Process The system matches the fingerprint with the employee’s file and records the time-in and time-out. • Performance The system must produce accurate hours worked by the employee. • Controls The chief accountant must be the only person accessible in the chips of the biometrics. PAYROLL • Output The payroll system must produce a payroll summary every 15 days; and pay slip of the employees. • Input The system must
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important that you have a prompt and reliable communication system with the bank so that you keep your records accurate. Bank reconciliation is an essential part of the accounting system for a small business. During the process‚ the owner or the accountant compares the general ledger balance to the bank statement balance. Reconciliation allows the auditor to find accounting and bank errors. At the end of the process‚ the business owner can see the exact amount of cash available. Bank reconciliation
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Introduction Situations often arise where accounting professionals are faced with ethical issues and dilemmas. Resolving these ethical issues can often be complicated due to the lack of guidance provided by the Code of Ethics for Professional Accountants. Ethical theories present frameworks to assist in the decision making process. The 6-Step Ethical Framework outlines an approach to take towards the ethical issues not addressed by the Code of Ethics. The 6-Step framework is demonstrated with
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complexity Accounting Information Systems have been created to alleviate some of the pressures facing accountants. According to Frederick Jones and Dasaratha Rama (2006)‚ Enterprise Resource Planning (ERP) systems are moving businesses from the functional approach to an integrated approach for managing transactions (p.684). Having knowledge and experience with the technological advances will help the accountant become more successful. Companies‚ such as CBU from the case study‚ must be able to effectively
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transactions‚ long considered a core competency of accountants‚ will be challenged by the information economy‚ forcing accountants to justify their role in business. The foundations of the profession will be eroded by the opposing demands of emerging services and established values. The prospects for accountants have never looked better: There is a growing demand for the provision and analysis of information in the new economy. But the value chain that accountants used to dominate‚ that between the firm and
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Reaction Paper Asian and Global Crisis During the Asian and Global Crisis many of the criticisms are against accounting and accountants. In my further readings‚ I’ve read that during the Asian Crisis in 1997‚ where affected countries suffered severe setbacks in their economies and where development stagnated‚ the accountancy profession‚ including its standards‚ policies and levels of information disclosures‚ had played a role in the start of the crisis‚ and perhaps had even worsened it. Moreover
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Why Do You Want to be a Professional Accountant Professional accountant is practitioner who help manager‚ investor and others make the better decision about how to allocate organization’s resource by measuring and disclosing assurance of financial report. From my perspective‚ professional accountant is not only play an important role in business world but also play an important role in the society. Being as a professional accountant opens the door to a vest range of career opportunities‚ in every
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represented 51.1% of the bookkeepers then employed (Business and Economics History‚ pg. 79). Out of these masses only 18265 women were later employed as accountants or auditors. Colleges in the past discouraged women from studying accounting courses (Lasseter‚ 1945). However the accounting profession has experienced large pool of female accountants in recent times. The fact remains‚ women are behind in terms of progression to senior positions as compared to their male counterparts. The accounting
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and the company’s higher starting salary compared to the industry average. Fran sent her curriculum vitae to the company‚ and two weeks later she was invited to an interview with the chief accountant. She was surprised at the end of the interview to be offered the position of assistant cost accountant. Fran said she would like to think it over. Two weeks later‚ Fran had still not replied‚ so Rob telephoned her to ask if she was going to take the position. Although not totally convinced that she
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investment is safe. It is therefore imperative that the accounts must be checked and audited to assure the shareholders that accounts have been properly maintained. Therefore auditing is based on accountancy and not accountancy on auditing. An accountant drafts balance sheet and profit and loss account while an auditor has no duty to prepare such accounts but to certify that they are correct‚ properly drawn up and that they reveal true and fair view of the state of affairs of the concern. Difference
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