to pay for the basic services it must offer to protect its citizens and provide them with needed services. The degree to which the state should act in such a supportive fashion may vary depending on the perspective of the individual but the notion that some state financing is needed for a nation to be functional is difficult to debate. Taxation is one of the primary methods through which the state extracts revenue. Although there are many different competing philosophies about the purpose of government financing, most would agree that the government can serve as an engine of growth if it allocates its assets in an appropriate manner.

One of the most influential texts defining a philosophy of public financing was that of ichard Musgrave's The Theory of Public Finance. Musgrave's (1959) text stressed that "normative…… [Read More]

References

Bartle, J., Scott, D. & Shields, P. (2008). Applying pragmatism to public budgeting and financial management. Association for Budgeting and Financial Management conference.

Retrieved from:  https://digital.library.txstate.edu/handle/10877/3995 

Financial accounting. (2015). National Center for Educational Statistics. Retrieved from:

 https://nces.ed.gov/pubs2004/h2r2/ch_3.asp
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Accounting for That Quite Likely

Words: 2684 Length: 7 Pages Document Type: Essay 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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Accounting Has Been Nothing if Not a

Words: 937 Length: 3 Pages Document Type: Essay Paper #: 89936224

Accounting has been nothing if not a dynamic, global discipline over the last two decades. The role of the accountant has changed dramatically during that time and will continue to do so -- as will the nature of the challenges that the accounting profession faces"

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

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

References

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

2011. Periso. Accessed:

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

Parker, Lee D. 2002. Reinventing the managerial accountant. Glasgow University.
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Accounting CPA Ideas 1- My Story I

Words: 594 Length: 2 Pages Document Type: Essay Paper #: 4523176

ccounting CP. Ideas 1- My story: I a young, my father gave responsibility manage budget house. School I control budget Volunteer

Personal statement: Why I want to obtain an MSc in ccounting

Ever since I was young, I have had the responsibility of balancing a budget. My father encouraged me to manage some of the household finances, and by the time I was selected in school to oversee the treasury of the volunteer club, I felt very comfortable and confident with bookkeeping. Majoring in accounting when I went to college seemed like a natural extension of my interests and aptitudes. I graduated with a B.. In accounting from King Saud University in 2009. However, even then I knew that obtaining a B.. was only the first step in gaining mastery of the profession. I already knew I wanted to go on to get my MSc in ccounting but decided to…… [Read More]

After graduating, I obtained a job at the Saudi Arabian Monetary Agency, where I am currently employed. I am charged with supervising the Agency's financial statements and the accounting details of insurance companies. My work has enabled me to put my academic knowledge into practice, and has been a constant, daily education in the need for rigor, efficiency, and wide and deep knowledge of international accounting standards and ethics. But like all positive experiences, my work life has also showed me what I do not know about the accounting field. I wish to gain a broader and more flexible skill set to be better able to cope with the demands of the profession. The profession is changing at a rapid rate. I have been amazed how quickly my nation and the world have evolved in terms of accounting standards and ethics since 2009.

My work experience whetted my appetite for more knowledge about the field of accounting. I have come to better understand the different ways in which modern global business demands new forms of accounting and monitoring business processes. Government regulations are constantly changing regarding how financial statements must be prepared, as are the needs of businesses in the new global economy. Accountants must meet these challenges head-on, and obtaining my MSc would better equip me to do so. Becoming a part of a formal MSc program would also connect me with a network of fellow professions, whose diverse work experiences would instruct me.

