Project accounting

professional reflective review Company role My future role in the workforce would be the one of a project manager in an energy company, involved in either renewable or oil & gas. Therefore, I would be in charge of new project developments and monitoring the progress of these projects - such as delivering results and updates to the top management. This role will include different areas of accounting and finance, from which four areas will be discussed in this assignment. Firstly, it is important…

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 Ms. Chau Nguyen,…

Activity-Based Costing System From this project, we learned that ABC is useful in the construction industry since it obtains the accurate cost for an activity that can be used for future uses once it is obtained. However, from our interview with Sr. estimator Mark Humphreys, he explains: I don’t see many benefits to GLY as we have an open book with almost all of our clients and they do not want to pay for any costs that are not directly associated with their project. I don’t see it working very…

also in service (accounting practices, law firms, etc) and builders and construction contractors. Job costing involves the following accounting activities: • Materials. It accumulates the cost of components and then assigns these costs to a product or project once the components are used. • Labor. Employees enter their time to specific jobs, which are then assigned to the specific jobs…

were some of the highest, investing in them was deemed the safest, and everybody recommended buying their stock. Then a few months later, they were completely gone. How did a company as big as Enron became bankrupt at its peak? Similar to their accounting practices, by doing the improbable. Motivated by the amount of money he could make because of deregulation or having the government not meddle with energy prices, Kenneth Lay founded Enron as a gas company in 1985 (Enron). Lay was an advocate…

quarter passed by. The accounting department was using the vendor invoice for pre need cemetery merchandise and multiplying that number by a mark up price. The mark up prices helped get to the estimated number. As time went by there were of course many errors in the AP method and many adjustments and corrections were made and eventually Stewart decided to implement his delivery system for revenue recognition because there were errors in the revenue as well. Part of this project he would go back…

The purpose of this paper is to incorporate biblical principles to this course of Managerial Accounting. Being a Managerial Accountant requires a person to be responsible for other’s money in which God has appointed and entrusted that person. Every part of the accounting process requires the appointed person to be a good steward. In biblical times, Jesus told this parable in Luke 16:1-2, “There was once a rich man who had a servant who managed his property. The rich man was told that the…

C. Implications of the rapid growth and strategy on the firm’s Management Control System (MCS) and Management Accounting System (MAS) Hoque (2006) has described MCS as “an analytical and calculative process to make decisions to accomplish the organization’s objectives”. A MCS is formulated by some interdependent components: strategy, accountability structure, responsibility accounting, performance measurement, direction, motivation and incentives. Thus, it can be seen that MAS is one of the…

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 are relevant to your business practices. Peachtree Accounting allows you to open accounts for different companies under the same user name. In other…

Superpredators. From that concept, he pointed out the bank forms gutted by their design impishly credits which today is called the Liar Loans. To legalize that Liar Loans, one must rig up a system. The book is structured in a way that controls of accounting fraud to overtake the function where monitoring and inspection. Finally, and most cruel fraud control group often lurks in the shadow of a certain economic policies and politicians or officials that shielded by the procedure known as…