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The Differences Between Financial And Management Accounts, 2002.
Argues that there are practical issues, as well as legal issues, that determine the differences between financial and management accounts.
1,150 words (approx. 4.6 pages), 3 sources, £ 30.95
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Abstract
Perhaps one of the most prominent discussions involving accounting has to do with the differences between financial and management accounts. Some regard these differences to be a question of legality. Companies are required by law to submit financial statements based on certain requirements. On the other hand, management accounting can be structured to suit the needs of the company. However, the fact that firms can structure their management accounting statements according to their needs might lead one to suggest that major differences between these two systems relate to practicality. With this in mind, it is hypothesised that while legal issues are important for determining the differences between financial and management accounting they are not the only considerations, one must also consider the extent to which practical considerations contribute to the development of these differences.
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Accountability and User-harm In Accounting, 1989.
A focus on responsibility and regulatory issues and revision of the ethics code. Examples of user-harm resulting from accounting information.
1,350 words (approx. 5.4 pages), 10 sources, £ 32.95
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From the Paper
Introduction
" The purpose of this research is to examine harm to users of accounting information stemming directly from the use of that information. Harm to users of accounting information has resulted from instances of (1) deficiencies in generally accepted accounting procedures (GAAP), (2) inadequate performance on the part of professional accountants, and (3) outright fraud (Dingell, 1988, E2161).
Accountability in Public Accounting
An important development which is in the process of occurring in contemporary American public accounting is a change in the way in which professional public accountants are held accountable for their actions ("National Commission on Fraudulent..."
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Private and Public Accounting, 2007.
A discussion on the differences between government accounting systems and private sector accounting systems.
1,227 words (approx. 4.9 pages), 6 sources, APA, £ 28.95
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Abstract
The paper examines the three major governmental levels that follow different accounting standards. These standards are worked out and monitored carefully by private organizations. The paper explores how the Federal Accounting Standards Advisory Board (FASAB) works out standards for the federal government, while the Governmental Accounting Standards Board (GASB) and the Federal Accounting Standards Board (FASB) deliver standards for state and local governmental bodies respectively. The paper discusses how these accounting standards, at these three levels, differ significantly with those used by the private sector enterprises.
From the Paper
"The fact that shareholders of the company based on the cash flow the management has managed to generate, can any time withdraw the funds or fire the management, is a good controlling tool for the private sector while there is no such a clear controlling tool for governmental bodies. The funds inflow and outflow systems within the public and private sector companies vary: where in public sector beneficiaries do not pay for a piece of product or services they receive and government does not have to be reimbursed with interest for the money it grants to a public organization, in the private sector shareholders demand returns and pay back on cash they invest and clients pay price for each unit of goods they receive."
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Accounting Ratios, 2006.
This paper defines the term accounting ratios and details why they are a significant tool applied by accountants when presenting accounting statements.
1,841 words (approx. 7.4 pages), 10 sources, MLA, £ 41.95
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Abstract
The writer of this paper examines the importance of accounting ratios in business. Accounting ratios illustrate the present as well as the prospective, so that shareholders can visualize how much gain a business attained, the total worth of the assets and the level of cash reserves available. This well-researched paper discusses the advantages and disadvantages of accounting ratios. One significant drawback of the accounting ratio is that it depends too heavily on the conventional costs that lead to twists in quantifying performance. Ratios are required to be represented meticulously. They can entail the evidences to the performance of the company or financial environment. However, they are unable to demonstrate whether the performance is good or bad out their own. The writer details the manner in which the final figures of accounting ratios are achieved, while discussing the fact that these ratios necessitate some quantitative information for an informed analysis to be made. The writer contends and clearly explains why accounting ratios are completely dependent on the supplied data which may or may not be accurate.
Table of Contents:
Introduction
Discussion
Conclusion
References
From the Paper
"A markedly low accounts ratio may give rise to angry suppliers and remarkably high inventory turnover ratios may lead to supply shortages and angry customers. The one that is correct for one company may not be considered appropriate for another one. Besides, no two companies are found to be similar irrespective of the fact that they are competitors in the same industry or market. Application of ratios to evaluate one company with another provides misleading information. Businesses may be within the same industry but have distinguished financial and business risk. Ratios are completely dependent on the data that may or may not be accurate."
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Accounting Career Profiles: CPA and CMA, 2002.
Description and discussion of the CPA and CMA career designations for accountants.
975 words (approx. 3.9 pages), 6 sources, MLA, £ 23.95
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Abstract
Accountants and auditors prepare, analyze and verify financial reports crucial to all business and government organizations. Two of the major accounting specialties are public accounting and managerial accounting.