I have chosen to purse an MSc in Accounting at University which emphasizes team-based learning and will offer a flexible curriculum so I can tailor my education to my needs. I believe that I have enough experience to know how to guide my education, while supported by the outstanding faculty of the school. Because of my experiences I am confident I would be an asset to any classroom. I would be able to offer my knowledge to support what was being taught in class with real-life experiences. After obtaining my MSc, I intend to become a CPA and open my own business. Obtaining an MSc would give me the knowledge and platform to act independently as an accountant and to serve in my profession to the maximum extent of my abilities. Much as I have enjoyed working for a government agency, I believe it is in private practice where my full ambitions can be realized. My MSc would thus also give me a needed grounding in managerial theory that I would require to manage my own office of fellow accounting professionals.
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Accounting New Responsibilities

Words: 1280 Length: 4 Pages Document Type: Essay Paper #: 82193912

Accounting Profession: New Scrutiny and esponsibilities

While many people treat the accounting profession as something which lacks glamour and prestige, ordinary civilians often don't realize how crucial the accounting profession is to the world at large. The accounting departments in major firms are often what provides a foundation for most companies to be able to do what they do and accomplish tasks as needed. Accountants are the ones who are able to keep track of all the finances that are going out vs. what is coming in. Given the "new normal" in the world of corporate finance in light of the more recent corporate scandals, the work that accountants do have a greater level of importance. Accountants are now under greater scrutiny and have greater levels of responsibility: the accounting departments in major firms are now seen as ethical watch-dogs.

The skills and knowledge required in being an accountant are…… [Read More]

References

Balassone, J. (2014). Ethical Meltdown: Red Flags for Directors. Retrieved from scu.edu:

http://www.scu.edu/ethics/practicing/focusareas/business/red-flags.html

Einhorn, W.M. (2003). Ethical Accounting Practices and the Pressures on CPAs.

Retrieved from nysscpa.com:
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Accounting Code of Conduct The

Words: 1283 Length: 4 Pages Document Type: Essay 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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Government Regulation Is Needed Citing the Major

Words: 1172 Length: 4 Pages Document Type: Essay Paper #: 57069958

government regulation is needed, citing the major reasons for government involvement in a market economy.

Markets can serve as efficient methods to distribute and allocate resources. However, there are many cases in which the system can actually produce severe inefficiencies. One problem that the world is currently facing is accounting for externalities; especially in regards to environmental issues and climate change (Tietenberg & Lewis, 2000). Other examples can include monopolistic conditions in which firms can charge more for their products and services than under conditions of competition.

Other inefficient economic conditions that can arise under situations of monopoly or oligopoly are that there are significant barriers to entry in the industry. These barriers are constructed by factors such as high fixed costs, availability of resources, and brand loyalty. Smaller firms that wish to enter the market will not have the necessary resources to compete with these large firms. Also in…… [Read More]

Works Cited

Close, A. (N.d.). Decomposing Brand Loyalty. Retrieved from Terry College of Business: http://faculty.unlv.edu/angeline/CloseLoyaltyLogit.pdf

Fich, E., Rice, E., & Tran, A. (2011, July 21). Merger bonuses, synergies, and target shareholder wealth. Retrieved from MBS:  https://research.mbs.ac.uk/accounting-finance/Portals/0/docs/Merger%20bonuses,%20snergies,%20and%20target%20shareholder%20wealth.pdf 

Michaels, R. (N.d.). Electricity and Regulation. Retrieved from Economics and Liberty:  http://www.econlib.org/library/Enc/ElectricityandItsRegulation.html 

Tietenberg, T., & Lewis, L. (2000). Natural Resource Economics. New York: Pearson.
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Government Bonds and Associated Risks

Words: 668 Length: 2 Pages Document Type: Essay Paper #: 99460593

Treasury Securities and Business isks

What is meant by "risk-free?"

isks are unplanned occurrences that affect the normal occurrences within a business or any other project. A risk-free scenario is anything that occurs without the possible occurrences of risks. Therefore, in an economic undertaking, risks are occurrences that occur contrary to the planned business or economic programs (Garbade, 2012). Thus, a risk-free status refers to a business occurrence where the established safety measures work towards alleviating the possibility of risk occurrences. Everything that is done incorporates many risks in place. isks occur within a specified framework of work that is contrary and unplanned within an economic setup. As much as risks are founded within any business, businesses will resort to possible avenues where they are not going to encounter or meet any possible risks that will work against their business strategies and plans. In a free rate of business, a…… [Read More]

References

Bhansali, V. (2011). Bond Portfolio Is Investing and Risk Management: Positioning Fixed Income Portfolios for Robust Returns after the Financial Crisis. New York: Mcgraw-Hill.

