...Over the last 500 years, the double-entry system of accounting has provided the accounting profession with a reliable and accurate way of tracking the economic events of companies. However, with the implementation of computer-based accounting systems over the last few decades, event based accounting has gained popularity. The theory behind event based accounting is that each business transaction can be broken down into one, or a combination of three types of events: economic, business, and information. An economic event is one in which the quantity of resources change, such as selling an item or purchasing a service. Events like receiving an invoice from a supplier, or sending out a purchase order to a vendor are examples of business events. They are necessary to the company even though they are not the monetary or physical transactions for goods or services. Tasks like creating reports and inputting new customers are considered information events. Information events provide the necessary data for the economic or business events that transpire. The double-entry system of accounting focuses on taking those separate events and aggregating them into journal entries. By aggregating them, a great deal of the total information of the event is left out. Under an event based accounting system each event is recorded with as much of the information as possible, and then stored in tables of data that allow the user to recall and compile this information into usable reports. This...
Words: 331 - Pages: 2
...Accounting is the most basic framework of business. People use accounting in their daily lives when they study financial statements to make investment decisions, assess interest rather to pay off their house mortgage and calculate rates for car payments. God himself recognize accounting, for he said in his Holy Bible that everyone would be accountable before him when this world comes to an end.(Matthew 12:36) The practice of accounting can be traced back to ancient times, with "accounting books" of various forms discovered as early as 3500 B. C. From the time of 3500 B. C., accounting has progressed slowly through the development of the modern double-entry system published by Luca Paciolo in the fifteenth century until the advent of the computer. In 1581 the first college of accountants was organized with power to regulate entry into the field. Along with the development of modern accounting, a stereotypical image of the accountant was developed, because of its task being routine and purity mathematical in function. The accountant is view as a dull person that is chain to his desk all day. A survey of college students proved that accounting is treated with mental formulaic concepts, thus it has a stereotype image. Accounting may be defined as an information system that provides reports to various individuals or groups about economic activities of an organization or other entity. Accounting is information sciences used to collect, classify, and manipulate financial data for...
Words: 477 - Pages: 2
...Journal Entries: Reflection and Reader Response • Journal Entry 1: “What does it mean to be a soldier?” (Reflection/RR) • Journal Entry 2: “Only the dead see the end of war…” (Reflection/RR) • Journal Entry #3: “How does being a solider change a man (or woman)? Are people changed for better or worse or both? What is the effect on the person, and what is the effect on the nation?” (Reflection/RR) • Journal Entry #4: “Reflect on the duality of words. How do words hold infinite power in their ability to simultaneously create and destroy? How do words affect conflict? How do they affect people?” (Reflection/RR) • Journal Entry #5: “Who or what determines our respective identities? Who or what makes you who you are? Why? How? Is it fair? Do we have control over who we are? Who we are perceived to be?” (Reflection/RR) • Journal Entry #6: “What does Oscar Schindler prove about people amid war and destruction? What characters have we encountered thus far in the semester who could also fit into this category? Why is it so important we remember them and tell their stories?” (Reflection/RR) • Journal Entry #7: “What does it mean to have courage? Is it truly more honorable to die than to live? Is this always the case? If not, reflect on the ambiguity of such a statement.” (Reflection/RR) • Journal Entry #8: “What tangibles and intangibles do you carry with you every day? Why are they important to you?” (Reflection/RR) • Journal Entry #9: “In your opinion, can there...
Words: 336 - Pages: 2
...ACCT290 WEEK 4 REVERSING ENTRIES JOAN GAPP Journal entries are used to change accounting information in financial systems. Following the double-entry system used in modern accounting, these entries always affect at least two accounts -- one account is debited, while another account is credited. A reversing entry is a journal entry that inverts a previously recorded "regular" entry. The use of reversing entries is optional, but it offers certain advantages, making them very popular in the accounting world. When you reverse an entry made in a prior period, you prevent duplication of revenues or expenses, which improves accuracy. For example, you made an entry to recognize a phone expense last month as part of the closing of the month process. Now the bill has been entered in the accounting system, and an expense was again recognized. The reversing entry will zero out the expense, correcting the situation. Reversing entries related to period closing always are paired with entries from the past. You can enter a journal entry in January and reverse it in February to avoid duplication in February. You don't normally go back to January to reverse an entry done in February. Reversing entries is a simple process that can be performed by any employee without much knowledge of accounting. Basically, the account originally debited is now credited and vice versa. There's no need to research or conduct any calculations -- all you need to do is reverse the original entry using the same exact...
