...Accounting Memp Interforoffice Memo TO: ACCOUNTING TEAM MATE FROM: ANDREW ACCOUNTANT SUBJECT: LIFO FIFO EXPLANATION DATE: 2/24/2015 Occasionally an individual who works at a company in a certain department is required to pass on information to another department or a supervisor. It is necessary to make this memo accurate and professional since information on inventory valuations has been requested by the executive vice president. To be considered that they are not aware of the jargon used by accountants the information used must be explained to company officers. Below is a summary of the changes in the interoffice memo that relates to the accounting jargon and abbreviations. It will also include the requested information on Last In First Out (LIFO) and First In First Out (FIFO) method. The memo is changed from casual to professional and formal after it is revised. The memo concerns the FIFO and LIFO methods and the effects of the methods with-in the company. This requires an explanation of each valuation method in terms of the profit and loss on the income statement and Cost of Goods Sold (COGS). This needs to be elaborated without being condescending. It does not affect the retail industry’s inventory valuation methods, so it is not necessary to include the lawsuit by Macy’s in the last paragraph. The inflationary economic time and the accounting jargon of elastic pricing needs to be changed to professional wording. It would be appropriate to express that...
Words: 467 - Pages: 2
...Accounting and Communication: Final Project I plan on graduating from Temple with a bachelors in science in Accounting. Afterward, I desire to enroll in Graduate school at Temple University to complete my Masters degree. Hoping I will be skilled enough (CPA test preparatory classes may be necessary) to pass the CPA (Certified Public Accountants) exam, I intend to apply to a private accounting firm. In order for an Accountant to internally do their job correct, they need to ensure that firms are efficiently run financially while also making business decisions that would lead to prevented loss/future profit. They prepare, analyze and verify financial documents that are recorded in an accounting journal, balance sheet, income statement, statement of cash flows and shareholders’ equity. Externally, an Accountant could be employed by a public corporation and sent out to off-premise locations to perform audits. The duties of an accountant depend on whether they are a private or public accountant and which department they work in. Public accounting for the most part has to do with auditing, taxation, and external duties. Private accountants are more internal and deal with budgeting, inventory, cost accounting and internal auditing. In 2009, the median annual wage for accountants and auditors was $60,340, according to the Bureau of Labor Statistics. Personally, I like the internal work that has to do with financial accounting, not managerial accounting. I’m more of a numbers type of...
Words: 1016 - Pages: 5
...1. P. Kemezis and W Clasgall, 'ATexas Wildcatter Cashes in on French Oil," Busrhess W-eek,'tsllay' ' 1985, 106-10i. 2. The dominant companies in the oil and gas industry include such firms as ExxonMobil and ConocoPhillips. These firms are often referred to as the "majors' or simply as "Big Oil." 207 208 !': $1 iil {r i. $- :..1 sEcTtoNTHREE INTERNALCournollssuas of oil and gas exploration by employing a rough-andtumble business strategy. Lee recognized that the large domestic oil firms in the U.S. had already identified the prime drilling sites in this country. So, Lee decided that Triton should focus its exploration efforts in other oil-producing countries, particularly in regions of those countries largely overlooked by "Big Oil." During Lee's tenure with Triton, the company launched exploration ventures in Argentina, Australia, Canada, Colombia, France, Indonesia, Malaysia, New Zealand, and Thailand. In the early 1970s, Triton discovered a large oil and gas field in the Gulf of Thailand. Recurring disagreements and confrontations with the Thai government stymied Triton from developing that field for more than l0 years. Lee's experience with the Thai government taught him an important lesson: If Triton's exploration ventures *.re io be successful in foreign countries, the company had to foster good relationships with key governmental officials in those countries. Lee created Triton Indonesia, Inc., a wholly owned subsidiary...
Words: 4499 - Pages: 18
...Instead, Sunbeam presented the vendor rebates in the financial statements as an increase to sales revenue. Although this would not impact net income, this was an incorrect procedure that resulted in overstating sales revenue. In addition, Sunbeam did not record some of the vendor rebates in the correct accounting period. Vendor rebates should be recorded as the vendor rebates are received. Instead, Sunbeam recorded the vendor rebates all at once. Some of the vendor rebates should not have been recorded until future periods. This was also an incorrect procedure that resulted in overstating sales revenue as well as net income....
