Essays on Accounting System

Powers Report: The Enron scandal

The Enron scandal that occurred in 2001 has been cited as the biggest audit failure. The scandal would later lead to the bankruptcy and collapse of Enron Corporation. Enron was an American energy company that was based in Houston. It was the largest energy company in the United States. The scandal also led to the dissolution of Arthur Andersen, an accounting firm that was one among the largest five accounting firms in the world. The investigation began when the share price of the company declined sharply from $ 90.75 in the mid of 2000 to less than $1 in 2001 ( ...

Managerial Accountant

With regards to my request for a Managerial Accountant, I would like to explain why I sincerely believe that there is a need to hire another one, who will focus on the internal accounting aspects of our company. First of all, allow me to enlighten you on the objectives and characteristics of an internal accounting system. “The main objective of an internal managerial accounting system is to provide information to managers so they can make sound decisions”. The internal managerial accounting system plays a significant role in the planning and budgeting functions because there is a factual basis for ...

Introduction

Corporate governance can be defined as a system by the corporations are controlled, directed and administered. The structure of governance is used to specify the distribution of responsibilities and rights among the different participants in a company such as managers, board of directors, creditors, regulators, auditors, shareholders and other stakeholders, etc. It also specifies the procedures and rules for the major decision making in corporate affairs. Corporate governance tends to provide a structure by which organizations can set their objectives and pursue those objectives along with the reflection of the context of regulatory, social and market environment (Simanovsky, 2010, pp. ...

Accounting Practices in third world countries

The developing or less developed countries are referred to third world countries that have great diversity among them. In this category, some poorest countries of the world (Bangladesh, Ethiopia and Grenada) and some are not-so-poor countries (Qata, Saudi Arabia) are included (Guan and Pourjalali, 2010). For industrialization, some are very poorly industrialized while others have moved to industrialization. So, the culture and political environment of these countries are different to each other that influence the accounting practices of these countries and affect the accounting of companies or branch operations which are US based.

Financial accounting in third world ...

Changing AIS

Implementing a new enterprise wide change in an organization is a daunting task for any organization, and if it is not properly handled, the process can fail and lead to unprecedented losses for the organization in question. Accounting Information Systems are important in any modern business organization. Businesses cannot continue using the now outdated accounting techniques in this era of advanced technology. However, a number of organizations have encountered problems trying to implement accounting information systems for the first time or even when changing from one to the next one. Such was the case with an Australian company X-Ray Australia (Not real ...

Winford Plc is a company that has been awarded a contract by Westriver Borough of operations of the local swimming pool. In order to manage the sales and revenue generated by the services offered, an accounting system, has been developed. The main components of the new system in relation to sales revenue and tickets from vending machines will include principal documentation, the processes involved and the records to be kept (Champlain p.45).

The Principal documentation of the new system will be made up of two parts. The first part is the user documentation. The main purpose of the user documentation is ...

Winford Plc is a company that has been awarded a contract by Westriver Borough of operations of the local swimming pool. In order to manage the sales and revenue generated by the services offered, an accounting system, has been developed. The main components of the new system in relation to sales revenue and tickets from vending machines will include principal documentation, the processes involved and the records to be kept.

The Principal documentation of the new system will be made up of two parts. The first part is the user documentation. The main purpose of the user documentation is to assist ...

MEMORANDUM

Re:

Introduction

I have keenly assessed the memo recounting Sylvia Martinez’s current business activities. Sylvia operates a chain of dry cleaning stores within the Houston metro area. She is currently planning to do major renovations to two out of her five locations. Sylvia married Polino who is later employed by the dry cleaning business and pays the cost of Polino’s polo playing. She uses Polino’s polo playing as an opportunity to advertise her dry cleaning business by tagging the business logo on Polino’s polo uniforms and sandles. Sylvia also sells cleaning products alongside dry cleaning services. Sylvia ...

Discussion Board Post

Discussion Board Post Cost accounting system is a structure used by companies to approximate the cost of their products to allow profitability analysis, cost control and inventory valuation. There are two major cost accounting systems namely; job costing and process costing. Job costing system gathers all manufacturing costs discretely for each job. Process costing gathers all manufacturing costs discretely for each process. Companies can decide to use both systems or use one of them. Companies are most likely to use the job costing system when company’s products are unique and when products are made based on specific ...

1. Introduction The Enron collapse, occurred in October 2001, consequently caused the bankruptcy of the whole Enron Corporation, the world’s leading energy, commodities and services company, as well as the dissolution of Arthur Andersen, which was one of the top five largest audit and accountancy firms in the world. Noteworthy it was not only the largest bankruptcy proceeding in American history at that time, but also the most serious audit failure, so that one says, “Enron is fraud and fraud is Enron”. The rise of Enron was almost as fast as its failure. Actually, it was an ...