Garbade, K. D. (2012). Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression. Cambridge, Mass: MIT Press.
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Accounting System Implemented at Chic Paints Limited

Words: 5463 Length: 19 Pages Document Type: Essay Paper #: 80489325

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…… [Read More]

References

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].
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Accounting Systems Assessing the Current and Future

Words: 1344 Length: 5 Pages Document Type: Essay Paper #: 64927331

Accounting Systems

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…… [Read More]

References

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.
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Accounting Fraud of Countrywide

Words: 3486 Length: 9 Pages Document Type: Essay Paper #: 30783221

Countrywide Accounting Fraud

In the year 1969, David Loeb moved to NY from Virginia to begin a home loan and advance organization named as "United Mortgage Servicing." He was joined by his trusted aide Angelo Mozilo. Both shared common dreams of big money and making their presence felt across the nation. The sole owner of the firm, David Loeb had to, under pressure of work, circumstances and colleagues part with half of the ownership. David Loeb and Angelo Mozilo became equal partners of the new firm that they formed, "Countrywide." They began their operations from and opened their new office in California. Angelo Mozilo was a very forceful and opportunistic marketer, and began pushing for contracts in the market aggressively. The organization was chipping away at two fundamental boards; David's NY-based credit exercises and Mozilo's home loan plot trades in the city of California. After they attempted to present open…… [Read More]

References

Chomsisengphet, S., & Pennington-Cross, A. (n.d.). Federal Reserve Bank of St. Louis Review, 88(1),(January/February 2006), 31 -- 56.

Freeman, W., Wells, P.A., & Wyatt, A. (2013). Insights from the Failure of the Countrywide Financial Corporation (SSRN Scholarly Paper No. ID 2275772). Rochester, NY: Social Science Research Network. Retrieved from http://papers.ssrn.com/abstract=2275772

Karlan, D.S., & Zinman, J. (2013). Long-Run Price Elasticities of Demand for Credit: Evidence from a Countrywide Field Experiment in Mexico (SSRN Scholarly Paper No. ID 2272723). Rochester, NY: Social Science Research Network. Retrieved from http://papers.ssrn.com/abstract=2272723

Michael Hudson. (2011, September 23). Mortgage industry tanks, fraud continues at Countrywide. Retrieved December 19, 2014, from http://www.publicintegrity.org/2011/09/23/6706/mortgage-industry-tanks-fraud-continues-countrywide
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Government Can Strategically Reduce the

Words: 1976 Length: 7 Pages Document Type: Essay Paper #: 75663856

When evidence accumulates that the international system is developing in worrying ways, then the overall force development strategy can be modified to counter this - by either expanding or contracting particular hedging substrategies as appropriate" (p. 1).

Essentially, a hedging strategy would allow the U.. To 'hedge its bets' against unexpected attacks, while focusing its limited resources on the most obvious threats. While such a strategy could potentially backfire, the odds are stacked highly against a surprise enemy, and thus may be a reasonable avenue to pursue.

Considering the enormous chunk of the national budget that is spent on military defense (see appendix C), the most obvious solution to reducing the costs of war is to simply cut back on the amount of funds allocated to national defense. The U.. Defense spending is astronomical compared to other countries, and while it is important to be protected, there is such a…… [Read More]

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Accounting The Field of Finance Largely Concerns

Words: 580 Length: 2 Pages Document Type: Essay Paper #: 25055316

accounting?

he field of finance largely concerns itself with investment analysis and the management of funds. he fields of accounting and finance are distinct from each other. Essentially, finance, from the occupational perspective, has largely got to do with the efficient procurement and utilization of funds. On the other hand, still from an occupational perspective, accounting largely concerns itself with the examination and analysis of financial data, and preparation of financial statements. It should, however, be noted that the roles of both professions do in some cases overlap. Indeed, accounting according to Khan and Jain (p. 1.5) should be viewed as a finance sub-function.

