Accounting Essays

  • My Purpose Of Accounting As A Career And Accounting

    730 Words  | 3 Pages

    Finally, I settle on accounting because it was part of the subjects given to me to study in high school hence I developed interest for it. In Ghana, most students’ careers are predetermined by the high school they attended and the course they offered in high school. Fortunately for me, I had ‘business’, where we were taught most business administration subjects, for instance, accounting, business management, cost accounting, economics and core subjects. There I realised accounting as a profession will

  • Pros And Cons Of Accounting As A Career In Accounting

    1176 Words  | 5 Pages

    Career in Accounting “Accounting is the practice or profession of maintaining financial records, noting expenses or revenue, and determining how much one owes or is owed. Accounting seeks to assure that every individual or company pays or is paid the correct amount” according to http://financial-dictionary.thefreedictionary.com/accounting”. In this essay I will explain the requirements to become an accountant, why I choose to study accounting, and the pros and cons of this career. Accounting is a career

  • Difference Between Management Accounting And Cost Accounting

    1016 Words  | 5 Pages

    2. Cost Accounting versus Management Accounting Management accounting and cost accounting are the major aspects of internal control for a business. The boundaries are narrow between both as they are complementary in nature. The management of an organisation needs a proper cost accounting system to get detailed information on costs. Without proper reports, the management will not be able to use the data effectively. Cost accounting deals only with quantity, whereas management accounting deals with

  • The Importance Of Career In Accounting

    959 Words  | 4 Pages

    the individual’s explanation as the sequence of attitude and behavior related to the working experience. In relation with this, career choice may be aided by a person’s commercial awareness. In order to determine an advantageous career in the accounting profession, an applicant must possess a high level of commercial awareness. An understanding regarding the business operations and the knowledge of an organization’s external environment is defined as commercial awareness (University of Kent, n

  • Toshiba Accounting Scandal

    899 Words  | 4 Pages

    Ozan Çağlar İnaç 5-26-2017 Aymelek Kozikoğlu MGMT 512 Exam 1 1 TOSHIBA ACCOUNTING SCANDAL Creation of Toshiba starts with foundation of Tanaka Engineering Works in 1875 and Hakunetsu-sha Co., Ltd. in 1890. After foundation, both companies had big growth rate similar to Japan economy. After having hard times at great depression, the two companies; Shibaura Seisaku-sho (the name was changed from Tanaka Engineering Works in 1893) and Tokyo Electric Company (the

  • Advantages Of Learning Accounting Theory

    1496 Words  | 6 Pages

    Accounting is a practice that operates throughout a wide range of socio – economic environment which is why the knowledge that is needed or should be possessed by an accountant cannot be accurately categorized. This is the reason why it is impossible to discuss an area of a particular concept without having complete knowledge of the other key areas of accounting as well. Therefore for an accountant, it is a must to not only know what accounting is but should also be able to comprehend it.Taylor and

  • IFRS Accounting Disadvantages

    7449 Words  | 30 Pages

    CHAPTER 4 RESULTS AND ANALYSIS The study to analyse the influence of IFRS adoption to the value relevance of accounting information is done by regressing the Ohlson Price Model. In conducting the analysis, 4 yearly data sets have been prepared in the year of 2010, 2011, 2012, and 2013. There are 4 data sets to be run as cross-sectional data and 1 additional data set aggregating the four as a panel data. The study is done statistically using SPSS. Table 4.1 List of Data Set Set Data Quantity Type

  • Importance Of Internal Control In Accounting

    2706 Words  | 11 Pages

    KUDIRAT TAJUDEEN Principles of Accounting Mid Term Exam Review of Chapter 7: INTERNAL CONTROL Introduction Internal control is an important part of any organization’s policies and procedures. It is a designed process put to effect by a company to establish reasonable assurance that the organization’s financial reports are reliable and are in accordance with laws, regulations and policies in line with generally accepted accounting principles (GAAP) and also safeguard the company’s assets from theft