Abstract

The paper gives an account of the importance of accounting. It provides information about the increasing importance of accounting in the recent years and the entities that pay attention to the information provided by the accounting system. The paper also describes about how each party makes use of accounting and its role in the process of decision-making. It also explains the need for recording and analyzing the transactions through the accounting system. Most importantly, the paper asserts the importance of accounting in assessing the performance of firms. The paper also provides a great deal of information about the role of ...

[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 ...

Business Plan for United Arab Emirates Food Truck

Business Controls

We will be using an application based accounting system that is versatile on desktops, tablets and mobile devices. The square reader with stand will be at the food truck for sales, this application allows us to add inventory and customize price all while tracking sales and receipts. The application also will store clients for loyal customer tracking.

Quality Control

We will be monitoring online social media, utilizing hashtags and other customer feedback mediums to engage in what our customers are saying and to educate the public on our whereabouts and menu. Upon hearing what the feedback is, we will:

Try to show up at requested locations whenever possible

...

An Accounting Information System (AIS) refers to the structure used by a business to collect, process, manage, store, retrieve, and report business related data. Business analysts, accountants, managers, consultants, auditors, tax agencies, and chief financial officers use such information in making crucial business decisions (Gelinas, Dull, and Wheeler, 2012). Professional accountants work with AIS in deriving financial data with high levels of accuracy in record keeping, and avail this information to decision makers (Hall, 2013). AIS also ensure that the data used by accountants remain secure and intact and that it is only availed to legitimate users. AIS are ...

Introduction

SAP or Systems Applications And Products (German - Systeme, Anwendungen, Produkte) is software developed by a company with the same name started by former employees of IBM in Mannheim, Germany. The company, originally called Systems Analysis Program Development (SAPD) and later renamed as SAP, was founded in 1972. According to Dietmar Hopp one of the five co-founders of the software, they had worked together in IBM at Mannheim and created an atmosphere of team work. The concept of integrated information system was adopted and it evolved into the software called SAP. — the software facilitates management of all aspects of a business ...

Executive Summary

Achievers Company is an incorporated company certified by the national project and management contractors’ board to provide project management consultancy services in local and international markets. Our mission is to provide unprecedented services to our clients by assessing the shortest and cost-effective time to complete the project. Our vision is to be the world’s leading project managers and consultant in Telecommunication industry.

Company Description

Our core objective is to assist private companies and parastatals to upgrade their telecommunications systems with intent to enhance efficiency and effectiveness in data and communication system within e and beyond the company. We are credited ...

Management Accounting Literature Review

The business environment in Malaysia has experienced several changes over the recent years. These changes have been brought about by globalization that has introduced new technologies in the country. The technologies have opened the business environment in Malaysia to new challenges and competitive forces. The central Government economic policy has helped business people to mitigate challenges associated with management accounting. The policy is in line with the country’s vision 2020, which aims at reforming the management of its resources, and it has contributed greatly to the manufacturing industry in the country. The manufacturing industry is a key contributor to ...

Executive summary

This paper discusses about on time delivery of projects in IT organization. The issue of delay in IT projects is discussed in the start of this paper in which the issue is elaborated comprehensively. The same section includes the root-cause analysis of the issue in which several root causes have been identified and briefly discussed. The last section of the paper includes recommendations. In this section several recommendations have been elaborated to address the root causes mentioned in the previous section. Few other recommendations that may address the problem are also given in order to ensure on time delivery ...

Section 1:

Cash Flow Statement *Refer to excel sheet for all the calculations **We have started Cash Flow with operating income as even with net income we had to add back items to reach at operating income only.

Importance of Cash Flow Statement

Unlike other financial statements, Cash Flow Statement details the position of cash in the company. While both the income statement and Balance Sheet are made on accrual basis, Cash Flow is made on cash basis of accounting. In this way, Cash Flow Statement provides a detailed and an in-depth overview of cash inflows and outflows from the company. Below discussed is some ...

Using the following imaginary company data the differing effects using LIFO vis-à-vis FIFO will be shown and explained. Assume a physical count determined 20 units in ending inventory. The first-in-first-out (FIFO) method assumes that the first units purchased are the first unit sold and to be expensed to cost of goods sold (COGS); therefore, the units remaining in ending inventory (EI) are comprised of the latest units to be purchased. The last-in-first-out (LIFO) method assumes the latest units purchased are the first units to be sold and to be expensed to COGS; therefore, the units remaining in EI ...

