Accounting scandals

not certain on the path I wanted to follow. Finally, I decided to become an engineer, but that was not my final call. During the fourth year of my engineering career, I took an Accounting class that made me change the course of my future. I enjoyed that class so much that I decided to follow an Accounting major. Accounting is defined by the American Institute of Certified Public Accountants, AICPA, as “the art of recording, classifying, and summarizing in a significant manner and in terms of…

The variable cost is $1 per flange for materials, and $2 per flange ($20 per hour divided by 10 flanges per hour) for direct manufacturing labor. 2. The inventoriable (manufacturing) cost per unit for 5,000 flanges is $3 × 5,000 + $20,000 = $35,000. Average (unit) cost = $35,000 ÷ 5,000 units = $7 per unit. This is below Fred’s selling price of $8.25 per flange. However, in order to make a profit, Graham’s Glassworks also needs to cover the period (non-manufacturing) costs…

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…

improve them in a professional setting, and there is no way to improve them but being in a real work field. During the internship I recognized that I need to enhance my communication skills. I could handle the conversations but I needed to improve the accounting language used in the conversation, which I tried to overcome…

of the customers, general ledger accounts, purchase orders, list of inventories, and more. Graciously, I have learned to do provide outstanding services using SAP. SAP is driven by using transaction codes, also known as, T-codes. For example, in accounting we deal with general ledgers, accounts receivables and payables, banks, and fixed assets. To post a journal entry you must determine the type of transaction and the components of the entry like your debits and credits. For instance, suppose…

In other literature, before these phases there is other phase is called Pre-study phase: Pre-study phase The main objective of this phase is to ensure that the study to be done is properly targeted, that there is sufficient information to proceed with the study and that all the parties involved are well coordinated. According to Norton et.al (1995) there are a few distinct activities that characterize this phase namely the following: a. Orientation meeting The VM facilitator, the…

conduct of managers and to compose economic arrangements (Chinniah, 2015, p. 1). The consumers of the financial statement may consider the financial information received as dependable and appropriate for its function (p. 1). Chinniah indicates accounting standards and regulations have been put in place to try to certify the financial information provided is consistent with these standards, regulations, and is reliable and dependable for its consumers (p. 1). Nevertheless, as the world has…

budgeting and quality control are three areas that I utilize managerial accounting in every day in my current position as the Operations Manager. With the focus of Managerial Accounting being to identify, interpret, measure and communicate both information and data relevant to help the organization pursue and achieve its goals, you can see from these specific examples how it helps me to meet the expectations of my job. Cost Accounting goes beyond just the reporting of information and the…

“management accounting is a profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization’s strategy” (para. 1). In other words, management accounting focuses on the information that is needed by internal users (Horngren, Harrison, & Oliver, 2012). Therefore, internal users will apply management…

Because of this there will be opportunities for New Zealand education institutes to offer courses either using partnerships with Thai institutions or through branch campuses established in Thailand. However foreign institutions must meet Thai accounting and auditing requirements. These requirements mean that companies must produces annual accounts. Secondly annual statutory returns must be approved by the annual general meetings of the shareholders within four months from the years end and filed…