  • My Example Of Accounting: My Personal Statement Of An Accounting

    905 Words  | 4 Pages

    offered by my school in the scope of my major and based on what I have learnt I decided to become an accountant. Not the most appealing occupation, huh? Well, not for the most people. What makes accounting the number one choice for me is its incredibly flawless accordance with my self and personal talents. Accounting is a profession that involves the careful recording of transactions and their analysis. In the end, the senior accountant is responsible for preparation of financial statements for external

  • Importance Of Ethics In Accounting

    726 Words  | 3 Pages

    (Wheelwright, 1959). Ethics has an important role in accounting profession. It is where the judgment of being professional belongs. It is whether the act of one accountant is right or wrong, ethical or unethical. Researchers know that the decision making of accountants, especially in the field of auditing, should not just be based on personal judgment. There is a standard that must be followed in performing an analysis of financial statements. Accounting profession is not easy in the world of corporate

  • The Characteristics And Means Of Management Accounting

    881 Words  | 4 Pages

    management accounting; Management accounting was described by The Institute of Management Accountants (IMA) in the following statement: ‘‘Management accounting is a profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization 's strategy’’. Management accounting (also known as managerial or cost accounting) includes

  • Importance Of Theoretical Knowledge In Accounting

    918 Words  | 4 Pages

    2 Theoretical Knowledge The accounting professional practice provides me with a business environment to review and consolidate the theoretical knowledge that I learned at school. First of all, I have gained a general idea of the role of accounting in business, including how accounting is regulated in Australia, the basic accounting principles and their applications in business and the role of ethics and sustainability in accounting. Moreover, I learned the accounting procedures in the service business

  • The Importance Of Accounting History As An Academic Discipline

    1108 Words  | 5 Pages

    Tutorial 4 26 August 2014 Name: James Surname: Gilbert Student Number: 201404266 Tutorial Group: 1 The Relevance of Accounting History as an Academic Discipline. People cannot predict the future by looking at the past, they cannot change the past by studying it extensively. So then, why is it that so many people do look back at what was? Is it to reminisce over lost times, or to ponder about a world so different to what is now? No, it is in fact to use what was observed

  • Importance Of Accounting As An Academic Discipline

    975 Words  | 4 Pages

    Many have argued if whether the relevance of accounting history as an academic discipline will benefit the way in which accountants apply themselves. To some, accounting history has no effect on the way in which individuals conduct the practice of accounting; while others may think otherwise. This essay will attempt to debate, in favour of the relevance of accounting history as an academic discipline. The History of Accounting dates back thousands of years to archaic civilisations but was formally

  • Assignment: Understanding Business Accounting

    749 Words  | 3 Pages

    Business Accounting Learner name Assessor name Mr P Arko Date issued Hand in deadline Submitted on 24/09/2015 6/11/2015 Assignment title Understanding Business Accounting In this assessment you will have opportunities to provide evidence against the following criteria. Indicate the page numbers where the evidence can be found. Criteria reference To achieve the criteria the evidence must show that the learner is able to: Task no. Evidence P1 Describe the purpose of accounting for an organisation

  • Common Characteristics Of Confidentiality In Accounting

    1348 Words  | 6 Pages

    professional accounting bodies worldwide, which fit the ethical requirements and guidelines that accounting professionals should comply. Confidentiality is one of the ethical requirements of the most important and explained by two of these professional bodies; Chartered Institute of Management Accountant (CIMA), the Institute of Management Accountants (IMA), will explore below are the common characteristics of each of these professional bodies on confidentiality in Management Accounting. The Institute

  • Accounting In A Nutshell Case Study

    1240 Words  | 5 Pages

    growth and success of an organization. Particular aspects such as the economy, the needs and wants of the consumer, and the opposing competitive organizations affect the decisions that impact the direction of the business. Janet Walker, the author of Accounting in a Nutshell, discusses how companies use financial information to manage a business and make decisions (Walker, 2006, p.3). In chapter 11 of her book, she proposes a scenario about a veterinary laboratory (BSE Veterinary Services) that carried

