Essay on Accounting

choose accounting to be…

In accounting, goodwill is form of intangible asset measured like the difference between the purchased price of a company paid by acquirer and the sum of a fair value of the identifiable net assets of the acquired company at the date of acquisition. In business practice that is premium paid by acquirer over the net assets of an acquired company because of its reputation in the market, brand, high-quality management, expertise or know-how. Goodwill presents possibility for future growth and…

In this self-reflection paper I will point out some ethical issues discussed in class and provide examples of how accounting is much more than the numbers. In addition, the paper will include additional research in regards advices that will help me in the future to fulfill my responsibility to serve the public interest and avoid sliding down the slippery slope. Lastly, I will conclude with the lessons that I learned by taking this course. Through this class, I had the opportunity to understand…

believe that this is partly because as you go through an accounting degree it can be very easy to focus only on the rules and technicalities. However, this will lead a person to lose sight of other contextual influences that can help provide a more holistic understanding of the accounting process and its place in the world. The context that I come…

According to FASB’s The Structure of Establishing Accounting Standards, “The process of setting accounting standards can be described as democratic because like all rule-making bodies the board’s right to make rules depends ultimately on the consent of the ruled”. One of the advantages of the process is that external parties are invited to comment on exposure drafts or present testimony during roundtable discussions. The history behind SFAS No. 123 provides us with a prime example of external…

"Earning a certification in an accounting specialization or a masters’ degree in accounting could help boost career climbing, and if you haven’t earned your CPA, it 's something you may want to look at down the road." (Learn How to Become). Having a certification or degree can show that you know what you are doing…

safeguarding, systematizing, and suggesting concepts of wrong and right conduct. Basically, “doing the right things”. Ethical factor states that while certain actions might be both economical profitable and legal, they may be still not be right. Ethics in accounting which means making the ethically correct decision in estimation, handling and correspondence of monetary data about economic entities (A methodical recording of financial transactions relating to business. An accountant (often…

When discussing two of the world’s major accounting scandals, it’s important to first define what a “scandal” is. The most applicable definition is as follows: “an action or event regarded as morally or legally wrong and causing general public outrage.” Enron and WorldCom have certainly caused public outrage through their illegal, immoral, and unethical actions. While each scandal is in itself an expansive episode, they each have similarities and have both impacted the industry in ways that were…

The role of the accounting division in any organization is to provide accurate financial information and inform the top management of the risks involved in any business undertaking. Two major positions play a key role in identifying risks in an organization and developing risk control strategies. These positions are the ones held by an internal auditor and the CFO in an organization. As denoted by its name, the CFO in any organization is concerned with reporting the financial position of the…

control cannot be considered effective if there are any material weaknesses, the audit must be planned in a way to obtain appropriate evidence that is sufficient enough to obtain reasonable assurance. (Source: Auditing standard No. 5 of Public Company Accounting Oversight Board). It is essential to follow the below audit process 1. Identifying business objectives: What is the area the business is targeted at? We…