Words: 633 - Pages: 3
...Table of Contents Writing a Memo 4 Audience and Purpose 4 Parts of a Memo 4 Heading Segment 4 Opening Segment 4 Context 5 Conclusion 5 Sample Memos 5 1st sample 5 2nd sample 6 Writing a circular 7 1. Circular regarding a computer training programme. 7 2. Circular regarding office identification 7 3. Circular regarding a visit of a senior manager 8 Writing a notice 9 Format of a notice 9 Cause and effect 11 EFFECT — CAUSE 11 Summarizing 13 Meeting Minutes 14 Business Letters 16 Writing the Basic Business Letter 16 Parts of a Business Letter 16 Covering letter 21 Job advertisement 22 Job adverts checklist 22 Senior Accountant position 22 Senior financial accountant, REF: F90111 23 Accounting terms 25 General Business Vocabulary Terms 27 Advertising 27 Banking 28 Company Structure 28 Contracts 29 Employment 30 Import-Export 31 Insurance 31 Law 32 Marketing 33 Money 34 Presentations 34 Selling 35 Graphs and Charts 37 Presenting Visuals - useful phrases & vocabulary : 37 Commenting trends - useful phrases : 37 Conclusions - useful phrases : 38 Presentations 39 Writing a Memo Audience and Purpose Memos have a twofold purpose: they bring attention to problems and they solve problems. They accomplish their goals by informing the reader about new information like policy changes, price increases, or by persuading the reader to take an action, such as attend a meeting, or change a current...
Words: 9454 - Pages: 38
...Your manager would like you to manage one of the teams in this new department. Your manager has put together the team you will be managing. Your new team consists of the members of your current Learning Team. To be successful in the new market segment, your team must efficiently accomplish the goals set by the company. Your manager, therefore, would like you to develop a leadership approach for each team member on your team based on the theories of leadership and each member’s individual personalities. Write a memo to your manager of no more than 1,400 words in which you explain how you plan to successfully lead your team. Include the following: Evaluate the individuals, including yourself, based on the personality assessment. Evaluate the situation in terms of urgency, culture, and so forth. Determine leadership approaches, based on individuals and the situation. Highlight the principles you have applied from various leadership theories. Format your memo consistent with APA guidelines. Click the Assignment Files tab to submit your assignment 2- Your Learning Team is a team of managers of a customer call center for timeshare vacations. Discuss, with your team, the types of control measures you would use to see how efficient and effective an employee is. Discuss, with your team, the measures you would use to evaluate the entire call center. Prepare a 350- to 1,050-word paper detailing the findings of your discussion. 3 QUIZ The control process assumes that...
Words: 2512 - Pages: 11
...Virtual Organization for Riordan Manufacturing Virtual Organization for Riordan Manufacturing Many companies today are looking to create virtual organizations for their businesses because of the innovation and organizational improvement it can provide. Creating an intranet in a virtual organization to hold shareable company data is the best form of communication between all employees. The intranet can be protected from outside interference by using the correct security measures. While reviewing the virtual organization for Riordan Manufacturing, there were some inconsistencies in the home page, accounting and finance, and human resources section that can be improved on. Home Page The home page is the most important web page for a user because it prepares and sets the tone for navigation and functionality. A glaring omission from the Riordan home page is the purpose of the Intranet and its usefulness for employees. Currently, the home page contains the mission statement, company facts, and a brief history. While this information is important, we would recommend creating a separate page named “About”, or placing it under the current link of “Riordan Industries”, which would be a more appropriate location. Our recommendation for the home page would be to include more details about the intranet itself. What is an intranet? Why is it important? Who are the users? These questions are very important, especially for someone who is new to the company. Additionally,...
Words: 1041 - Pages: 5
...profit records each successive year during this period. In fact, in both 1980 and 1981 the company’s actual net income eclipsed the figure reported by the company. In 1980, Oaks top executives became concerned that the company could not indefinitely sustain its impressive growth rate in annual profits. To help the company maintain this trend, the executives began creating reserves that could be used to boost reported profits in later years. To report a smooth upward earnings trend and to provide a "cushion" of profits to be used in periods of lower actual earnings, Oak implemented a policy during 1980 and 1981 of establishing unneeded reserves to be released (reversed) in later periods, if needed.1 1. Securities and Exchange Commission, Accounting and Auditing Enforcement Release No. 63, 25 June 1985. 80 EXHIBIT 1 Oak Industries, Inc., Selected Financial Data, 1978-1981 Oak Industries, Inc. These “rainy day reserves” included overstatements of the company’s...