In a typical corporation the finance function is divided into two divisions, or departments. What are they? What does each department do?

he finance function is typically divided into the financial accounting and management accounting divisions. Management accounting in the words of Drury (2006, p. 7)…… [Read More]

There are a variety of factors that could affect the price of a company's stock. Key amongst these include: economic shocks/conditions (including, but not limited to, natural disasters and wars), business environment, and the firm's internal dynamics (including the financial management decisions made by the key officers) (Parrino and Kidwell, 2009).

7. What's wrong (if anything) with saying the basic financial goal of a business is to "maximize profits?"

According to Drury (2006), there
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Accounting Practices of Bmy Bristol Myers Squibb

Words: 699 Length: 2 Pages Document Type: Essay Paper #: 48840711

Bristol-Myers Squibb (BMS) is a multinational pharmaceutical company founded in 1989 from two other companies founded in the 1800s. It is headquartered in New York City with revenues of over $9 billion and almost 30,000 employees worldwide. The company manufactures pharmaceuticals in several therapeutic areas: cancer, cardiovascular disease, diabetes, hepatitis, rheumatoid arthritis, HIV, and psychiatric disorders. The company's primary research sites are located in New Jersey, Connecticut, Belgium, Tokyo, and Bangalore, India. The company has had some rough times in the past few years, and has been involved in a major restructuring that focuses on both the pharmaceutical and biological products divisions. This restructuring also includes productivity initiatives and cost-cutting/streamlining business operations through a program of layoffs and reduced subsidies for retirees and pensions plan reductions (Dey, 2010).

Accounting Fraud - BMS was involved in a major accounting scandal in 2002 that resulted in the need to drastically restate revenues…… [Read More]

REFERENCES

Bristol-Myers Squibb Company. (2012). Audit Committee Charter. Retrieved from:

 http://www.bms.com/Documents/governance/audit_charter.pdf 

Dash, E. (August 5, 2004). Bristol-Myers Agrees to Settle Accounting Case. The New York

Times. Retrieved from: http://www.nytimes.com/2004/08/05/business/bristol-myers-agrees-to-settle-accounting-case.html
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Government Acquisition

Words: 2447 Length: 7 Pages Document Type: Essay Paper #: 30249242

Governmental acquisition can involve many different things. It is important for organizations that deal with governmental acquisition to understand why they do various things and what it is that they must do (Angelis, 35). This helps them not only comply with many of the financial management laws that have been created, as well as regulations dealing with these things, but it also helps manage costs as well (Angelis, 35). This is a very critical step in being able to define outputs, develop systems, identify customers, and trace and collect the costs of the various resources that they have all the way through to the outputs that they produce (Angelis, 35).

There are many different models that are designed for collecting and tracing these costs but the most popular one is known as the ABC model (Babbitt, 4). This stands for activity-based cost and it is important to look at how…… [Read More]

Works Cited

Angelis, D. (2001). Implementing activity-based management in an acquisition organization. Acquisition Review Quarterly, 35-39.

Babbitt, G.T. (1998). War fighters are priority one. AFMC Leading Edge, 40(9), 3-4.

Babbitt, G.T. (1998). Briefing to the American Society of Military Comptrollers & Society of Cost Estimating and Analysis.

Ely, R. (1997). Accounting and accountability. AFMC Leading Edge, 39(7), 4-9.
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Accounting a Great Prospective Major

Words: 2366 Length: 7 Pages Document Type: Essay Paper #: 53299913

Accountant

hy I Chose Accounting

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

Works Cited

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

Web. 8 Jul 2016.

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

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

Words: 921 Length: 3 Pages Document Type: Essay Paper #: 92052025

Pension Plan GAAS Changes

GAAS has implemented changes to Pension Plan reporting that go into effect on June 15, 2013 for Statement 67 and June 15, 2014 for Statement 68. This will affect the accounting and financial statement reporting of governmental organizations. Pension expense liability will be reported on the balance sheet to show a clearer picture of the organization's obligations, as well as more disclosure requirements and additional supplementary material.

