...Accounting System in a Company Almost all the countries in the world allow foreign companies to compete with domestic firms nowadays, which make the costs of spending in the international trade plummet over the past decades. However, global markets provide more potential for the competitive companies. In other words, the companies have to face more challenges. If they can’t win the game, they will vanish from the global market. It is not a game winning by the capital; it is a competition with wisdom, good customer service, and in-time decision and so on. If they can get some useful information, selecting them among a great deal of data, papers, reports or something else to help them make a right decision on one project, they will get benefits from it and win in the commercial battle. Do you think the accounting information is important for you to make the right decision? The accounting sources can show you a lot of valuable information which are the right things you are looking for. You can make use of these resources to make a suitable financial planning for the coming action of the company, analyze through the data to determine how much money you should spend in different units and how many products you need to sell to reach your target profits, and broaden your vision and your strategies into specific goals. Why does a company need accounting? In the intense competition between rival companies, a corporation needs to gain more market and increase more profits...
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...The company accounting department currently needs to hire another managerial accountant to focus on the company internal (managerial) accounting system. The CEO is uncertain and not convinced that a managerial accountant is needed at this time. A managerial accountant would benefit the company in a great way. The internal accounting system and developing important accounting information would be the accountant main focus. The managerial accountant would also hold up the company code of ethics. Internal accounting is also known as managerial accounting. There are different objectives of managerial accounting which includes gathering, developing, and transferring information needed by the company. Even though managerial accounting differs from financial accounting, the managerial accountants pay close attention to the company financial statements. The statements provide information that the accountant would use to develop reports on cost of products, fraud, and future on products. Another objective includes planning. A successful company starts with short term and long term goals that are considered strategic plans. “Strategic plans usually set a firm’s long-term direction by developing a road map based on opportunities such as new products, new markets, and capital investments” (Shaw & Wild, 2012 ). The managerial accountant develops goals for the company that is accurate for them to reach. The accountants not only plan on future goals/plans, but also short term. The planning...
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...RESEARCH VOLUME 3, ISSUE 1, JANUARY 2014 ISSN 2277-8616 The Impact Of Accounting Information Systems (AIS) On E-Commerce Analytical Study-Service Sector-Jordan ASE Dr. Muhannad Akram Moqbel Abstract: study examines the effect of accounting information systems for listed companies in the services sector in the Amman Stock Exchange on ecommerce using three main aspects: The presence accurate accounting information system imposes on companies that the development of its methods to handle e-commerce, The effects on accounting information systems under the E-commerce will relate to influence the components of accounting information systems and the last one is The effects on accounting information systems under the E-commerce will change the resources of the physical and human resources companies. Keywords: AIS Accounting Information Systems, Service Sector, E-commerce, Amman Security Exchange ASE, Physical Resources, Human Resources. ———————————————————— 1 INTRODUCTION THIS study examines the effect of accounting information systems for listed companies in the services sector in the Amman Stock Exchange on e-commerce. As known the service sector in Jordan is the most important sector between another sectors in (ASE) , Therefore, the need arises to pay attention to this sector to see how technological development quotient, and particularly the presence of companies use accounting information systems, and with a process of ecommerce in its the marketing organizing. E-commerce...
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...Today’s modern accounting systems implement basic accounting needs while at the same time offering increased correctness in tracking trends, enabling partnership, and giving quick access to data. Computers run everything from home to work. Computerized solutions offer faster transaction processing and better classification of data while at the same time growing the range of input data that give a clearer and more complete picture of a company’s financial bottom line. Modern accounting systems help company management choose wisely in the use of better resources to increase profits at the same time as identifying cost saving and less spending. Accounting is the foundation of any business big or small. Yesterday many businesses did their accounting by hand. This was a long and problematic job done by those who were trained to do only accounting. Some small businesses still do it today, and this serves them fine. Larger companies have switched to computerized accounting systems today which run faster and are more accurate than manually. They both perform essentially the same thing, and are under the very same principles and concepts with the only differences being in the mechanics (Shanker, 2011). There are many factors facing manual accounting compared to computerized accounting today: speed, cost, and back up. Speed is important in accounting today due to the large companies and their investors. Using today’s computerized accounting systems, processing data, and reports...
