...perform an essential role in society. They are responsible to all those who use their professional services. They also have a continuing responsibility to improve the art of accounting, maintain the public’s confidence, and carry out the profession’s special responsibilities for self-governance. However, the role of a CPA in helping businesses come up with a good and effective decision-making is said to be one of the important responsibilities of a CPA. The many traditional roles of a CPA in assisting businesses take on even greater importance in a volatile economic environment. CPAs are relied upon so much because of not only their keen analytical and decision-making skills but also their objectivity, integrity and dedication to service. Many CPAs provide services well beyond accounting, auditing and reporting. The consumer often expects a CPA to be proficient at many specializations, even those just indirectly related to the traditional role of an accountant. The CPA's role has been quickly expanding, and one leading CPA proposed that the term CPA more appropriately stand for Certified Professional Advisor. (www.picpa.org) A CPA is much more than its definition of Certified Public Accountant. The term certified refers to the licensing to carry on business as a CPA and meeting the standards as promulgated by the American Institute of CPAs and the various state societies. The term public accountant refers to the role as an accountant, who handles recordkeeping...
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...perform an essential role in society. They are responsible to all those who use their professional services. They also have a continuing responsibility to improve the art of accounting, maintain the public’s confidence, and carry out the profession’s special responsibilities for self-governance. However, the role of a CPA in helping businesses come up with a good and effective decision-making is said to be one of the important responsibilities of a CPA. The many traditional roles of a CPA in assisting businesses take on even greater importance in a volatile economic environment. CPAs are relied upon so much because of not only their keen analytical and decision-making skills but also their objectivity, integrity and dedication to service. Many CPAs provide services well beyond accounting, auditing and reporting. The consumer often expects a CPA to be proficient at many specializations, even those just indirectly related to the traditional role of an accountant. The CPA's role has been quickly expanding, and one leading CPA proposed that the term CPA more appropriately stand for Certified Professional Advisor. (www.picpa.org) A CPA is much more than its definition of Certified Public Accountant. The term certified refers to the licensing to carry on business as a CPA and meeting the standards as promulgated by the American Institute of CPAs and the various state societies. The term public accountant refers to the role as an accountant, who handles recordkeeping...
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...INTRODUCTION Accounting is popularly known as “language of business". Accountants are the practitioners of accounting, who can speak it better than anyone. It measures the results of a company’s economic activities and conveys this information to different users like creditors, investors, management, and regulators, etc. Accounting is the body of knowledge, which is primarily concerned with methods for recording transactions, keeping financial records, performing internal audits, reporting and analysing financial information to the management, and advising on taxation matters. In short, it is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity. Accounting provides information on the resources available to a firm, the means employed to finance those resources, and also the results achieved through their use. ACCOUNTING CAREERS Choosing the field of accounting as a career path is a smart decision. This field will always be in demand. This field can help you to grow continuously and help you move up inside your organization. A lot of different positions are available in the field of accounting. Accounting careers can range from entry level positions to executive level positions. Some of the popular careers in accounting are Accountant, Accounting Clerk, Accounting Manager...
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...But, business sustainability depends on its financial performance and the people governing the business. And to measure whether companies are capable of handling potentially unexpected corporate risks, companies’ accounting transactions are reported through financial statements. These financial statements are the masterpieces of accountants who analyze the transactions and measure the financial stability of the company if they are sustainable enough to defray any business risks. However, in presenting these statements, some accountants may mislead owners or decision makers through financial mistatements which affect the business itself. Because of this accounting malpractice, it may cause to a major problem that will put CPAs into grave misconduct such as allegation of fraud and engangement in corporate accounting scandals. Accounting malpractice are affecting the businesses globally. It decays the economy of the country and slowly creeps into different industry until they are no longer outlive in the business world. In fact, the Report to the Nations on Occupational Fraud and Abuse in Asia-Pacific Region led by Wells (2010) found out that the Asia Pacific median has a loss that was significantly higher than the global median loss of $160,000 because of accounting malpractices. This report also added that 338 fraud cases that has been found on that Asia-pacific region wherein China has the most number of fraud cases and followed by India, Australia, Indonesia and United Arab...
