Accounting Essays

An all-encompassing internal control system involves explaining and describing how it reduces the risk of fraud, safeguards assets, encourages employee compliance with company policies, enhances operational efficiency, maintains precise accounting records, and ensures legal compliance. Alongside preventing fraud, internal controls also tackle waste and inefficiency. These controls are classified into five components that aid in […]

1. Should auditors insist that their clients accept all proposed audit adjustments, even those that have an “immaterial” effect on the given set of financial statements? Defend your answer. When it comes to immaterial effect on a set of financial statements I would say that clients should not accept all proposed audit adjustments. By clients […]

 A consolidated financial statement gives investors a clear view of a corporation’s global activities. A consolidated financial statement typically combines a company’s operating activities with data from its subsidiaries. A consolidated financial statement helps an investor, a regulator or a corporation’s top management evaluate the true financial standing of the corporation. A consolidated financial statement […]

As the most widely recognized company in the world, Microsoft dominated the home computer operating system market with MS-DOS and Microsoft Windows, a graphical extension for MS-DOS in 1980s.The company was founded by Bill Gates and Paul Allen and went public on March 13th, 1986 with the price of $25.75 per share. Since going public, […]

The Coca-Cola Company “branded beverage products available to consumers throughout the world through our network of Company-owned or controlled bottling and distribution operations, bottling partners, distributors, wholesalers and retailers — the world’s largest beverage distribution system” (The Coca-Cola Company, 2010, p. 91). Coca-Cola uses two methods of accounting the equity method and the cost method. […]

The accounting rate of return (ARR) is a way of comparing the profits you expect to make from an investment to the amount you need to invest. The ARR is normally calculated as the average annual profit you expect over the life of an investment project, compared with the average amount of capital invested. For […]

Over the past decade, especially in 2002, there has been an increase in cases of corporate financial misconduct. This significantly eroded public trust and increased skepticism about companies and their financial reporting techniques. It also raised questions about the credibility of audit firms’ reports. The majority of these deceptive acts took place in the United […]

Compare and contrast the professional roles of an audit senior and a staff accountant. In your analysis, consider the different responsibilities assigned to each role, the job-related stresses that individuals in the two roles face, and how each role contributes to the successful completion of an audit engagement. Which of these two roles is (a) […]

Creative accounting refers to accounting practices that seem to follow the letter of the applicable accounting standards but deviate from the spirit of those standards. It is the use of accounting methods to hide aspects of a company’s financial dealings in order to make the company appear more or less successful than it is in […]

Question 1 At the time Cynthia Cooper discovered the accounting fraud, WorldCom did not have a whistle-blower hotline process in place. Instead, Cynthia took on significant risks when she stepped over Scott Sullivan’s head and notified the audit committee chairman of her findings. Discuss the key criteria for the operation of an effective corporate whistle-blower […]

Finn’s willingness to go along with the actions of Monus made an already bad situation worse. Finn as the CFO should not have allowed himself to be involved in financial frauds of any sort just to show a profit. Finn should taken control of the situation right then and told Monus what he was doing […]

The narrative of A&P by John Updike emphasizes the recurring and foundational theme of actions leading to consequences. This universal concept of cause and effect tied to our actions and choices, makes the story relatable to a wide range of readers. With multiple principles linked to human growth and philosophical thought incorporated within, the story […]

Salem Telephone Company has recently set up a computer service branch, Salem Date Services, aiming to boost company profits and alleviate the need to raise prices for their regulated telephone services. However, the financial records of Salem Data Services indicate that the subsidiary has been operating at a loss for the past quarter. The president […]

Introduction Recent years have saw that listed firms, especially the large organisations, voluntarily disclose their Social and Environmental issues in their annual reports. As a result, a question was come up with by researchers: why managers would choose to undertake the voluntary activities? Although there is no consensus being reached about what perspective theories should […]

Officially named as Public Company Accounting Reform and Investor Protection Act of 2002, the Sarbanes-Oxley Act (SOX or Sarbox) became so controversial that it took America’s famous companies in their own industries, shook and even collapse as what happened to Tyco and Worldcom. As one 1writer noted, SOX was the “biggest overhaul of U. S. […]

According to the Bureau of Labor Statistics (BLS, 2012), accounting is the act of analyzing and validating summarized business/financial transactions in order to present their outcomes. It is often known as the “language of business.” Accounting encompasses more than mere numerical computations; it also involves accountants ensuring precise financial records and punctual tax payments. The […]

Cheryl Montoya picked up the phone and called her boss, Wes Chan, the vice president of marketing at Piedmont Fasteners Corporation: “Wes, I’m not sure how to go about answering the questions that came up at the meeting with the president yesterday:’ “What’s the problem? ” “The president wanted to know the break-even point for […]

This is for Government and Not-for-Profit Accounting. You will need to check the first half 1-10 as some of them were wrong and the instructor did not provide the correct answers. Textbook Exercises Chapter 2,4,5,6 ACC/460 Exercise 2-1 A 4. H 5. A 6. B 7. A 8. I 9. The term “funds” has different […]

Case 7-3 (2) The first alternative of giving Data Systems control of product with exchange for any product after year end implies that the revenue is not earned until the final product is determined after year end. In this situation, Excello cannot recognize its revenue until Data System is totally sure the final products that […]

The accounting cycle consists of nine steps. These steps include collecting and analyzing all transactions, determining their financial effect on the business, and ensuring that the equations balance once the transactions are recorded. Furthermore, journalizing the transactions in the general ledger, which should be organized by specific accounts, is an essential monthly task. Lastly, step […]

Dutch Lady Milk Industries Berhad has been supplying quality dairy and infant nutrition products to the nation for generations. Dutch Lady Malaysia is currently the top dairy producer in the country, and generations of Malaysians have grown up on our dairy products. Many fondly remember carrying a carton of Dutch Lady UHT Chocolate Milk to […]

Tamira had several alternative options instead of hiding the expense accrual estimates from the President. Initially, she could have informed the President about the insufficient time to prepare reliable financial statements before the bank meeting, which could affect the bank’s decision about financing Picton. She could have included footnotes for each adjusting entry to notify […]