Accountant College Essays Samples For Students

Accounting Ethics

Accounting Ethics

In philosophy, ethics is defined as the human ability to judge of what is wrong or right based on society standards by which a person a person can be judged. Ethics is also a popular term that is being observed in several disciplines and theory of moral principles. Accounting for example is where ethics is crucial because it does not only concerns the integrity of the accountant, but the amount of trust and responsibility by which the company they work for bestowed to them is also on the line. It is apparent that accounting deals with an organization's finances. Therefore, ...

RE: Roles of an accountant

An accountant is a very important person with a company. It is important to note that an accountant always perform all financial related roles within an organization. The main objective of an organization is to maximize its profits. This objective can be achieved well if the organization accounts for most of its funds. The responsibilities of an accountant can be explained coherently as follows:

Financial data management

Financial data management is very important to any company. Any organization always deals with funds that must always be accounted for. Such data needs to be managed properly to ensure that transparency is achieved. An account will ...

Introduction

The choice of one’s career path is partially determined before one joins college or other institutions of higher learning. I am no exception to this, as I knew the career path that I wanted to pursue before I went to college. Imagine that you own a firm that needed attestation ad assurance services, share and debt issuings, mergers and acquisitions and initial public offerings. Which professional will you call upon? Imagine you require services like tax planning and preparation, estate planning, financial analysis, financial accounting, financial reporting, venture capital, management consulting, income tax and performance management. Which professional will ...

My interest in business originated at very young age, because I was influenced by my father who has been working in the real estate industry as an analyst for many years. So when it was time to choose a profession, which I should study in college, and then at the university, I knew in advance that I wanted to become an accountant. What is accounting? It is a well-established system that takes into account all the information about the property and the variety of operations of the company, organizes it, and expresses it in the monetary equivalent. The property ...

Accountant refers to a person who practices accounting or accountancy. Accountancy refers to the measurement, disclosure or provisions regarding financial information, which will enable managers, investors, tax authorities to make a decision regarding the allocation of resources. The accountant works for the financial area of the organization which involves collecting, recording, analyzing and presenting about the financial operations of the company. The role of accountant might vary based on the size and level of operation of the company. In the case of a small-sized business, the role of accountant might be limited to the collecting of financial data, entering ...

Corporate governance is the mechanism with the processes and relations which controls and governs an organization or corporation. There are some structures that can govern the roles of different personnel inside of the firm. These roles might include the rights and responsibilities of the participants. The participants might include a board of directors, managers, shareholders, creditors, regulators, auditors, and any of the other stakeholders. There are some procedures and rules that are used in the decision making when it comes to the corporate affairs.
The governance is all of the processes when the objectives of the corporation are set. ...

Introduction

Definition of Managerial Accounting
Businesses must implement effective decisions at varying phases of growth through management accounting for a chance of a future. According to an article on the Harvard business Review, businesses mainly go through two main phases of growth: the start-up phase or the mature phase. According to Churchill and Lewis, each of these phases demand and rely on differing strategies that fulfill a need and/or takes the business to the next phase. The techniques used or applied to haul business through these phases are referred to as managerial accounting techniques. The parties responsible for reinforcing managerial ...

Market plan is a part of the overall business, and the foundation of a well written marketing plan is the solid marketing strategy. It is a comprehensive process that outlines an organization marketing efforts and can be realized by the market mix. Majoring on accounting being a certified public accountant which will target the potential employers is preferred in this case.The first step in the personal marketing plan is to identify or determine the customers in the long run of the certified public accountant who in this care are the potential employers. This is because the potential employer who will be the customer ...

Introduction

Practicing business ethics involves three major steps; first, there must be a set of values that are used as a guideline in decision-making in a business environment, second, an understanding of the parties affected by those values and finally deciding on what actions works best for the values (Harry 45). Business ethics enable us to tell what is right and what is wrong in the course of doing business concerning the law. Good values make the society a better place to live. This essay gives a case study on business ethics in four parts. The first part introduces the ...