  • Importance Of Accounting History As An Academic Discipline

    1027 Words  | 5 Pages

    The relevance of accounting history as an academic discipline This essay will deal with accounting history and how relevant it is towards academic disciplines. This will be done by looking at, what history is. The relevance, and implications of accounting history. How accounting history led to writing research in a creative and informative way. By looking at pedagogy, policy and practice. The main reasons why accounting history is relevant today, and what some of the negative aspects are. 1.What

  • Literature Review Of A Computerized Accounting System

    2653 Words  | 11 Pages

    focus on Accounting Information System in relation with the employees and the business as a whole. A computerized accounting system, as mentioned by Marivic (2009), is a method or scheme in which financial data related to business transactions are being recorded, organized, summarized, analyzed, interpreted and communicated to stakeholders with the use of computers and computer-based systems. He believes that one of the vital parts of any organization is the keeping of accurate accounting records

  • Pros And Cons Of Rule Based Accounting

    1439 Words  | 6 Pages

    principles vs. rules based accounting. In this essay we will tease out the advantages and disadvantages of each. We will then go on to discuss which one is most applicable worldwide going forward. The United States incorporates a more rules based approach whereas principles are more European based. Almost all companies are required to prepare their financial statements as set out of the financial accounting standards board (FASB). Rules based accounting: Following the accounting scandals of Enron and

  • Case Study Of Toshiba Accounting Scandal

    868 Words  | 4 Pages

    Fırat Keskin 0053318 Toshiba Accounting Scandal Summary of what had happened In 2015, Toshiba which is best known for the electronic products all over the world, arised to the World that overstated profits by 151,8 billion yen which around 1.2 billion US dollar during seven years period. The Group had inflated its pre-tax income by approximately 30% in a number of accounting areas such as (i) the percentage of completion method to manage the profitability of long- term projects

  • Three Different Functions Of Cost Accounting

    979 Words  | 4 Pages

    Cost Accounting is a process of collecting, analyzing, summarizing and evaluating various alternative courses of action. Its goal is to advise the management on the most appropriate course of action based on the cost efficiency and capability. Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future. Describe three different function of cost accounting Cost Accounting enables management computing production costs by fixed

  • Ethical Accounting Fraud And The Bernie Madoff Case

    1594 Words  | 7 Pages

    unethical accounting, also known as accounting fraud or ‘Cooking the books”. Accounting scandals are complex and can be very tricky to locate even under close inspection of a company’s accounting records. Accounting relies heavily upon numbers balancing each other out. If an accountant were to switch numbers around to increase total revenue, somewhere in the records there would be a shortage. Accounting is black and white, and like math, there is a right and wrong. In terms of accounting, it is either

  • Pros And Cons Of A Computerized Accounting Information System

    1774 Words  | 8 Pages

    computerized accounting information systems and their impact on the financial reporting of government institutions. It reviewed the related literature in line with the objectives of the study set out in chapter 1.3. It focused on the uses of a computerized accounting information system, the pros of computerized accounting information system and the cons of a computerized accounting information system as well as the qualities of financial statements generated by computerized accounting information

  • Explain Generally Accepted Accounting Principles (GAAP)?