Introduction

Every logistics company deals with different customers and companies. That can cause problems especially when the company department does not have enough employees who can handle the big amount of documents from different customers. This research the causes of documentation delay in freight forwarder department in Al Madina logistics - As a manager/an employee at Al Madina , how do you feel the a documentation delay in the organization affects the output? The managers felt that delays of documentation affect the customer in negative way since they are not satisfied with the industry. As will it affect back office operations ...

(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 ...

Introduction

Cost is the amount of money an organisation spends in producing a unit of the product. There are various types of costs incurred in producing a unit of the final product. Some of these costs are fixed and some are variable. Some costs are distributed among various products being produced in an organisation. Accounting for all these costs to derive at final value of a product is known as cost accounting. The paper aims at contrasting the two main types of cost accounting systems, which are process cost accounting and activity based accounting system. The paper is divided into three sections. ...

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 ...

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Enron was believed to be one of the leading, innovative corporations of the world. The company that received the “America’s Most Innovative Company” award for six years in a row by Fortune magazine saw a sudden fall in 2001 and shocked the entire industry. The fall of the giant corporation did not only affect the industry but also shattered the dreams of the employees and stockholders of the company who had been bedazzled by the great profits. The factors behind the fall of this huge corporations were never identified before ...

Al Madina Logistics Services is an Oman based private company that leads the supply chain sector. Some of the services of supply-chain services include transportation, container yard, professional logistics consultancy, warehousing, freight forwarding, and transportation. The warehouse and distribution centre .consists of ultra modern facilities with strategic locations in Oman. The Warehouse has storage facilities and handling systems. The value-added services provided at ALMS include sorting, inkjet coding, bar coding, quarantine management, and damage product destruction.

Manager/ Employee

1. Documentation delays Some of the challenges that AlMadina faces in Oman include slow processes, ineffective sharing of customer data, heavy paperwork, ...

Introduction

A recent research on management accounting culture change established how accounting practices are woven into the cultural fabric of any organization. The study adopted and explored theories of a series of cultural change interventions related to management accounting. The traditional accounting methods involved process costing, standard costing and job-order costing. The evolution of business environment was considered efficient because of its role in the accounting techniques. The new methods labeled as advanced management techniques were considered to provide tools of achieving a competitive edge. They include Kaizen costing, activity-based costing, value-added accounting, cost of quality, strategic management accounting and back-flush costing. ...

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 ...

IS THE GDP OVERRATED?

Introduction Gross Domestic Product (the GDP) is accepted as one of the main economic indicators. By definition, the GDP is the sum of the values of all the goods and services produced in specific time period in a country by using the current prices. We consider that high amount of production allows us to build a well-designed civilization. If a country can produce more than the needs of the citizens and export the excess production to the other countries, then this country can reach the desired goals. In another word, the GDP is generally accepted as an indicator of well-being. Most ...

Introduction

An accounting framework essentially influences the way business entities delineates success. Traditional accounting predominantly concentrates on increasing the shareholder value while also influencing the bottom lines of the business in terms of its finances. However, an growing number of corporations now-a-days, are primarily interested in either the so called “double” or “triple” bottom line accounting. Their focus is not just on measuring the impact their business practices have on the financial bottom line, but also upon the impact their business practices have on their personnel, the societies in which they operate, as well as the environment surrounding them. ...

1. Balanced Scorecard Approach and its Perspectives Balanced Scorecard (BSC) is a radical way of appraising organizational performance and the concept was officially unveiled in the year 1992 by Robert Kaplan and David Norton. BSC, born in the Harvard Business School, was a radical concept at its time. Prior to the origination of BSC, only financial measures were used for organizational performance evaluation. However, BSC was the first concept ever which went beyond pure financial measures for evaluating an organization’s performance. This concept was the first to use a holistic approach toward performance evaluation of organizations as also using indictors ...

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. ...

Annotated bibliography

Reckers, P. (2002). Advances in Accounting. Burlington: Elsevier.

Trust in both the accountant and the platform he/she is using, has to be maintained for an accounting practice to be considered credible. (Reckers, 2002 p. 122) A good and credible accounting process has to have features such as; Ability to produce accounts at a short notice; should provide audit trail; Compatibility with external. Programmes; able to detect error; should enable internal controls to be integrated into it (Reckers, 2002 p. 122) Easttom, C., & Taylor, J. (2011). Computer crime, investigation, and the law. Boston, MA: This book elaborates on ...

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 ...

