Accounting Essays & Term Papers

213 total

Introduction Management control is to ensure that the organization achieves its objectives. Once the objectives have been agreed, action plans should be drawn up so that the progress can be directed towards the ends specified in the objectives. Such objectives are used to make comparison with alternatives in decision making & are also the critical elements in evaluating the success or failure of the action plans. One of the most widely used management control systems is the budgetary c

The lower courts decision in this case is hereby overturned. We disagree with the court s non-delegation decision and agree with Judge Tatle s dissent. The EPA is has not been delegated too much power, but that Congress has given them guidelines to follow that may be broad but do not constitute a non-delegation issue. Section 109 requires that the EPA publish air quality standards the attainment and maintenance of which in the judgment of the Administrator, based on such criteria and

Introducton As you requested, I have researched the many possible methods used to account for long-term assets, and prepared a statement outlining my recommendations. The conclusions outlined herein are derived primarily from my interpretation of both the Conceptual Framework, and its intentions. Based on my findings, I believe the liability should be recognized when it is acquired. If new information arises allowing a better estimate to be made, the adjustment should be made and noted in the

Justin Denman Accounting and Auditing Processes March 4, 2000 Writing Assignment #1 Revenue Recognition Policies The purpose of this paper is to compare the revenue recognition policies of two companies in the search, detection, navigation, guidance, and aeronautical systems industry. The two companies I have selected are Aerosonic Corporation, and Esco Electronics Company. Esco Electronics Company is engaged in the design, manufacture, sale and support of engineered pr

The Importance Of Accounting In Our Modern Society Accounting is a very important term to our modern society. It is the career for men and women who at the start have their eyes set on top positions in industry, management, government, and general business. Accounting is a basic need of every businessmen, from the operator of a filling station to the government of the United States. It s so important to our society. None of the business organization can operate without is. They are there

Accounting Ethics When examining the effect of open marketing on the profession of accounting it is important to view it from three perspectives: the client's, the profession's, and society's. Additionally, two key areas that are affected by marketing must be addressed, these are concerning competition, and ethical implications. Marketing in public accounting is here to stay therefore making an argument against its existence would be fruitless; however, in order to achie

People with money need to be extremely careful whom they build relationships with. There are always slime balls out there looking for the easiest way to make a living. Whether it s their friends, spouse, banker, accountant, or broker they need to know and trust these people. Being smart with your money is one of the keys in becoming rich. In the fraud story I read, Carl was smart with his until he started dealing with a firm called Dewey Cheatem and Howe. After making all this money

The quote shows a strong relation to the efficient market hypothesis (EMH), as it implies that the costs of capital are dependent from the amount of information given by the company. According to my opinion, agency theory is a good explanation for costs of capital. Agency theory defines contracts as under which one party called principal engages another party called the agent to perform service on the principal s behalf. Concluding, the principal delegates decision-making authority to

E-Commerce XAccounts Receivable The purpose of the accounts receivable program is to keep track and report on money owed to your company by your customers as a result of providing them with goods or services. The information needed to operate the program is: 1. Customer Information-Any customer information that could be useful. 2. Invoice Information- Invoice dates, invoice amounts, credits, order numbers and other invoice information. 3. Payment Information- Data from customer checks rec

INTRODUCTION : In this essay, I would like to start with a brief explanation about the accounting regulation and standards set for various treatments consists of gaps where the rules are vague or even incomplete. Then, I would like to give a brief introduction about the development of standards set for capital instrument, such as TR677 (ICAEW), FRED 3 and FRS 4. Next, I will go into details examining the problems found in these proposals and standard, especially FRS 4. Coming to th

The last two decades has seen a revolution in management accounting theory and practice due to the challenges of the competitive environment in the 1980s. Kaplan and Johnson (1987) identified the failings and obsolescence of existing cost and performance measurement systems which led to re-examination of traditional cost accounting and management control systems. Conventional financial and management accounting methods have developed primarily as a result of corporate legislation in the 1930s

Auditor Liability Throughout the Eighties and into the Nineties the question of liability has become more prevalent in the practice of public accounting. Recently, the AICPA has been lobbying for liability reform in cases involving negligence or malpractice by public accountants. Opposition to this lobbying has come from consumer advocacy organizations, trial lawyers' associations, and state public interest groups to name a few. (Bolinger p. 53) The key to success for the AICPA, according

Selecting Accounting Software is one of the most important and, potentially, one of the most costly decisions a business makes. The decision is important because if the right choice is made, internal control of most accounting functions will provide a lower risk of doing business. An accurate method of keeping track of the essential financial functions of the business also will result. However, the decision could be costly if it is made without a thorough evaluation of the current and