    1343 Words  | 6 Pages

    1. Explain Generally accepted accounting principles (GAAP)? Generally accepted accounting principles (GAAP) are the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards or standard accounting practice. The following is a list of the ten main accounting principles and guidelines together with a highly condensed explanation of each. a. Economic Entity Assumption The economic entity principle states that the recorded activities

  • Difference Between Matching Concept And Accrual Accounting

    783 Words  | 4 Pages

    Ty Worley Principles of accounting 1 March 3, 2018 Matching Concept and Accrual Principle Matching principle and accrual principle are some of the most fundamental accounting principles. Matching concept states that a company must record its expenses only in the period when the revenues associated with the expenses were earned. On the other hand, the principle of accrual accounting requires revenues to be recognized only when it has been earned, and this doesn’t depend on whether money is received

  • Case Study Of BCM 502 International Accounting

    1170 Words  | 5 Pages

    BIRLA INSTITUTE OF TECHNOLOGY, MESRA, RANCHI (END SEMESTER EXAMINATION) CLASS : B.COM SEMESTER : V BRANCH : B. Com. SESSION : ______ SUBJECT: BCM 502 International Accounting TIME : 3 HOURS FULL MARKS: 50 INSTRUCTIONS: 1. The question paper contains 7 questions each of 10 marks and total 70 marks. 2. Candidates may attempt any 5 questions maximum of 50 marks. 3. The missing data, if any may be assumed suitably. 4. Before attempting the question paper, be sure that you got a correct

  • Three Accounting Concepts: Historical Cost, Matching And Prudence

    1552 Words  | 7 Pages

    Define THREE (3) accounting concepts: historical cost; matching and prudence Historical cost According to historical cost concepts, all transactions must be recorded at purchase price or purchase cost. The amount will be recorded in the accounting book despite the volatility of the market price of the item. The cost of buying is an objective value as the price is evident in business documents. Matching According to the matching principle, the revenue for an accounting period must be matched with

  • Goals And Objectives Of SAP S4 HANA Accounting System In Financial Management

    1028 Words  | 5 Pages

    2 Goals and Objectives 2.1 Operational Goals and Objectives The aim of SAP S4 HANA Finance is to upgrade the system to the latest technology and pave the way for future development. Financial upgraded integrated system makes the University of Helsinki pioneering and offers users a new operating system independent financial management and scalable solution for connecting UI5 OPERATION time. The mobile platform enables modern and user-friendly basis for workflow-solutions, such as, for example

  • My Hardship In Life

    743 Words  | 3 Pages

    bright student in the school but I prove to them that nothing is impossible in this world as I excel for the exam. I got transferred to boarding school to continue my studies for upper secondary level. I choose Accounting as my core subject and dropped Biology as it is a burden for me. Accounting really interest me, it shows how systematic the money was kept. I started love about account and practice it in life. I make account for myself as a budget so that I am not overdraft it. I used to join the young

  • What Is The Importance Of Academic Performance

    1366 Words  | 6 Pages

    Morris 2014). Accounting for Mangers is an importance course that is taught in Business Administration programme both undergraduate and postgraduate level. The essence of the Accounting for Managers course lies on its ability to present both vital accounting that will aid in effective and efficient decision making in an organization or by an individual (Geiger and Ogilby 2000; Osogbe 2010 ; Garkaza, Banimahd & Esmaeilic 2011; Cosmas, Isaac & Sarah 2013). Previous researchers in accounting courses have

  • Case Study Of Arthur Andersen's Company

    852 Words  | 4 Pages

    firm experienced rapid growth due this new law. During the following decades of practice the accounting firm grew to become one of the “Big Five.” This prestigious tittle voiced the fact that Arthur Andersen had become one of the largest accounting firms in the United States. The name Arthur Andersen was globally respected. The firm stood representative of confidence, integrity, and ethics in accounting. This stellar reputation was vital to its success. (Squires, 2003) In the 1950s Andersen launched

  • Arthur Andersen's Ethics And Ethics

    930 Words  | 4 Pages

    and partner Clarence DeLany. After 90 years Arthur Andersen firm become known as one of the “Big Five” largest accounting firms in the United States, the firm was one of the big five with PricewaterhouseCoopers, Deloitte & Touche, KPMG and Ernst & Young.  the firm’s name was synonymous with ethics, integrity, and trust. And it is important for a firm to have such values. Because accounting firms are charged with independently auditing and confirming the financial statements of public corporations,