Under Statement 67 the Net Pension Liability (NPL) is equal to the Total Pension Liability (TPL) minus the Plan Fiduciary Net Position (PFNP). The NPL must be reported on the balance sheet in the government wide financial statements (Kausch, 2012). The TPL is the liability for projected benefits attributable to post service, including automatic COLAs and substantively automatic ad hoc COLAs. It is determined on a historical pattern base, consistency of amounts, and evidence that they might not be…… [Read More]

Bibliography

Comprehensive Annual Financial Report. (2011, June 30). Retrieved from Employee's Retirement System of Georgia: http://netcommunity.gsu.edu/NetCommunity/Document.Doc?id=1073

Kausch, D. (2012, Oct 8). GASB's and Moody's Proposed Changes. Retrieved from TMRS: http://www.tmrs.org/down/seminar/2012/FT3_GASB_Moody's.pdf
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Accounting and Finance Salaries in New York and Florida

Words: 950 Length: 2 Pages Document Type: Essay Paper #: 52973066

Salaries within two distinct geographic regions often vary substantially. Employers within a market economy must compete for talent and labor in the same manner in which they compete for customers. Employers must therefore entice perspective candidates with a compelling value proposition relative to peers. This proposition often includes aspects such vacation, retirement plans, and special rights and privileges. A major component of the ability of a company to attract and retain talented candidates is salary. Two economic forces heavily influence pay differences within respective regions of the country. One of which is cost of living within the particular area. Cost of living in particular has many variables that comprise it (Dohrn, 1996). Aspects such as living expenses, taxes, inflation, and transportation are all components within the cost of living calculation. A higher cost of living often demands a salary premium when compares to other, less expensive areas. The second economic…… [Read More]

References

1) Dohrn-van Rossum, Gerhard,, (1996). History of the hour: Clocks and modern temporal orders. Thomas Dunlap (trans.). Chicago: University of Chicago Press.ISBN 9780226155104.

2) Finley, Moses I. (1973). The ancient economy. Berkeley: University of California Press. p. 65

3) Thompson, E. P. (1967). "Time, Work-Discipline, and Industrial Capitalism." Past and Present 38: 56-9
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How the Different Accounting Methods Can Affect a Taxpayers Income

Words: 589 Length: 2 Pages Document Type: Essay Paper #: 22809053

Accounting Methods and Taxpayer Income

Depending on the type and size of company you own, the methods used to conduct your business accounting can vary greatly, and these differences may have significant impact on the eventual amount of income declared to the Internal evenue Service when you file taxes. Sole proprietors and small business owners who have not fully incorporated typically rely on cash-basis accounting, which is the "major accounting method that recognizes revenues and expenses at the time physical cash is actually received or paid out" (Investopedia, 2011). Using this accounting technique is simpler for small businesses that operate on a local level, and allows the business owner to avoid the costs of hiring a professional bookkeeper. Cash-basis accounting also leads to a greater degree of manipulation, in the form of "under-the-table" payments, handshake agreements and deliberate fabrication of expenses. Large companies and corporations opt for the second major…… [Read More]

References

Accrual accounting (2010, May 09). Forbes Financial Glossary, Retrieved from http://www.forbes.com/sites/forbesfinancialglossary/2011/07/12/accrual-accounting/

Cash basis accounting. (2011, June 21). Investopedia, Retrieved from  http://www.investopedia.com/terms/c/cashbasis.asp?partner=forbes-pf
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International Accounting and Auditing Standards

