In this essay, the two different attacks of accounting have been discussed. One attack is being followed by FASB and the other attack is being followed by IASB. These two attacks are Rules – based attack and Principles – based attack. Rules – based attack says that accounting rules and criterions should alter with the environment, fiscal conditions, and as new issues arises in the […]

Accounting Fraud at WorldCom LDDS began operations in 1984 offering services to local retail and commercial customers in the southern states. It was initially a loss making enterprise, and thus hired Bernie J. (Bernie) Ebbers to run things. It took him less than a year to make the company profitable. By the end of 1993, LDDS was the fourth largest long distance carrier in the […]

Examples of Ethical Dilemmas Accounting: Your supervisor enters your office and asks you for a check for $150. 00 for expenses he tells you he incurred entertaining a client last night. He submits receipts from a restaurant and lounge. At lunch your supervisor’s girlfriend stops by to pick him up for lunch and you overhear her telling the receptionist what a great time she had […]

Accounting is a language: a language that provides information about the financial position of an organization. When you study accounting you are essentially learning this specialized language. By learning this language you can communicate and understand the financial operations of any and all types of organizations. This is because the information required by most organizations is very similar and can be broken down into three […]

OLD AND NEW GOVERNMENT ACCOUNTING SYSTEM DISTINGUISHED | OLD| NEW| Accounting Entries| * Manual * Maintains numerous special journals with several wide columns| * Computerized * Simplified and updated accounting system| Commission on Audit| Journalizes the appropriation and allotment released by the Department of Budget & Management | No longer journalizes the appropriation and allotment released by the Department of Budget & Management | Bureau […]

RiordanManufacturingAccounting Systems, Part II Business Systems I/BSA 500 November 19, 2012 LiseHautzinger Riordan Manufacturing Accounting Systems, Part II Comprehensive accounting systems and practices assist companies in monitoring cash flow expenses and investments as well as identify new sources of income. Riordan Manufacturing’s current accounting system lacks consistency across multiple locations and basic accounting modules. Each location has a closed system and dos not incorporate other […]

This paper seeks the locate the Balance Sheet, Income Statement and Statement of Cash Flows from the 2007 annual reports of Amazon and Dell respectively and describe the general organization of each of the three sets of financial statements. This will be followed by a determination of whether net income or cash from operating activities which is more useful in the organization for each of […]

Accounting is importance in every company since it is a tool that is used in making decisions for the company and it’s used to reveal the performance of the organizations in terms of its financial and management information to the government and public users. Accounting is categorized in two that is the manual and the computerized system. The process of ensuring that the transactions of a […]

Exam Chapters 3,4,7 Student: Which of the following is the correct formula to compute the predetermined overhead rate? Estimated total units in the allocation base divided by estimated total manufacturing overhead costs. Estimated total manufacturing overhead costs divided by estimated total units in the allocation base. Actual total manufacturing overhead costs divided by estimated total units in the allocation base. Estimated total manufacturing overhead costs […]

Accounting is big business in Costa Rica, a country in Central America which is about the size of West Virginia (Faddis, 2006). This is due in part to the tremendous influx of America’s baby boomers choosing to live and retire in Costa Rica for the country’s mild weather and its reasonable cost of living. In Costa Rica, there are over 10,000 Accountants. Every Accountant who […]