...What is financial accounting? Financial accounting is regarded as a professional in modern society. Most of the firms, especially the large ones, need it and have a particular department or team called accounting. In universities, financial accounting becomes a compulsory subject which BBA students must study. It is so well known that almost all people have heard of it. What actually is financial accounting? More specifically, what the main objectives or roles financial accounting has so that firms need it at a critical manner? Generally speaking, the purpose of accounting is to give relevant data or information that is necessary to make sound decision for the firms. And the main objective of financial accounting is to prepare financial statements such as statement of financial position, income statement, statement of owner’s equity and statement of cash flow. The preparation must be guided by generally accepted accounting principles, “GAAP” in short, of the physical location. The statements are then used to tell the external users the performance of the firm (Eisen, 2003). And the primary need for financial accounting, or sometimes called financial accountancy, is to minimize the principal-agent problems in organizations. This is to be done by evaluating and monitoring agents’ (manager) production and presenting the performance to people who interest in. In addition, financial accounting serves a lot of important objectives. It aims to understand the operation of the business...
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...what is financial accounting Financial accounting is a specific type of accounting that is used by businesses to prepare reports on the finances of a firm for people outside the organization, such as stockholders or government agencies. It is governed by specific accounting standards to insure uniformity in reporting. What Is Financial Accounting? | eHow.com http://www.ehow.com/about_4710004_what-financial-accounting.html#ixzz29jbLZGeI http://www.investopedia.com/terms/f/financialaccounting.asp#axzz29okOfFVw ----------------------------------------------------------------------------------------------------------------- Major objectives of fa http://www.ehow.com/info_8131759_objectives-financial-accounting.html The objective of financial accounting is to provide information to the end user http://www.blurtit.com/q288083.html Objective of Financial Accounting (FA): The objective of financial accounting is to collect accurate, systematic, and timely financial data and other financial information, and to compile and consolidate it in an organized and systematic way, according to the principles and rules of accounting, for reporting purpose. The financial managers use these reports to assess the financial position of the company through various financial management tools and then the financial position can be compared to, or benchmarked against, the industry norms. http://wiki.answers.com/Q/What_are_the_objectives_of_financial_accounting The purpose of accounting...
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...What is the Importance of Cost Accounting? ACC310: Cost Accounting I (BBJ1220A) Instructor: Ashley Harper Melissa Little June 18, 2012 This paper seeks to explain the practices and principles of cost accounting and their overall effectiveness in assisting a company in minimizing costs where possible and optimizing the return on the costs that are necessary. Every year, no matter the overall state of the economy, businesses both old and new experience huge successes and huge failures. Every business has the potential and the intention to capitalize on profits and to become perpetually successful. What is the difference between the businesses that are able to do this and those that fail? What do successful businesses do to capitalize on and expand their profits? Many things contribute to successful business enterprises, but the bedrock principle of every successful business venture is honest accounting practices. Accounting is the information system which assesses an organization’s undertakings, computes the figures into reports, and imparts the outcome to an influencer. Accounting is a general, all-encompassing term that can mean many things to many people, so there are a few sub-categories that have been created to delineate specific areas or specialties within the accounting world itself. These are the areas of management accounting and cost accounting. Management accounting refers to the practice of gathering and analyzing accounting information...
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...CHAPTER 1 The Accounting Environment: What Is Accounting and Why Is It Done? QUESTIONS Q1-1. A variety of answers are possible but the essential elements are the production and communication of information so that stakeholders can make decisions. Q1-2. Financial accounting is concerned with providing information to those outside an entity such as investors, lenders, and CRA. Managerial accounting provides information to those inside the entity such as managers and other decision makers. Table 1.3 provides differences: Table 1.3 DIFFERENCES BETWEEN FINANCIAL AND MANAGERIAL ACCOUNTING | |Financial Accounting |Managerial Accounting | |Stakeholders |External to the entity. Includes investors, |Internal to the entity. Managers and other | | |lenders, taxation authorities (such as the |employees. | | |Canada Revenue Agency), competitors, and many | | | |others. These stakeholders usually don’t have | | | |direct access to information about the entity | | | ...
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...While many aspects of nonprofit and for-profit business accounting are similar (such as the tracking and reporting of income and expenses, and payroll taxes), there are significant differences. These arise out of the nonprofit organization’s duty to drive its resources toward its mission. For example, nonprofits are required to itemize expenses across management (general and administrative), fundraising, and program areas. These are called “functional expenses” and the IRS requires that they be reported. The requirement for nonprofits to report functional expenses also highlights the importance of a cost allocation plan. This basically means establishing a system that defines how you will allocate expenses across the various functional areas and to specific programs. For example, let’s say that those involved in administrative functions take up 20 percent of your office space. You might then allocate 20 percent of an expense like paper to the administrative functional area. A cost allocation plan can be extremely useful in determining how much a program or activity actually costs and, done accurately, it gives a clearer picture of the organization’s finances. There are several acceptable methods – such as applying direct/indirect costs, and allocations based on percentage of payroll or physical space used (as in the example above). Frequently, a combination of these methods will be appropriate. Consult with your accountant to determine the approach that best suits your organization...