Introduction

The accountant involved in management accounting requires more information than the traditional accountant. Previously in traditional accounting costs used to be allocated to the product based on the volume output. Companies have realised that they need more detailed and analytical accounting information in order to judge their performance over time well.

Management Accounting

In job costing, the management accountant is interested in the costs of the different “jobs” that have been conducted throughout the production cycle of a good. Management accounting goes into specifics in order to provide management with information on which job is causing the production costs to be high.
...

Answer 1)

The role of each of the financial statement is explained hereunder:
Income Statement:
Also known as Profit and Loss Statement, income Statement, indicates the net profit or loss of the company during the year.

Balance Sheet:

Also known as the Statement of the Financial Position, Balance Sheet provides information about the financial position of an entity at a given date. Balance Sheet consist of following items:
- Assets
- Liabilities
- Equity
It works on the principle of Assets= Liabilities+ Equity

Cash Flow Statement:

Cash Flow Statement provides information about actual cash transactions in the entity held during the ...

Accounting Ethics

In every aspects of the business in any organization, good ethics is something that is crucial in ensuring the continuous success of the business and smooth operations. Good ethics is the foundation of an organization in establishing their guiding principles. It is quite easy to understand, the principles of good ethics are driven by choosing the right things to do all the time (Driscoll and Hoffman, 2010). A business without core values is like a ship drifting in the waters without a definite direction. The sense of direction that good ethics embodies delivers the business from a lot of risks. Risks from ...

Systems integration and client server computing

With the increased dynamism in information and communication technology, organizations are forced to align their practices to the changing technologies in the market. Enterprise Resource Planning (ERP) has been adopted in many organizations and business settings over the past decade. The system enhances efficiency and effectiveness of service delivery and productivity in the organization. However, there are challenges faced by many organizations with regard to maintenance and upgrade of these systems.
The article examined a case study of an Irish company which adopted the Enterprise resource planning system. The organization was skeptical of upgrading the system after 12 years ...

Careers in Accounting

The first career option for the professional with the accounting education is the audit and assurance job. The main reason for the auditing job is that it is related to the accounting standards such as IAS, IFRS and US GAAP. The main responsibility of the auditor is to inspect and review the annual financial statements of the company. Therefore, due to the professionalism, integrity and the competence level of the accountants, the professionals with the accountancy knowledge can pursue as the professional accountant. (Mally, 2015)
Another career option for the professionals with the accounting education is the asset manager ...

Is Management Accounting a Profession?

Management Accounting is an integral component of any business operation. This function is a part of the management core and cannot be replaced by any other service of the company management. The role of the management accounting and its contribution to the overall achievement of the firm’s goals has changed dramatically over the past century, but its importance and its value are beyond any doubt. Management Accounting is directly involved in the basic planning-directing and motivating-controlling cycle of running a business and through this process it adds value to any business.
First managerial accounting concepts and techniques were ...

Managerial accounting as the name suggests provides information to the internal users of accounts. Internal users include executives, product managers, and sales managers to name a few. Any other user within the organization may also benefit from managerial accounting methods and use the compiled information to make informed decisions that would affect the financial performance of the company. As the information gathered is for internal users there is no compulsion that the data should abide by US GAAP rules (Heisenger & Hoyle, 2013). For example, a sports good manufacturer may add the non-production costs to the inventory as the internal users are ...

(Professor Name)
Charles’ appointment as an executor of Lord Marchmain’s will makes him responsible for administering the deceased estate. As an executor, Charles must collect all the assets of the estate, ascertain the estate’s liabilities and pay all its debts, taxes due, funeral and administration expenses out of the deceased estate. Ultimately, Charles will have to transfer any remaining estate to beneficiaries. Lord Marchamain’s estate include: the Beechyhead Castle, 100,000 loan to Charles, 400,000 contained in the Building Society Account, Art restoration business. The beneficiaries of the deceased estate are Julia, Sebastian and ...