Words: 396 - Pages: 2
...expenses, wages, purchases, and receivables. These transactions are maintained in various journals and ledgers and tell the financial story of the business. The process of maintaining this financial story is called the Accounting Cycle. Evaluation There are ten steps involved in completing the accounting cycle. They are as follows: “(1) Transactions are analyzed and recorded in the journal. (2) Transactions are posted to the ledger. (3) An unadjusted trial balance is prepared. (4) Adjustment data are assembled and analyzed. (5) An optional end-of-period spreadsheet is prepared. (6) Adjusting entries are journalized and posted to the ledger. (7) An adjusted trial balance is prepared. (8) Financial statements are prepared. (9) Closing entries and journalized and posted to the leger. (10) A post-closing trial balance is prepared.” (Warren, Reeve, & Duchac (2012) pg. 162) The accounting cycle begins with analyzing and recording transactions. The bookkeeper, for example, would review the invoices, purchase orders, bank statements, etc. After the transactions have been analyzed they are now ready to be posted to the journal using the double-entry accounting system. The double-entry accounting system means that the transactions are recorded in at least two or more accounts so that the debits and credits equal. After the transactions are recorded in the journal they are now ready to be posted to the ledger. A ledger is a book which contains the businesses...
Words: 775 - Pages: 4
...assumption 4) Social responsibility: is a concern for the impact of out actions on society. 5) All of the following are true regarding ethics except: Ethics do not affect the operations or outcome of a company. 6) Which of the following accounting principles would require that all goods and services purchased be recorded at cost? Cost Principle 7) The accounting principle that requires accounting information to be based on actual cost and requires assets and services to be recorded initially at the cash or cash-equivalent amount given in exchange is the: Cost Principle 8) A partnership: has unlimited liability for its partners 9) The group that attempts to create more harmony among the acct practices of different countries is the : IASB 10) The US government bonds are low-risk and low return investments. 11) Account balance: the difference between the total debits and total credits for an account including the beginning balance. 12) Which financial statement reports an organization financial position at a point in time? Balance Sheet 13) Debit is used to record: an increase in the balance of the owners withdrawals account. 14) Which of the following statements is true? The trail balance is a list of all accounts from the ledger with their balances at a point in time. 15) The general journal provides a place for recording all of the following except: balance in each account 16) An account used to record the owners investments in...
Words: 554 - Pages: 3
...Differences of Ethic Carolyn Anderson ETH/316 June 24, 2014 Dr. Nancy Kennedy This paper basic on the elements of how ethic can be somewhat value of one’s life, and how a person can react on how a person feels about laws, one owns opinions of how one life should be guided, and this ethic shows how to keep the responsibility terms, standard of actions in one’s life. The main point of the three theories knows what each of the three mean and how they react to each other such as the skills of each virtue in a general decisions, which formats on amoral laws that ones can focus on the main viewpoints of a day to day basic life. Similarities The similarities difference of the three ethics such as virtue theory, deontological ethic, and Utilitarianisms is that these ethics have facts, which format a wide value of responsibility. The main part of these ethics is that they have concepts, which basic on action, terms, and standards. Differences The differences among the theories is that one of them shows how the government has ways of showing the world how moral laws should be addressed, one ethic show a person how to interact with one’s self emotions, and the other one shows the world how different options of value have certain decisions of one’s opinions. A description of the differences of the three ethics According to BBC Ethic guide “Virtue ethics is person...
Words: 543 - Pages: 3
...Career Fair Mike Russell AIU Online Abstract Accurate accounting and the understanding can make or break your company or organization; not to mention possible jail time in the worse cases. The first way of ensuring accurate accounting is understanding the objectives. The second way is to understand the terminology of the accounting process and in the financial reporting aspects. The third way is to understand the ethics behind the accounting and reporting process. The forth way is to impement your role in the accounting process. Career Fair The primary objectives of accounting, basic terminology in the accounting process, the financial reporting, the ethics and the individual role each of us can play in the accounting process will be discussed in the following paragraphs. There are a multitude of things that happen at once but this will cover the basics for this career fair. Primary Objectives of Accounting There are a couple of ways businesses stay afloat by being financially stable and earning income. The process of financial information and conducting the financial record up keeping are vital to any organization, ensuring transparency of all information at the guidelines require you to prepare and produce them. The accounting cycle and the operating cycles are your intervals for reporting financial information. "This information is generally used by internal and external stakeholders to measure the organization's fiscal health" (M.U.S.E. Accounting Principles...