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...BUSN7050 Corporate Accounting Lecturer: Dr Sorin Daniliuc Course details • This course covers: – the characteristics of the Australian accounting environment and its financial reporting requirements for companies – accounting for owners’ equity (share capital and reserves) – accounting for liabilities (with a focus on debentures) – accounting for income tax – accounting for leases – accounting for non-current assets (revaluation, impairment) – accounting for intangible assets – a comprehensive coverage of consolidation issues – equity investments. Research School of Accounting and Business Information Systems 2 Lecture outcomes • Outcome 1: An understanding of the regulatory environment in which the companies are formed and operate in Australia. • Outcome 2: A solid foundation in accounting and reporting requirements of the Corporations Act and relevant Australian Accounting Standards Board (AASB) accounting standards. • Outcome 3: A comprehensive understanding of the advanced issues in accounting for assets, liabilities and owner’s equity. • Outcome 4: The ability to account for income taxes. • Outcome 5: The ability to account for leases. Research School of Accounting and Business Information Systems 3 1 Lecture outcomes • Outcome 6: The ability to account for intangible assets. • Outcome 7: An understanding of the accounting requirements for a corporate group and familiarity with the theory underlying the methods used to account for intercompany investments...
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...Manufacturing Accounting Riordan Manufacturing, Inc., the global leader in the field of plastic injection molding. The company produces plastic bottles, fans of all sizes, heart valves, medical stents and custom plastic parts. Riordan Manufacturing is fully owned by Riordan Industries and has 550 employees and generates an excess of $1 billion in revenue with a projected $46 million of annual earnings. Riordan has facilities in San Jose, California, Albany, Georgia, Pontiac, Michigan, and Hangzhou, China. Riordan has demonstrated they can be very successful and contend with their competitors as a Fortune 1000 company. There are a few major economic influences affecting Riordan’s operations and strategy including interest rates, unemployment rate, inflation rate, gross domestic product, consumer confidence and currency exchange rates. History Dr. Riordan started Riordan Manufacturing after purchasing a in 1992 when he obtained the venture capital to purchase a fan manufacturing plant in Pontiac, MI. Riordan’s primary plant for making custom plastic parts is the Michigan plant. In 1993 the company also began to produce plastic containers for beverages out of Albany, GA. The most recent the venture for Riordan is its expansion to China as the main manufacturer of fans. Riordan’s main customers are automotive parts manufacturers, aircraft manufacturers, the Department of Defense, beverage makers and bottlers, and appliance manufacturers. Riordan Accounting System Each Riordan...
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...MANAGEMENT ACCOUNTIN & CONTROL SYSTEM TOPIC: LEAN ACCOUNTING- An Emerging Concept SUB CODE: 10MBA32 NAME: SPOORTHI.K USN: 1PB11MBA33 CONTENTS 1. ABSTRACT WITH KEY WORDS 2. INTRODUCTION 3. THERORATICAL BACKGROUND 4. DISCUSSION 5. CONCLUSION 6. REFERENCE ABSTRACT WITH KEYWORDS From the last two decades of the 20th Century on, many companies have adopted production strategies that could be termed “lean manufacturing”. Lean team leaders state that traditional costing systems fail to properly assess their operational improvements and therefore ask for new cost accounting methods. The search for a new accounting paradigm has led to important applied research and several accounting methods. With the diversification of customer demand and competition of globalization, mass production is being replaced by lean production. In this background, the traditional accounting system is no longer applicable to lean production, and lean accounting supporting lean production comes into being. This paper introduces the background of lean accounting and the content of lean accounting, gives the measures of implementing lean accounting, finally compares lean accounting with traditional accounting and summarizes obstacles in the process of implementing lean accounting. The research and application...