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...What ethical issues arise in accounting and how can these be dealt with? For the last several decades, it is generally realized that ethical issues in accounting have become more and more crucial. Ethical issues influence accounting judgment and give a significant impact of the whole company. Currently, unethical behavior that occurs in accounting sector is very common. Ethical issues in accounting focus on accountants who work in public or private organizations. They must be following the ethical guidelines when review a company or individual’s financial records for reporting purposes, especially reporting balance sheets and financial statements. The ethical issues for these accountants should report the information of company assets, liabilities and profits honestly without giving in to the pressure placed on them by management or corporate officers. Unethical accountants could easily alter company financial records and give false information of company successes. This may lead to short-term prosperity, but the altered financial records will ultimately discovered by auditors as a fraud. There are many reasons that might cause accountants behave unethically. Many discussions on them to analyze the reasons why accountants have unethical behavior. These reasons include ethical values of themselves, the relationship between accountants and the organizations they audit, the financial environment and the incentive structure which might motivate their behavior (Ann E, 2007). Ethical...
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...What role did the accounting profession play in the recent subprime mortgage crisis? What could they have done differently? In all businesses, accounting is the backbone that holds them together. In stating this, the demise of the subprime mortgage industry lies within the bad practices of mortgage companies, banks and financial institutions. Allowing the lending of billions of dollars to non-credit worthy individuals was a disaster waiting to happen. During the 1980’s the subprime market comprised of approximately 5% loans and by 2005 they were at a record-breaking 20%. The decisions that allowed the increase of so many subprime loans have put this country in financial turmoil. The Subprime loan market allowed lenders to make loans to non-credit worthy borrowers, which included no-credit or bad credit individuals and those with stated income. These loans were attractive to a vast number of people because it was an offer borrowers couldn’t refuse. The little to no credit requirements and Interest-only and Adjustable-rate loans made borrowers believe they could live the American dream. The failure of risk management in these cases compromised the securitization of loans and debt obligations. The inability and/or lack of accounting principles have contributed to this country’s financial crisis, not to mention the global impact from defaulting on subprime loans. These issues still play an important role of the finance industry today. Now that the government has had to step in...
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...including the complete document with the sections completed to date to reflect the work to date by the analyst team. The milestone versions of the document are authorized for release only after the analyst’s signature has been obtained. Milestone 1 PREPARED: DATE:___/___/___ (for acceptance) (, signature) POSITION: ___ Milestone 2 PREPARED: DATE:___/___/___ (for acceptance) (, signature) POSITION: ___ Milestone 1 PREPARED: DATE:___/___/___ (for acceptance) (, signature) POSITION: ___ TABLE OF CONTENTS 1 Executive Summary 7 2 strategy analysis 7 2.1 Industry Analysis 7 2.2 Competitive Strategy Analysis 7 2.3 Corporate Strategy Analysis 7 3 accounting analysis 7 3.1 Overview of...
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...Syllabus School of Business XACC/290 Version 1 Principles of Accounting I Copyright © 2013 by University of Phoenix. All rights reserved. Course Description This course covers the fundamentals of financial accounting as well as the identification, measurement, and reporting of the financial effects of economic events on an enterprise. Students will learn to examine financial information from the perspective of management. Other topics include decision-making, planning, and controlling from the perspective of a practicing manager. Policies Faculty and students 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 attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2011). Financial accounting: Tools for business decision making (6th ed.). Hoboken, NJ: John Wiley & Sons. All electronic materials are available on the student website. Week One: Basic Accounting Principles and Concepts Details Due Points Objectives 1.1 Identify...
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...Syllabus School of Business ACC/340 Version 4 Accounting Information Systems I ACC/340 Schedule 10/10/2013 – 11/07/2013 Campus: Puerto Rico Campus Group ID: BA0913RE 3 Credits 36 Hours Copyright © 2009, 2007, 2005, 2004, 2003, 2001 by University of Phoenix. All rights reserved. Course Description This course is designed to provide accounting students with the proper mix of technical information and real-world applications. Areas of study include fundamental concepts and technologies (what computers can do for business), the Internet, intranets, electronic commerce, information systems development, basic project management principles, decision support systems, and the benefits of computer and human synergy. 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 attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Bagranoff, N. A., Simkin, M. G., & Strand, C. S. (2008). Core concepts of accounting information systems (10th ed.). New York...
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... | | |Principles of Accounting | Copyright © 2011, 2010, 2009, 2008 by University of Phoenix. All rights reserved. Course Description This course covers the fundamentals of financial accounting as well as the identification, measurement, and reporting of the financial effects of economic events on the enterprise. Financial information is examined from the perspective of effective management decision making with special emphasis on the planning and controlling responsibilities of practicing managers. 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 attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Weygandt, J. J. (2008). Financial accounting (6th ed.). Hoboken, NJ: John Wiley & Sons. All electronic materials are available on your student website....