This paper discusses the differences between chartered public accountants (CPA) and chartered managerial accountants (CMA) including the clients they serve and the examinations they have to pass before becoming qualified. The paper also examines the differences in wage earnings and career opportunities.
From the Paper
"The professional designation of Certified Management Accountant (CMA) is achieved through the CMA Professional Program, a demanding training process in emerging business practices, which fosters management and leadership abilities, interpersonal and communication skills. CMAs are employed at all corporate levels, mostly in middle, senior and executive management positions which include but are not limited to: Chief Financial Officers (CFO), Controllers, treasurer, director of internal audit, chief accountant or cost accountant, director of taxation, managers or supervisors. Other CMAs are employed as accountants, auditors, analysts and consultants, with careers for management accounting professionals in all sectors of business and industry. (Rosenberg, pp.55-69.)"
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SEC Concept Release on International Accounting Standards, 2002.
A summary of the concept release put out by the U.S. Security and Economic Commission (SEC) on International Accounting Standards.
1,005 words (approx. 4.0 pages), 3 sources, MLA, £ 24.95
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Abstract
The paper shows that the increased globalization of companies has led to a dilemma for investors because accounting standards in various capital markets are not always reliable. It shows too that in an effort to increase the reliability of financial information in capital markets the SEC seeks to maintain the high quality of financial reporting in the U.S., while working towards establishing a high quality financial reporting structure worldwide. This paper summarizes the issues presented in the SEC?s concept release on International Accounting Standards. These issues include: the five elements of global financial reporting; exceptions to rules for foreign private issuers using accounting standards that differ from GAAP; and the three criteria for assessing the International Accounting Standards Committee.
From the Paper
"Rigorously interpreted and applied: The development of high standards does not ensure that the standards will be upheld. In order for the standards to be practiced consistently accountants have to understand the responsibility they have in applying these standards consistently and in a manner that is needed to ensure high quality. This understanding only comes when regulators including auditors, rigorously interpret and apply these standards to accounting standards around the globe. The SEC contends that IASC standards are not used in many capital markets, which makes it impossible for them to be interpreted or applied. In addition countries that do utilize IASC standards have yet to incorporate the new changes created by the IASC."
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Accounting, 2005.
A discussion on managerial accounting and financial accounting.
675 words (approx. 2.7 pages), 0 sources, £ 18.95
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Abstract
This paper discusses the two unique sub-functions within the accounting field: managerial accounting and financial accounting. The specific functions, responsibilities and duties of each function are discussed. Further consideration is given to the ethical implications involved with each accounting division. Enron is mentioned as a prime example of how ethical considerations can not only undermine the financial solvency of a company but, ultimately, can cause its demise.
From the Paper
"The presence of financial accountants and management accountants in most large corporations today is a testament to the complexity of the global economy, the legal and governance rules an entity must operate under, and the sheer amount of information the profession must deal with on a daily basis. Though there are many functions that overlap within these two divisions of the same profession, each classification serves a uniquely strategic function. In general, financial accounting is responsible for the historical financial records and data of a company and is largely responsible for ensuring legal and regulatory compliance. Managerial accounting is responsible for providing interpretive reports of financial accounts which managers and executives use to make operational decisions and devise corporate strategy. "
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Accounting Differences, 2006.
This paper examines the field of accounting and looks in particular at managerial and financial accounting.
2,025 words (approx. 8.1 pages), 0 sources, £ 55.95
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Abstract
In this article the writer discusses the two unique sub-functions within the accounting field: managerial accounting and financial accounting. The specific functions, responsibilities and duties of each function are discussed in relation to the broader field of accounting. Further consideration is given to the income statement and balance sheet and how they are related. Finally, the use of accounting principles and techniques in managerial decision-making is also discussed. The document concludes with a brief overview of accounting.
From the Paper
"Accounting within the business sphere is largely divided into two separate divisions: financial and managerial accountants. The presence of financial accountants and management accountants in most large corporations today is a testament to the complexity of the global economy, the legal and governance rules an entity must operate under, and the sheer amount of information the profession must deal with on a daily basis. The importance of accounting as a basic function of business activity cannot be overstated."
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Accounting, 2004.
An experimental analysis of nontraditional business students and their perceptions of accounting in an introductory accounting course.
