Share
Explore BrainMass

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: 10,922

Component of (cost of capital) discount rates

Components of Cost of Capital Cost of capital or discount rate or the required rate of return is an annual compounded percentage rate of return, which is used to discount back each increment of expected future return to a present value (Pratt, 2004). It is forward looking and also represents the expectations of the investors.

A comparison of Government accounting practices

Please provide detailed, accurate and comprehendible answer for the question below. Please provide no less than 300 words. Thank You What are the basic financial statements that a state or local government now use? How are these different from the financials statement in a for profit organization? Look up the financial statem

Contributions for Different Methods

Please provide at least 300 words detailed and precise information If a partner is contributing attributes to a partnership such as established clientele or a particular expertise, what methods can be used to record the contribution? Why did you choose this method? Provide examples of the journal entries you would use.

The ultimate goal of harmonization of accounting reporting

Please provide at least 300 words detailed and precise information The ultimate goal of harmonization of accounting reporting is to have all companies around the world follow one set of international accounting standards. Do you agree with this statement, why or why not? What are the advantages and disadvantages of accounting

Foreign Currency Translation: SFAS 52

Please provide at least 300 words on the following question to provide a good understanding of the information provided. Please provide a reference. Thank You Discuss SFAS 52 guidelines as to when foreign currency financial statements are to be "translated" using the current rate method and when they are to be "remeasured" us

Translation adjustment

Please provide detailed information for question below and over 250 words. Provide at least one resource. Thank You What is a translation adjustment? How is it computed? Where should it be reported in a set of consolidated financial statements? How might it differ in different companies and in different industries? Provide e

Calculating goodwill assets

Acme Corporation is buying all the assets and assuming all the liabilities of Stark Inc. The following information is available for Stark Inc. at the date of the purchase: Accounts Receivable 300,000 Inventory 100,000 Equipment

Risk Assessment Creating

Assignment 3: Final Project Risk Assessment Create a 3- to 4-page report in Microsoft Word, addressing the following: Perform a risk assessment of your new business and its information processes. Research and describe the internal control systems and activities that will be required to protect your company's as

Identify the missing internal control characteristic

1. Identify the missing internal control characteristic in each situation. 2. Identify each firm's possible problem. 3. Propose a solution to the problem. Situation a. In evaluating the internal control over inventory for the Williams Oil Services Company, an auditor learns that the warehouse receiving clerk is responsibl

Resume of Accountant Preparation

Hi, I want Help for this Project. You was worked accountant in a company , and you looking to take this position ( CFO ) of a leading company in accounting. Write your Resume and Explaining in the following points: Please Write in 2 pages. R&S Educational Consultants Inc. Atlanta, USA http://www.buzzfile.com/business/R.And

Modified Accelerated Cost Recovery System

In January 20XX, JIM, purchased $350,000 of new MACRS (Modified Accelerated Cost Recovery System) 5-year property in the United States. This equipment was placed in service May 1, 20XX. JIM wants to take as much depreciation in 20XX as possible. Calculate the depreciation for 20XX. If JIM had been located in a quali

Cost Volume Profit Analysis

PLEASE SEE ATTACHMENT! The Annie Smith Dance Center The Director of Annie Smith Dance Center is asking for assistance with the financial aspects of running a professional group of performers. She wants financial information presented in an easy to read format and a better understand of the profitability of the concerts and

Government and Nonprofit organizations accounting

Hi, I want Help for this question. Taking into account that the quotation of internet. Not more than 40% . If the ratio is greater than mentioned, it will be rejected . Writing all the references at the end. • Deliverable Length: 2 pages • Description: For your assignment, discuss when the government and nonprofit

Hierarchy of GAAP : Government Accounting

Hi, I want help for this question. Taking into account that the quotation of internet. Not more than 40% . If the ratio is greater than mentioned, it will be rejected . Writing all the references at the end. • Deliverable Length: 2 pages • Description: You recently landed your dream job working for the state

Explains why REA diagrams are not appropriate

Taking into account that the quotation of internet. Not more than 45% . If the ratio is greater than mentioned, it will be rejected . Writing all the references at the end. You are a staff accountant at a large firm and are assigned to work with the IT department to update the current systems throughout the organization. An a

ERP implementation

Hi , Please I want help. for this question ,Thanks. Taking into account that the quotation of internet. Not more than 45% . If the ratio is greater than mentioned, it will be rejected . Writing all the references at the end. 1- Discuss why an organization must expect the implementation of an ERP to disrupt operations.