Words: 1113 - Pages: 5
...Business Research Ethics The individual assignment for this week asked the students to find an article within the University Library that discusses unethical business research conduct that has resulted in individuals or firm being convicted, or at least tried. I have found and read a newspaper journal titled "Unethical workers and illegal acts," which is a study of workers, managers, and executives, where 48% of them admitted to unethical or illegal acts since year 1996. What unethical research behavior is involved? Out for the 1,324 people surveyed, 48% of them admitted to committing unethical or illegal acts from a list of 25 actions. These actions include, cheating on an expense account, paying or accepting kickbacks, discriminating against co-workers, trading sex for sales, secretly forging signatures, and looking the other way when environmental laws are being violated. From the list of 25 actions, these were shockingly the most common mentioned. Who were the parties involved? When one thinks about unethical business research or performance, his or her mind tends to automatically think that the violators are at the lower to entry level of the company's organizational hierarchy, but according to this study, I was amazed at the amount of upper management employees mentioned. From entry-level employees, to long time workers, managers, and even upper level executives, they all have admitted to unethical business research conduct. As I read along I learned that the...
Words: 893 - Pages: 4
...IMPORTANCE OF ADJUSTMENT ENTRIES Importance of Adjustment Entries Jourdain M. Yardan American Intercontinental University IMPORTANCE OF ADJUSTMENT ENTRIES ABSTRACT Adjustment entries are made to handle issues that occur from events that directly affect expenses and revenue for accounting periods. The four types of accounting entries are accrued revenues, unearned revenues, accrued expenses, and prepaid expenses. Input forms for the journal entries that have supported information for each transaction are used to record information into a computerized accounting system. Ethical issues come up in the world of adjustment entries therefore the necessity to have approved entries. Keywords: Adjustment Entries, Revenue, Transaction, Ethical, Accrued IMPORTANCE OF ADJUSTMENT ENTRIES Importance of Adjustment Entries Adjustment journal entries are made to adjust account balances and events that affect revenue and expenses for accounting periods. Since all transactions can be hard to annotate, adjustment entries are used to account for items that do not get recorded in daily transactions. There are multiple ways to complete adjustment entries such as hiring an accountant that will give you copies to enter into a general ledger or by simply completing it by yourself. Adjustment entries create complete and accurate...
Words: 782 - Pages: 4
...son, and his family directly or indirectly own in excess of 70 percent of the company’s 851,000 shares. A $34 million embezzlement of cash from the KOSS occurred over a 12-year period from 1997 through December 2009. QUESTIONS AND ANSWERS 1. What is the problem in the Koss Corporation case? This case evolves about a wide-ranging fraud committed by senior members of the accounting department of Koss Corporation. Over a period of years, Sachdeva, the Principal Accounting Officer, Secretary and Vice-President of Finance at Koss had stole over $30 million from the Company. Sachdeva used the embezzled funds to finance her extravagant lifestyle and for her personal spendings. Mulvaney, working in concert with Sachdeva, prepared false journal entries to disguise Sachdeva's misappropriation of funds. Sachdeva and Mulvaney attempted to hide the embezzlement in the Company's financial statements by overstating assets, expenses, and cost of sales, and by understating liabilities and sales. Over the last 12 years, Koss never realised the embezzlement made by the culprit. The embezzlement was revealed on December 18, 2009, when American Express (principal bank for Koss Corporation) notified the Company that funds were being wired from a Company bank account to pay for expenses on Sachdeva's personal credit card. Sachdeva was arrested after she admitted to using Company funds to pay for personal expenses, including payments for her personal credit card. 2. Who is or are involved in the...
