...Kan Hsin Lai Case : Nathan Johnson’s Rental Car Reimbursement Key Fact Nathan interviewed with an accounting firm and the accounting firm agreed to reimburse him for the expense of a rental car that used to travel to the firm’s office. Nathan called the rental agency and the agency agreed to credit his card to correct the $ 75 overbilling before sending the receipt for reimbursement. Nathan has a chance to pocket the cash if he send the original receipt to accounting firm and still receive the credit from the rental agency. Relevant Standards ET Section 102, Integrity and Objectivity. How Facts relate to standards This case is a “little” ethical issue. Nathan faces the moral issue and affects his integrity when he makes a decision. If Nathan pockets the money, he violates the ET Section 102. Questions [1] It seems Nathan can rationalize to accept the extra money because Nathan spend his time to make several long-distance phone calls and considerable hassle with the rental agency. But the accounting firm do not know the process of negotiation, the firm may not think Nathan’s behavior is right even though the firm agreed to reimburse the extra expense. Thus, I think Nathan’s planned course of action is not ethical. [2] There are three courses of action that Nathan could take. Action 1. :Nathan received the extra money but do not notice the firm. Action 2. :Nathan contacted the HR manager and let manager know he incurred some cost from the process...
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...The Effects of Technology on the Accounting Profession Paper Over the years people have switched from filing tax in papers to filing tax online in matter of minutes. This has provided individual with software that will provide him or her with full access to filing his or her tax online. As people continue to newer year each individual will see many changes in the Information system field and these new technologies will makes everything easy for us. The following essay will discuss the variety of new technologies and their effects on accounting processes, ways technologies have changed the way accounting is performed at, and explain corporate accounting, accounting professional services, and audit firms. Over the years we have seen technology change the way each individual does business. Each year companies are introducing new software that allows business owners and accounting firms to create balance sheet, payroll, and bookkeeping in matter of minutes. Business has seen account software like QuickBooks, turbo tax and peach tree to makes the necessary credit and debit for business. One of the new technologies that an individual is introduced to in accounting firms are Intuits quick book and cloud system. Cloud system is a web hosting application located off site. The advantage of cloud system is that we never have to install any account software in the firm’s computer; instead companies install software and store data in a server that is in a different locating. These...
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... Gingoog Christian College, GiCC, Gingoog City (On-going) OTHER: Trainer’s Methodology 1 Course (On-going) EXTRA-CURRICULAR ACTIVITIES: * President : Commerce Student Council, Commerce Department (SY 1992-93) * Com. Budget and Finance : Central Student Government, Cagayan Capitol College (SY 1992-93) * Member : Dance Guild (SY 1989-91) AWARDS AND CERTIFICATE RECEIVED: * General Academic Excellence Award (SY 1988-1989) * Leadership Award (SY 1992-1993) * 2nd placer Inter-collegiate Accounting Quiz Bowl (1992) * CCS (Credit & Collection Specialist) Rookie of the Year Award (1993), Singer Finance Corporation * Automotive Servicing NCII ELIGIBILITY: Civil Service Career Professional – 82.33% SEMINARS OR SYMPOSIA ATTENDED: * Leadership Training Seminar (1992) * Positive Mental Attitude Seminar (1992) EXPERIENCES: * Credit and Collection Specialist, Singer Finance Corporation (1993-1996) * Auto Mechanic, FGC Enterprises (1999-2000) * Automotive Instructor, Goodwill Computer College Incorporated (2001-2008, 2014 * Consultant, Motorpool Division Heavy and Light Equipment, Provincial government of Misamis Oriental (2008-2013) * Automotive Facilitator, Alternative Learning System, DepEd, Gingoog City (2014-present) AFFILIATION: * Couples for Christ, Gingoog City Chapter * Extra-Ordinary Minister of the Holy Communion, Sta. Rita Parish Church EDUCATION: * Elementary : South City...
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...Proprietary content. Please do not misuse! Accounting All businesses have financial transactions all the time. These are recorded in a particular way. Businesses can be structured in 3 ways: 1. Proprietorship: business with a single owner. Owner has complete liability for all debts of the company. 2. Partnership: business with 2 to 10 equal owners. All partners share complete liability for all debts of the company. 3. Limited company: Many owners with limited liability for debts of the business; this liability is only up to their capital contributed. There are t two types of limited companies: private and public. The former is held by 2-50 owners privately. The latter has unlimited number of owners, and any member of the public can be a part-owner. A business has numerous transactions which need to be recorded following certain accounting principles and process. Accounting Principles These are called Generally Accepted Accounting Principles, or GAAP. Key GAAPs are 1. Going Concern Concept: This principle assumes that a business will go on, that is, it will continue in the foreseeable future – it has no finite life. We use this principle to project cash flows in the future. 2. Legal Entity: The business is an entity separate from owners; even if it’s a small, one person business running out of home. Therefore the business accounts are taken separate from the owners. 3. Conservatism: Be cautious and conservative while accounting. Recognize income only when it’s definite...
