Essay on Accounting

The theory of accounting has been around for thousands of years. Accounting, also known as the language of business, is an information science used to collect, classify, and manipulate financial data for organizations and individuals, which has changed a lot throughout time. This field was established in 1494 by Luca Pacioli, an Italian mathematician. Throughout all these changes that have occurred since 1494, technology has become a major part in an accountant’s job. The advancement of technology gives accountants the ability to interpret the language of business with such ease that the accountant has become a corporation’s most trusted business advisor. Technology is the application of scientific knowledge for practical purposes. It has the…

Accounting can be a wonderful thing, once you look past all of the debit and credits that have to be balanced, and all the balance sheet. It can let us explore a world that not many people tend to travel to. A place where the world is ours, and all we have to do it grab it by its hand and start the journey. Where we can truly be our own boss. Where we can control everything that goes on within the business. To raise a business from the ashes, to a business that no one else can compete against.…

Cost Accounting Cost accounting refers to the internal financial system to track expenditures and costs within an organization. Such a system guide managers and decision-makers in their actions as they show the profit or loss of the organization within a specific period of time. Traditional accounting process considers only direct cost related to the product and skips many environmental and hidden costs. For example, if toxic materials are emitted during the development of a product, then it…

Management accounting is recognised as a working tool for organisations management. It performs the optimum link between labour, materials, machinery, production strategy and control function by supporting the management team in detecting company weak points and providing solutions to improve (Prasad & Sinha, 1990). Concentrates all accounting functions on the company administration with accounting analysis, budgetary control, costing. Also, recognised as the term that best describes the…

Upon the completion of this course I have come across topics that have interested me and increased my knowledge especially in the financial and accounting aspect. This course has introduced me to understanding the relationship between financial and accounting in making an effective strategic decision. In as much they sound alike they are different and used in different purposes, both accounts are important to the business but are used for different purposes. Financial statements are requirement…

On August 4, 2009, the Securities and Exchange Commission (SEC) fined General Electric Company (GE), $50M for reporting false and misleading financial statements. The transactions occur were not in compliance with Generally Accepted Accounting Principles (GAAP). Furthermore, the four accounting violations occur in 2002 and continued through 2003. The SEC identified risks that uncovered four separate accounting violations, and GE corrected the last of the violations in 2008. The violations are as…

Answer 1. The prime focus of a business organization is to generate profit and at times organization have practised illicit practices and illegal acts such as intentional deception (showing skewed results), misrepresentation of accounting information which is directed to result in profit to an individual and group of people. We can say that any illegal activities done by an individual or a group with the intention of making more money for organization when caught by the authorities or by any…

Management accounting is extremely beneficial for any business leader. It is futuristic. The tools and techniques of management accounting give a lot of insights through which proper decisions can be made by maximizing the profits and minimizing the costs of the company. With the help of management accounting, managers will be able to do three major tasks – Planning, Controlling and Decision Making (Reference 20). These three are the most important tasks for any organization in order to run…

The original program was written in 1978 and has endured more than three decades. The endurance of the software showcases not only its usefulness, but also the trust businesses have placed in it over the years. In its 2010 version, Peachtree Accounting fully integrated analytical software into its features. With this feature, you will be able to compare your company's revenue, gross margins and sales with competitors, see how your company ranks within your industry and view financial trends that…

of study to gather valuable tips and information. In the effort to find out more about the career that I chose, Accounting, I contacted a young auditor from E&Y and set up an interview with her. During the interview, the auditor provided me information about how she obtained her current position and what the accounting profession demands. She also gave me some advice about how to enter and remain competitive in Accounting. The following are specific details from the interview. Current position…