represents 10 percent of industry revenue, and tax consulting and general accounting, 5 percent each. Other services include computerized accounting systems, training, financial statement review and procedures, and management consulting. Some accountants have branched into accounting-related information technology consulting, business consulting, and personal financial planning. Small business owners often rely heavily on their accounting firms for advice.”
The target customer for Calculating by Carlson
use up within one year or its operating cycle, whichever is longer.
A balance sheet account that represents the value of all assets that are reasonably expected to be converted into cash within one year in the normal course of business.
In accounting, a current asset is an asset on the balance sheet which can either be converted to cash or used to pay current liabilities within 12 months. Typical current assets include cash, cash equivalents, short-term investments, accounts receivable, inventory
7. Describe responsibility centers and responsibility accounting
An organizational structure includes lines of responsibility within the organization. Responsibility is assigned to managers who are then held accountable for their actions in planning and utilizing company resources. Four different types of responsibility centers are cost centers, revenue centers, profit centers, and investment centers. Responsibility accounting measures budgeted and actual performance by responsibility center
UNIVERSITI SULTAN ZAINAL ASIDIN
SEMESTER II SESSION 2013/14
FACULTY OF BUSINESS MANAGEMENT AND ACCOUNTANCY
INSTRUCTIONS TO CANDIDATES
1. Answer ALL questions in the answer Booklet provided.
2. Begin each answer on a new page.
This Question Booklet consists of 5 printed pages.
MAS 3023/FPPP/SEMESTER II SESSION 2013/14
In the case of Accounting for Enron, the scandal of Enron was revealed in October 2001 and eventually led to the largest bankruptcy in American History at the time. Enron, an American energy company based in Houston, Texas, and the dissolution of Arthur Anderson, which was one of the five largest audit and accountancy partnerships in the world. Enron collapsed in large part because of unethical practices of its top officials; they abused their power and manipulated information, and
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Managerial Accounting and Cost Concepts Solutions to Questions
2-1 Managers carry out three major activities in an organization: planning, directing and motivating, and controlling. Planning involves establishing a basic strategy, selecting a course of action, and specifying how the action will be implemented. Directing and motivating involves mobilizing people to carry out plans and run routine operations. Controlling
ACCOUNTING CHANGES AND ERROR ANALYSIS
Answer No. Description
F 1. Change in accounting estimate.
T 2. Errors in financial statements.
F 3. Adoption of a new principle.
T 4. Retrospective application of accounting principle.
F 5. Reporting cumulative effect of change in principle.
T 6. Disclosure requirements for a change in principle.
T 7. Indirect effect of an accounting change.
T 8. Retrospective application impracticality.
F 9. Reporting
Running Head: MANAGEMENT ACCOUNTING
The Management Accountant in Business
[Name of the Writer]
[Name of the Institution]
The Management Accountant in Business
Tesco Public Limited Company is a merchandising retailer and a grocery retailer multinational chain which has it’s headquarter in Cheshunt in the United Kingdom. Tesco as compared to its counterparts, Walmart and Carrefour, is the world’s third largest retail store with regard to the revenues that it generates. Tesco stands
information events that has received immense attention and interest from market participants. Such interest, is well-founded as it is attributable to the usefulness of the particular accounting information (earnings) that they contain and communicate to their users (Investopedia, LLC, 2016).
In market-based economies, accounting information are useful in a sense that they enable market participants to determine future returns of investment opportunities and also keep tabs on managers’ usage of the investments
In recent years，some of the most maximal accounting frauds in history has occurred, leading to the well-known upheaval in the accounting history and be legal and supervised changes. These matters have left lawmaker, regulators, medicinal , and scholars searching for causes of these accounting frauds. Understanding the basement forces that gave ascending to these frauds is a necessary forerunner to effectively preventing future occurrences to happen. Many have suggested that the explanation
The Accounting Cycle
The accounting cycle consists of the following ten steps:
1. Analyze and classify events.
2. Journalizing the event.
3. Posting to the ledger.
4. Taking an unadjusted trial balance.
5. Making adjusting entries.
6. Taking an adjusted trial balance.
7. Prepare financial statements.
8. Complete closing entries and post to the ledger.
9. Take an after closing trial balance.
10. If needed, do reversing entries and post to the ledger.
This paper will discuss
Accounting technician is an occupation that is needed in many aspects of our society. If you like to work with mathematics, computer and money management, a suitable occupation for you is accounting technician. To achieve your goal, you need to be familiar with the job description and duties, working conditions, education and training program, job opportunities and financial aspects.