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...PARKLAND COLLEGE FINANCIAL ACCOUNTING ACC 101(Fall 2015) TENTATIVE SYLLABUS Instructor: Nancy Schrumpf, CPA Office Hours: Office: B120 MW 8-9 a.m. Phone: 351.2576 MW11 a.m.-12:30 p.m. Secretary/Mailbox: 351.2213, B116 or by appointment Email: nschrumpf@parkland.edu[->0] . Course Web Site: http://my.parkland.edu Login using your Parkland College student email account username and password. You should find a link to “Cobra Learning” on the page which will take you to your course schedule. Select this course to access course materials. You can also access the course from Cobra.parkland.edu. COURSE COMMUNICATION: All course email will be using your CobraLearning account, so please check it regularly. I will generally check my email daily Monday through Friday. COURSE DESCRIPTION: Financial Accounting: (IAI BUS 904) Financial statements as related to investors, creditors and managers, includes cash, receivables, inventory, noncurrent assets, investments, liabilities and equities. F,S,Su COURSE OBJECTIVES: Construct, interpret and analyze the income statement, balance sheet, stockholder’s equity statement and cash flow statement for service business and merchandising business Construct, interpret and analyze period-end adjustments (accruals and deferrals), periodic and perpetual inventory methods, receivables, cash, long-term assets, liabilities (short-term, long-term and contingent), stockholder’s equity and various financial statement...
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...KELLY McCLAIN, Plaintiff and Appellant, v. OCTAGON PLAZA, LLC, Defendant and Respondent COURT OF APPEAL OF CALIFORNIA, SECOND APPELLATE DISTRICT, 159 Cal. App. 4th 784; 71 Cal. Rptr. 3d 885; January 31, 2008, Filed FACTS: 1. McClain owns and operates business known as A+ Teaching Supplies. 2. Ted and Wanda Charanian are the principals of Octagon, which owns and operates a shopping center in Valencia, California. 3. On February 28, 2003, McClain agreed to lease commercial space in the shopping center for five years and two months. 4. The contract has an option to extend the lease for two more five-year terms. 5. The lease is a standard form agreement prepared by the American Industrial Real Estate Association. 6. Paragraph 1.2(a) of the lease says the size of the unit leased to McClain is “approximately 2,624 square feet” with a diagram attached showing this size. 7. Paragraph 2.1 states “Unless otherwise provided herein, any statement of size set forth in this Lease, or that may have been used in calculating Rent, is an approximation which the agree is reasonable and any payments based thereon are not subject to revision whether or not the actual size is more or less.” 8. Paragraph 2.4 goes on to state “Lessee acknowledges that: (a) it has been advised by Lessor… to satisfy itself with respect to the condition of the Premises… , and their suitability for Lessee’s intended use [and] (b) Lessee had made such investigation as it deems necessary with reference to such...
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...ACCT 220 Extra Credit Project On my interview project, I chose to interview the only U.S. Civilian Accountant in Camp Zama, Japan. Mr John Anderson, who has been serving as a Chief accountant for nine months with G8, U.S. Army Japan. Mr. John Anderson is the head of the accounting section in Camp Zama where he leads six Japanese local nationals. Mr. Anderson stated that some of the importance of accounting in his job are accountability, accuracy, balancing, the different interphases, and liability. Mr. Anderson obtained a Bachelor's of Science in Business Administration which he has a concentration of 24 hours credit on Accounting. Upon completing his degree, Mr. Anderson started as a grade of GS-4 in the Federal system. He has been working with the same field for almost twenty years and currently holding a GS-12 position. Mr. Anderson is mainly responsible for recording transactions and tracking them through out the account of the whole U.S. Army Japan. He makes sure that all contracts and services are paid for and all properly recorded. He's main project right now is associated with DISA in which is a service level agreement. This agreement make sure that DISA gets paid on all services that they do and at the same time U.S. Army Japan, G8 is properly billed. The main program that he uses that help them a lot with their accounting system is the GFEBS( General Fund Enterprise Business System). GFEBS, is the new Army's web-enabled financial, asset and accounting management...