Introduction:

Ethics refers to the system consisting of moral principles and a branch of philosophy which explains what is good for individuals . Ethical behavior is usually explained by an organization’s code of conduct. It illustrates how members of an organization are expected to behave and take decisions.
Ethical dilemmas are certain situations where there is a conflict between moral imperatives . Obeying one of them would lead to transgressing the other one. Everyone has responsibilities to behave ethically and fulfill their moral obligations. Almost everyone comes across situations where their moral and ethical obligations are challenged. It is very important to ...

"Quiet Guys Can Do Great Things, Too: A Black Accountant’s Success Story"

The book "Quiet Guys Can Do Great Things, Too: A Black Accountant’s Success Story" by Frank K. Ross is an inspiring autobiography following the career of a young, black male in his quest to succeed in both his career and life. By examining Ross’ journey I have gained a better understanding of the challenges one faces before reaching success.

Ross begins his journey by recounting his early history as an immigrant from the West Indies (Ross, 2006). Ross came to America in the 1950’s, right in ...

Introduction

There is a requirement to guide the students choosing the accounting subjects what is the scope of this subject. How can they pursue their career of this subject? Once they are clear about the career options it will help them to opt right path.

Following are two career options for accounting students as future professionals:

Certified Public Accountant
The students who choose a career in the public accounting must focus on auditing and tax functions. A Certified Public Accountant is a qualified and licensed accountant who can undertake the tasks related to auditing of financial statements and certifying various business documents . CPA is highly paid as well as a well-respected ...

Every business entity has the code of conduct that guides the actions of its employees. It is crucial for the management of the companies to ensure that the letter, as well as spirit of the principles, are observed. However, various employees still engage in unethical behaviours that have the potential to affect the reputation of a given institution or profession. The field of accounting has been one of the most affected sectors (Smith, Merlone, & Duffy, 2016). The employees often break most of these ethical guidelines willingly. The impacts of unethical behaviour in the accounting sector are far reaching. This ...

Personal Ethics

There is absolutely no doubt for me that any contemporary society requires ethical values to be observed by everyone.
These values are necessary because they would serve to regulate the relationship between people and set some particular rules of accepted behavior. Besides, basic universal values are already spread all over the world.
Living in a society we are all interdependent. If I can rely on people around me, I am able to move forward without any feeling of fear or suspicion. Moreover, I am able to learn from these people how to be consistent, I learn what it means ...

Reflection

Jobs and businesses are some of the most important things from the standpoint of an individual as it is all about to analyze the importance of a single aspect. Inevitably there are certain skills are required to do the job in particular, and things should be completed and molded in a special way from which different provisions could have been taken into consideration. There are certain jobs that require special consideration of people in particular as so different skills, as well. The job of an accountant is not an easy job as it is required to focus on the accounts of ...

Introduction

The importance of the legal environment in business is not only paramount to functioning as a watchdog for unethical, and harmful behavior by big corporations and governmental figures today, but also serves as setting the climate to reduce or deter felonious operational practices. In other words, persons in positions which gives them easy access to abuse funds, lie in accounting records, or devise fraud schemes involving illegal acts, laws help accomplish order and administer proper conduct. Everyone remembers the insalubrious case of the Enron Corporation. This case involved gross ...

Ladies and gentlemen, do you remember the first day you walked into this company with no sense of direction or no one to talk to as you go about your duties. Am sure it was a challenging experience especially on the first few days. Let me divert your mind to something compassionate, remember the day you welcomed your daughter, son, niece or nephew into this chaos world where children’s safety is not guarantee due to sickness, terrorism, child trafficking, toxic chemicals and unsafe behaviors practice by other children in the locality (Satterthwaite, 2014). Am sure you felt the urge, ...

Introduction:

Different occupations hold a different position in the market. It is very important that the skills of a person, the nature of job and inclination towards that job all co-ordinate. The growth of businesses will result in more job opportunities for an accountant and HR managers. This essay will discuss these two positions, and their future demand and prospects.