8,583 words (approx. 34.3 pages), 24 sources, MLA, £ 125.95
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Abstract
This paper examines and assesses the perceptions of nontraditional students, or adults, regarding accounting as a major field of study and a potential career choice. It is often assumed that nontraditional students are more motivated because of maturity, life experience, and the decision to study accounting based on work force experience. The paper presents a study of selected Christian university adult and graduate degree programs. In addition, the paper attempts to determine if there are any differences in attitudes, perceptions, and assessments of traditional and nontraditional students regarding this field of study.
Table of Contents
Chapter 1:
Introduction
Problem Background
Literature Review
Purpose of Study
Research Questions/Hypothesis
Limitations/Delimitations
Definitions
Importance of Study
Chapter 2: Review of literature
Chapter 3: Methodology
Introduction
Research Design
Selection of Participants
Instrumentation
Limitations or Assumptions
Procedures
Data Processing and Analysis
From the Paper
"Simply put, for many students, accounting is seen as too much work and very hard compared to other fields of study. The course of study for accounting majors has become more difficult in order to provide expanded coverage within the curriculum to achieve an increased degree of accounting competency. Professional accounting associations have become more concerned and have begun to address critical skills that are needed by accounting majors. The American Institute of Certified Public Accountants (AICPA) and the Institute of Management Accountants (IMA) issued documents in the early 1990s that aligned accounting curriculum more closely to actual accounting practices. This is one reason why the programs have study have become more demanding and stringent. There has been a definite impact on students' decisions to leave accounting as a major. It is one of the few disciplines that have undergone such scrutiny and policy changes regarding educational curriculum."
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The Accounting Cycle of Canon Inc., 2007.
An look at the accounting cycle at Canon Inc. and the importance of the accounting cycle to an organization.
1,143 words (approx. 4.6 pages), 3 sources, MLA, £ 27.95
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Abstract
This paper discusses the importance of an accounting cycle for an organization. The paper first goes through the basic steps of the accounting cycle and then looks at them in detail with respect to the selected organization, Canon Inc. It describes how Canon Inc., which is a large organization, makes use of computerized accounting methods.
Table of Contents:
The Accounting Cycle
The Steps of the Accounting Cycle
The Accounting Cycle at Canon Inc.
From the Paper
"The basic purpose of an accounting department in an organization whether it is big (having an independent and separate department) or small (where accounting department is not even a possibility) is to keep a record of accounting data and then process this data into accounting/financial information by preparing financial statements. Keeping in view the basic accounting principles the financial statements should be prepared not only on a regular basis but also on a specific regular time interval (which remains on the discretion of the organization). To meet this objective a proper framework or a series of steps is required that regularizes the whole matter and this is exactly what the accounting cycle is; a series of steps beginning right from the recording of a simple transaction to the compilation of final statements and closing of the accounts."
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History of Accounting, 2008.
This paper presents a chronological history of accounting from early civilization to modern times.
1,990 words (approx. 8.0 pages), 6 sources, APA, £ 43.95
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Abstract
In this paper, the author traces the history of accounting from the days of early civilization by looking at its gradual development over the next centuries during which writing was invented by accountants; the "invention" of money, banking, and credit during the ancient Greek and Roman civilizations; the introduction of the innovative double entry bookkeeping system by accountants in the 16th century that fueled the Italian Renaissance; the use of sophisticated cost accounting techniques by smart entrepreneurs during the Industrial Revolution; the expanding role of accounting in businesses in the late 19th and early 20th century, and finally, the current state of the accounting profession.
Outline:
The Earliest Traces of "Accounting" in History
Mesopotamian Accountants Invent Writing
Accounting in Ancient Egypt and China
Invention of Coined Money and Banking
Accounting in Medieval Age
Invention of Double Book-keeping by Italian Merchants
Accounting's Role in the Industrial Revolution
Expanding Role of Accounting
The Current State of the Accounting Profession
From the Paper
"Increasing government regulations such as the Bankruptcy Act of 1869 in Britain increased the accountants' role in bankruptcy and liquidations. The Companies Act of 1862 required banks to be audited and the audit became mandatory for all public companies by the end of the century. This further expanded the role of the accountant in auditing. Industrialization in other countries of Europe and the United States at the end of the 19th century and early 20th century, and the rise of big business coincided with the invention of important accounting and business gadgets such as the calculator, typewriter, and tabulating machines. This gave a further boost to accounting and it gradually became an established profession. Accounting firms such as Cooper Brothers (later, Coopers & Lybrand) were formed and big business firms such as Carnegie Steel adopted sophisticated cost accounting to control operations, cut costs, and even eliminate competition to earn huge profits (Ibid). Du Pont, J.P. Morgan, Standard Oil, and General Motors were other big business firms in the U.S. that thrived after adopting modern cost accounting methods."