REPORT

Executive summary The best management practices are applied with an intention of improving the overall performance of any active institution. In this perspective, an organization strives to achieve its objectives by defining its best practices. The career path of Sugarsweet provides a more dynamic overview of modern management as well as its success and limitations. Further, it illustrates the organization’s ability to reflect and gain strength and effective financial management. Ideally, Sugarsweet case illustrates a clear need to introspect and create an insight into management dynamics.

This focus also explains the role of the management theories in today’s organizational development.

The training approaches are evaluated on the basis of a management system in order ...

CHAPTER ONE

1.0 Introduction This chapter provides the background to the study. It details the problem statement, research objectives and research questions. 1.1: Background of the Study As businesses grow out of the start-up period and expand their capital and operation, size and product or service offerings, their accounting based informational needs some changes (Bodnar, 2010). Most small business start-ups begin with an off-the-rack accounting based package for instance Peachtree or QuickBooks and run the basic accounting reports from them. However, there comes a time when the environment, government, accounting rules and standard and other technological based factors force ...

Briefly explain accrual basis of account. Also what is the reason why accrual basis of accounting is not desirable for most organizations? An accounting system that recognizes the revenues as they are earned and records the expenses as they are incurred, is known as the accrual accounting system. Totals of expenses and revenues are included in the financial statements, whether or not the cash against these transactions is paid or received in that period. The date of receipt or payment of cash does not have any effect on the books except to record the payment or receipt of ...

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. ...

Abstract

Historical cost accounting refers to the accounting method in which only the original costs of assets, liabilities, revenues or expenses are recognised. This means the method is silent as to the effects of depreciation, inflation, time value of money among other things. Much of the arguments for and against the historical cost accounting method can be divided into two, academic and practical reasons. The academic arguments resonate around issues of integrity and rationality while practical argument consider the fact that decision making uses accounting information and the overall need for accuracy in decision making. Its pros include the fact ...

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 ...

- 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 ...

Introduction

This paper is a review of the training that will be conducted by the human resources department on a group of individuals who will be travelling to an overseas nation to conduct work for the firm in several capacities for a period of three months. This paper seeks to carry out an evaluation of the candidates, the nature of the destination, the nature of the mission that they will be conducting and the suggested training for the trainees and the assessments that will be conducted for the learning and its expected outcomes.

The Target Group

The group that will be targeted for this training will ...

The cost accounting system that an organization chooses to use is determined by many factors. Key among the determining factors is the business the organization carries out. For instance, an organization offering services and having distinct jobs for its workforce will elect to go by the job order costing system of accounting (Shim & Siegel, 2009). On the other hand, an organization dealing in the production of goods, especially identical units, will opt to use the process costing system of accounting. In simple terms, the products of the organization are the determinants of the system since costs relate directly to ...

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 ...

The Westmount Retirement Residence is a care center for the elderly located in Ontario. Since its inception in 1997, the facility has offered various services to its clients at a profit. In the recent days however, the company has had reduced profitability. This has caught the attention of the administrator, prompting her to come up with a way of increasing profits.

Despite offering high quality services, competition has increased and this has negatively affected the company. The pricing policy has been found to be flawed and ineffective. For this reason, a new pricing model which will ensure profitability is being sought. This ...

Costs influence the pricing decisions of any company as it aims to make a profit out of its production activities. The healthcare industry is volatile and competitive and the pricing set in the market will not be suitable for a company that does not strategically control its costs. The management of an outpatient health clinic felt the need to shift from a traditional accounting system to a modern cost accounting system known as activity based costing (ABC).

ABC in an Out-Patient Health Clinic

In traditional system of accounting, the good or service would be assigned direct and indirect costs. The fixed costs would be estimated for the different products ...

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 concepts define the manner in which organizations and businesses report financial position of the organization and therefore it is a succinct analysis of the general operation of a business. Thus, different accounting model would define the same business in different perspective. One model may provide a view that the business is on solid standing reporting impressive profits and sound financial backing. Other models may find the same business in poor financial standing. Internationally, there abound inherent difference in financial reporting and this difference has not been thoroughly evaluated. However, some nations such as the United States and the United Kingdom have ...

The move toward transforming from centrally planned economies to market economies for the last ten years has seen some countries approaching the finish line, other struggling at various stages, and a few barely off the starting line. A number of Central and Eastern European economies are making negotiations with the European Union. On the other hand, majority of economies in the Commonwealth of Independent States, including Ukraine, have remained murky in their prospects and progresses in the transition process. Romania and Ukraine are among the many countries that are in the verge of transition from a centrally planned economic model ...

