What is the difference between principles-based accounting and rules-based accounting? Almost all companies are required to prepare their financial statements as set out by the Financial Accounting Standards Board (FASB)‚ whose standards are generally principles-based. Recently‚ there has been much debate on whether principle-based accounting would be more efficient than the popular rules-based accounting - especially in response to accounting scandals‚ such as Enron and Worldcom‚ the current way
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CAREER EXPLORATION My ultimate value is my family. My vision for my own self is to live happily with my family in the future. I love to spend my spare time with them. Hanging around with friends and family make me feel well. I love to play on computer. I also love to play with the magical numbers. I like surfing on the internet‚ exploring new things‚ reading articles related with health‚ life‚ and economic events such as the stock market‚ financial companies‚ investment corporations‚ etc. I think
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Accounting is a career that offers many job opportunities and advancements‚ and a little hard work will inevitably lead to happiness and success. Accountants have different duties depending on the size and nature of the company where they are employed. Usually accountants prepare and analyze financial reports that polish up-to-date information for government agencies‚ businesses‚ and other organizations. The data accountants provide information that influences nearly every business and government
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In the career of accounting there is multiple skills that you must have to prepare yourself for this career. The basic overview of this job is how businesses keep control of their incomes and assets over periods of time. Accountants interact in variations of activities besides recording transaction for business and readying financial statements which include computing costs and the efficient gains from new technologies that businesses use. Accountants participate in game plans for consolidations
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Accounting has been around since the beginning of civilization. ¡§Accountants participated in the development of cities‚ trade‚ and the concepts of wealth and numbers.¡¨ (Giroux) The importance of accounting cannot be overemphasized. Equally important are the standards used to guild the application of accounting practice. Without principles and standards‚ financial reporting would not fairly present the financial position of a company. Accounting has changed and evolved vastly over time and continues
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The history of accounting is as old as civilization and is among the most important professions in economic and cultural development. Much of what we know about the daily lives of ancient people comes from accounting records‚ such as inventories and sales records‚ found at archeological sites. People in all civilizations have maintained various types of records of business activities and the earliest known records kept are the clay tablet records for the payment of wages in the Mesopotamian Valley
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What factors do you consider to be primarily responsible for the Japanese accounting system being significantly different from other national systems and what influences do you consider the Japanese system will have on international accounting in the future? INTRODUCTION Japan as an accounting jurisdiction is characterized by the dominance of the state (Haller and Raffournier‚ 2003). The accounting rules have been set out in the past fifty years as statute law with an implicit objective that
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I – BACKGROUND The UEP Accounting office is considered to be one of the important units of the institution. The office establish and maintains‚ on behalf of the administration‚ an accurate accounting system‚ develo9ps a sound internal accounting controls to safeguard the university assets from loss through unauthorized use or disposition and assume the proper recording of financial transactions in accordance with Governmental Generally Accepted Accounting Principles (GAAP). The Accounting office
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According to google.com (web definitions) Accounting Standards can be defined as a set of rules governing how accounts are drawn up. Would there be more positive effects than negative if a country develops its own accounting standards? I totally disagree with this statement‚ instead should be read‚ ‘A country should ‘NOT’ develop its own accounting standards’. To support my statement I will substantiate on five points stating why there is one accounting standards for everyone to follow; these include:
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Introduction In today’s world businesses and firms are required to uphold high levels of ethical behaviors for them to run successfully. There have been an overwhelming increased number of unethical behaviors in the accounting environment where a lot of accounting environment present accountants with many accounting dilemmas. Accountants handling any financial information such as companies financial statement must be operate out rightly in an ethical manner because such information is critical to
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