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Pension Fund Accounting FAS87, 1990.
This paper is an analytical critique of Statement of Financial Accounting Standards No. 87: Employers' Accounting for Pensions (Financial Accounting Standards Board (FASB), 1985), known as FAS87. .
2,250 words (approx. 9.0 pages), 16 sources, £ 54.95
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From the Paper
"This research provides an analytical critique of Statement of Financial Accounting Standards No. 87: Employers' Accounting for Pensions (Financial Accounting Standards Board (FASB), 1985), hereinafter referred to as FAS87. The essence of the Statement involves the application of accrual accounting principles to pension fund accounting by employers, with a special emphasis on the single-employer defined benefit plan (FASB, 1985).
In this research, the issues involved in pension fund accounting are considered, together with the provisions of FAS87 designed to address those issues. FAS87 is also assessed within the contexts of Statement of Financial Accounting Concepts No. 1: Objectives of Financial Reporting by Business Enterprises (FASB, 1978), Statement of Financial Accounting Concepts No. 2: ... "
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Cash-Based vs. Accrual-Based Accounting, 2002.
An examination of the advantages and disadvantages of cash accounting over accrual-based accounting.
1,394 words (approx. 5.6 pages), 2 sources, MLA, £ 32.95
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Abstract
This paper presents the basic forms and methods of accounting for cash accounting and accrual-based accounting and compares the two. It examines which form of accounting is more beneficial to specific sectors of the economy and looks at the advantages and disadvantages of each.
From the Paper
"In the cash basis of accounting, the business records are "cash in" (deposits to the bank account) called cash receipts, and "cash out" (checks) called cash disbursements. Cash receipts - Cash disbursement = Cash flow. Each month's cash flow is added to the preceding month's cash balance yielding the current month?s cash balance.
The cash basis of accounting is more likely to be used by service businesses than by retail or manufacturing businesses. Service businesses usually do not need equipment and can sell a service they perform with nothing more than their own hands and minds. Think of people who are lawyers, writers, public relations and advertising personnel, and accountants."
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The New Roles of Management Accounting, 2002.
Discusses how traditional management accounting is adapted to contemporary economics.
3,813 words (approx. 15.3 pages), 22 sources, APA, £ 72.95
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Abstract
This paper examines the applicability of traditional management accounting techniques in the modern market-driven environment, along with the new roles and responsibilities that are vital for thriving management accountants. The paper shows that it is imperative for management accountants to acquire critical skills, namely communication and analytical expertise, comprehensive knowledge in the area of accounting, information technology and the business and the ability to work in a team, so as to fully reap the benefits of the new advanced approaches.
Table of Contents:
1 Introduction
2 The Evolution of Management (Cost) Accounting
2.1 Single-Activity Enterprises
2.1.1 Early Nineteenth Century ? Textile Mills
2.1.2 Middle Nineteenth Century ? Railroad Companies
2.1.3 Late Nineteenth Century ? Large Retailers
2.2 Scientific Management Movement and Standard Costing
2.2.1 The Scientific Management Movement
2.2.2 The Emergence of Standard Costing
2.3 Multi-Activity Enterprises
2.3.1 Return on Investment (ROI)
3 Critique of 20th Century Management Accounting
3.1 Lack of Relevance
3.2 Cost Distortion
3.3 Inflexibility
3.4 Incompatibility with World Class Approaches
3.5 Inappropriate Links to the Financial Accounts
4 21st Century Management Accounting
4.1 The Focus of Future Management Accounting
4.2 The Role of Future Management Accounting
4.2.1 Internal Consultants or Business Analysts
4.2.2 Team Member / Leader and Advisor
4.2.3 Financial Information Specialists and Information System Designer
4.3 Critical Skill Required By Management Accountants
4.3.1 Sound Understanding of Accounting Knowledge and Skills
4.3.2 Comprehensive Understanding and Competence of Business
4.3.3 Communication Skills
4.3.4 Analytical Skills
4.3.5 Knowledge of Information Technology Systems
4.3.6 Teamwork
5 Conclusion
6 Bibliography
From the Paper
"According to a survey by the UK?s Institute of Internal Auditors (2001), communication skills are considered to be the most prized attributes of the internal accountants. The changing role and functions of management accounting entail management accountants to actively participate within cross-functional teams. Thus, it is fundamental for these professionals to possess strong communication skills, as they are required to liaise with managers and guide the firm?s strategic and tactical decisions on a daily basis (McNair, 2000). As such, communication skills are important for these professionals to communicate throughout the organization, which ranges from senior management to support staff levels, as well as vendors, competitors, and other professionals."
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