Job Description and Duties
Accounting technicians keep systematic
______________________________ James Nutter, D.A. Honors Director
OFF-BALANCE SHEET FINANCING Abstract In today’s world, leases appear far and wide; they are commonplace throughout the business and accounting frontiers. Accounting for leases, however, is not so clear cut. Since there are various ways to account for leases, many companies pick and choose which they feel best suits their situation, even when this sweeps dirt under the rug along
the way. The
An Analysis of Accounting Ethics
Ethics refers to the discipline that deals with the bad and the good and also with the moral duties as well as moral obligations (Stolowy and Breton 2004). As Weidmann and Lenzen (2006) points out, ethics entails doing the right thing. Accounting ethics is mainly in the area of applied ethics and at the same time, it is also a part of business ethics as well as human ethics. It is worth pointing out that the
Accounting is an information sciences used to collect, classify, and manipulate financial data for organizations and individuals. Accounting is instrumental within organizations as a means of determining financial stability. Accountants are responsible for determining an organization’s overall wealth, profitability, and liquidity. Without accounting, organizations would have no basis or foundation upon which daily and long-term decisions could be made. The budgets for marketing activities
KIER v CARILLION EXERCISE
BFM234: ACCOUNTING FOR NON-FINANCIAL MANAGERS
Table of Contents
Financial performance and position of Kier Group plc .................................
Financial performance and position of Carillion plc .....................................
Comparison of the financial performance and position between Kier Group plc and Carillion plc .........
The accounting standards have impacted everyone in business. This applies especially to the accountants since they need to keep up with the ever changing accounting standards and conceptual framework. In Tutorial 6’s activity, we were asked to research and find out exactly how accounting impacts the future generations. I managed to understand that researching new accounting techniques and improving the way we should be reporting our information in a better way through the video that we had to watch
in recognizing transactions?
ACC205: Principles of Accounting I
Cash vs. accrual: Is there a difference in recognizing transactions?
Cash and accrual based accounting are two ways use to record revenue or expense transactions. However, there is a difference in recognizing cash and accrual accounting transactions. Moreover, in cash basis accounting, a transaction is recognized when the money changes hands
* (h) The portion of a change of fair value relating to the entity’s own credit risk for financial liabilities measured at fair value utilising the fair value option is presented in other comprehensive income, except when that would create an accounting mismatch. If such a mismatch would be created or enlarged, the entity is required to present all changes in fair value (including the effects of changes in the credit risk of the liability) in profit or loss.
name of its journal from Cost Accounting to Management Accounting in 1965 and its own name to the Institute of Cost and Management Accounting in 1972. In 1986 it received its royal charter and became The Chartered Institute of Management Accountants (CIMA) (Allot, 2000). In the United States the National Association of Cost Accountants changed its name to the National Association of Accountants in 1958 (Scapens, 1991, p. 9). This organization became the Institute of Management Accountants (IMA) in
Fabricators sought bank financing for this purchase the company was offered the funds at 8%, but decided instead to let Jensen hold the note.What amount will Jensen recognize as interest income during 2013? A) $4,356
D) $010.Accounting for long-term credit sales transactions utilizing notes receivable A) ignores interest unless an interest rate is specified in the note.
B) makes it difficult to assess the degree to which a company's overall earnings are due to profitable credit
(MIA) as one of the requirements for MIA membership as a Chartered Accountant in Malaysia. A Chartered Accountant (with practicing certificates) can set up his or her own Public Practice and provide services such as accounting, audit, liquidation, tax and other related services. Many accounting graduates from overseas (e.g. UK, Australia, US, etc) take up ACCA studies after they return to Malaysia so that they can meet the requirements of MIA membership to be Chartered Accountants in Malaysia. (Visit MIA
ISSUES IN ACCOUNTING EDUCATION
Vol. 26, No. 4
American Accounting Association
Home Heaters: A Holistic View of the
M. Cathy Claiborne and Kirkland A. Wilcox
ABSTRACT: In this case, two start-up companies in the same industry have identical
economic transactions. Although both companies follow generally accepted accounting
principles (GAAP), each manager makes different choices and estimates when applying
GAAP. By preparing
Also, the metric was expensive and difficult to implement for small gains and had a poor value also stating the need to use alternative accounting methods. However, an activity-based recording was suggested to be used with the activity based accounting and not as a replace of any costing model. Instead, it would be used to transform concurrent process accounting into a more realistic approach (Wilson, 2015).