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...CHAPTER NO 1 FINANCIAL ACCOUNTING To understand the financial statements of company, one must understand first its operations. Accounting is a system the collects and processes financial information about an organization and reports that information to the decision makers. Decision makers could be internal decision makers and outsider decision makers. External decision makers are creditors, investors, suppliers and customers. Internal decision makers could be managers to make day to day operations. Balance Sheet reports financial position (assets, capital, and liabilities) of a company at a point of time. Assets: Assets are the economic resources controlled by the organization so that future benefits can be obtained. Assessment of assets is important to its creditors and to its owners because assets provide a basis for judging whether the company has sufficient resources available to operate the business. Typically, the assets of a company include the following: 1. Current assets (short-term): short term assets that transform into cash and within the next year or the operating business cycle of the company. a. Cash and cash equivalents: Highly liquid assets, that can be easily convertible to cash such as bonds, marketable securities. b. Short-term investments: represents the reported values of shares of other companies as investment of access cash c. Trade receivables: When a company sells it products on credit, and receives promises...
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...Accounting Theory • Docent Machteld Van den Bogaerd machteld.vandenbogaerd@kuleuven.be • Cursusmateriaal – handboek (aanbevolen – niet verplicht) Accounting Theory (Godfrey et al., 2010) – Toledo wetenschappelijke artikels, handouts, etc. Accounting Theory • Examen (75% vd score) – schriftelijk examen – gesloten boek – duurtijd: 2 uur – combinatie multiple choice & open vragen Accounting Theory • Opdracht (25% vd score) – literatuurstudie rond een welbepaald thema in groep (5 leden), onderwerpen zie Toledo – inhoud • beknopte bespreking (relevantie) thema • overzicht relevante/gehanteerde theorieën • gehanteerde onderzoeksmethode(n) • overzicht van de onderzoeksresultaten Accounting Theory – vorm • maximaal 5 bladzijden (zonder referenties) • referenties toevoegen in literatuurlijst • minstens 2 wetenschappelijke artikels per groepslid • 2 groepen werken rond hetzelfde onderwerp! Belangrijk: logisch gestructureerd en geïntegreerd verhaal - Peer assessment!! => Meer info: zie document ‘Enkele praktische tips’ op Toledo. Accounting Theory – deadlines • samenstelling groep + onderwerp (via e-mail): maandag 12 oktober 2015 • eerste versie (feedback): 5 november 2015 (enkel via e-mail) • finale versie (op papier + pdf) incl. peer review (op papier): 3 december 2015 • presentaties: 10 en 17 december 2015 + min. 2 vragen voor de parallelle groep. Presentatie: 10-tal minuten (achteraf mogelijkheid tot stellen van vragen door ...
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...http://ocw.mit.edu ____________ MIT OpenCourseWare 15.963 Management Accounting and Control Spring 2007 For information about citing these materials or our Terms of Use, visit: ________________ http://ocw.mit.edu/terms. 15.963 Managerial Accounting and Control Spring 2007 Prof. Mozaffar Khan MIT Sloan School of Management Main Line vs. Basinger Selected Filmography Kim Basinger Sherilyn Fenn Novel Romance (2006) Dream Warrior (2004) Darkness Falls (1999) Outside Ozona (1998) Boxing Helena (1993) Backstreet Dreams (1990) The Wild Life (1984) 2 The Sentinel (2006) Cellular (2004) 8 Mile (2002) L.A. Confidential (1997) The Getaway (1994) Batman (1989) Hard Country (1981) 15.963 [Spring 2007] Managerial Accounting & Control Main Line vs. Basinger Evaluate the defense argument that Mazzocone “has a duty under the law to minimize his loss, and this does not include going out and making a picture knowing you are $2m short. At what stage in the negotiations did Basinger withdraw? If late, it is possible some costs were contractual obligations (such as rights to script) at the time, and these obligations were assumed with the presumption of Basinger participating. Managerial Accounting & Control 3 15.963 [Spring 2007] Main Line vs. Basinger What were Mazzocone’s options following Basinger’s withdrawal? Do not make movie – this assumes all costs sunk. Make with another...
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...Intermediate accounting 1 paper Kari Andrew 11/15/13 There are many different accounting specialties cost accounting, managerial accounting, financial governmental accounting, tax accounting, and many more. Right now I am currently an accounting major as well as business marketing major. Accounting was never my first choice; however when I had taken it in high school I found a small interest in it. Math was always my strongest subject in school and I have also always been well with dealing with money. While taking accounting I learned there is way more to it than just numbers and money. This is just like there are more accounting specialties than I had thought. I am currently 22 years old so what I want to do with my life is still a huge mystery. There are three accounting specialties that have sparked my interest these specialties are accounting clerk, international accounting, and tax accounting. All three of these jobs I have recently learned about and started researching so in my paper I would like to explain to you why these three jobs have caught my attention. The first accounting specialty that I had an interest in is an accounting clerk. The main reason behind this is because I always wanted to work in a bank. Ever since I was about 16 money has always been an interest of mine counting it, managing it, or just dealing with it in general. An accounting clerk is someone who will do all the data entry. They provide bookkeeping and accounting support for their company...
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