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Accounting Practices

In cash based accounting, sales are recorded and recognized when the business receives money for them. Besides, expenses are recognized and recorded upon actual payment. This method of accounting is mostly used by government entities or small businesses as they do not maintain any inventory and/or sell goods/services on credit. While using this method, there […]

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The Enron Accounting Scandal

Evidence abounds today to suggest that recent corporate scandals are directly indicative of a negative pattern in both ethical and legal regards that extends beyond any single organization. There is, instead, practical evidence in the epidemic nature of this generation’s collective collapse to suggest that a need still exists for greater orientation toward ethical organizational […]

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Financial Statements in Accounting

Financial Statements in Accounting 1. Why are the dates on financial statements important?  How do the primary financial statements (income statement, balance sheet, and cash flow) tie together?  What managerial assessments can you make about a company that has a profit and a negative cash flow in the same accounting period?     The dates of […]

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Price Accounting

Acquiring an MBA is not as easy as it may seem. There are numerous rules to follow and several factors to consider. My decision to go back to school and acquire an MBA was an effective step in reaching my career goals. The program would come to my advantage for it would assist me in […]

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The accounting and business word

Formerly, a big time industry leader, the celebrated case of Enron was one of grandeur and impressiveness that catapulted into a prominent sensational scandal in the accounting and business world and public censure and finally, to collapse. Fortune magazine reported Enron not only as among the Most Admired Companies in America but also the “most […]

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Stock Option Accounting

Enron Company used over the counter derivatives in order to be able to hide that nature of what it was doing to make money. Today many former employees, retirees and investors are paying the price of their company’s desire to operate confusing, murky and unregulated transaction. (Enron Watchdog) The stock option accounting loophole has caused […]

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Financial Accounting

The FIFO method will consider goods coming in first to the issued by the company ahead of the last goods coming in case of sale. The result is therefore felt in the inventory of the company where the new or last purchases will form part of the ending inventory. This method or practice will therefore […]

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Non-Profit Accounting

Foundations have played a crucial role in improving the welfare of the people they support. They are non-profit organizations with programs and funds managed by directors or trustees. They are often established to aid or maintain educational, social, religious, charitable and other causes, which improve the welfare of people they are directed at. Foundations mostly […]

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Accounting process

Financial statements are the end-products of the accounting process which serve the financial information needs of various interested parties. The financial statement should be a faithful representation of the economic activities of the business. While a full description of the actual economic activity of the organisation is not possible, the financial statement should contain as […]

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Risks of Being a Partner in an Accounting Firm

Partners in large accounting firms can make over $250,000 per year, with top partners drawing over $800,000. However, consideration of those incomes should take into account the risks that partners take and the fact that the incomes of partners in small accounting firms are often much lower. Partners are not compensated in the same way […]

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Financial accounting

Companies use different useful life for the same asset since each company has different policies concerning depreciation for the same asset. Furthermore useful life of an asset is an estimate based on past experience or through use of an expertise in a given field therefore as no specific rule is used in determination of useful […]

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Auditors and accountants

However, after observing the numerous corporate scandals enveloping the business world, It became apparent that ethics and morality had to be upheld by management and the impasses as a whole in order to avert such misdemeanors. It was not until four decades ago that the concept of business ethics was formally introduced and incorporated in […]

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Cost Accounting

Assume that you manage the manufacturing operations for the custom order division of a company that makes fine jewelry. The company’s raw materials consist mainly of gold (10 karat and 14 karat), precious stones, and semiprecious stones. Describe what manufacturing information would be important to track. The manager of manufacturing operations would require the following […]

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The accounting cycle is a seri…

The accounting cycle is a series of actions used to categorize and record an entity’s individual transactions. These transactions are then combined at the end of each reporting period into financial statements. The accounting cycle is fundamentally the core recordation activity that an accounting department participates in on an ongoing foundation and is the basis […]

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Financial Accounting: Case Study

1. The problems that appear to exist in Ferguson & Son Mfg Company’s budgetary control system are • The budgetary control system is focused completely on saving money, and is disregarding the operational requirements of the departments. It is highly imperative for the budgetary control process of an organization to take into account the operations […]