Words: 1830 - Pages: 8
...authoritative literature, reviewing and evaluating the data collected, drawing conclusions and communicating your results. 2. Accounting, auditing, or tax research involve a systematic and logical investigation of an issue or problem using the accountant’s professional judgment. Furthermore, accountants approach this problem using critical-thinking skills to obtain and document evidence underlying a conclusion relating to an issue or problem currently confronting the accountant or auditor. 3. Accounting, auditing, or tax research are necessary in order to determine the proper recording, classification, and disclosure of economic events; to determine compliance with authoritative pronouncements; or to determine the preferability of alternative accounting procedures. 4. The objective of accounting, auditing, or tax research is a systematic investigation of an issue or problem utilizing the researcher’s professional judgment to arrive at appropriate and timely conclusions regarding the issues at hand. 5. Research plays an important role within an accounting firm or department. It is critical for the accountant/auditor to be able to find and locate applicable authoritative pronouncements and to ascertain their current status. Given the number and diversity of clients served, public accounting firms constantly engage in research on a wide array of accounting, auditing, or tax issues. This research process is usually conducted by the local office staff, selected local or regional...
Words: 6804 - Pages: 28
...Request to Client Request II Team A ACC/541 November 25, 2013 Michael Meyer MEMORANDUM TO: Client FROM: Consulting Firm DATE: November 25, 2013 SUBJECT: Pending Lawsuit Effects FASB stipulations affect financial statements, mortgages, and patents when a business entity loses a case. This memo describes Codification 450-10-05-4 of the Financial Accounting Standards Board (FASB) that details the proper reporting of gain and loss contingencies, as well as standards for financial statements. This memo will provide relevant information concerning pending lawsuit effects for the use of clients and affected stakeholders. Reporting Requirements For Contingencies: Paragraph 450-20-25-1 sets forth the general rule on loss contingencies. The rule applies in the event a loss contingency is present, and the probability that an incident or event would occur to validate the loss, incurrence of liability, or damage of an asset that can vary from probable to reasonably possible (FASB, 1975). The term loss or losses is used as a means to cover charges against income or expenses. An estimated loss from a loss contingency can be charged to income based on FASB paragraph 450-20-25-2 when the two conditions given below are satisfied: I. There is available information before issuance of the financial statements that indicates it is possible an asset had been damaged or a liability had been incurred at the date of the financial statements...
Words: 1014 - Pages: 5
...2002 and Its Effect on the Accounting Profession Robin M. Holdgate BA-507 Advanced Business Law and Ethics Upper Iowa University Richard Healy, A.B., J.D. October 14, 2012 Abstract Sarbanes-Oxley Act of 2002 was hailed as “the most far-reaching reforms since the time of Franklin D. Roosevelt” by President George W. Bush when he signed it into law. The act contains 11 titles, or sections, ranging from additional corporate board responsibilities to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement rulings on requirements to comply with the law. The act also covers issues such as auditor independence, corporate governance, internal control assessment, and enhanced financial disclosure. The bill was enacted as a reaction to a number of major corporate and accounting scandals including those affecting Enron, Tyco, WorldCom and Arthur Andersen LLP. These scandals cost investors billions of dollars when the share prices of affected companies collapsed and shook public confidence in the nation's securities markets. The Sarbanes-Oxley Act of 2002 and Its Effect on the Accounting Profession Enron, World Com and Arthur Andersen LLP, three names that have long become synonymous with deceptive accounting practices and lack of transparency, were but a few of the catalysts to the hastily enactment of the Sarbanes-Oxley Act of 2002. More commonly known as SOX, it was enacted on July 29, 2002 and signed into law on July 30, 2002 by President...