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...PROJECT EXTRA Hassan Aleid - s201137430 For: Dr. Amr Kurdi TABLE OF CONTENTS I.INTRODUCTION………………………………………………………3 II.ACCOUNTING POLICY DISCUSSION………………...……......4-8 III.FINANCHAL ANALYSIS………………………………………..8-15 IV.RECOMMENDATIONS AND CONCLUSION…………………..16 REFERENCE……………………………………………………………17 United Electronics Company (eXtra) is the first supplier of electronics in Saudi Arabia which is establish in 2003. The Company's stores offers international brands and stocks an extensive product range including TV, IT communications, computers, home appliances and audio systems, cameras, mobile phone and personal care products. Today, with more than 12 Million customers, eXtra is the most popular electronics store with 35 stores in Saudi Arabia and 1 store in both of Manama (Bahrain) and Muscat (Oman). eXtra had ranked as first among retail companies in the list of 100 Saudi Fast Growth companies because it growth by 340 % during the period 2004-2008, eXtra was award by the Saudi Arabian General Investment Authority (SAGIA) as “One of the Kingdom’s fastest-growing companies” in 2010 and 2011. In the third quarter of this year, eXtra generate net income by around 29 million riyals which is the same net income of the third quarter for the previous year. Accounting Polices The financial statements of eXtra are prepared according to the accounting standers set by Saudi Organization for Certified Public Accountants (SOCPA) which is adopted from U.S GAAP. eXtra use the...
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...Technology in Accounting Rabbit XACC/210 - Accounting Information Systems 08/18/2013 Gregory Ellis Technology in Accounting Information systems are changing various aspects of the accounting profession by dictating the ways that businesses operate. Before the use of computers, or AIS, accountants had to use hand-written ledgers and spreadsheets to keep track of business records. This old method of accounting took hours of time, cases of paperwork, and cost the businesses extra money. If an employer needed to found out information on payroll or inventory, they would have to shuffle through cases and files of paperwork. The more time it took to do this, the more money the employer lost. The businesses that can quickly process raw data and display the information managers require, gain a competitive advantage over companies that lack to ability to move data efficiently through the organization. Accounting information systems have sped up the time that it takes for an accountant to view or change crucial data. Accounting information systems are used to perform tasks in such areas as payroll, accounts receivable, accounts payable, inventory, and budgeting in real-time. It is important for any accountant to stay current with all of the new technological advances. According to “Bagranoff, N. A., Simkin, M. G., & Norman, C. S.” (2010), “Career opportunities abound for those with a solid foundation in Accounting Information Systems, including traditional...
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...The Pennsylvania State University at Harrisburg Middletown, PA 17057 School of Business Administration ACCT471: Intermediate Accounting I, Sect 001 Fall 2015: Three credit hours Classroom: Olmstead 211C Class Meeting Times: T 6:00 p.m. – 9:00 p.m. Instructor: Dr. Susan Havranek email: sfh12@psu.edu (best way to contact me) Office: E356 Olmstead Office Phone: 717-948-6483 Office Hours: M/T 4:30 p.m. to 5:45 p.m. Thursday 1:00 p.m. to 5:00 p.m. And by Appointment Course Catalog Description: Theory and practice issues in income concepts and value measurement; GAAP; revenues, costs, assets, liabilities, and equities. Prerequisites: ACCTG211 or ACCTG311 Course Objectives: 1. To apply the conceptual foundation of financial accounting; 2. To apply accounting standards; 3. To evaluate and select among alternative accounting treatments for economic events, and 4. To interpret the results and financial position of an entity. Learning Goals: * Collaborative skills: Students will develop collaborative skills by working together to solve exercises during class. * Communication skills: Students will submit written assignments and exams that should exhibit clear communication as would...
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...Culverhouse College of Commerce: AC210 Spring 2014 Course number and title: AC 210 Introduction to Accounting. Course description: Introduction to accounting and financial reporting concepts and the use of accounting information in financial and managerial decisions. Credit hours: Four hours, including a one-hour required lab. Prerequisites: EC 110. Instructor & Course Coordinator: Lisa McKinney Office address: 364 Alston E-mail address: lmckinne@cba.ua.edu Phone number: 348-6679 Office hours: TR 10:50am - 12:30pm. Other times by appointment. Instructor: Amanda Beck Office address: 325 Bigood E-mail address: aebeck@cba.ua.edu Phone number: 348-0149 Office hours: R 9:30am – 11:00am. Other times by appointment. Instructor: Xianjing (Jasmine) Bordere Office address: 325 Bidgood E-mail address: xbordere@cba.ua.edu Phone number: 348-0149 Office hours: T 9:15am – 11:00am. Other times by appointment. Instructor: Ben Commerford Office address: 329 Bidgood E-mail address: bpcommerford@cba.ua.edu Phone number: 348-0150 Office hours: MW 3:30pm – 4:45pm. Other times by appointment. Instructor: Don Minyard Office address: 365 Alston E-mail address: dminyard@cba.ua.edu Phone number: 348-2911 Office hours: TR 12:45pm - 1:30pm and T 4:00pm – 5:30pm. Other times by appointment. Instructor: Kyle Peel Office address: 325 Bidgood E-mail address: rkpeel@cba.ua.edu Phone number: 348-0149 Office hours: TR 7:00am – 8:00am. Other times by appointment. Instructor: ...