Accountant:

Accountants are one of the most in-demand profession because every business organization needs them. They take care of the financial records of organization or companies. In 2012, it was estimated that more than a million people, 1,275,000 employees, are employed as ...

God created human beings to work, and He has authority over humans to perform duties to the extent they are capable. In the first book of the Bible, God creates work into the real meaning of humanity. He creates human beings in his own image, and God himself is a worker. He places Adam in the garden of Aden for the reason of working it. In different parts of the scripture, God commands humans to work to their level best. Work carries on through to the end of the Bible. Having been created in the image of God, accountants tend ...

Part A

The standard cost of a good or service is the pre-determined cost of a good or service depending on the various circumstances that surround the business. Standard costing is therefore is an accounting concept that helps to determine the standard cost of a good or service. The predetermined costs are compared to the actual costs and the difference makes the variances (Berger). The variances are analysed thoroughly to find out why they exist and also to find a way to mitigate the risks that come with it. Most companies, big or small, need the standard costing procedure due to various reasons.
Standard ...

Introduction

Ethical dilemma in accounting consequently depicts some of the professional ethical aspects that face an accountant in the decision making process. This includes the various conflicting aspects that face the accountants in the process of whistle blowing. This includes the aspects of deciding of the tight issues such as adequately fulfilling a duty to shareholders and various conflicts of interest in the accounting processes. Hence it keenly illustrates the implicit of understanding an accountant’s role to act as an independent neutral point in one’s professional tasks.
The problem is definitely an ethical view of making rational ideas ...

Definition of Certified Public Accountant

The term Certified Public Accountant is more popularly known by its acronym “CPA”. It is a professional title given to accountants based in the United States and other countries who have successfully passed the “Uniform Certified Public Accountant Examination” and have also met all the additional requirements that are associated with this certification. In some cases if the person does not fulfill all the requirements of this certification then they are allowed to use the title “CPA inactive”. In general, only certified professionals are allowed to analyze the financial statements for their clients in most of the states in the ...

Abstract

Ethics is one of the most important aspects in accounting yet most often it is misunderstood and misinterpreted in different organizations in an effort to suite their disclosure grounds. Many researchers have blamed various aspects to this trend. For example, some researchers have turned to the learning institutions as a blame for producing half-baked students who fail to meet fundamental entry to the employment industry. For this reason, the employers are forced to enroll these candidates into other classes in an effort to equip them for the workplace environment. However, since the organizations do not have all the time to ...

Essay

Careers In Accounting
Accounting is always a demanding field, and amount of positions offered to potential employees is huge.
First career option is an accountant. The most common responsibilities of accountants are bookkeeping, auditing of finance, tax preparation. Accountants are needed in the sphere of education, business, health care, government and some other ones. Salaries of accountants are increasing every year.
Common educational requirement is to have bachelor’s degree in accounting. One who is eager to start career as an accountant should posses career focus. It will be good to have certifications in the professional sphere that will ...

Section

Introduction
Definition and description of the career
Finance major is an accounting degree which specializes in finance. The degree in Finance is an opening to working in financial entities and various institutions which have a finance department. The degree is a four year course involving coursework, written examinations, internship and course project/dissertation. A suitable candidate for finance major should have a way with figure and be comfortable with mathematics. Besides that, studying in this field requires an inquisitive mind, innovativeness and critical thinking. A finance major degree equips an individual with skills that can be applied in finance management, ...

Being an accountant is a great profession. It is a profession that directly involves numbers in that accountants measure the different financial figures related to disclosures, provision of assurance about financial information, and reports that help investors, managers, tax authorities, and other stakeholders make informed decisions when it comes to allocating financial resources. Accountants, just like any other professionals, are required to hold a license in order to practice. Licensed accountants are called Certified or Chartered Public Accountant. They get their license only after passing a tough licensure examination. They can work in accounting forms where they perform audits ...