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...becoming more global and consumers buying online in greater numbers, the rapid and accurate flow of information is vital to accountants. This is where AIS or Accounting Information Systems come in, this practice was originally handled “in house” by most businesses, but as technology changed and businesses became more web based, software packages from developers such as Microsoft and Oracle are sold to assist businesses with their accounting needs. AIS was developed for the collection, storage, and processing of financial and accounting data. In most organizations A.I.S. are made up of interrelated components that interact to achieve a common goal. Throughout this paper we will look at the history of AIS, why the A.I.S. is important to corporate America, and what future developments are necessary to move ahead with the system History of the AIS In order to understand Accounting Information Systems better it is important to break down what the term really means and why it is so important in modern day accounting. The development of AIS dates all the way back to Babylon, in the year 3600BCE, this is when the oldest known record of any business occurred. It is believed that AIS were used in many other countries before making it’s way to the U.S. Countries such as Greece, China, and Rome are all believed to have used this system during trade activities. A.I.S. were first comprised of someone jotting down notes with a pencil and paper and now years later it has developed into extensive...
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...University of Greenwich ASSIGNMENT SUBMISSION COVER SHEET SUBJECT CODE : ACCO 1095 SUBJECT TITLE : MANAGEMENT ACCOUNTING PROGRAMME : BA H ACCOUNTING AND FINANCE SEGi ID : SCKL-000-38656 UOG ID : 000900130 LECTURER’S NAME : MR. KANTARUBAN LEARNING CENTRE : SEGi COLLEGE KUALA LUMPUR SUBMISSION DATE : 04TH OCT 2015 Introduction The main problem is the "green accounting and green eyeshades Twenty Years Later" (Thornton, 2013). Green accounting is also referred to as environmental accounting, it is designed to better measure sustainability measures to expand the welfare state and products, investment, including non-market values, and in particular, the environment-related goods and services. In addition, the green accounting is aimed at the cost and benefit of the protection of the environment and resource depletion of natural capital. It is one of two measurement values are usually not included in the national accounting system, such as the gross domestic product (GDP). Although different in view of how the green accounting, and the technology is used worldwide. Green accounting has many purposes. First, the aim is to use an isolated and elaborate on each of the environmental flow and also to the traditional securities account. By doing so, it can provide an estimate of the total expenditures for the protection of the environment, and the gross domestic product can counter with defensive expenditures. The second purpose is the...
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...……………………………………………………………………………………….3 Critical aspects of Accounting Information Systems………………………………….................3 People…………………………………………………………………………………….3 Procedure and Process Analysis…………………………………………………………4 Data Analysis…………………………………………………………………………….4 Decision Analysis………………………………………………………………………..4 Design…………………………………………………………………………………….5 Importance of Safeguarding Information ………………………………………………………..6 Network Security………………………. ……………………………………………………….6 Advantages of Accounting Information Systems..……………………………………................7 Disadvantages of Accounting Information Systems……………………………………………..7 Conclusion………………………………………..………………………………………………8 References ……………………………………………………………………………………….9 Introduction The Accounting information systems network is an interactive human interface that enables organizations to make key business decisions. These decisions include strategies, goals and cost saving procedures. Companies must increasingly rely on evolving technology to help manage this data. Technology serves the Accounting information systems as a whole to help an organization and top management make informative decisions. The design of the technology in such a way that it accommodates each critical aspect of the organization - people, procedure and processes analysis, data analysis, decision analysis, and design - is paramount. This paper will look at accounting information system from a macro point of view and discuss...
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...For most of the companies, the goal is to make profit and earn money. However, using different accounting systems to record transactions may meet different results in the end of a period. There is a statement that the accounting profit is equal to the incomes earned in the period minus the expenses happened in the period. There are two accounting systems to record the transaction of a company, which are cash basis accounting and accrual basis accounting. In this essay, I will talk about the differences between the two accounting systems. Then the advantages and disadvantages of cash basis and accrual basis accounting will be discussed. The statement in the third sentence about how to calculate profit uses accrual basis accounting method instead of cash basis accounting. Rich et al. (2009, p.115) says “ under cash basis accounting, revenue is recorded when cash is received, regardless of when it is actually earned. Similarly, an expense is recorded when cash is paid, regardless of when it is actually incurred.” It means that cach basis accounting only records transactions when the cash has been received or paid out. Accrual basis accounting (also called accrual accouting) is another system of transaction recording for a organization. It is an alternative system to cash basis accounting. “ under accual accounting, a company records recenues in the accounting period in which they are earned and realized, and records expenses in the accounting period they are incured.” (Nikolai...
