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Accounting

Accounting is the business discipline that studies how a company's financial information can be manipulated and presented, in a meaningful way, to enhance the decision-usefulness of that financial information. We typically think of accounting as incorporating three related disciplines: financial accounting, management accounting, and auditing

Financial accounting

Financial accounting looks to present financial information that is useful to external users, such as investors and creditors, who use this information to make resource allocation decisions between businesses.
 This information is subject to IFRS or US GAAP, is prepared using double-entry bookkeeping, and is presented in four required financial statements: the balance sheet, the income statement, the cash flow statement, and the statement of owner's equity

Management accounting

Management accounting deals with information that is used by internal users, such as a business's managers, who use this information to make resource allocation decisions within the firm. These include short-run production decisions and long-run capital budgeting decisions. (At BrainMass.com, we look at capital budgeting decisions under Corporate Finance.) 

Management accounting information comes in a variety of financial reports, including budgets. This information is not subject to accounting standards, and how this information is prepared changes based on the costs of collecting financial information and the benefits that this information has for management decision-making. As a result, a variety of different management accounting techniques are used. 


Auditing

Auditing typically refers to financial auditing of public companies. Financial audits are conducted by independant external auditors, who provide an opinion about a company's financial reports. These auditors must adhere to Generally Accepted Auditing Standards (GAAS) in the United States, and their opinions give investors reasonable assurance that financial reports are true, fair, and adhere to applicable accounting standards. The auditor must also include an opinion about the effectiveness of a company's internal controls.

In addition to the financial audit, there is a range of many different types of audit and assurance services. Many financial auditing firms also provide a range of these services, giving feedback about the effectiveness of a company's processes and procedures. These services may also be provided by in-house internal auditors that work within a single company. 
 

Categories within Accounting

Financial Accounting & Bookkeeping

Postings: 11,833

Make or Buy decision

The following information has been collected about the costs related to the systems: Selling price per unit $70 Production costs per unit Direct materials $22 Direct labor 16 Variable overhead 2 Total fixed overhead $360,000 Saguaro normally produces 25,000 of these systems per year. The managers are deciding whether

Income taxes journal entries

1- ABC. started business in January 2013, and purchased a machine for $100,000 (four-year expected useful life with no salvage value). ABC uses straight line depreciation for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2013, 30% in 2014 and 20% in 2015. Pretax accounting income for 2013 was $6

Contribution Margin and Absorption Income Statements

Prepare a contribution margin (behavioral, variable) income statement for Herrestad Company, compare net operating profit from a contribution margin income statement with net income from an absorption income statement, and explain why this difference happens. Prepare a second version assuming the selling price per unit increases

Rule-Based Ethics Standards

Should we have rules-based ethics standards? Why or why not? Should they tell you exactly what to do in specific ethical situations? Do you agree with the authors that a code of ethics should do more than establish minimum acceptable standards? Why or why not? http://www.ijbssnet.com/journals/Vol.%202_No._10%3B_June_201

IFRS adoption in Nigeria

Can someone help me with doing an outline (numbered or bulleted) for IFRS Adoption : Issues, Challenges and Lessons for Nigeria? I need 5-6 topics in the order that I could discuss.

Explaining the Groupon Scandal

Can someone help me with doing an outline (numbered or bulleted) for the Groupon scandal? I need 5-6 topics in the order that I could discuss. I attached the requirements.

Cost and batch accounting

2. Horton and Sons produces specialty furniture. The company has received an order to create 50 custom tables for a customer. What type of costing method should they use? Inventory costing, Cost of goods sold Batch costing Job order costing Question . Omega Manufacturing bases its rate on dire

Identifying and Analyzing Stock and Cash Dividends

Identifying and Analyzing Financial Statement Effects of Dividends The stockholders' equity of Kinney Company at December 31, 2011, is shown below. 5% preferred stock, $100 par value, 18,000 shares authorized; 8,000 shares issued and outstanding $ 800,000 Common stock, $5 par value, 200,000 shares authorized; 50,000 shar

Interpreting Accounts Receivable

Interpreting Accounts Receivable and Its Footnote Disclosure Following is the current asset section from the W.W. Grainger, Inc., balance sheet. As of December 31 ($ 000s) 2007 2006 2005 Cash and cash equivalents $ 113,437 $ 348,471 $ 544,894 Marketable securities at cost, which approximate market value 20,074 12,827 --

Managerial Accounting Crosson Needles

Sevilla Consulting offers environmental consulting services worldwide. The managers of branch offices are rewarded for superior performance with bonuses based on the economic value that the office adds to the company. Last year's operating results for the results for the entire company and for its three officers, expressed in mi