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...Nicole L. Lee HSM/260 September 20, 2013 Arin Norris Checkpoint: Definition Scavenger Hunt GAAP- Generally accepted accounting principles- refer to the standard framework of guidelines for financial accounting used in any giving jurisdiction. 2. generally known as accounting standards or standard accounting practice. (Wikipedia) Basic - forming or relating to the most important part of something. 2. forming or relating to the first or easiest part of something not including anything extra (Merriam-Webster.com/dictionary) accounting - the skill, system, or job of keeping the financial records of a business or person (Merriam-Webster.com/dictionary) formula - a plan or method for doing, making, or achieving something. 2. a list of the ingredients used for making something 3. mathematics: a general fact or rule expressed in letters and symbols (Merriam-Webste.com/dictionary) Transaction - The act of transaction or the fact of being transacted. 2. Something transacted, especially a business agreement or exchange. 3. Communication involving two or more people that affects all those involved. (www.thefreedictionary.com) account - A narrative or record of events. 2. a reason given for a particular action or event. 3. a formal banking, brokerage, or business relationship established to provide dealings, and other financial transactions. 4. Worth, standing, or importance. 5. profit or advantage. (www.thefreedictionary.com) General - involving, applicable to...
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...agent will collect the money from the customers to whom he sells the goods. He will pay this over to the trader after deducting his expenses and commission. The statement from the agent to the trader showing this is known as the account sales. Consignment accounts are to be found mainly in overseas trade. 41.2 Consignors (the traders) records For each consignment to an agent a separate consignment account is opened. Think of it as a trading and profit and loss account for each consignment. The purpose is to calculate the net profit or loss on each consignment. Goods consigned and expenses paid by the consignor Double entry needed: Goods consigned (a) Expenses paid (b) Debit consignment account Credit goods sent on consignment account Debit consignment account Credit cash book Consignment accounts 423 Expenses of the agent...
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...KENYATTA UNIVERSITY OPEN LEARNING PROGRAMME DEPARTMENT OF ACCOUNTING AND FINANCE UNIT CODE: BAC 502: UNIT TITLE: FINANCIAL MANAGEMENT Course Lecturer: F. Abdul LESSON ONE INTRODUCTION 1.1. What is Financial Management Financial management can be defined as the management of the finances of an organisation in order to achieve the financial objectives of the organization. The usual assumption in financial management for the private sector is that the objectives for the company is to maximize shareholders wealth. 1.2. Financial Planning The financial manager will need to plan to ensure that enough funding is available at the right time to meet the needs of the organisation for short, medium and long-term capital. a) b) 1.3. In the short-term, funds may be needed to pay for purchases of inventory, or to smooth out changes in receivables, payables and cash: the financial manager is here ensuring that working capital requirements are met. In the medium or long term, the organisation may have planned purchase of fixed assets such as plant and equipment, for which the financial manager must ensure that funding is available. Financial Management decisions The financial management decisions relate to investment, financing and dividends. The management of risk must also be considered. Investments in assets must be financed somehow. Financial management is also concerned with the management of short-term funds and with how funds can be raised over the long term. The retention...
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...Extra Credit Assignment ------------------------------------------------- 1. Fifty percent of the sales of Hanson Company sales are for cash; the rest are on credit. Seventy percent of the credit sales are collected in the month of sale, twenty percent in the month following sale, and five percent in the second month following sale. The remainder is expected to be uncollectible. Monthly sales are budgeted as follows: $280,000 for January, $240,000 for February, and $320,000 for March. Prepare a schedule of expected cash collections for the month of March. 2. a) What are the major weaknesses of static budgets? “Directly comparing static planning budget revenues and costs to actual revenues and costs can easily lead to erroneous conclusions. Actual revenues and costs differ from budgeted revenues and costs for a variety of reasons, but one of the biggest is a change in the level of activity. One would expect actual revenues and costs to increase or decrease as the activity level increases or decreases. Flexible budgets enable managers to isolate the various causes of the differences between budgeted and actual costs” (Garrison 397). Garrison, R.. Managerial Accounting, 14th Edition. McGraw-Hill Learning Solutions, 2012. <vbk:0077624319#outline(9.7)>. b) What are the characteristics of a planning budget? “A planning budget is prepared before the period begins and is valid for only the planned level of activity...
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