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...really matter in choosing a course because the Accountancy students considered their future in doing this. Though they faced challenges in taking their course, they did their utmost to overcome these and obtain their wanted profession. In addition, they expected to have a good job in the future through this career. This paper further concluded that the students were motivated to study harder and to perform better despite of the difficult situations because of the nice future that was waiting for them and because of their high expectations of their course. Bachelor of Science in Accountancy as an in Demand Course in De La Salle Lipa Bachelor of Science in Accountancy (BSA) is a degree program chosen by students who aspire to practice accounting as their profession. In De La Salle Lipa (DLSL), a student taking this is expected to be a responsible one. The reason behind this is that BSA students experience different...
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...Skills, Responsibilities and Roles of the Management Accountant Today's Management Accountant Skills, Responsibilities and Roles in Today's Global Economy Jennifer Dosch, CMA Metropolitan State University Chapter Goal: To demonstrate the skills necessary for management accountants in today's business environment. To identify and explain the responsibilities and roles for today's management accountant. Learning Objectives Demonstrate the differences between management and financial accounting. Describe important skills needed for today's management accountant. Examine responsibilities of the management accountant. Examine the roles required of today's management accountant. Summarize IMA's Code of Ethics for management accountants. Jennifer.Dosch@metrostate.edu Page 1 Skills, Responsibilities and Roles of the Management Accountant I. Overview of Accounting The two primary accounting roles in an organization are “financial” and “management” accounting. The recording of transactions and preparing financial reports is the financial accounting role. Financial accounting deals with historical results, the recording and reporting of transactions that have occurred. For example, paying cash for salaries expenses incurred or recording the purchase of raw materials. The recording of transactions and preparation of financial statements are currently guided by Generally Accepted Accounting Principles (GAAP). GAAP consists of standards and...
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...Evolution of Management Accounting: Contemporary Significance and Retrospection Abstract: The management accounting aim in future forecasting, planning and making decisions for the firm. It is also good at cost managing (cost accounting), improving production and management controlling, for example, the Balance Scorecard and Management Control System. What is evolution? The synonym of evolution is development which means the experiences of its past to present, also means history. Thus, it will introduce the management accounting's history of U.S and China so that we could clarify why China lag behind. Moreover, it would move forward to describe the circumstance today to emphasize the new missions of management accounting. Of course, it would make suggestions for China based on the present and past. Finally, expect the future outlook of management accounting Generally speaking, besides telling readers the main factors of influencing management accounting in China, it aim to encourage and remind readers as well as schoolmates to study the management accounting and notice the significance and potentials of management accounting. Key words: Management Accounting, Cost Accounting, Evolution of Management Accounting, Balance Scorecard, Management Control System. Contents INTRODUCTION 6 1. LITERATURE REVIEW 8 1.1 THE INFLUENCING FACTORS OF MANAGEMENT ACCOUNTING 9 1.1.1 Business size, Organizational Structure and Technology 9 1.1.2 Strategy 10 ...
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...coordinated. Thus, when I pursue my college education I decided that I want to take up accounting and learn the systematic process of managing finances. I come from a line of family who are into the business world. This is the reason why I ultimately believe that I am a top candidate in any accounting firm. Allow me to be specific, I am driven as a child and it extends as I aged. My fascination as a child for this process motivated me to develop a sense of organization and practice critical thinking in how I approach things which are both crucial in the role that accountants play. However, for a more detailed and organize perspective I made a mini-marketing plan that would discuss and highlight the reasons why I am a perfect candidate to be hired among the pool of accountants vying for a spot in a big accountancy firm. Mission Statement To become a part of a company that embraces the values of honesty and integrity in pursuit of trying to achieve accurate and reliable financial information while following the code of ethics and standards of a national accounting organization like the American Institute of Certified Public Accountants to be of service to the people. Objective After completing a master’s degree in Accounting and passing the licensure examination, I hope to achieve the following objectives: 1. See myself as an indispensable part of a reputable accounting firm in the US whose credibility and integrity is unwavering. 2. After a year I intend...