Words: 1877 Length: 6 Pages Document Type: Essay Paper #: 72735239

Accounting

International Accounting and Auditing Standards

International public sector accounting standards (IPSAS) are developed and put forth by the International Public Sector Accounting Standards Board of the International Federation of Accountants (IFAC). International private sector accounting standards are known as International Financial Reporting Standards (IFRS). They are put together and put forth by the International Accounting Standards Board (IASB), a self-governing standard generating body of the International Accounting Standards Committee Foundation. The IFRS for SME's is a self enclosed standard, intended to meet the requirements and abilities of small and medium-sized entities (SME's), which are anticipated to comprise over ninety five per cent of all corporations worldwide. It is constructed on the basis of full IFRSs, yet, a lot of the principles for distinguishing and gauging assets, liabilities, earnings and expenses have been cut down, subjects not relevant to SME's have been left out, and the amount of necessary revelations…… [Read More]

Works Cited

Barth, Mary E. "Global Financial Reporting: Implications for U.S. Academics." Accounting

Review 83.5 (2008): 1159-1179. Business Source Premier. EBSCO. Web. 6 July 2011.

Hail, Luzi, Christian Leuz, and Peter Wysocki. "Global Accounting Convergence and the Potential Adoption of IFRS by the U.S. (Part II): Political Factors and Future Scenarios

for U.S. Accounting Standards." Accounting Horizons 24.4 (2010): 567-588. Business
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Ethics and Friedman and Accounting

Words: 1788 Length: 5 Pages Document Type: Essay Paper #: 44317438

Accounting and Ethics

The stakeholder model should be implemented in combination with Friedman's shareholder model

In his article, "The Social esponsibility of Business is to Increase its Profits" published in 1970's reputed "The New York Times" Magazine, Friedman debates in favor of precisely what the article's title states. He alleged that corporate social responsibility (CS) was a diversion from the economic rudiments of business that helps in capitalization of profits and yields to shareholders. In his article, when he raised the description of advocates of CS he stated, "The businessmen believe that they are defending free enterprise when they declaim that business is not concerned 'merely' with profit but also with promoting desirable 'social' ends; that business has a 'social conscience' and takes seriously its responsibilities for providing employment, eliminating discrimination, avoiding pollution and whatever else may be the catchwords of the contemporary crop of reformers (Kristin, 2009; pg 7)."…… [Read More]

References

Kristin, T. (2009). Corporate social responsibility. Baylor Business Review 27.2: 20-23. Accessed from: http://search.proquest.com.vlib.excelsior.edu/docview/201178507/fulltext/C6BB33CFBD5D4C0EPQ/9?accountid=134966

Coelho, P.R.P., McClure, J.E.; Spry, J.A. (2003). The social responsibility of corporate management: A classical critique. Mid - American Journal of Business 18.1: 15-24. Accessed from: http://search.proquest.com.vlib.excelsior.edu/docview/214180754/fulltext/C6BB33CFBD5D4C0EPQ/7?accountid=134966

Henry, M (2006). Wall Street Journal, Eastern edition, New York, N.Y: A.12. http://search.proquest.com.vlib.excelsior.edu/docview/308654354/fulltext/C6BB33CFBD5D4C0EPQ/14?accountid=134966

Lantos, G.P. (2001). The boundaries of strategic corporate social responsibility. The Journal of Consumer Marketing 18.7: 595-630. Accessed from: http://search.proquest.com.vlib.excelsior.edu/docview/220124077/fulltext/C6BB33CFBD5D4C0EPQ/10?accountid=134966
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Financial Accounting Business Report

Words: 1009 Length: 4 Pages Document Type: Essay Paper #: 59234359

Lease Accounting Changes

The author of this report is asked to answer to three major questions, all relating to the recent changes in accounting for leases under the Australian accounting standard both before and after the country's adherence of the IFS (IFS, 2013). The first point to answer to is the standard prior to the IFS update relating to accounting for leases. The second point is to provide for the present approach taken by the Australian IFS on the question of recognition, measurement, and presentation of leases and the reasoning behind said approach. Finally, a summary of future global developments relating to the changes with the current IASB standard for accounting for leases and how this all might affect the Australian standards going forward is also requested.

