The world of accounting opens doors of opportunity for investors‚ stockholders and many businesses and organizations. However‚ accountants must follow guidelines established by “The American Institute of Certified Public Accountants”. (AICPA) Council designated the Federal Accounting Standards Advisory Board or (FASAB) as the body that establishes generally accepted accounting principles (GAAP). Accounting Standards GAAP is considered to be collection of methods used to prepare‚ process and
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Ethics and Legal Responsibility in Accounting The profession of accounting has become spotlighted by the events in recent years including namely Enron. The ethical behavior of businesses is becoming increasingly scrutinized at every turn. Thus it is important to specify the nature of conducting accurate and ethically in accounting and how this can be of subsequent benefit to the company as well as the business world in the long run. The definition of accounting according to Webster ’s dictionary
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advantage‚ or risk being replaced by nonprofessionals. A case in point would be the inexpensive software packages such as QuickBooks‚ Peachtree‚ and MYOB. Because these programs are designed for easy use‚ they are often set up and maintained by non-accountants who are not normally trained or knowledgeable in accounting concepts. Another type of software design is the tax return preparation software such as TurboTax. No longer does an individual have to take a box of receipts to the CPA ’s office and
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AFFIRMATION AND ACKNOWLEDGEMENT I hereby declare that this report is my original research work compiled and has never been submitted to any organization for the fulfillment of internship requirements and other requisites. Every good work is certainly impossible to accomplish single-handedly.Therefore‚ it is with heartfelt gratitude that I convey my sincere thanks to my family‚ and best friends for the great encouragement and support that you have given to me again and again. I would like to
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hand‚ since these reports were written by the staff accountant and the accounting manager‚ it made each of these employees equal in position to the people they were corresponding with‚ therefore the informal report was correct. The reports could be improved by several ways. One way is to include the numbers of the operating expenses and sales that are mentioned‚ and the other would be an explanation of the phantom inventory that the staff accountant believes is being reported. This would be an important
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transactions were perfectly legal at the time‚ just not necessarily ethical. Companies did not have to be 100% honest when sharing earning results and company structure with shareholders. Arthur Anderson & Co. was also to blame as they were the accountants for Enron. They were the ones with the expertise who should have known better and looked to fully explain and disclose what they knew. Anderson’s commitment is to the shareholders‚ not to their client and they needed to act in a way and present
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in the business world. Accountants work with businesses to develop business and information systems strategies. It extends to all the other‚ is to prepare and examine financial records. They make sure that records are accurate and that Texas are paid properly and on time. They study of how business track their income and assets overtime. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transaction. Accountants and auditors perform overview
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a great deal of time managing their books or employ an accountant or firm to take care of it. New technology allows these same owners to do the work themselves without sacrificing their ability to perform other tasks. So‚ in a nutshell‚ this technology allows companies to me more efficient and productive with fewer errors in the
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so in order to meet the unreasonable standards set forth by the banks CEO. For the accountants and auditors‚ integrity considers one of the primary characteristics required to establish a successful relationship with their clients. Moreover‚ integrity allows users‚ such as investors‚ to trust the financial information they receive about the companies that they have the desire to invest in. To ensure every accountant follows the same concepts‚ the accounting statements and financial reports must be
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History of Accounting By John R. Alexander at Net Gain. © 2002 Association of Chartered Accountants in the United States 341 Lafayette St.‚ Ste. 4246 · New York‚ NY 10012-2417 · (212) 334-2078 Table of Contents Introduction .............................................................................................................................................. 1 Ancient Accounting: Dawn of Man through Luca Pacioli ......................................................... 2 Accounting
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