during the period. Another step is close revenues and expenses to income summary‚ and then income summary is closed to retained earnings. Financial statements that are certified are one that an investor can trust to be the most accurate. The financial statements are reviewed and audited by a CPA (certified public accountant). The CPA gives their opinion on the quality and accuracy of the financial statements. They perform a comprehensive analysis of the company as
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excellent salary are just a few of the reasons why many people choose a career in accounting. Accounting careers have got a lot to offer in terms of career prospects. Accountants are always on demand and the fields or jobs that you can choose from are huge. This means that there are lot of opportunities for having a career as an accountant and you also have a lot of career choice to choose from. Career opportunities exist in public accounting‚ industry‚ government‚ not-for-profit institutions‚ and other
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management had reached their stability. Lastly‚ these Financial Statements are of big help for the accountants to easily locate the errors they have made in the past transactions. And with these‚ a prior period adjustment has to be made. Prior Period Adjustment is the correction of an error in the financial statements on a prior period. A Prior Period Adjustment is needed to be done so that accountants can change or correct the error they made on a specific period of time. It is important to do this
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introduction I chose accountant for the career to do my project on. The reason I chose accountant was because that is one of my options to become when I get older. There are a couple of things that I want to know about accountants. I want to know what kind of formulas they use or do they just use the basics like addition‚ subtract‚ multiplication‚ and division. I also want to know what the average salary for them a year. Those were just a few of the questions that I have for this project; hopefully
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This proposal was not passed by Congress. Do you think that the legislators were trying to act in the public interest when they failed to pass this proposal? Explain. 8. The American Institute of Certified Public Accountants is the primary professional association for certified public accountants. It has developed a Code of professional conduct that sets standards of conduct for CPAs. People can file complaints about ethical conduct of a CPA with the AICPA‚ which can levy sanction and other penalties
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My Personal Strategic VMGO as an Accountancy Student “…I want to be an accountant because my parents want me to be one and of course‚ want the to be happy that’s why I take BS Accountancy”‚ this was the answer that always comes out of my mouth when I respond to the people asking me what course I took for college‚ why I took accountancy and what I want to be. The board‚ lesson plans‚ class records and a simple room‚ these are some of the things I dreamed to have in the future. I really wish to
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American Institute of Certified Public Accountants (AICPA) defines accountancy as "...the art of recording‚ classifying‚ and summarizing in a significant manner and in terms of money..." transactions and events that are at least partly financial in character‚ and interpreting the results. I found my perfect combination of numbers and art‚ even though accounting is more than that. Accounting is the type of major that is everywhere. Every kind of business needs an accountant; a restaurant‚ a hospital
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Local literature The system of education in the Philippines was patterned both from the education systems of Spain and United States. However‚ after the liberation of the Philippines in 1946‚ the system has changed radically and move at its own (Isidro 2003). Education is defined as preparation for effective participation in social relations. Sociologically speaking‚ education is the consciously controlled process whereby changes in behavior are produced in the person and through the person in the
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reporting and analysing the financial transactions of a business. This essay aims to compare and contrast the roles and responsibilities of a management accountant with that of a financial accountant. Accounting allows a company to analyse the financial performance of a business and represent its position through past and future statistics. An accountant is a person in charge of conducting such a process by following certain sets of rules and regulations. Such a role is vital for any business to the
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limitations of financial accounting. It is very necessary for accountants. Accountants are often blind to these limitations. So‚ I am covering its limitation a lot of ground. Read below and understand:- Net effect of transactions are recorded in financial accounting which has happened in past. These accounts is just post-mortem of all events of business in past .These record does not help for future planning and other managerial decisions. Financial accounting shows the profitability of business
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