  • What Is The Difference Between Implicit Cost And Implicit Costs

    786 Words  | 4 Pages

    own words, explain the difference between accounting and economic profit. Give two examples of when they differ. The concept of accounting profit is cash related, in other words, the amount of money made minus the amount of money spent. It is calculated by subtracting explicit costs from the firm’s total revenue, additionally, tax is calculated based on accounting profit (Taylor, 2014, p.159). Taylor (2014) states that economic profit differs from accounting profit because it takes into account both

  • Scandal Summary Of Toshiba

    942 Words  | 4 Pages

    Nihal Arinik Imamoglu Toshiba Accounting Scandal Summary of Toshiba Scandal: In July 2015, C level executives of Toshiba, a 140-year-old pillar of Japan Inc, quit after investigators found that the company inflated earnings by at least $1.2 billion during the period 2009- 2014. Investigation report releases that there are accounting improper ties which have taken place for over 7 years. The report shows that there are variety of inappropriate accounting techniques between different

  • Causes Of Record Keeping In SME

    759 Words  | 4 Pages

    have frequently been cited as the drivers of business performance in SMEs. Keeping proper records has been noted to be one of the important factors influencing the performance of a business. Peacock (1988) found that the inefficient and/or lack of accounting records have led to the failure of many SMEs. Along similar lines, McCannon (2002) argues that, many SMEs fail because owners could not make timely and key managerial decisions resulting from the lack of adequate records. Given the benefits of record

  • My Future Dream

    705 Words  | 3 Pages

    to account class in form 4. I do not regret about my decision and my parent also support me do this decision. Therefore, I have chosen the course Bachelor of Accounting and Finance in university. The reason that I would like to work as an accountant is because my father is a fruit wholesaler, I can help my father in the field of accounting after I graduate to decrease my father burden. Other than that, the reason that my future dream is become an accountant is because I love the Math subject since

  • Case Analysis Of Kimberly Clark Corporation

    2065 Words  | 9 Pages

    medical instrumentation.   The Role of Accounting Function: In general the role of accounting function is to help interested stakeholders to make their business decisions better. According to AICPA: “Accounting function’s role is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions, in making reasoned choices among alternative courses of action.” Accounting function can be used to fulfill different

  • The Importance Of Social Contract Theory

    1617 Words  | 7 Pages

    Here, we are talking about social contract theory or we can say a topic which have been not so popular in accounting profession but also stands firmly and must needed an attention in business sector. Social contract theory is a contentious idea in the study of business morals, since extensive political issues are tied to it, to which many people disagree. People with a strong notion in the free enterprise model or laissez faire model of individualism argue that organisations benefit the general public

  • Swot Analysis Of Diageo

    703 Words  | 3 Pages

    MANAGEMENT ACCOUNTING & ITS TECHNIQUES: The role of information for strategic decision making is a well-established fact since ages. In the modern world, companies require continues improvement and innovation in order to achieve and maintain competitive edge which is considered as the core of success or failure of firm. To help those who makes decision, Accounting provides information (both financial and Non-financial) by collecting and organizing data through information systems. Accounting provide

  • Impact Of Globalization On The Accountancy Profession

    941 Words  | 4 Pages

    standard of competence and be able to compete in the global market (p.155). To achieve this, it is yet but accepted that an aspiring CPA must go through rigorous accounting education and training. The Philippine Accountancy was recognized as a profession through Act No. 3105 entitled “The Act Regulating the Practice of Public Accounting,” which was approved by the Sixth Legislature on March 17, 1928. Currently, the Accountancy profession is governed by law through Republic Act. No. 9298, also known