Cash gap analysis

xcel spreadsheet help a. Read the article "Tweaking the Numbers," by Theo Callahan in the June 2001 issue of the Journal of Accountancy (either the print edition, likely available at your school's library, or access the Journal of Accountancy archives at www.aicpa.org). Follow the instructions in the article to create a sprea

Tax Return Homework Help

Please see attached file. I need help figuring out that personal tax return did not include the partnership income. Here is the information for the tax return -- the return is attached. I just need help figuring out how to include the partnership income. Emma Shire lives at 5258 Mountain Skies Road, College Park, MD 20

Cyber-Crime

Recent news stories have clearly established that there are increasing instances of cyber-crime that are plaguing major corporations and financial institutions. These crimes have taken many forms, such as: External parties infiltrating corporate IT systems to steal customer information Unauthorized parties stealing

Payroll Taxes and Bond Interest Journal Entries

E10-6 According to the accountant of Ulner Inc., its payroll taxes for the week were as follows: $198.40 for FICA taxes, $19.84 for federal unemployment taxes, and $133.92 for state unemployment taxes. Record accrual of payroll taxes. Instructions-- Journalize the entry to record the accrual of the payroll taxes. Payroll Tax

Breakeven, special order, make or buy, margin of safety: FWC

Break even analysis: The variable income statement presented below is based on estimated sales of 2,660,000 units. Variable costing Sales 34,580,000 Variable COGS 18,088,000 Variable selling 2,660,000 Contribution margin 13,832,000 Fixed selling

Accountants Statement of Ethical Professional Practice

Explain how the Institute of Management Accountants Statement of Ethical Professional Practice is related to moral philosophy, ethics, and character. How does this Statement serve as a "moral compass" to accountants? Further, how can one integrate these ethical standards into his/her daily life? 150 word count and a reference

Management of FWC: Overhead Cost Allocations

The management of FWC is concerned about overhead cost allocations. The Company has been using the plant-wide rate based on direct labor costs since it began operations. The CEO, J. B. Gogo, has decided to hire you as a consultant to evaluate overall overhead allocation system and prepare recommendations. He tells you that a num

Predetermined overhead

1. Calculate the predetermined overhead rate for 2013 and the amount of over/under applied overhead applicable to January. Overhead is applied based on direct labor costs. Assume that the actual overhead incurred in the month is $705,000. The Fabulous Widget Company has been producing a single product, called the computer

Interim Reporting

There are two schools of thought on interim reporting. The discrete view holds the interim report as a segment in history that stands on its own. The integral view holds the interim report as a segment or integral part of the annual report. Which school of thought do you think is correct? Why?

Market Interest Rates and Bond Values

If the market interest rate is 5% when Mackerel Corp. issues its bonds, will the bonds be prices at par, at premium, or at a discount? The 6% bonds issued when the market interest rate is 5% will be priced at {a discount, a premium, par (maturity) value}. They are {attractive, unattractive} in this market, so investors will pay

The significance of financial ratios by category

What is a ratio? How do ratios help alleviate the problem of size differences among firms? What do liquidity, long-term borrowing capacity, and profitability ratios measure? Name a group of users who might be interested in each category, and the reason why.

Calculating the Rate of Depreciation

Presented below is information related to LeBron James Manufacturing Corporation. Asset Cost Estimated Salvage Estimated Life (in years) A $ 40,500 $ 5,500 10 B 33,600 4,800 9 C 36,000 3,600 9 D 19,000 1,500 7 E 23,500 2,500 6 Compute the rate of depreciation per year to be applie

IFRS Adoption: Nigeria

Please help with the following issues, challenges and lessons with IFRS Adoption in Nigeria. I have provided some main points I will need to discuss. 4. Implementation of the plan a. Is there compliance i. What is the level of compliance at this point? ii. What are the plans to expand the implementation b. Proposals for