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...CHAPTER 1 ACCOUNTING: INFORMATION FOR DECISION MAKING OVERVIEW OF BRIEF EXERCISES, EXERCISES, AND CRITICAL THINKING CASES Brief Exercises B. Ex. 1.1 B. Ex. 1.2 B. Ex. 1.3 B. Ex. 1.4 B. Ex. 1.5 B. Ex. 1.6 B. Ex. 1.7 B. Ex. 1.8 B. Ex. 1.9 B. Ex. 1.10 Learning Objectives 1, 3, 5 2, 5 3, 4 5, 6 1, 3, 5, 6 5, 6 2, 5, 6 7, 8 5, 7 1 Topic Users of accounting information Components of internal control Inexact or approximate measures Standards for the preparation of accounting information FASB conceptual framework PCAOB COSO Professional certifications in accounting AICPA code of professional conduct Personal benefits of accounting skills Skills Analysis Analysis Analysis, judgment Analysis Analysis Analysis, research Analysis, ethics Analysis Analysis, ethics Analysis Exercises 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 Topic You as a user of accounting information Real World: Boeing Company, California Public Employees Retirement System, China Airlines Users of accounting information What is financial reporting? Generally accepted accounting principles Accounting organizations Investment return Accounting terminology Accounting organizations Financial and management accounting Management accounting information Accounting organizations Purpose of an audit Audits of financial statements Ethics and professional judgment Careers in accounting Home Depot, Inc. general information Learning Objectives Skills 1 Analysis, judgment 3, 4 Analysis...
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...CHAPTER 1 ACCOUNTING: INFORMATION FOR DECISION MAKING OVERVIEW OF BRIEF EXERCISES, EXERCISES AND CRITICAL THINKING CASES Brief Exercises B. Ex. 1.1 B. Ex. 1.2 B. Ex. 1.3 B. Ex. 1.4 B. Ex. 1.5 B. Ex. 1.6 B. Ex. 1.7 B. Ex. 1.8 B. Ex. 1.9 B. Ex. 1.10 Learning Objectives 1, 3, 5 2,5 3,4 5,6 1, 3, 5, 6 5, 6 2, 5, 6 7, 8 5, 7 1 Topic Users of accounting information Components of internal control Inexact or approximate measures Standards for the preparation of accounting information FASB conceptual framework PCAOB COSO Professional certifications in accounting AICPA code of professional conduct Personal benefits of accounting skills Skills Analysis Analysis Analysis, judgment Analysis Analysis Analysis, research Analysis, ethics Analysis Analysis, ethics Analysis Exercises 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 Topic You as a user of accounting information Real World: Boeing Company, California Public Employees Retirement System, China Airlines Users of accounting information What is financial reporting? Generally accepted accounting principles Accounting organizations Investment return Accounting terminology Accounting organizations Financial and management accounting Management accounting information Accounting organizations Purpose of an audit Audits of financial statements Ethics and professional judgment Careers in accounting Home Depot, Inc. general information Learning Objectives Skills 1 Analysis, judgment 3, 4 Analysis, research ...
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...Accounting ethics is primarily a field of applied ethics and is part ofbusiness ethics and human ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics. Accounting introduced by Luca Pacioli, and later expanded by government groups, professional organizations, and independent companies. Ethics are taught in accounting courses at higher education institutions as well as by companies training accountants and auditors. Due to the diverse range of accounting services and recent corporate collapses, attention has been drawn to ethical standards accepted within the accounting profession.[2] These collapses have resulted in a widespread disregard for the reputation of the accounting profession.[3] To combat the criticism and prevent fraudulent accounting, various accounting organizations and governments have developed regulations and remedies for improved ethics among the accounting profession. ------------------------------------------------- Importance of ethics The nature of the work carried out by accountants and auditors requires a high level of ethics. Shareholders, potential shareholders, and other users of the financial statements rely heavily on the yearly financial statements of a company as they can use this information to make an informed decision about investment.[4] They rely on the opinion of the accountants who prepared the statements, as well as the auditors that verified it, to present a true and fair...
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... |Syllabus | | |School of Business/Graduate | | |ACC/546 Version 2 | | |Auditing | Copyright © 2009, 2008, 2007 by University of Phoenix. All rights reserved. Course Description In this course, students focus on the auditing practice performed by public accountants. Topics include the CPA profession and the auditor’s role, planning the audit, audit reporting and required communications, evaluating internal controls, audit programs for current assets and liabilities, and audit programs for other business cycles. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you...