Words: 3963 - Pages: 16
...Andra S. Prillerman 6699 NW Omega Rd Port St. Lucie, FL 34983 (678) 708-7341 prillerman1908@yahoo.com EDUCATION M.A.F.M., Master of Accounting & Financial Management, June 2009 Keller Graduate School of Management of DeVry University B.B.A., Business Administration, May 1999 Tennessee State University OBJECTIVE Results-oriented Accounting Professional with excellent experience and strong managerial skills to attain a challenging position offering major responsibility and long-term asset. PROFESSIONAL EXPERIENCE January 2007 to May 2014 Prillerman & Associates Duluth, GA Accountant Prepares income tax return forms for individuals and small businesses: Reviews financial records, such as prior tax return forms, income statements, and documentation of expenditures to determine forms needed to prepare return. Interviews client to obtain additional information on taxable income and deductible expenses and allowances. Computes taxes owed, using adding machine, and completes entries on forms, following tax form instructions and tax tables. Consults tax law handbooks or bulletins to determine procedure for preparation of atypical returns. Occasionally verifies totals on forms prepared by others to detect errors of arithmetic or procedure. Calculates form preparation fee according to complexity of return and amount of time required to prepare forms. January 2007 to January 2010 ...
Words: 773 - Pages: 4
...economic benefits arising from present obligations that are not payable within a year or the operating cycle of the company, whichever is longer. Long term debt is a way to finance and gain capital when the company cash flow is minimal. To name a few types of long term debt: bonds payable, notes payable, mortgages payable, pension liabilities, and lease liabilities. This assignment will define basic terms such as long-term debt, bonds, mortgage, and capital leases. In addition answer questions in reference to the ABC Company journal entries, postretirement and note disclosure. A bond arises from a contract known as a bond indenture. A bond is a form of a long term promissory note that is regulated under the federal securities law or state laws. Typically, a bond represents a promise to pay. Bonds are a unique way to raise capital for organizational needs. Bonds are accounted for in a similar to notes payable with the exception that bonds are normally issued to different lenders. These lenders, also known as investors, may sell their bonds to another investor prior to their maturity. There are several types of bonds, however, the more common forms of bonds are secured and unsecured bonds. Secured bonds are backed by the borrower’s collateral, thus meaning no tangible property or any other kind of product is attached to that debt. A well-known example of a secured bond is a mortgage. As for the unsecured bonds, there is no collateral required and common examples of...
Words: 1329 - Pages: 6
...INTRODUCTION Revenue recognition is one of the top causes for financial statement restatements. In addition, revenue recognition is an area commonly questioned by the Securities and Exchange Commission (SEC) staff in their review of public filings and resultant comment letter process. Furthermore, revenue recognition is often prey to financial fraud. Coverage of revenue recognition in intermediate accounting courses is typically limited to learning and applying the criteria for revenue recognition outlined in the Financial Accounting Standards Board’s (FASB) Statement of Financial Accounting Concepts No. 5, Recognition and Measurement in Financial Statements of Business Enterprises, to routine transactions and topics, such as long-term construction contracts and installment sales (FASB 1984). While these topics are important, there are literally hundreds of revenue-generating transactions that are not covered in the traditional financial accounting sequence. These are their stories (for any Law and Order fans): Case One: Facts Consumer Cleaning Products Corporation (CCPC) is a public company with a calendar yearend. CCPC manufactures detergent that is ultimately purchased (and used) by consumers. The supply chain consists of the following: * CCPC sells its detergent to a wholesaler; * The wholesaler sells the detergent to a retailer; and * The retailer sells the detergent to a consumer. CCPC launches a new detergent, Fresh & Bright, on September...
Words: 1413 - Pages: 6
...The Violet Bay School INTRODUCTION According to the Government Accounting Standards Board (GASB), the objective of financial reporting is to assist a government entity in fulfilling its obligation to be publicly accountable and to enable users to assess accountability (GASB 2007; Government Accountability Office [GAO] 2007). Budgeting, a process whereby government administrators forecast expected revenues and identify planned expenditures, is an integral part of accountability, and the extent to which a governmental entity adheres to its budget is a major consideration when assessing accountability. In August 2005, Violet Bay1 taxpayers were informed that their school system had run a $7 million deficit after several previous assurances that the system was fiscally sound and would finish the year with a surplus. By November 2005, an external audit determined that the actual deficit was $12.1 million. Three months later, a special grand jury report was released describing the causes of the financial crisis and addressing the means to correct the situation. What went wrong? Place yourself in the role of an auditor or a consultant and identify the problems. As you do so, you will better appreciate the importance of internal control and will gain experience in identifying and assessing client risks. While this case involves a governmental entity—a school district—no prior coursework in governmental accounting is required to complete case requirements. PART I – THE BUDGET PROCESS The...
Words: 5312 - Pages: 22