Executive Summary

Most businesses when starting are very successful and make very large profits in a competitive business environment. After a while, these businesses end up failing within a very short time of their existence in the market. Most of the reasons are not external factors but internal factors. The most commonly cause of failure to this business that start successfully and end up failing is poor cost management. Managers in this kind of businesses only focus on the financial reports in their decision-making and strategic plans of the business. These particular managers fail to understand that financial reports are always historical data that ...

Introduction

Every Professional accountant has the responsibility of taking into account the interests of the public while also maintaining the reputation of the accounting profession. It is important that self-interest does not prevail over one’s duties as a professional accountant. Acting in the public encompasses having regard to the genuine interests of the clients, government, financial intermediaries, staffs, investors, as well as the business and financial community and all others who rely highly on the impartiality, fairness and truthfulness of the accounting profession for supporting their propriety and methodical functioning of commerce. The purpose of this essay is to illustrate ...

ID Number
My primary goal in life is to find a job in the field of finance. In exploring my dream job, I made use of two sources – Google site and the Occupational Outlook Handbook which is available online. Of the two sources, the Occupational Outlook Handbook is the most convenient to use and contains varied information concerning my dream job. It contains information about salary ranges, educational requirements, the work environment, and the future of the field. Through the Occupational Outlook Handbook, I became more interested about my dream job and I also became more eager to chase ...

Paper Outline

Introduction 3
How to Follow/Maintain Ethical Standards in Accounting 3
How to deal with Unethical Situation in accounting 4
Conclusion 5

References 6

Introduction
Ethical standards in accounting entails rules and procedures that professional accountant must follow whenever preparing financials statements in order to disclose the true states of affaires as represented on the ground. Incase such financial statement are audited by an independent body, the body should come up with the same findings arrived by a professional accountant. The professional accounting standard board requires all accountants to observe code of ethics when preparing financial statement to avoid ...

(REF TO EXCEL DOCUMENT ATTACHED FOR COMPUTATION)

In order to ensure maximum returns to a company, a management accountant must ensure that goods are produced at the lowest cost possible so as to increase the margin of profit attributable to each product.Companys are however faced with the problem of deciding what particular products can be profitably produced in house, and those that should be sourced from outside suppliers given the given cost requirements of each product.
In deciding the proper mix of the products that should either be produced or sourced from outside suppliers, a management accountant has to determine the ...

Business administration jobs offered in San Francisco

The business administration jobs that are provided in San Francisco include the summer associate in the investment bank as the bank has the programs in which it wants to equip the personnel with knowledge as well as train them so as to be productive in the team and establish the long-term career. The entity is hiring the professionals who have the international perspective on the future concerns of the banking and who want to make a significant impact on the commercial level. The entity is looking for various values in the professional because it values diversity and therefore it ...

The Accounting field is a rather vast field that in recent time has been noted to employ quite some people. The field is deemed to be a very famous and prestigious one given the number of students that end up taking accounting classes plus the number of graduates that are churned out from the institutions of higher learning every given year. The growth rate of the field is encouraging, on a brighter note. The diversification in the multiple career options available for the field of accounting provides the basis of discussion for this paper starting off with examples of ...

Implementation plan

The problem of cancer pain amongst oncology care patients need to be given the required attention as a way of seeing to it that such individuals are able to emerge with desirable outcomes. It is important for pain alleviation programs to be put into place to make sure that such individuals are able to manage their conditions and assists them incorporate into the society. As such, it is essential that all due processes are followed to guarantee that pain alleviation amongst cancer patients is achieved. Having in place a proper implementation program will be an important step in achieving ...

Learning Activity #1

The ethical theory that would be the best approach for A in making the decision on whether or not to manufacture and sell Grow 2 in Ozland is Ajzen’s Theory of Planned Behavior. This is because the company needs to look at certain aspects of their decision like the attitude and social influence before they make their decision. The attitude is based on how the company will evaluate the outcome of their decision. In other words, deciding if it will be the best decision for the future of the company. The social influence is understanding how other employees ...

