Accounting Essays

Will affect the cost of the good by decreasing it, which will affect the net income in the period the product is sold.  Other Income: Net Income would be higher than the other methods. Not taken discount as an expense: Cost of goods sold will be lower as the discount will be counted, however, it […]

Review the Balance sheet of the latest Walgreen Co. Ask Filing. Select two of the following questions to review/discuss: Which current assets are the most significant? Which non-current assets are the most significant?  Asset the level of debt and risk that Walgreen has by looking only at the balance sheet. Evaluate the creditworthiness of Walgreen […]

I have never seen such a beautiful aquamarines sky, such blue, much gentle. It reflects the color of our oceans blue, Oh what a beauty. I’d kill to fly a day and rest against a cloud. Effects of the SEC investigation on investor confidence * All sales of Flashily 2011 have been made to only […]

To decrease the chance of fraud, data and programs can be encrypted while forensic accountants are utilized. Vacations and rotation of duties should also be required, along with ensuring sufficient insurance coverage and preventing unauthorized access via logic bombs and trap doors. Cyber attacks such as eavesdropping, masquerading, pushing, tapping into a communications line, hacking, […]

He tries to find and answer to the question whether the independence of auditors and the quality of audit (reports) are threatened by a certain practice, called opinion shopping. Lu describes this practice as the involvement of the search for an auditor willing to support a proposed accounting treatment designed to help a company achieve […]

The text describes the aim of eliminating racial economic dominance in Malaysia, with a focus on the historical and present roles played by the state and various interest groups. Economic policies are incorporated into development plans, as are developments in accounting. The text also discusses how accounting development in Malaysia has responded to economic stages […]

In 1984, Wilson Lumber generated a 12.7% profit on every dollar invested by shareholders, indicating average profitability for a small company. Despite lower liquidity ratios, the company is able to meet its interest obligations from operating earnings due to a mix of debtor financing and available resources. Northrop National Bank is providing a $325,000 loan […]

It is important to involve as many individuals as possible in the project, ensuring that all actors, including the client, oversight committee, customers, and system users, provide input. This collaborative approach will result in a satisfactory end product. In order to achieve a smooth and natural progression, it is important to initially define the scope […]

Reporting institutions must provide a statement of financial position that categorizes assets and liabilities based on nature, in a sequence that reflects the liquidity of the asset and liability groups. Also, a statement of comprehensive income should display income and expenses grouped by nature, specifying the key categories of income and expenses. The annual financial […]

After a new competitor from overseas entered Sonora’s furniture market and one of the largest retailer in the nation opened headquarter in Sonora, Guillermo’s Furniture store experienced serious business problems. As a result, Guillermo’s profit margins shrink, as prices fell and costs rose. (UOP, 2009) After conducting some research Guillermo came to the conclusion that […]

Brief Summary After several years in Navy and upon returning to civilian life, Sarah Bates sought for a small business. He then finally located a small boatyard for sale in a town on the coast of Maine. Since the business was somewhat larger than she could finance alone, she had borrowed the additional funds required […]

Background In late 1998, Ron McManis found himself at a crossroads regarding his family owned business. Currently, McManis enjoys moderate success as a mid-sized, Central Valley grape grower who sells his product to wineries in the valley. His plot of land allows him to produce high quality grapes in an area known for cheaper wines. […]

The article discusses the relationship between financial distress, corporate liquid policy, and leverage policy. In order to avoid high costs of financial distress, firms may hold a large portion of their total assets as liquid assets and be cautious when taking on debt. Major corporations in the US maintain substantial liquid assets as a proportion […]

The article will compare the objectives and differences between two standards boards, namely the Government Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB). It will also examine the contrast between modified accrual basis of accounting and full accrual accounting. GASB oversees reporting and financial accounting standards for local and state government entities […]

The Sarbanes-Oxley Act includes eleven objectives, which aim to promote auditor independence, ensure corporate and auditor accountability to the public, establish an independent body for financial reporting, deter fraudulent activities through sufficient measures, and hold someone responsible if fraud is detected. Section 101 establishes the Public Company Accounting Oversights Board (PCAOB), consisting of five members […]

Finally we will make some recommendations on how to make the conversion process a successful one. Problems. Upon review of St. James several risk factors have been identified due to their manual operations system. The highlighted risk areas pose a risk to the income statement and balance sheet. The accounts that are most likely to […]

The cognitive process involves a complex mental activity that impacts one’s mental content. This includes the cognitive operation of thinking and remembering. Four styles of creative intelligence – Intuitive, Innovative, Imaginative, and Inspirational – make up the framework of the mental mindset. In this paper, we will compare and contrast these four styles and examine […]

In his 1970 research, Beaver emphasized the importance of studying the time series behavior of earnings in accounting and finance. As key components of this field, income smoothing, forecast ability and interim reporting were also explored by Beaver (1970: pp. 62). Despite varying in their predictive purposes, these studies acknowledge the significance of understanding the […]

Special journals such as the sales journal, purchase journal, cash receipt journal, and cash payment journal are used to record recurring data in accounting. Instead of recording transactions of the same nature repeatedly through individual entries, special journals allow for their consolidation and streamlined ledger posting. This method helps reduce repetitive work, especially when employing […]

In 2001, Enron went from being the seventh largest public company in the U.S to becoming the biggest company ever to declare bankruptcy in U.S history. The energy industry is prone to numerous business risks like price instability and foreign currency risks, which Enron faced. Furthermore, Enron operated globally where they encountered different regulatory and […]

It is crucial for professionals in fields such as law or public accounting to exhibit ethical and responsible behavior due to their societal impact. As these professionals provide important information about companies that people depend on, maintaining high levels of integrity is essential. Any minor mistakes or intentional concealment can lead to severe repercussions and […]

With the changes in businesses becoming more global and consumers buying online in greater numbers, the rapid and accurate flow of information is vital to accountants. This is where AIS or Accounting Information Systems come in, this practice was originally handled “in house” by most businesses, but as technology changed and businesses became more web-based, […]