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02_Accounting Concepts and conventions.docx

ACCOUNTING CONCEPTS AND CONVENTION Fair presentation- comply with IASs / IFRSs Going concern – entity is normally viewed as a going concern, that is, as continuing in operation for the foreseeable future. It is assumed that the entity has neither the intention not the necessity of liquidation or of curtailing materially the scale of its […]

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Accounting Mistakes at Work

Perhaps it is imperative to underscore the fact that indeed everyone is usually faced with mistakes in one way or another. On the other hand, different persons have unique ways of responding to mistakes upon discovery. Some would react by seeking to correct the mistake in question as soon as possible. Others on the other […]

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Financial and managerial accounting

Organizations need information for both financial and managerial accounting. On the financial side, information is required for corporate financial planning and control, perform an evaluation and to verify taxes owed and credit worthiness. On the management side, the focus is on controlling costs. The relationship between the environment and managerial accounting can be seen from […]

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Negotiations Over Accounting Issues

Recent events in the financial world have led to increasing research on issues relating to accounting negotiations. Auditing standards and economic models generally portray the auditor-client management’s reporting, rather than seek to modify it. However, recent negotiation research is of the view that if there is a difference in opinion between the auditor and client […]

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The Public Company Accounting Oversight Board

Saved Recents Uploads My Answers Account Products Home Essays Drive Answers Texty About Company Legal Site Map Contact Us Advertise ©2016 StudyMode. com Home > Essays > Corporate Governance Corporate Governance Board of directors, Corporate governance, Corporation By mremise48 May 8, 2013 1940Words 245Views Page 6 of 6 What is Corporate Governance? Corporate Governance is […]

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Corporate Financial Accounting

Running Head: Corporate Financial Accounting Introduction to the Paper             The purpose of this paper to understand fully leases and how they work in the financial sector. The lease is not of one type only, it includes variations and this would also be a major topic in the paper. Once the types of leases have […]

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Corporation and Accounting

Corporation and Accounting             A corporation is a legal entity created by shareholders, individuals or groups of individuals, according the laws of the land. It is business organization that has separate legal entity from its owners who are the shareholders and is considered distinct. This means that the corporation can act as a real person […]

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Finance and Accounting

This paper seeks to write a 4 page paper discussing how the article () highlights what I have learned or how what I have learned explains what happened in this article. I will also draw specific correlations between my knowledge and the event/situation described. I will also identify disagreements between what you have learned and […]

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Cost accounting

Introduction Cost accounting is a very important subject for all businesses which measures the entire input of raw material, manufacturing,  packing and delivery cost. Without having a clear account of investment of cost, there would no assessment of profits.  Beginning from a safety pin till the manufacturing of a laptop computer, every expense is measured […]

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Accounting: Concepts & Applications

Practice Exercise 2-14 Case A $8,500 Case B $9,000 Case C $57,000 Case D ($4,000) Exercise 2-6 Owners Equity 12/31/06 $313,000 Exercise 2-8 (part 1 only) Fees Revenues $384,000 Less:Operating Expenses: Advertising Expense $15,000 Supplies Expense $46,000 Rent Expense $10,000 Utilities Expense $3,000 Miscellaneous Expense $4,400 Salaries Expense $61,000 Total Operating Expenses $139,400 Operating Income […]

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SEC Investigating Alibaba’s Accounting Practices

Alibaba Group Holding Ltd.;said it was being investigated by the U.S. Securities and Exchange Commission over whether the Chinese ecommerce company's accounting practices violated any federal laws. Alibaba's shares were down 4.1 percent at $77.80 in early trading on Wednesday. The company has provided the SEC with information about its accounting for logistics unit Cainiao […]

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Comparison of management accounting application

Management accounting has been appropriately used on a day-to-day basis by for- profit organizations In order to Improve the overall efficiency and effectiveness of organizational activities and ultimately profitability. On the other hand, Not-for-profit organizations have not made use of management accounting principles in order to evaluate the operations of their organization. The use of […]

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Foundations of Accounting

Randiddle Co. uses the perpetual inventory system and the First-in, First-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the First-in, First-out costing method, please ignore this step in the process. They also use the Allowance Method for bad debt. The […]

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