Personal Leadership Development Plan

STEP 1: MY GOALS
I am an accounting major at college level. My pursuit of the course is due to my passion for numbers as I seek professional qualifications in accounting. Ultimately, after the completion of my degree, I would want to operate at the most senior positions of financial organizations as I seek to impart my knowledge into the business and help in managing people. However before I attain the ultimate goal, there one major hurdle that I would like to go over- Internship at a big four firm. I believe that training at the highest level will ...

Management Accounting

QUESTION ONE
The big challenge facing Siemens is how to adapt to their new proposed strategy and practices to respond to various challenges while ensuring financial success as well as increasing the value of their shareholders. The roles played by a management accountant are critical as they can assist in developing Siemens. Their role development aids in bringing change. The traditional role of an accountant is to organize, summarize, and present financial information to the management for decision making. However, being a management account, the interpreted information is supposed to be used in the development of strategies and plans ...

The ethical dilemma is a situation that involves two choices or options both of which will have a negative impact based on the societal and personal guidelines and mainly is involved when one encounters a decision that conflicts based on the outcome of each. In this case, if one makes one of the two choices presented to him or her, the result of any of them usually transgresses the other. According to Martin, the effects of an ethical dilemma are reached through the detrimental process that individuals usually undergo (177). This is not different in any way in the ...

The Transformational Leadership Program has been one of the most incredible experiences of my life and I have learnt lifelong lessons that will make me a better professional and person. I can look back at this time in my life as one that challenged me to think outside of my own world view and to become aware of what is really required to fulfill a vision of a better future. I have always been aware of some discrimination against African Americans but I have never really known how to overcome these inequalities and have always looked at these inequalities ...

1.As part of your systems analysis project to update the automated accounting functions for Xanadu Corporation, a manufacturer of digital cameras, you will interview Leo Blum, the chief accountant. Write four to six interview objectives covering his use of information sources, information formats, decision-making frequency, desired qualities of information, and decision-making style.
The following are the five interview objectives that would guide in obtaining his use of use of information sources, information formats, decision-making frequency, desired qualities of information, and decision-making style:
a. In a paragraph, write down how you will approach Leo to set up an interview.
I ...

Introduction

Each accountant appreciates that accounting is the basic language used in business and as such, the language has gone through numerous transformational phases to date. Throughout these transformational phases, embracing novel accounting technology has been significant towards ensuring the job of an accountant is effected effectively, efficiently and with considerable ease (Nobes, 2015). Acquired knowledge on accounting technologies has appraised the capabilities of accountants to critically analyze statistical data. More so, the innovative advancements in technology have also positively impacted on the manner with which accountants interpret data. As such, the new capabilities concerned with the interpretation of jargons ...

The Technical Accounting Issue.

The technical accounting issue in the case is the non-compliance with the matching principle of accounting. The Matching principle states the benefits of revenue or asset should be associated to the outflows (expenses) of that revenue or asset. The principle asserts that expenses or outflows should be recognized and reported in the books of accounts when those expenses or outflows can be matched with the revenues generated by those expenses i.e. as revenues are recorded the corresponding expenses needs to be recorded as well. This matches the period expenses and revenues.
The original way i.e. adhering to the ...

Most companies rely on a strong financial reporting to help in running the operations of businesses. There exist different types of financial statements that may be used to establish the financial condition of the firm. While some companies rely on the statement of financial position (balance sheet), others rely on Income statements as a means of reporting their financial status. Furthermore, others rely on cash flow statements but almost half of the world companies reports the application of the financial statement of adjustments/changes within equity to report their financial position.
However, Coca-Cola Company reports the use of both statement of monetary/financial ...

What do accountants mean by a Business Model, and how does this definition differ, if at all, from that of Teece (2010)? 2
Choose a listed company and describe from the Annual Report what the Business Model of the entity is? 3

REFERENCES 5

What do accountants mean by a Business Model, and how does this definition differ, if at all, from that of Teece (2010)?
Katherine Schipper, talks about business model from an accountant´s point of view, saying that the business model is the use of several transactions of goods and financial resources looking after a profit motive. In ...