  • Arthur Andersen Case Study

    1816 Words  | 8 Pages

    Andersen’s Fall Arthur Andersen – Arthur Andersen was one of the Big Five accounting firms along with PWC, EY, KPMG and Deloitte providing auditing and consulting to corporations. It was founded on 1st December, 1913 by a Norwegian Arthur Andersen and Clarence DeLany as Andersen DeLany & Co. The firm changed name to Arthur Andersen & Co. in 1918. Arthur Andersen always maintained high standards and ethics in the accounting industry, especially till the death of Mr.Andersen. In 1914, Mr.Andersen told

  • The Code Of Ethics In Enron's Business Ethics

    1425 Words  | 6 Pages

    contracts which were done before. Collapse of Enron The collapse of Enron was due to the unethical moral principles by Enron Executives and the misleading of financial accounts. Most of the reasons for collapse are described below. Misleading of Accounting Entries The one of the major part in company collapsed was the failed investments in other businesses apart from their main business like investments in Internet and Communication business and the use of Special Purpose Entities(SPE) which were

  • Compare And Contrast Job Costing And Process Costing

    767 Words  | 4 Pages

    1. Briefly compare and contrast job costing with process costing. Provide an example of process costing. Because job order costing, in accounting as we know it, uses a method where the costs are "gathered by job or order."(Walther, 2017), and thereby meaning that costs are accumulated per job. Companies that use job order costing would be firms that have a variety of different products or services (e.g. specialized services, custom orders, etc.); one example of such a company would be that of

  • The Zero-Based Grading System

    979 Words  | 4 Pages

    students’ approaches to learning. Kvale and Trowald (2009) stated that assessment has different functions: as a means of control and of enhancing learning. The sudy describes people accessing in order to stabilize and improve a certain field like accounting and other fields of science. Schools use different grading systems in order to assess the capabilities of their students. The students must meet certain qualifications that a school is searching for in order to continue in their chosen career course

  • Literature Review Of Small And Medium Enterprises

    909 Words  | 4 Pages

    your business depends on creating and maintaining an effective record system, whether your business is a sole proprietorship, partnership, or corporation (Federal, 2010). The relevance of accounting to the operations of a business organization in any society can be established by looking at the ways accounting helpsSMEs to improve on their performance. Financial record keeping serves as a tool for control, assist business owners in credit dealings, taxation matters and determination of profit. As

  • The Internal Environment And Types Of Fraud In The Environment

    1264 Words  | 6 Pages

    Fraud in the environment The accounting fraud that happened at WorldCom is a type of fraud that can take place at any company or organization. With accounting fraud, many people that are affected include the organization, employees, and investors. Different frauds can occur, such as system fraud, friendship fraud, and overpayment fraud. Accounting fraud is when someone purposely tries to manipulate and change the financial statements of a company or organization. “A company can falsify its financial

  • Advantages And Disadvantages Of Budgeting

    938 Words  | 4 Pages

    financial figures in each function and using the level of activity to decide how much resources should be allocated and how well it is being managed. • Rolling Budgets: A budget which is continuously updated by adding a further accounting period when the earlier accounting period has expired. • Beyond budgeting: This is a model that proposes that traditional budgets should be abandoned. Adaptive management processes should be used rather than a fixed annual budget. Taxation ‘A means by which governments

  • The Importance Of Accountancy

    3109 Words  | 13 Pages

    Accountancy. This paper also focused on the factors that affect their choice, their perceptions on accounting profession, the things they considered, and the advantages they can get in taking the course. The respondents came from the selected number of first year students who are presently enrolled at De La Salle Lipa and taking Bachelor of Science in Accountancy program. The practice of accounting did not only stay in European countries but has also reached the islands of the Philippines. This

  • Negative Benefits Of Globalization

    959 Words  | 4 Pages

    companies were compelled to find financial systems which can quantify customers’ knowledge and lower customers’ dissatisfaction. Hence, many companies start to hire external consultants and experts that able to provide them unique ideas of management accounting tools and techniques. Since world has been changing more rapidly than ever before, managers and employees throughout an organization must perform at higher levels. They are being expected to have more knowledge and skills and produce more creative