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...management accounting systems Ran Tao Introduction Accounting is the process of identifying, measuring and communicating financial information about an entity to permit informed judgments and decisions by users of the information. (Weetman, 2010) Management accounting is a specialist branch of accounting which has developed to serve the particular needs of management. It helps companies to formulate business strategies and make right business decisions. Many different kinds of management accounting systems are available, some include cost-accounting system, job-costing system and inventory management system. In order to make a smart business decision, it is important to select an appropriate management accounting system that integrates with the company’ financial accounting system. Management accounting innovations and origins An innovation is the successful introduction of an idea perceived as new into a given social system, management accounting innovations involve a set of design characteristics. (Hopper, 2007) The innovation aspects consist of for example types of cost objects, financial or non-financial data and allocation bases. If a proposed system leads to better decisions than the existing system, and the expected benefits from the proposed system exceed the cost of implementation, the new system is adopted. (Feltham, 1972; Demski, 1980) In this case, innovative management accounting system is adopted in many businesses. Management accounting change can...
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...Supporting Activity With the topic of accounting and finance it is important for business owners to know and understand the value of properly accounting for their cash flow, assets, and liability. This is especially true for new business owners who are just getting started. Accounting is one of the most important functions of a business because if done right the company will do fine and grow, but if done wrong or poorly, then the company will be in a virtual tailspin that will send the company out of business or even into bankruptcy. With accounting being such an important entity there are many options for an owner to choose from when it comes to accounting. Most options nowadays are accounting software applications of some kind, either web-based or stand-alone. However, some small businesses are still doing hard copy paper accounting, which is much more difficult in this day in age. Owner’s Equity One of the first concepts a new owner must understand is how he can determine his owner’s equity. This is a pretty simple business equation that can be best explained to be like the hands of justice, where they always need to be balanced. What happens on one end needs to happen on the other end to stay balanced. The equation is simply assets=liability+owners equity. This equation tells the owner where the company stands. The assets are what the company physically owns like work trucks and how much product. Where the liability is how much the company owes to place like bank loans, and...
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...Accredited Tertiary Courses Listing 2012 Accredited Tertiary Courses Listing 2012 – as at 26 September 2012 1 2012 Accredited Undergraduate Courses AUSTRALIAN CAPITAL TERRITORY The Australian National University University of Canberra NEW SOUTH WALES Australian Catholic University Australian Institute of Higher Education Avondale College Charles Sturt University Kings Own Institute Macquarie University Southern Cross University Top Education Institute The University of New England The University of New South Wales The University of Newcastle The University of Sydney University of Technology, Sydney University of Western Sydney University of Wollongong Williams Business College NORTHERN TERRITORY Charles Darwin University QUEENSLAND Australian Catholic University Bond University Central Queensland University Christian Heritage College Griffith University James Cook University Queensland University of Technology The University of Queensland The University of Southern Queensland University of the Sunshine Coast SOUTH AUSTRALIA Flinders University Kaplan Business School The University of Adelaide University of South Australia Open Universities (conferred by Uni of SA) TASMANIA University of Tasmania VICTORIA Australian Catholic University Cambridge International College Carrick Higher Education Deakin University Holmes Institute Holmesglen Institute of TAFE La Trobe University Melbourne Institute of Technology Monash University Northern Melbourne Institute of TAFE RMIT...
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...BACK FLUSH ACCOUNTING 1.0 Introduction Back flush accounting is one of the accounting systems that support Just in Time system. Just in time is the inventory system that produced the required items at the right time and the right place. Accounting was delay the recording of transaction during process is known as back flush accounting. The system is the transaction was only recorded once the product was completed. Back flush accounting is the system that focuses on the output of organization and then work backwards when allocating costs between costs of goods sold and inventories, with no separate accounting for work in progress. According to ACCA article, in back flush accounting costs are not associated with units until they are completed or sold. Back flush accounting is also called delayed costing, as costs are not allocated to production until after events have occurred. From view by other author, back flush accounting is a costing system that omits recording some of all of the journal entries relating to the cycle from purchase of direct materials to the sales of finished goods (Robert, 2011). According to Grahame Steven, Financial Management 2006, an approach called back flush accounting has been developed to meet the requirement of JIT manufacturing which on it is not a sequential tracking system and does not account for individual transaction. Backflush accounting meshes well with Just-In-Time production system because, according to the Tax Shield Education, both...
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