Questions Answered

Per a recent publication by PriceWaterhouseCoopers, there is a clear and precise explanation of the changes at hand and how things…… [Read More]

References

AASB. (2013, September 2). AASB - Home. AASB. Retrieved September 2, 2013, from www.aasb.gov.au

Finance Agency. (2013, September 2). Department of Finance and Deregulation. Department of Finance and Deregulation. Retrieved September 2, 2013, from    http://www.finance.gov.au/   

IFRS. (2013, September 2). IFRS

Home. IFRS
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International Regulation Accounting Standards and Australia Background

Words: 2902 Length: 10 Pages Document Type: Essay Paper #: 39773148

International egulation, Accounting Standards and Australia

Background and Need for egulation

International regulation is a necessity in the finance arena as the world bears a high rate of interconnection, particularly via banking and accounting. In 2008, Europe was given international accolades for its attempts to strengthen the world financial system and protect nations all over the world from a serious crisis. "Europe led the way last year in facing down the global financial crisis, restructuring our banking system and strengthening the global financial system. The European Union was also at the forefront in calling for a new forum for economic cooperation of G-20 leaders. And from the outset of the crisis, it was Europe that promoted the fiscal stimulus -- and sought to coordinate it globally -- that has been a major factor in preventing recession becoming a world-wide depression" (Brown & Sarkozy, 2009).

The reality is that in order…… [Read More]

References

AAsb.gov.au. (n.d.). General Information. Retrieved from Aasb.gov.au: http://www.aasb.gov.au/About-the-AASB/For-students.aspx#qa1284

Beke, J. (2011). International Accounting Standardization. International Journal of Economics and Management Sciences, 37-50.

Bowrey, G. (2007). A discussion on Australia's adoption of International Accounting Standards. Retrieved from uow.edu.au: http://ro.uow.edu.au/cgi/viewcontent.cgi?article=1368&context=commpapers&sei-redir=1&referer=http%3A%2F%2Fwww.google.com.au%2Furl%3Fsa%3Dt%26rct%3Dj%26q%3Daustralia%2520benefits%2520of%2520standardised%2520accounting%26source%3Dweb%26cd%3D4%26cad%3Drja%26

Deegan, C. (2009). Financial Accounting Theory. New York: McGraw Hill .
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Governmental Accounting What Are the

Words: 2146 Length: 6 Pages Document Type: Essay Paper #: 8458792

The report reflects the actual figures. Variance columns are presented in comparing the actual with the revised budget. There is reconciliation between the budgetary basis and GAAP are presented on the comparison schedule. The major differences are in how they are reported. There are budgetary comparison schedules provided for reserve funds. All special reserves are included. ("Comprehensive Annual Financial eport," 2012)

3C. Look at the note that describes the basis of budgeting (usually in the Summary of Significant Accounting Policies). Is the budget prepared on the GAAP basis or some other basis? Are the differences, if any, between the budgetary basis and GAAP clearly explained? Does the note indicate that encumbrance accounting is used?

The budget is prepared on a GAAP basis. The differences between the two are clearly explained in the approaches. It is indicating that encumbrance accounting is not used. ("Comprehensive Annual Financial eport," 2012)

4A. Look at…… [Read More]

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Financial Accounting Lease Report

Words: 985 Length: 3 Pages Document Type: Essay Paper #: 23668778

Australian Accounting

The complicated world of finance, business and accounting in today's world justifies the firm's customer base's inquiry into some proposed changes in accounting standards for leases. The purpose of this report is to inform clients on current and proposed accounting standards that are affecting their means to do business. This report will first give a brief history of these standards before describing the current practices that are used by this firm. The report will conclude by highlighting some proposed changes to these standards and give a glimpse to the future of this firm and the way it conducts business and how it will affect reporting of financial information.

History

The application of accounting standards assists in the production of financial information that is used as the basis for decision making by a wide variety of stakeholders Cortese (2009). Accounting standards in Australia were initially developed by the professional…… [Read More]

References

Australia.gov. "Financial Regulation." Viewed 28 Aug 2013. Retrieved from http://australia.gov.au/topics/economy-money-and-tax/financial-regulation

Cortese, C. (2009). The power of history: accounting standard setting and the extractive industries in Australia. The 1st Accounting History International Emerging Scholars' Colloquium, University of Siena.