Words: 4964 - Pages: 20
...Ethics - Wikipedia, the free encyclopediaen.wikipedia.org/wiki/EthicsCached - SimilarShare Shared on Google+. View the post. You +1'd this publicly. Undo Ethics, also known as moral philosophy, is a branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong ... Business ethics - Professional ethics - Medical ethics - Deontological ethicsEthics | Define Ethics at Dictionary.comdictionary.reference.com/browse/ethicsCached - SimilarShare Shared on Google+. View the post. You +1'd this publicly. Undo (used with a singular or plural verb) a system of moral principles: the ethics of a culture. 2. the rules of conduct recognized in respect to a particular class of ... Bioethics - Metaethics - Situation ethics - Ethics of the fathersEthics Resource Centerwww.ethics.org/Cached - SimilarShare Shared on Google+. View the post. You +1'd this publicly. Undo A nonprofit organization working to be a catalyst in fostering ethical practices in individuals and institutions through programs and publications in business and ... What is Ethics?www.scu.edu/ethics/practicing/decision/whatisethics.htmlCached - SimilarShare Shared on Google+. View the post. You +1'd this publicly. Undo A discussion of both what ethics is and what ethics is not. Ethics Updates Home Page. Moral theory; relativism; pluralism ...ethics.sandiego.edu/Cached - SimilarShare Shared on Google+. View the post. You +1'd this publicly. Undo Ethics Updates provides...
Words: 558 - Pages: 3
...Waste Management Scandal Janice Whitted Strayer University Professor Steven Brydges October 29, 2012 According to your dictionary (2012), ethics in is the moral standards of determining the behavior of others and assume that “do unto other as you will have them do unto you”. In business, you have to consider the consumers, clients, and shareholders. Because these people has such a significant factor in your business dilemma arises among the different interest it can become extremely tricky. Business ethics become multi-faceted and complex. Many factors affect business ethics, honesty, carefulness, objectivity, integrity, legality, respect of colleagues and others. You have social responsibility, human subject protection, competence, responsible mentoring and publication, as well as non-discrimination, openness, confidentially and respect for intellectual property. The Securities and Exchange Commission (SEC) governs the way stockbrokers and investment bankers do business. Accounts ethics differ from other business ethics, especially public held corporation accountants, they depend upon complete transparency and honesty. Shareholders can be harmed when they act unethical. In this day and time, ethical thought s has gone out the window and greed has become the focus. During the GMC bail out, executives used the monies to meet their needs and not concern about the employees, stakeholders, or the economy. The executives flew to Washington in private jets to ask taxpayers...
Words: 925 - Pages: 4
...Chap2 * Identify specific ethical codes, including professional codes. What ethical theory is seen in the code? • List virtues you feel are important for nurses to attain, and describe why you feel they are important. • Can different ethical theories be utilized in making an ethical decision? Why or why not Chap3 * What are the ethical principles and implications? • Should the nurse notify security of the potential hazards of patient endangering self and others? • How does the nurse express fidelity, confidentiality, beneficence, nonmaleficence, autonomy, respect for persons, veracity, and justice in this situation? Module 2 discussion When I took a humanity class in college, there were two male students who were friends with each other that sat behind me. They were quietly and actively involved during the class discussion and created a pleasant mood. However, during an exam, their voices were loud enough to be heard by me and other students. One female student, C, who sat next me had strongly adverse feelings about their cheating and she wanted us to go to the professor and talk about them together. However, I didn’t because I felt kind of embarrassed reporting the classmates to the professor and did not mind it since it would not have affected my grade anyway. In addition, their voice was loud enough for the whole class to hear, so I guessed that the professor already knew about them and might punish their behavior later. C reported them after the end of...
Words: 2050 - Pages: 9
...Report | | Megan Scott 16364420 | Due: 18th October 2013 | Lecturer: Ron PettapieceTotal Word Count: 2745 | Contents Journal Entry One: Establishing expectations 2 Journal Entry Two: The development plans 5 Journal Entry Three: Making Progress 8 Bibliography 11 Journal Entry One: Establishing expectations Ben Tomason and Megan Scott (me) – via skype video chat Word Count: 848 Part two of a three part study by (McComb 2012) highlights the risk of limiting the coaching success that is associated with poor compatibility between a coach and coachee, a theory supports the earlier findings of (Boyce, Jackson, and Neal 2010). Though this could have been a concern for me as I openly put myself up as the first member of a triad I feel the risk was limited given our mutual agreement to participate as part of the course undertaking. Once I knew who my partner was I also took the time to read his (Ben Tomason’s) student home journal, review his 360 profile report and Leadership Development plan, activities which were reciprocated by Ben prior to our first scheduled coaching session. I believe this early openness to sharing and interest in the other party these actions assisted to minimise the any concerns related to compatibility and also went some way to establishing mutual trust. A study by (Hannafey and Vitulano 2012) on ethics with relation to executive coaching highlights the importance of relationships, and when considering both the quantitative and qualitative...
Words: 3824 - Pages: 16