Traditionally, cost accountants arbitrarily added a huge percentage of analysis into the
CPA certification is more focused on tax accounting serving as an alternative to the CPA that is suited to tax accountants.
When it comes to experience it is not always required that an accountant gains experience, but is highly recommended. Gutierrez already had a position in a company and was learning about accounting from one of her employers before she decided to go to Boise State university to obtain a Bachelor 's degree in Business and Accounting. Her experience before her degree helped
ISSUES IN ACCOUNTING EDUCATION
Vol. 23, No. 2 May 2008 pp. 299–307
Assessing Audit and Business Risks at Toy Central Corporation
Christine E. Earley and Fred Phillips
[pic]s a senior in a professional services firm, you have been assigned to plan the financial statement audit of a private company named Toy Central Corporation (TCC). In addition, the partner on the engagement has asked you to identify business risks that could adversely affect TCC’s sustained profitability
11. In accounting for compensated absences, a company following the guidance in FASB Statement No. 43 would account for the liability using the:
Cash Basis Accrual Basis
a. Yes Yes
b. Yes No
c. No Yes
d. No No
12. In accounting for compensated absences, the differences between vested rights and accumulated rights is:
of time. It provides an idea of the company’s cash position, which includes the net increase and decrease, inflows and outflows of cash through three major components: operating activities, investing activities, and financing activities over an accounting period. The operating activities include the cash effects of transactions that create revenues and expenses. It helps determine net income for that year. The investing activities include the sales and purchases of the company. It also includes the
the characteristics of the corporate form of organization. Identify the key components of equity. Explain the accounting procedures for issuing shares. Describe the accounting for treasury shares. Explain the accounting for and reporting of preference shares. Describe the policies used in distributing dividends. Identify the various forms of dividend distributions. Explain the accounting for small and large share dividends, and for share splits. Indicate how to present and analyze equity. Explain
information is vital to accountants. This is where AIS or Accounting Information Systems come in, this practice was originally handled “in house” by most businesses, but as technology changed and businesses became more web based, software packages from developers such as Microsoft and Oracle are sold to assist businesses with their accounting needs. AIS was developed for the collection, storage, and processing of financial and accounting data. In most organizations A.I.S. are made up of interrelated
Sarbanes Oxley Companies
Sarbanes oxley act 2002 was passed on July 30, 2002 and only the public companies are now feeling its impact. This act frequently called the “most significant accounting or auditing legislation since the securities exchange Act of 1934”. After the implementation it has established its demands to the companies for proper management and disclosure of risk. Nortel networks is a giant corporate in telecom industry and as it is expected they also have faced the challenges
Accounting is a common thread which unites even the smallest neighborhood business with an organization identified as a Fortune 500 company. Every company, regardless of size or mode of operation, needs to support this function. If accounting is so universal, then, how do companies involved in diverse industries with unique processes prepare their books in the same manner? Well, there exist a common set of standards for entities to follow, but there are also standards specific to organizations
The Systems Development Life Cycle
By: LeDarius Norwood
October 20, 2013
Accounting Information Systems
A structure that a business uses to collect, manage, store, process, retrieve, and report financial data to accountants, consultants, high ranking corporate officers, or tax agencies is the prime definition of an accounting information system. Accounting information systems are responsible for every facet of numerical data in a company and a malfunction could potentially cause a disaster
Among the many language around the world one that is common worldwide is the language of Accounting. It allows us to communicate through financial statements, transactions, and analyzes. The main purpose of accounting is to keep systematic record of a company’s financial transactions, collect financial data, and make analysis. Many companies ask accountants for help to determine whether they have a profit or loss in their firm. The way this is done is through a balance sheet and income statement
Unit 9 Final Project: Integrity in Accounting
“In 2001 and 2002 corporate giants like Enron, Global Crossing, and WorldCom were forced to declare bankruptcy, and massive accounting and other irregularities were revealed… In response to the public outcry that ensued, the [Sarbanes-Oxley] Act was enacted” (Lander, 2004, p. 1). Officials feared that because of these scandals in the financial reporting industry that investor confidence would be lost, which would cause the economy to deteriorate.
