Essay on Accounting

An in-depth understanding of the Standards Setting in the Accounting Industry (SSAI) is of major importance and the historical roots involving the roles of the Securities Exchange Commission (SEC) are critical aspects of accounting. The Financial Accounting Standards Board (FASB) and the American Institute of Certified Accountants (AICPA) is a prevalent and has been a useful set of standards for accountants. A presentation of an overview of the role of the U.S. Securities and Exchange Commission…

and GAAP in the company. GAAP stands for General Accepted Accounting Principles and the purpose in this article is to point out what is wrong with financial reporting, and the authors want all people are doing business have to usefully describe the truth, and nothing with the truth in financial reports. The authors are using description, exemplification, comparison and contrast strategies to express their purpose on…

Question 1 Accounting standards The accounting standards used by the organization in Australia, to prepare financial report under Corporations Act 2001 s296, are set by the Australian Accounting Standards Board(AASB). The accounting standard contains the matters to be disclosed in the financial statement. All the public and private sectors should apply these accounting standards to prepare the general purpose financial reports. Whenever the general purpose financial report is prepared,…

In this essay I will consider why Accounting Conceptual frameworks have been devised; what are the main principles to be considered when drawing up any accounting statements and who uses them. I will also consider what different financial statements can be produced and what the key elements are in these statements. Finally I will discuss some issues arising from the use of accounting conceptual frameworks. Accounting Concepts and Principles are conventions that give a structure for financial…

The Major Accounting Conventions Accounting conventions are standards or guidelines which regard the application of accounting rules. These rules have evolved over time in an attempt to deal with practical problems that are experienced by users of financial statements. The main accounting conventions that will discussed here are the materiality convention, prudence convention among several others. Prudence The prudence convention states that caution should be exercised when making professional…

a. What is accounting and how does it help you manage your personal finance? b. Describe the three products of accounting and bookkeeping procedures that are most useful in personal financial planning. C. How could personal financial software assist you in your personal financial decisions? Accounting is one of those tools that make complex things like a huge sum and its breaking down through somehow diverse and seemingly unrelated activities look relatively easy to grasp to us as we strive to…

Accounting is an important part of any business, important communication skills are vital because important financial tasks such as budget preparation, reporting, bill paying, payroll and recording income need to be presented properly to management and others to be useful and meaningful. (Shanker,…

majoring in accounting, and there is an article that I’m interesting “The Spirit of Accounting” by Paul B. w. Miller and Paul R. Bahnson. The authors are using description, exemplification, comparison and contrast strategies to express their purpose on this article. They provide the significant details, which explain what is happening in accounting, and also explain by giving an example how the business reporting in financing.…

caused pressure in the organization that lead to bad accounting practices. “The costs of walnuts were falsified to boost earning and meets estimates of Wall Street” (SEC, 2014). “The increase of walnuts in 2010 also lead to pressure of paying growers more without decreasing the net income to look good to investors” (SEC, 2014). Top management fell to the pressure of the demand to produce numbers that lead the company to be investigated for accounting fraud. The management that initiated the…

discrepancies which would be difficult to detect, and may beinadvertently entered into the journal and posted to the ledger. It is less formal and helps to provide assurance that all details of the accounting period have been documented. Weaknesses of…