Accounting System College Essays Samples For Students

[Professor]

Introduction
This paper reviews different literature works to evaluate the real meaning of accounting. This paper defines accounting from scratch in order to give comprehensive information for those who do not even know about this field. Further, this paper describes accounting, its reporting procedure, financial statements and their purpose. In addition to that, this paper defines various types of accounting systems that are used around the world by different types of organizations.

Analysis

Accounting is considered as the language of business, which tells the financial position an organization. It is a systematic way to record, summarize and analyze the ...

Two distinct set of financial reports are used in managing a company, one made by Financial Accountants and the other by Managerial Accountants. These reports are aimed at the company’s external stakeholders such as investors and creditors and are prepared for each quarter and at the end of the financial year and. The format and content of these reports are laid down in laws such as the SOX (Sarbanes- Oxley) Act and in accounting regulations such as the GAAP (Generally Accepted Accounting Principles) and the IFRS (International Financial Reporting Standards). Financial reports become comparable across companies.
Managerial accounting ...

This model of change introduction and management is concerned with three different steps which the managers of an organization should take special care of. This model is based on three different stages namely unfreezing, changing and refreezing steps which are explained in detail for shifting from manual accounting activities to an automated or online accounting system .
The first phase or stage in Lewin’s 3-Step Model concerns “unfreezing” of old way of thinking and behaviour about manual accounting system before any change is introduced. Unfreezing must be done because managers who have been using manual accounting system for more ...

Activity 1

The cash based and an accrual based accounting systems are the two methods of accounting, which businesses use to record their accounting transactions. The main distinction between these two methods of accounting is essentially the time at which expenses and revenues are recognized and recorded (McCorkle, Klose, & Klinefelter, 2008). Thus, a cash based accounting system is essentially an accounting technique under which the business record expenses when it pays out cash and records the income when it receives cash. Consequently, a cash based accounting system recognizes expenditures and income at the time when the businesses pay out or receive ...

- In your opinion, what is the single most important ingredient for a successful energy management program? In one’s opinion, the single most important ingredient for a successful energy management program is the commitment put upon it by the organization. This means that all levels of the organization are aware of the program, its goals and the specific strategies that must be implemented to achieve the desired energy consumption level. Even if all the processes and technologies needed are in place but if there is no commitment from the people of the organization, the program will not be successful. Commitment ...

1 Introduction
1.1 Purpose
The aim of the implementation plan is to guide the team in the implementation of the new. Implementation plan provides a systematic approach to implementation of a new project. The system to be implanted is a new new accounting system in a growing manufacturing company with production facilities domestically and internationally.
1.2 System Overview
The new accounting system is an application system that will enable the company to manage the financial record effectively. The system is supposed to capture the accounting information of the company and help in processing transactions.
1.2.1 System Description
...

Financial Reporting Council is responsible for regular and high quality reporting to the investors as well as maintaining a regulatory environment. The aim of the council is to provide high quality financial reports which will suit the needs of the readers and answer all possible questions of the investors. The Committee is supported by three standard committees which include the Codes and Standards Committee, the Executive Committee and the Conduct Committee. These combine and work together for the achievement of the goal of the Financial Reporting Council which aims to maintain an environment where high quality reporting is carried ...

Being the largest Middle East economies, Egypt is starting its changes in the market economy. It has experienced significant changes in its accounting system in the last two decades. The evolution of accounting in Egypt demonstrates its capability to adapt in response to changing conditions. Meanwhile, various cultural aspects have greatly influenced accounting practices in Egypt. Although Egypt is leading Middle East economies, it has experienced cultural mistakes and challenges in transforming its accounting systems and standards. Thus, this paper will discuss cultural challenges and mistakes that Egypt has encountered in the process of changing its accounting systems and ...

Posting in accounting is a process that involves the shifting of the balances in the general journal and those in the sub-ledgers into the general journal. Only the totals of the sub-ledger transferred to the general ledger and not the individual transactions. Posting can be done daily or monthly depending on the accounting manager’s decision (Bragg, 2013). The following are the steps involved in the posting in the accounting system.
Identify and analyze transactions: Once the transaction is identified, it’s analyzed to see the accounts affected and the figures to be recorded (Franzel, 2009). The steps involved ...