RIVERSIDE CPA PAYS $25,000 PENALTY FOR VIOLATING STATE ACCOUNTANCY ACT Hartford - Secretary of the State Susan Bysiewicz's office announced today that the Connecticut State Board of Accountancy has accepted a settlement agreement with Michael Smeriglio, a certified public accountant (CPA) from Riverside, Connecticut, practicing in Greenwich, which requires Smeriglio to pay a $25,000 civil penalty for allegedly violating the State Accountancy Act. Smeriglio is reported to have re

The Importance of Budgeting and Long Range Financial Goals Me, being a financial independent have experienced first hand how important it is to keep a financial plan. Using a financial plan I have elevated my savings abilities a long way. Knowing where each dollar is being spent helps the spender to manage each dollar in an uplifting way. In a ten-year plan my goal would have to be to save at least twelve hundred dollars a year which would one hundred dollars each month of that financi

PURCHASED IN-PROCESS RESEARCH AND DEVELOPMENT When one company purchases another, it absorbs the acquired firm s assets and liabilities onto its balance sheet. One part of the acquired company that belongs to neither area is in-process research and development. Acquired in-process research and development (IPR&D) that is written-off represents purchased research and development that has not yet demonstrated technological feasibility and has no alternative future use (http://usserve.us.kpmg

Budgetary Process The federal budget runs in a fiscal year, which last from October 1 to September 30. The Office of Management and Budget first helps to create the federal budget. It is then sent to the president, the central part of the budgetary system, and he must check it, and afterwards it is sent to Congress. Another governmental structure involved in the budgetary system is the General accounting office. The GAO is responsible in making sure that the government spends its money

Super Value grocery, located on Post road, is part of the Atlantic Super Value large scale grocery store. The Super Value chain is own by Loblaws Incorporated. During our visit on Friday February 7th 1997, we observed the following control procedures used by the firm in order to use their resources effectively and to provide the managers with accurate accounting information. The large scale food distributor uses scanners at every cash register. The use of such device provide a better

Generally Accepted Accounting Practice The main purpose of searching for a new method to estimate cost if due to the erroneous practices of accounting. There is a wide recognition of this problem but most companies still have not gone to a different approach. The GAAP principles do not provide the kind of cost detail and information focus required in today’s capital intensive, automated, and complex manufacturing and distribution. It generates an erroneous and inverse relationshi

I. OVERVIEW Today's accounting in China is strikingly different from 30 years ago. In western countries, there appeared to have been relatively little interest in the accounting system used in China before the 1970s (Zhou 1988). The language barrier and differences in culture may have contributed to this lack of interest, but other factors include the low level of participation and involvement in the world economy in the pre-reform communist regime. Before China changed its policy to accep

On September 28, 1998, Chairman of the U.S. Securities and Exchange Commission Arthur Levitt sounded the call to arms in the financial community. Levitt asked for, "immediate and coordinated action… to assure credibility and transparency" of financial reporting. Levitt’s speech emphasized the importance of clear financial reporting to those gathered at New York University. Reporting which has bowed to the pressures and tricks of earnings management. Levitt specifically addresses f

ACTIVITY-BASED COSTING: BEYOND THE SMOKE AND MIRRORS Summary The business environment in the 1990s is markedly different from that of the past when conventional cost accounting procedures were established. Activity-based costing (ABC), pioneered in the late 1980s, offered a new costing approach consistent with the changed environment. However, ABC did not diffuse rapidly into the business community. This article demonstrates why adopting ABC is important by documenting the pote

ACTIVITY-BASED COSTING: BEYOND THE SMOKE AND MIRRORS ACTIVITY-BASED COSTING: BEYOND THE SMOKE AND MIRRORS Summary The business environment in the 1990s is markedly different from that of the past when conventional cost accounting procedures were established. Activity-based costing (ABC), pioneered in the late 1980s, offered a new costing approach consistent with the changed environment. However, ABC did not diffuse rapidly into the business community. This article demonstrates why a

Determinants of the Returns-Earnings CorrelationThis paper is based on a chapter of the author's dissertation at Columbia University. The author thanks her committee members James Ohlson, Trevor Harris, Ashiq Ali, and Bruce Lehmann for their guidance. This paper has benefitted from the comments provided by the participants of the Ohio State University colloquium, the Third Conference on Financial Economics and Accounting, Georgetown University, and from the helpful suggestions of Stephe

Introduction The history of accounting I feel is important in the learning, understanding, and developing of my foundation for my accounting career. In this report you will learn about the development of accounting. You will learn about the people who influenced accounting the most throughout the years. You will learn how accounting came about and how it was used in the ancient times. You will learn about the invention of the double-entry bookkeeping processes. You will learn how thing