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...Accountancy and Finance CHAPTER 1: ACCOUNTING INFORMATION SYSTEMS AND THE ACCOUNTANT Submitted By: Angeles, Jireh Nesamiel L. Carullo, Shery Lyn A. Gutierrez, Joe Mar C. Monforte, Roselyn G. Reyes, Edward Angelo A. BSA 3-9 Submittes To: Prof. Leandro Cruz Fua WHAT’S NEW IN ACCOUNTING INFORMATION SYSTEMS? Cloud Computing—Impact for Accountants According to Ron Gill, cloud computing is a way of using business applications over the Internet—such as the way you use the Internet for your bank transactions. Think of cloud computing as a way to increase IT capacity or add capabilities without investing in new infrastructure, training new people, or licensing new software. Mostly, we’re talking about a subscription-based or pay-per-use service that makes IT’s existing capabilities scalable whenever the need exists. Estimates suggest that the fast-growing cloud computing industry will reach $42 billion by 2012. Cloud computing resources may be categorized as data storage, infrastructure and platform, or application software (i.e., business applications such as purchases, HR, sales, etc.). If a firm would like to take advantage of cloud computing, it would most likely need to subscribe to all three of these categories from the service provider. For example, business applications depend on company data that is stored in the database, and data storage depends on the appropriate infrastructure. Accountants always talk about cost-benefit trade-offs. We...
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...CHAPTER 1 Financial Accounting and Accounting Standards ASSIGNMENT CLASSIFICATION TABLE Topics 1. 2. 3. Subject matter of accounting. Environment of accounting. Role of principles, objectives, standards, and accounting theory. Historical development of accounting standards. Authoritative pronouncements and standards-setting bodies. Questions 1 2, 3, 4 5, 6, 7, 8 Cases 1 3, 4 2, 4 4. 8, 9, 10, 11, 12 5, 17 5. 13, 14, 15, 16, 17, 18, 19, 20, 21, 22 23, 24, 25, 26, 27 28 29 6, 7, 8, 10, 11, 12, 13, 15, 16 6. 7. 8. Role of pressure groups. International accounting. Ethical issues. 9, 18, 19 15 14 1-1 ASSIGNMENT CHARACTERISTICS TABLE Item C1-1 C1-2 C1-3 C1-4 C1-5 C1-6 C1-7 C1-8 C1-9 C1-10 C1-11 C1-12 C1-13 C1-14 C1-15 C1-16 C1-17 C1-18 C1-19 Description Financial accounting. Objectives of financial reporting. Accounting numbers and the environment. Need for accounting standards. AICPA’s role in standards setting. FASB role in standards setting. Government role in standards setting. Meaning of generally accepted accounting principles. Politicalization of standards setting. Models for setting accounting standards. Standards-setting terminology. Accounting organizations and documents issued. Accounting pronouncements. Issues involving standards setting. Securities and Exchange Commission. Standards-setting process. History of standards-setting organizations. Economic Consequences. Standards-setting process, economic consequences. Level of Difficulty...
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...The Role of Accounting in the Medical Office By Joy Hicks Medical Office Expert An accounting department plays an enormous role within the medical office. As the backbone of the organization, the accounting department allows the organization to operate at its fullest potential. Without an accounting department, it would be impossible for any type of organization to operate in a cost effective manner. General Accepted Accounting Principles (GAAP) are the common set of accounting principles, standards and procedures that companies use to compile their financial statements. GAAP, are simply put, the customarily accepted ways of recording and reporting accounting information. Each organization may operate differently but all have to follow by set guidelines within the organizations community, state and at the federal level. If these standards and procedures are not followed the U.S. Security and Exchange Commission (SEC) will fine the organization and possibly pursue criminal action to enforce compliance. Within accounting and financial management, there are four key elements recognized. The four elements are: Planning, Controlling, Organizing and Directing and Decision Making. The planning element allows an organization to set forth goals and guidelines to ensure the future success and accomplishments of the medical office. Controlling provides the organization the opportunity to ensure that all areas within the organization are following the previous planned...
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