Delatribe, D. (2007) Getting along in the accounting world. Accountants Friend, 28 June 2007.

Financial Accounting Standards Board. "International Convergence of Accounting Standards, A Brief History. Viewed 28 Aug 2013. Retrieved from http://www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176156304264
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International Accounting Undergraduate Degree Accounting & Finance

Words: 2630 Length: 10 Pages Document Type: Essay Paper #: 9750196

International Accounting Undergraduate degree Accounting & Finance 1. The Assignment "Several organisations involved efforts harmonise accounting practices rregionally internationally. The important players effort European Union (regionally) International Accounting Standards Committee (IASC) ( IASB) (internationally).

There have been a series of efforts during recent years with the aim of developing a common agenda of accounting standards. The fact that there are several alternatives of accounting practices, for example, contributes to making it difficult for influential bodies to reach common ground concerning the matter. Institutions such as the European Union and the International Accounting Standards Committee (IASC) (currently called the International Accounting Standards Boards -- IASB) have played significant roles with the purpose of emphasizing the importance of international accounting standards.

ith society being composed out of distinct national economies, there has been little need for common accounting practices in the past. However, as the global economy has come to dominate international…… [Read More]

Works cited:

1. Alexander, D., & EBERHARTINGER, E. 2009. 'The True and Fair View in the European Union'. European Accounting Review Vol. 18, No. 3, 571 -- 594

2. Alexander, D. & Nobes, C. 2007. Financial Accounting: An International Introduction. Pearson Education.

3. Cool, K., & Goddard, G.J. 2006. International Business: Theory and Practice. M.E. Sharpe.

4. Fischer, P., Tayler, W., & Cheng, R. 2011. Advanced Accounting. Cengage Learning.
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Arthur Anderson Questionable Accounting Parctices Arthur Anderson

Words: 1276 Length: 4 Pages Document Type: Essay Paper #: 2375147

Arthur Anderson: Questionable Accounting Parctices

Arthur Anderson: Questionable Accounting Practices

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

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

References

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

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

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

Words: 567 Length: 2 Pages Document Type: Essay Paper #: 10512417

Accounting

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…… [Read More]

Works Cited:

QuickMBA. (2010). Double entry bookkeeping. QuickMBA.com. Retrieved October 12, 2012 from  http://www.quickmba.com/accounting/fin/double-entry/
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Value of Accounting Standards

Words: 3077 Length: 9 Pages Document Type: Essay Paper #: 22374555

Value of Accounting Standards

Accounting rules are designed to serve the capital markets and make these markets work efficiently. Accounting rules are essential to the efficient functioning of the economy because decisions about the allocation of resources rely heavily on credible, concise, transparent and understandable financial information. Without standard measures of the worth of a company, lenders and investors would have no way in which to evaluate the worth of the business, so these rules are essential to the capital markets. With the rise of multinational businesses, it is essential that these rules be uniform throughout the world. Generally accepted accounting principles (GAAP) are the accounting rules used to prepare financial statements for publicly traded companies and many private companies in the United States. In the United States, as well as other countries practicing English common law system, the government does not set accounting standards, in the belief that the…… [Read More]

Bibliography

Hunt, Isaac C. "Speech by SEC Staff: Financial Reporting and the Global Capital Markets." March 23, 2000. June 7, 2005. .

Leisenring, James J. "FASB Perspectives on the Development of International Accounting Standards." March 9, 1998. Financial Accounting Standards Board. June 6, 2005. .

Murray, John C. "Cross-Border Real Estate Transactions: The Development and Implementation of International Accounting Standards." 2000. June 6, 2005. .

"Seeking International Collaboration on Accounting Standards." October 21, 2003. Japan Business Federation. June 7, 2005. .