Essays on Accounting

Mrs. Townlian Accounting January 19 Accounting is planning, analyzing, and interpreting financial information. Or less commonly known as the art of recording, classifying, summarizing, in a remarkable way, in terms of money, transactions, and events usually of financial classification (“Users Of Accounting”). Accounting allows those...

Money is very important in our everyday lives as it is the reason why most humans work hard to gain in order to maintain a stable or a good lifestyle. Throughout the years accounting has been the main role to new start-up businesses or running...

In context of corporate governance, there are two vital elements that needed to be maintained in order to ensure efficiency and transparency of organizational operations. These two elements are accountability and performance. Shareholder’s confidence is enhanced by good corporate governance practices. Thus, Good corporate governance...

Accounting is a system by which financial information is identified, recorded, analysed, summarized, and reported for the use of decision makers. Put simply, accounting is the language of business. An accounting system tracks down all the financial activities of an organization (whether it’s the great...

Basically there is an act based on business registration. According to that act law governing partnership in Sri Lanka is English law which consists of Partnership Act of 1890. As per the Act a partnership is the relations which subsist between persons carrying on a...

Today fraud is more sophisticated and devastating than it was ever before. In recent years, the complicated nature of current racketeering and anti-graft laws as well as regimes especially addressing accounting transparency, has driven the growth of forensic accounting worldwide. Though a niche field, the...

Many businesses around the world fail to realize the importance of working with accounting services Dubai. As a matter of fact, many owners want to take a more engaged and hands-on approach, leading them to neglect the role these professionals play in their company. However,...

American Accounting Association describes depreciation as, ” Any decline in the service potential of plant and other long term assets should be recognized in the accounts in the periods in which such decline occurs. The service potential of assets may decline because of gradual or...

On the backdrop of high profile accounting frauds and misstatements, Sarbanes – Oxley Act (SOX) was introduced in 2002 with an intended goal to make corporate accounting more transparent. Security Exchange Commission (SEC) was handed the enforcement responsibility and a new oversight body was formed...

Accounting relies on many assumptions. Among these concepts business entity is a considerable concept. The business entity concept which is also known as separate entity and economic entity concept states that the business and its owners are two different identifiable parties. In other words, the...

Career development plans are very important when it comes to a successful career. If you are an accounting clerk, your career development goals can be quite specific because in this type of job, you need to have a mind for details and numbers and it...

Company’s Overview AMAC was formed in 2006. It is engaged in the services, supplies, distribution and marketing of petroleum & petrochemical products. It has expertise in fuel and lubricants industry. Being in the business since last ten years and having worked for market leaders like...

The set of rules that governs the field of accounting are known as accounting principles. Accounting principles are conventions that provide a framework for accounting, book keeping, and financial reporting. These principles are essential for businesses preparing their financial statements. For reporting purposes, both internal...

The title of the job that I choose is Junior Accountant in the APP Group for brands like Mackage and Soia&Kyo. This job attracted my attention because it is an entry-level job, so at this stage, I can start my career with a possibility to...

There are 7 types of accounting which is government accounting, forensic accounting, cost accounting, auditing, tax accountant, financial accounting and management accounting. Government accounting or also known as public sector accounting, refers to the type of accounting information system used in the public sector. Government...

Essentially, managerial accounting is done to inform an internal audience while the financial accountant’s records are focused on the needs of an external audience with respect to the organization. Managerial accounting emerges as an operational tool compared to financial accounting that serves the primary purpose...

“A dream does not become reality through magic; it takes sweat, determination and hard work”-Colin Luther Powel Throughout my life, I have dreams that push me to do my best and make me feel to do more. My journey began with getting a gold medal...

Starting my A level in economics by learning things such as the power of money and how the government tries to control the actions of people through fiscal changes, sparked a sudden interest to me regarding the world of finance. Not only was it a...

Accounting is a specialized language of business which helps to understand economic activities. It is an act of orderly, keeping the records of the daily monetary transactions of the business, the transactions are then classified into various groups followed by summarizing in a way that...

From my reading of Literature everywhere it suggests that the computer has simplified financial accounting and embracing computers have helped tradition financial reporting. Role of computers in financial accounting and accounting software packages. Accounting software packages can help a business with usual everyday financial accounting...

Coming from a family of Accounting and Finance professionals, I have learned early in life the importance of money management, as well as maintaining a well-balanced life; thus I believe that ‘Life itself is like accounting, everything must be balanced’. From a young age, I...

Introduction Recent corporate financial accounting scandals like WorldCom, Global Crossing, Tyco, Enron and many others have increased concerns about fraud globally, cost shareholders billions of dollars in value, and led to the corrosion of investor confidence in financial markets Peterson and Buckhoff (2004); Hogan, Rezaee,...

WorldCom was a large telecom company in the United States that enjoyed an almost meteoric rise during the 1990s but later ran into trouble in the early 2000s, particularly 2001 was difficult. This case gives future generations of accountants the opportunity to study the largest...

Every enterprise whether big, medium or small, needs finance to carry on its operations and to achieve its targets. In fact, finance is so indispensable today that it is rightly said to be the life blood of an enterprise. Without adequate finance, no enterprise can...

The AASB in 2004 released a 106 pages accounting standard relating to impairment of assets. The AASB 136 is applicable to the annual reporting on or after 1 January 2005. The key feature of the AASB 136 is that it will replace the accounting standard...

Balance sheet is a financial statement that summarizes a company’s assets, liabilities and shareholders’ equity at a specific point in time. These three balance sheet segments give investors an idea as to what the company owns and owes, as well as the amount invested by...

An audit opinion is a verification that accompanies financial statements based on an audit of the accountant’s opinion of the procedures and records used to provide the statements whatever of whether the financial statements have exist material misstatements. There are four types of audit opinion...

An overwhelming number of previous studies in accounting narratives are mostly related to disclosures and narratives in annual reports ignoring new reporting models as integrated reporting. Subsequently, it is necessary to reinvestigate prior research findings in a current context considering the new changes in the...

There are many languages in the world, but one language can be recognised by all and that is the language of digits. From time to money everything is the game of numbers and digits. Throughout my study years I have been attracted to numbers. Not...

The hypothetical scenarios presented in Economics allows me to fully express myself. I like being able to question different aspects of the economy and how each one can have an impact. I predominantly enjoy studying Economics at A level especially looking at markets, externalities and...