As accounting professionals, accuracy in financial calculations and the integrity of the raw data are vital to producing useful information. Our clients prevail upon us to be more accurate and more thorough in less time. The tremendous advances in information technology are apparent across most industries. Accountants can gain much from this revolution through advances in spreadsheeting. Microsoft Excel is an application that can produce an almost infinite number of financial calculati

Hiring a New Employee “A company is only as good as the employees who work for It.” Seems to be the slogan driving most employers in today’s marketplace. Your employees are a direct reflection of your company and in many industries, may actually be considered the product. Finding the right employee can be one of the most crucial and difficult decisions a business can face. Businesses must be prepared for this process and understand the steps involved in hiring a

Brief Introduction to ABC Activity-Based Costing (ABC) started as a methodology that recognises the need to understand how costs actually relate to individual products and services (Cooper & Kaplan, 1989) that later resulted in a more refined system of allocating overheads to products and services, according to the demand of each activity. Homemade Pty Ltd - Food (Dikolli & Smith, 1996:47-55) was a pilot project where it took part in an ABC feasibility study during the mid 90s. Thi

ACTIVITY BASED COSTING AND MANAGEMENT : AN OVERVIEW Activity Based Costing (ABC) is more relevant than traditional costing in companies, where product mix is diverse in; batch sizes, physical sizes, degree or complexity, and raw material characteristics. ABC will also provide more decision useful information for the service industry, characterized by diversity in range of services provided. If the products in a plant or services provided posses similar characteristics, wither volume ba

To the extent that Europe grows faster, becomes a more effective economy, they become an important trading partner of the United States...It is conceivable that the euro will rise as a significant currency in the world. And that's good, not bad. --Alan Greenspan Introduction On January 1, 1999, eleven European nations began to use a common currency, the euro. These nations are Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain. Th

Throughout the years technology has made huge impacts on the way business conducts itself. From the internet and cellular technology to laptops, communication has become accessible wherever one might be. Those who have benefited most from such technology are those who spend most of their time out of the office. However, the question is this: If technology enables employees to communicate and accomplish the tasks necessary to complete one’s work outside the workplace, then why aren

THE SEC Introduction The U.S. Securities and Exchange Commission s (SEC s) primary duty is to protect investors and maintain the integrity of the securities markets. The laws and rules that govern the securities industry in the United States derive from a simple concept: all investors, whether large institutions or private individuals, should have access to certain basic facts about an investment prior to buying it. The SEC requires public companies to disclose meaningful financial and oth

General Comments about the Insurance Industry Insurance Companies generate revenues by selling insurance policies. These policies provide a known amount of revenue for an unknown amount of losses offsetting that revenue. This can make the matching principle difficult. Some of the potential losses can come years after the insurance policy was written and the premiums received. The liabilities for these future losses are estimated by actuaries and are subject to a certain amount of int

Maintaining Auditor Independence AbstractIn this paper, we resolve the auditor independence problem that arises in the model studied in Antle (1982, 1984). We argue that the owner-manager-auditor relationship exhibits a "separability" that facilitates the use of a particularly simple mechanism that prevents collusion. The mechanism prevents collusion as long as the agents do not play strictly dominated strategies and assume the same to be true of the other agent; the owner's profits und

A. BACKGROUND & SUMMARY The Comprehensive Environmental Response, Compensation and Liability Act of 1980, (CERCLA), as amended by the Superfund Amendments and Reauthorization Act of 1986, (SARA), provides for the identification, investigation and cleanup of Superfund, hazardous waste sites. Under these Acts, the Environmental Protection Agency (EPA) is required to recover its response costs from responsible parties after participating in the investigation, cleanup, oversight, enfo

Analysis of Accounts Receivable Analysis of accounts receivable involves two issues: the relative size of accounts receivable and the adequacy of the allowance for uncollected accounts (Murray, Neumann, & Elgers, 2000, p. 220). Size-The size of accounts receivable is usually assessed relative to the amount of credit sales. This seems appropriate because credit sales give rise to accounts receivable (accounts receivable earns no return after the discount period has expired). Most firms

BURBANK BOARDSTABLE OF CONTENTSEXECUTIVE SUMMARY3PROBLEM DEFINITION4NEW SYSTEM OBJECTIVES6NEW SYSTEM CONSTRAINTS7NEW SYSTEM PERFORMANCE CRITERIA8TEXAS INSTRUMENT - COMPOSER9ENTITY-RELATIONSHIP DIAGRAMS10ACTIVITY HIERARCHY DIAGRAMS11 EXECUTIVE SUMMARYIntroductionCurrent SystemNew System+ objectives+ recommendation+ advantages of new system+ how it will solve problems+ implementation+ tools used to document the new system ie.. ERD PROBLEM DEFINITIONThe main problem at Burbank Boards: Man