IAS37: CURRENT ISSUES IN FINANCIAL REPORTING

IAS37: Current Issues in Financial Reporting
Introduction
Since the publication of IAS 37, it provides explicit directions for companies to recognize provision, contingent liability and contingent assets. IAS 37 undermines the traditional accounting concepts of prudence hence leading to considerable volatility in companies earning reports. The IAS 37 helps in disclosing the transaction incurred in an organization that is associated with liabilities. In the IAS 37 standard, the word “probable” has been adversely used and hence providing options of creative accounting essential for companies to recognize its provision on balance sheet. Before the amendment of current IAS 37, the ...

The managers of public sectors are confronted by the dilemmas related to ethics because they effort to select options surrounded by the values set. Ethical problems might emerge from similarly alluring alternatives that may perhaps be defended as the right one in some circumstances (Ehrich, Cranston & Kimber, 2004). The starting of the twenty-first era has shown the profession of accountancy as the biggest challenge to continue. Such task highlighted the need for the profession to make stronger the self-assurance of public in its ethics plus efficiency (Onyebuchi, 2011). The scandals related to accounting that is found out frequently in ...

Introduction

The case of Bernie Madoff is a good example of unethical practices can lead to corruption. Madoff, which is the former investment and a stock broker, is introduced around the globe as the only operator in the largest Ponzi scheme ever on record. This is because he turned its financial management firm into a huge Ponzi scheme that defrauded a lot of money from thousands of his investors. The paper will determine the regulatory oversight that was existing while the Ponzi scheme was operating. It also speculates on the main reasons why such plans were not discovered while investing ...

Introduction

The accounting information system involves the collection, storage, and processing of data concerning financial accounting that is applied by the decision makers (Hall, 2012). Therefore, an accounting information system is computerized to track the accounting operations in conjunction with the resources of the computer. Consequently, the statistical report is used by the management internally and externally by the interested people such as the investors, tax authorities, and creditors. It combines the traditional accounting practices like the Generally Accepted Accounting Principles and the resources of the current information technology.
The AIS is composed of six elements as follows: people who ...

Business

Question 1
In this case, the first loan agreement was between Agile Corporation and Hi Finance Company. The collateral attached to the loan protects the interest of the lender (HFC) such that if the borrower defaults, the lender can use the collateral against the amount borrowed. When a party enters into such transaction and a valid agreement is made, the transaction is secured. HFC, being the first lender, is referred to as the senior lender and has priority over the collateral. Metro Bank is the second lender hence the loan is junior to that of HFC. The interest of ...

A Pharmaceutical Corporation expects to have several current notes receivables after the end of this financial period. In spite of the company’s certainty to collect the notes receivables, the transaction may be delayed by one more accounting year. Due to this prospect, the controller is compelled to re-categorize the notes receivables as non-current. Besides, the corporation’s accountant acknowledges the delay of the collection, but she does not favor the idea of re-classification since it will lead to a drastic decrease of the current ratio from 2.5:2 to 9:2. This reduction in current ratio will have negative consequences ...

Question 1

Within an organisation, accounting plays an active role to ensure that all business transactions of monetary value are classified, recorded, measured, summarised and reported in an accurate manner by adhering strictly to basic reporting rules such as International Financial Reporting Standards (IFRS) or US GAAP. Accounting rules make sure that financial statements are prepared and reported accurately by complying strictly with all reporting principles. Additionally, accounting steps confirm that all financial information is included in reporting mechanism while financial statements contain no error or any material misstatement having huge financial consequences.
When the industry follows one accounting mechanism, it ...

The two requirements to act with integrity, both by Saint Leo University and by the Institute of Management Accountants (IMA), are related in the sense that both demand an ethical behavior from accountants. One must note that, however, Saint Leo University has adopted a more positive approach, indicating a pledge to be honest, just and consistent, while IMA prefers to mention behaviors to be avoided. As such, IMA's approach may be considered less flexible, as it will hardly list every possible unethical conduct.
Integrity has been an important trait in the accounting profession since its roots as a bookkeeping ...