Through history and the many years of accounting practice, a lot of accounting theories have been developed. Interestingly, many of those theories are grounded on the basis of prescribing and proposing how accounting processes should be performed. These are known as normative theories of accounting as they are not built on observation, but rather upon the theoristâ€™s deductive judgement, and subjective opinion (Goble 2009).
Accounting conceptual frameworks are good examples of normative
realty. It would have been difficult for Toshiba auditor Ernst & Young ShinNihon LLC to detect the fraud because the improper accounting was intentional, Although, it is hard to understand the nature of the difficulties that the auditor would have encountered, but given the sheer size of the misstatement, it implores the question as to why the auditor blind to the accounting irregularities (Fuse, 2015).
Japan Exchange group that runs under the Tokyo Stock Exchange decided to examine the need of improvement
Financial Accounting and Managerial Accounting
Financial accounting and managerial accounting are both used to deliver facts about the organization to a decision maker. Managerial accounting is often mentioned as “cost accounting”. This is the method of categorizing, calculating, investigating, understanding, and connecting data for determining the businesses goals. Managerial accounting and financial accounting vary in significant ways, managerial accounting is designed to assist managers in the
Accounting regulation is a principle that guides and standardises accounting practices. The Generally Accepted Accounting Principles (GAAP) are a group of accounting standards that are widely accepted as appropriate to the field of accounting. Accounting regulations are necessary so that financial statements are meaningful across a wide variety of businesses; otherwise, the accounting rules of different companies would make comparative analysis almost impossible. An accounting regulation is a guideline
Edward An-dersen was born. From an early age, the Andersens' son had a fascination with numbers. Little did his parents realize that Arthur's interest in numbers would become the driving force in his life. Less than one century after he was born, an accounting firm bearing Arthur Andersen's name would become the world's largest professional services organization with more than 1,000 partners and op-erations in dozens of countries scattered across the globe.
think straight, talk straight
Chapter 10 Accounting for Derivatives and Hedge Accounting IFRS 9 defines a derivative as a financial instrument or other contract within the scope of IFRS 9 that meets three criteria: 1. Its value changes in response to a change in an "underlying". The underlying can be the price of a commodity, such as soybeans, or a financial instrument, such as a fixed rate bond. It can also be a rate such as a foreign exchange rate or a specified interest rate, for example, the London Interbank Offer Rate; It
C) Discuss the extent to which IAS 21 is likely to enhance the comparability of financial statements of listed companies in Europe and Australia.
Accounting standards around the world were immensely diverse. Each country had different accounting standards and methods of calculation within their country. Over time many listed companies and corporations have become international and have spread globally. Individual standards caused a large number of rework and comparison issues in order to prepare
Accounting information – Coursework
Some academics believe that there is a direct relationship between accounting information systems and organisations. It is thought there is a two-way system whereby organisations shape their accounting information systems but are also shaped by them. This report will look at the highlighted relationship and in the context of the information literacy and management skills that are needed by an accountancy graduate in the 21st Century. The report will also cover
The primary difference between accounting and finance is that accounting emphasizes _____ whereas finance emphasizes ___.
Student Response Value Correct Answer Feedback
1. cash flows; profits
2. profits; cash flows 100%
3. profits; book value
4. book value; profits
5. book value; cash flows
2. Corporation 2
The main advantage to a corporation is_______.
Student Response Value Correct Answer Feedback
1. double taxation
Accounting calls for the use of estimates in the preparation of the required financial statements. Estimates in this case relate to the use of precise amounts in financial statement elements that cannot be precisely determined. Therefore the amounts are subjective and lack precision because they are plagued by the use of subjective management foresight to determine the values utilized in the financial reports. Where the use of estimates is encouraged there is definitely a lack of accuracy and
Adding value means it is expected that the IT of the WestJet and consisting to the business in areas like ease of use, the satisfaction of customer, profitability and productivity. Furthermore, Smith could use accounting-based metrics to measure in adding value area. For example, save for cost, investment returning, or even qualitative checking. So it is a positive area to calculating.
It is very important and emergency for WestJet that Smith has