Introduction to Coca-Cola Company

Coca Cola Company has recognition as one of the leading multi-national marketers, producers and distributors of non-alcoholic beverages, refreshments, concentrates, and syrups in the United States. Coca Cola Company is recognized for its strong name and brand portfolio which has enabled the company to maintain its position in the listing of the top 100 brands since 2007. Currently, Coca Cola Company enjoys a massive growth rate, boosted by acquisitions and mergers with other firms in the beverage industry. The company has a strong linkage between its strategic goals and mission statement and vision, which has enabled the multinational company to acquire a competitive advantage ...

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 ...

Introduction to Coca-Cola Company

Coca Cola Company is recognized as one of the leading marketer, distributor and producer of non-alcoholic beverage, concentrates, and syrups in the US. The company has a strong brand portfolio and name which enabled the company to remain position one in the listing of top 100 brands in the year 2007. Currently, the company enjoys synergies and massive growth through acquisitions and mergers with other companies in the same industry. The company’s linkage of its strategic goals with its vision and mission statement has enabled the company to gain a competitive advantage against other companies.

Budgeting Process

Coca Cola’s budgeting system serves ...

Statement of Problem

The business organization whose analysis is presented in this case is Destin Brass Products Company that is involved in the production and sale of pumps. It is noticeable that there is stiff competition from the organization’s rivals who have been continually reducing prices on pumps therefore affecting the profitability of Destin Brass Products, as affirmed by Roland Giuidry, the President of the company. The organization does not have any unique design advantage as compared to its competitors in the industry and has forced the organization to also cut price so as to compete effectively with them (Crosson & ...

Loss Prevention Policies

What are the benefits of a comprehensive control program? If you were advising this corporation, what would be the specific benefits for them? A comprehensive control system helps the organization departments achieve the set objective within a given time period and as per the scheduled format. All transactions will be timely with those in power (authorization) and recording of all information will also be achieved. Correct accounts will be keyed in the appropriate accounts and in the specified financial period. This will in turn facilitate efficiency and effectiveness in the preparation of financial statements. Internal control system facilitates authorized and ...

Modern accounting systems

Introduction

Developments in Information and communication technologies have lead to the development of numerous accounting software. These accounting software have facilitated development of modern accounting systems. Examples of accounting packages are; QuickBooks, Sage, Cashcall, Mind Your Own Business (MYOB) and Enterprise Resource Planning (ERP), [ CITATION Ree05 \l 1033 ].Modern accounting systems have revolutionized the way accounting is done and had a great impact on businesses. This paper discusses the impact of modern accounting systems on organizations.

Improvement in financial reporting

Many organizations obtain funds from various sources. The various providers of funds have different information needs therefore financial reports need to be structured to ...

Introduction

Massachusetts Eye and Ear Infirmary (MEEI) is a non- profit organization which for the past decades has had problems in its evaluation on the way the cost are being evaluated and appropriated to patients. The system that was being employed in the hospital was insinuated to be ineffective in the sense that it did not put into consideration all the necessary measures that are required before allocating costs. According to the executive director, Mr. Charles wood, there is a need to change the traditional method used in evaluating the costs and instead embrace the new method. Central to his thoughts, the ...

In a building and construction business, proper financial management is essential for the smooth of running of the business and achievement of profits. The essence of financial management is in proper record keeping. The table below shows the basic records that are a must in any business, the person responsible, frequency, review process, and why the record.

RECORD

PERSON RESPONSIBLE

WHEN TO BE PREPARED (FREQUENCY)

REVIEW PROCESS

WHY YOU NEED RECORD

Petty Cash

Accounts Clerk

Weekly

Manager reviews the petty cash system on a quarterly basis so as he can balance and reimburse money in the office.

Certify that minor purchases not ...

Debtors filling system will be the responsibility of the accounts clerk and is prepared when the business is preparing and updated on a weekly basis. The records are prepared and recorded in the debtors’ accounts. The debtors’ accounts may either be debtors’ receivables or the debtors’ payments accounts and this is determined by the payment method of the debtors. The accounts are usually reviewed either on quarterly basis or annually depending on the volume of work carried out by a business. They may also be reviewed when an audit is being carried out and this has no specific time, since it ...

Executive summary

In recent years, the issue of corporate governance and ethics has grabbed attention in the light of corporate scandals that have reported since the Enron scandal. Scandals emerge is environment where corporate governance is weak (Knell, 2006 pg 162). These unethical practices start at the accounting department or elsewhere but covered up during preparation of the accounting records of the company (Knell, 2006 pg 165). The possibility of fraud in accounts poses the single most corporate risk. This report will explore Classic Hotels Inc, its structure, internal and external environment and finally zero in on accounting systems and controls ...