Discussion question 1 Accounting is very important for the United States economy. The entire revenue system of taxes employed by the United States depends on the work of accountants in order to collect revenues from individuals and corporations. Back in 2001 when the investor community lost confidence in the profession the Congress of the United States had to intervene and create the Sarbanes and Oxley Act…
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Accountants in the 21st century have expanded their role to become important in the decision making process since managers used their input to make operating decisions. Discussion question 2 Both investors and creditors rely a lot on financial information for making decisions. A key difference between these two users is that creditors have contractual obligations that depend on the use of financial information to make business decisions. The financial statements of companies are used as reference documents when making decisions whether or not to give credit to a company. Financial information is also very important for investors. Investors perform analysis such as ratio analysis to determine the financial performance of a potential investment. In order to perform these types of analysis the investor has to extract data from the financial statements of a company. Investors need up to date information because the value of their investment instruments such as common stock vary on a daily basis.
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(“Discussion 1: Accounting and Society, and Discussion 2: Financial Assignment”, n.d.)
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(Discussion 1: Accounting and Society, and Discussion 2: Financial Assignment)
“Discussion 1: Accounting and Society, and Discussion 2: Financial Assignment”, n.d. https://studentshare.org/other/1415163-discussion.
Accounting for Leases According to IAS 17, leases are classified into finance and operating leases ((Epstein and Jermakowicz 659). In finance lease, all risks and rewards are substantially transferred to the lessee. The lessee also has ownership of the assets.Under operating lease, it remains as an expense and ownership remain with the lesser.
The aim of the board is to set operational standards that apply equally to financial reports of both local and international public firms (Australian Accounting Standards Board [AASB] 2010). Standardization of the accounting standards refers a procedure of establishing and agreeing to the technicality of the set standards.
Some express comfort knowing that the theories have evolved from a systemic line of problem solving since the early 1800's, while others embrace the fact that scientific method and practical application has played a huge role in developing a more consistent baseline in latter years.
d a flaw in the traditional accounting model of overhead cost allocation and led to a higher return on investment (ROI) for firms that implemented this new cost management system (Cooper & Kaplan, 1988; Turney, 1991; Kaplan & Norton, 1992). Critics, on the other hand, argued
of “recording, classifying, summarizing, reporting, analyzing and interpreting the financial condition and performance of a business – in order to communicate it to stakeholders for business decision making” (Miss CPA, 2011, par. 7). Concurrently, bookkeeping is just one
The evidence has to be maintained in order to find out what exactly took place, as well the person who can be held liable for a fraud carried out on a computer (Kranacher, Riley & Wells, 2011).
There are several functions that can be utilized in
Financial institutions have lost billions when the fair value of certain securities dropped steeply and suddenly (Kotz, 2009).
The paper is a discussion of the fair value accounting system as a critique for its applicability in the present economic and accounting
Due to sudden freeze of the capital markets, many banks and financial institutions were led to devaluating their assets based on the concept of fair valuing. As a result, a number of mortgages, bonds and
This decision was subsequently honored. There were several insiders who described this decision and acquisition as mysterious for a number of reasons. Mainly was the fact that it was thought that the adtech business did not correspond directly to Wal-Mart’s operations as a
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