New customer strategy for Coca Cola

Can someone help me with a new customer strategy? It's for Coca Cola. Customer Valuation and Retention (one paragraph to describe the following sections) Needs-Determination Strategy (two paragraphs) Customer Valuation (two paragraphs) Customer Retention Policies (five policies, one per paragraph)

Computing Cost of Sales and Ending Inventory

Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current period. Units Unit Cost Beginning Inventory 100 $ 46 Purchases: #1 650 42 #2 550 38 #3 200 36 Ending inventory is 350 units. Compute t

Straight-line depreciation (Zeibart Company)

On January 1, Zeibart Company purchases equipment for $220,000. The equipment has an estimated useful life of 10 years and expected salvage value of $25,000. The company uses straight-line depreciation. Four years later, economic factors cause the fair value of the equipment to decline to $85,000. On this date, Zeibart examines

Cases about stakeholders and ethics

PRODUCT SAFETY AND ADVERTISING For years, arthritis sufferers have risked intestinal bleeding from the long-term consumption of nonsteroidal anti-inflammatory drugs (NSAIDs) such as Advil, which are used to ease chronic joint pain. Your company, Big Pharma, introduced a new type of painkiller, a COX-2 inhibitor that addresse

What is Payroll?

Write a brief paragraph on payroll and its importance to your organization. Be sure to include any roles and responsibilities involved.

Handling Lifecycles in Software

As organizations grow and change, their information systems must change as well. Consider these examples: Gazing more at the rowers on the [Schuylkill River] below than on the automobiles ahead, a [Center City Philadelphia] driver slams into the car in front of him, causing an accident that increases the ride home for many comm

Enterprise Risk Management Framework

Which element of the COSO enterprise risk management framework is most closely associated with each of the following? a) ALG Corporation bonds key employees. b) Based on previous experience, TRG Corporation's management believes the risk of inventory shortages is moderate. c) BPC Corporation implements a profit-sharing plan a

Implementation of 404 in the SOX Act

Prepare a paper on the implementation of Section 404 of the Sarbanes-Oxley Act in 2002. Discuss how accountants within an organization are involved in helping their organizations comply with this section. Describe also how accountants in public accounting and consulting are affected by this section of SOX. 1,000 - 1,500 words.

AICPA vs IMA Code Of Professional Conduct

500 words in MS word-Compares the AICPA Code of Professional Conduct and the IMA Code of Professional Conduct Describes the purpose and major elements of both codes and compares the two codes Identifies the major similarities Identifies and explains the major differences Format paper according to APA guidelines. http://w

Accrued Revenue and Coding Systems

1. Which of the following is the best example of an accrued revenue. a. interest earned but not received on a note receivable. b. interest received but not earned on a note receivable. c. Sales on account d. Purchases on account. 2. All of the following chart of accounts coding systems typically uses numbers except a. bl

Risk in Internal Control Procedures

2. a. Consider the four vignettes: Internal control over cash, Embezzling, information Technology and inventory. For each one, suggest one additional internal control procedure. Discuss whether the procedure you suggest is preventive, detective or corrective; also identify the type of risk it is designed to control based on ris

Internal Controls Development and Implementation

Consider the following story from the December 10, 2008 edition of the Las Vegas Review-Journal: Authorities unsealed the indictments of 15 people involved in a Eurasian gang on Tuesday, revealing an organized crime ring that raked in about $1.5 million through stolen credit cards and identity theft in the Las Vegas Valley. The

Professions within accounting

Write a paper of 700-800 words that accomplishes the following: Define a "profession." Provide at least three examples of specific professions within accounting and justifying your assertion that they are in fact professions. Describe the seven characteristics of a profession. Define a "professional." Describe the characteri

Accounting Information Systems, Hierarchical Coding and Control

1.What are the three major types of funds found in most local government accounting information systems? 2. What is "hierarchical coding" with respect to a chart of accounts? How would hierarchical coding be useful for companies? 3. What is internal control? Why is it a fundamental part of accounting information systems?

Changes to Accounting and Error Analysis

Please be advised that this is only a discussion not a test or assignment and not an essay. I required at least 200 words. Thank You Assess and discuss the criteria and procedures involved in accounting changes and error analysis. What are the major reasons why companies change accounting methods? Explain the three approaches

True/False questing on accounting information systems

4. Statement evaluation. designing and implementing accounting information systems requires judgment and critical thinking. Your job is to explain whether each statement is (i) always true, (ii) sometimes true, or (iii) never true. If you answer (ii), explain when the statement is true. a. Data in an accounting information s

Accounting Scandals - Tesco

Included is a link to a recent article discussing that even though we have had a number of high profile accounting scandals in recent history, they are still occurring at a fairly alarming rate. http://www.economist.com/news/briefing/21635978-some-13-years-after-enron-auditors-still-cant-stop-managers-cooking-books-time-some