Enterprise Resource Planning (ERP)- These systems break from the Assets=L+E scheme. ERP systems do not have the preparation of financial statements as their primary goal. Many ERP vendors stress an objective of inputting data only once and using it to generate various views. ERP vendors stress the process focus of their products. The software can span across functional borders, enabling integration of data and information flows. ERP systems can also support a variety of tasks including

Economics 26121 September 18, 1999 The Euro To most people in the United States hearing the word Euro brings about blank stares. Ask this same question in England or another European country and it means bringing Europe together under one common currency. The Euro can be defined as the common monetary system by which the participating members of the European Community will trade. Eleven countries Germany, France, Spain, Portugal, Ireland, Austria, the Netherlands, Belgium, Luxembourg

First, it is necessary to define what a Japanese “main bank” is. The “main bank” is defined as the “financial group” (“kinyu keiretsu” in japanese) in the paper. “Financial group” is defined in principle by the amount of financing that a bank supplies to a particular borrowing company. When a given company has taken out the largest amount of loans from a particular bank for the past three or more years consecutively, the compan

Tutorial Task 1 Examine the sample purchase order database for this session and be sure you understand each of the queried that have been developed and what they do. Task 2 Add the following data to the dentist database Task 3 For each of the following queries, there is no problem in adding records to tables if you feel it would help you to understand what is happening in the query. Create a Select query that is based on the Appointment and Patient tables and that display

Exchange Rates and Their Affect on Trade I. INTRODUCTION Objective The general objectives of this study are to describe recent trade problems and examine why these problems are related to, and affected by exchange rates. The study first examines the exchange rate and how it is determined. The study will explore, in detail, the agencies that determine these rates. This study will also present the pros and cons of different prices of goods and services in different countries. Spe

To balance the customers' demands with the need for profitable growth, many companies have moved aggressively to improve supply chain management. Their efforts reflect what I feel are the seven most important steps in supply chain management. These steps can enhance revenue, control costs and asset utilization as well as customer satisfaction. In this paper I will discuss what I think are the most important factors to create and run an excellent supply chain management system. The first s

A franchise, by definition is a legal agreement that allows one organization with a product, idea, name or trademark to grant certain rights and information about operating a business to an independent business owner. In return, the business owner (franchisee) pays a fee and royalties to the owner. This one-time fee paid by the franchisee to the franchisor is referred to as a franchise fee. The fee pays for the business concept, rights to use trademarks, management assistance and other

Financial Analysis of Latin America Opportunity The following is an illustration of the financial feasibility of a joint venture hydro electricity power plant project in Central America. Estimating the estimated costs of our proposed project, our group chose to use Commonwealth Edison as a comparison. Commonwealth Edison, a subsidiary of Unicom Corp, is used as an assessment of our hypothetical costs of providing electricity for Central America. Using Commonwealth Edison we feel provid

Over the decades, McKinsey's success and its reputation have been determined by the quality of its clients — not just the institutions, but the individuals. The firm was founded in 1926, when the Universiry of Chicago professor James Mc Kinsey began recruiting experienced executives and trained them to be “accounting and engineering advisors”. When James O. McKinsey died in the late 1930's Marvin Bower, graduate of Harvard Law as well as Harvard Business School becam

Background and Statement of Need The purpose of this project will be to develop and Quality Control Reporting system (QCR) for the certification of ISO 9000. XYZ is a small medical products company employing about fifty people. A year ago, the company was purchased by a larger medical manufacturing company called XYZ. Since that purchase XYZ mandated that XYZ become ISO 9000 certified. The reason for XYZ to become ISO 9000 is for the expansion of their business products. To become I

Certified Public Accountants are expected to conduct themselves at a higher level than most other members of society and are held to the highest of ethical standards. The American Institute of Certified Public Accountants provides general accepted auditing standards and the code of professional conduct as a framework of guidance for CPAs to follow in performing audit procedures. The following audit case demonstrates potential problems that can occur when the client, Mattel, and the audi

Exchange Rates and International Trade I. INTRODUCTION Objective The general objectives of this study are to describe recent trade problems and examine why these problems are related to, and affected by exchange rates. The study first examines the exchange rate and how it is determined. The study will explore, in detail, the agencies that determine these rates. This study will also present the pros and cons of different prices of goods and services in different countries. Specifi

Introduction:WASTE IN THE PENTAGONS BUDGETMany in Congress and the Department of Defense (DoD) argue that there is not a penny to spare in the Pentagons budget and that the military is right on the edge of having insufficient capacity to meet the security threats to this country. There are many expensive and unnecessary weapons systems initiated to fight the Cold War that drag on due to bureaucracy at a cost of billions of dollars annually to Americans. In addition to these wasteful purc