The role of the auditor including legal and professional requirements, its importance, benefits and limitations

The Role of an Auditor
An auditor is a professional who has an authority to independently examine, verify and confirm the accuracy as well as fairness of financial records of a business entity. The role of auditors can be classified as internal and external auditing activity. Internal auditors are those accounting experts who examine the accuracy and reliability of financial statements of their own employer. In contrast, external auditors are independent auditing/accounting entities who pass their professional judgment and form an opinion concerning the fairness of financial statements .
Under the Companies Act, the role of an auditor is to ...

(a)Discuss the need for a cash flow statement such as that given for JLJPlc;
Cash flow statement analysis is helpful to management in the generation and utilization of cash in the most efficient way. Efficient utilization of cash helps management in its objective of wealth maximisation. The cash flow statement helps in identifying the strength of cash generation in the various activities such as operations, financing, and investing. It helps trace the source of cash received and how it is disbursed. For To be a healthy firm, cash should come from operations. The cash flow statement is also an indicator ...

Accounting

Accounting
Description: There are risks of unauthorized access to either physical inventory sites or the online inventory system. Specifically, for on-site inventory access, only authorized employees can enter the warehouse with their access cards. For online inventory access, only and employees can login and special passwords should be required. The level of confirmation required should vary according to the importance of the inventory data. This will help different people access different inventory data instead of giving everybody access to data inventory.
Test Procedures: First, the auditors can ask for a list of the employees who has the access ...

Analysis: Next Plc

Assignment 1:
Executive Summary:
The report makes a recommendation about the balanced scorecard of Next Plc. It makes this recommendation on the basis of mission, vision and strategic objectives of the company. The strategy map links the perspectives of the balanced scorecard with the strategic objectives of the company. It is by adopting the perspectives mentioned in the balanced scorecard, the company can achieve its strategic objectives.
The limitations of the balanced scorecard as a strategic management tool have also been identified and are largely dependent on an effective accounting system. Balance scorecard tends to put the interest ...

MANAGEMENT ACCOUNTING QUESTIONS

Question 1
The entity charged with the design and development of the activity based costing system is the company’s a person who possess a host of leadership abilities and prior knowledge of ABC technology most probably a person from the company’s accounting department . This individual would be charged with the role of coming up with the most effective costing system that can significantly boost the company’s drive towards the achievement of its objectives. The person selected should however have the maximum to have the support of the top managers, line managers and the entire staff of the company. ...

Activity-based costing focuses on the activities on specific items and not the products of a given firm. In addition, activity-based costing effectively identifies specific activities within a firm whilst assigning the associated costs on the basis of the levels of consumption. Notably, activity-based costing is different from conventional costing on the basis that the former categorizes overheads as direct costs. Theoretically, Competition Bikers merger should not adopt activity based costing as a replacement of the conventional accounting system but as a complimentary or additional accounting system. This will help to transform the company’s accounting process into an authentic state.
There may ...

Auditing is important in all organizations in the world since it enables the preparers of financial statements to provide a true and fair view of these documents. In addition, auditing enhances transparency in reporting. It also ensures that there is little or no manipulation of accounts in the organization (Arens 2). One of the important aspects in auditing is the audit risk model. This model explains the various risks that are associated with auditing. The model describes risk as the probability that there will be inappropriate use of auditor’s independence in the provision of opinions regarding financial statements.
...

Question 5

International Tax Systems: Approaches to Transfer Pricing
Globalization is the new trend as companies are increasingly expanding beyond their domestic borders. Globalization is motivated by the need to seek new markets, diversify operations internationally, take advantage of differing tax laws among a myriad of other reasons. In order to take advantage of differing tax laws, multinational companies use transfer pricing. This paper discusses transfer pricing and the various approaches to transfer pricing. This paper will also discuss the recent developments in transfer pricing.
Transfer pricing refers to the determination of prices for transfer of goods between subsidiaries both ...

Accounting Essay Questions (Two Articles)

Analysis of the Article 1. Sustainability accounting and reporting: fad or trend? by R.L. Burritt and S. Schaltegger.

Describe the core argument of the article.

The core argument of the article Sustainability accounting and Reporting: fad or trend by Burritt and Schaltegger is whether management decision making or the critical approach is better for the development of sustainability accounting. The authors tried to convince the reader that both approaches contributed to the development of sustainability accounting. However, the authors also stated that the improvement of management decision making should be prioritized. Burritt and Schaltegger described two paths to the presentation of sustainability accounting: critical path (sees sustainability accounting as the source of ...