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Money, 2004.
A brief explanation of how money works in today's economy.
1,507 words (approx. 6.0 pages), 7 sources, MLA, AU$ 79.95
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Abstract
This paper explains what money is and how it works. The paper begins by providing a history of money, from the original barter systems to the cash currency we know and use today. The paper then shows the different uses for money in today's economy and how money has become a complex system of acquisition, investment, and status.
From the Paper
"The uses of money is of course as versatile as money itself. The most common use is of course as unit of exchange. Money is used to buy every items such as clothing and food. As a unit of account, money is used to measure the value of goods. Using its monetary value, the value of the good is determined compared to the value of all other goods. This is the same system by which the value of money itself in terms of global currency is determined. Finally, money as store of value means to determine the ability of a good to maintain its value over time."
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The Sarbanes-Oxley Act, 2002.
This paper discusses the Sarbanes-Oxley Act, passed as a means of stopping financial abuses, such as the 2002 WorldCom scandal.
1,700 words (approx. 6.8 pages), 10 sources, MLA, AU$ 89.95
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Abstract
This paper explains the Sarbanes-Oxley Act of 2002, which requires all companies to file periodic reports with the SEC, changes the responsibilities of directors and offices, and modifies the reporting and corporate government obligations of SEC-reporting companies. The author points out that the business objective of the Sarbanes-Oxley Act is to restore investor confidence in companies and markets. The paper concludes that, in the long run, the Sarbanes-Oxley Act will do little to increase the integrity of certified financial results and may only lead to an upswing in litigation.
From the Paper
"The economic fall out of corporate fraud has been devastating (Taylor, 2003). Seven of the twelve largest bankruptcies in U.S. history are now working their way through the courts. A slew of over-hyped Internet companies have gone out of business. On December 2, 2001, Enron filed for what was then the largest bankruptcy in US history at $63 billion. This was followed by bankruptcy filings from Adelphia Communications in June ($24 billion) and by Worldcom ($104 billion) in July, the largest bankruptcy in history. In all these cases, the companies had simply lied about their earnings. And, the stock market has been decimated. The bear market has lasted longer than that of the Great Depression. At its low, the S&P 500 was down forty-nine percent from its high in 2000, and NASDAQ was down seventy-eight percent."
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Future Accounting Practices, 2002.
A review of the changes expected in the practice of accounting in businesses.
1,954 words (approx. 7.8 pages), 5 sources, MLA, AU$ 100.95
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Abstract
This analysis identifies several expected changes in the field of accounting. These include that the reporting of financial information will become more strictly regulated; that the reporting of financial information will involve international regulations and standards; that accounting departments will have an international aspect to their operations; that information technology will impact on the role of the accounting department; that the accounting department will provide more diverse information; and that the skills and functions required of accountants will increase.
From the Paper
"Accounting has always been related to measuring the activities of the business and reporting those activities in suitable ways. Financial statements are created not only to tell the business how it is functioning, but also to pass that information on to shareholders and other interested third parties. This is the task of disclosing financial information and it is a crucial one. One source notes that the primary goal of financial accounting is to provide information to external users of accounting information. Most major organizations are supported by shareholders."
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Arthur Andersen and the Enron Scandal, 2002.
Looks at the accounting firm, Arthur Andersen, and its involvement in the Enron scandal.
1,110 words (approx. 4.4 pages), 6 sources, MLA, AU$ 62.95
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Abstract
This paper addresses the question about whether accounting firms should act as consultants for the same companies that they audit. It uses the case of the accounting firm, Arthur Andersen, and its complicity in the Enron debacle to explore this question. The paper also addresses several larger issues on business and accounting ethics and looks at the need for reform in the accounting industry as a way of ensuring public confidence in the integrity of the accounting system.
From the Paper
"In late 2001, Arthur Andersen, one of the world's largest accounting firms, found itself plunged into what will likely be remembered as one of this generations greatest business scandals. The scandal involved Enron Corp., one of America's most successful corporations, and the darling of investors, employees, and market analysts alike. Enron was accused of a multitude of ethical breeches, including deliberately misleading shareholders about the company's true financial status. Ultimately, Enron was found guilty of a number of financial misdeeds, went bankrupt, and Anderson?s involvement in the scandal brought the ethics of accounting firms into question."
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Long-Term Capital Management, 2002.
Looks at the rise and demise of hedge funds.
1,934 words (approx. 7.7 pages), 7 sources, MLA, AU$ 98.95
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Abstract
This paper explains what long-term capital management, or hedge funds, are and how they operate. It gives the background information of long-term capital management (LTCM) and its distinguishing features. The paper continues with a discussion on the collapse of LTCM, including the causes and consequences. There is also a discussion on the future of LTCMs and hedge funds and a brief overview of the reforms needed to regulate hedge funds.
From the Paper
"Hedge funds are large unregulated private investment pools for wealthy institutions and investors. Hedge funds are not limited by the restrictions put on other types of investment vehicles with regard to their leverage and the composition of their portfolio. Hedge funds are allowed to take short positions in securities and are also allowed to concentrate their investments in a particular firm, industry or sector. The launch of Long-Term Capital Management (LTCM) represented one of the first hedge funds in operation and, unfortunately, the first fall out. Ultimately, the arrogance of LTCM?s management in believing that they could actually hedge away all the risk precipitated the fund?s demise."
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Economic Value Added, 2002.
This paper discusses the use of a new accounting theory, Economic Value Added, or EVA.
1,235 words (approx. 4.9 pages), 1 source, MLA, AU$ 68.95
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Abstract
This paper investigates Economic Value Added, or EVA, invented and promoted by Stern Stewart & Co. The author points out that this theory is aimed at eliminating the problems that accounting faces today by incorporating the concept of a ?true economic profit? into accounting and bookkeeping. The paper states that the EVA concept intends to align reported earnings, something which shareholders always take into consideration when investing in a company, with the actual capital that was loaned by the company.
Table of Contents
The Cost of Equity Capital
Operating vs. Financing Decisions
Pension Plan Accounting
Full Cost Accounting
Stock Options
From the Paper
"One of the errors that accountants usually makes and that leads to distorted reporting on a company?s earnings is the fact that equity capital is not taken into consideration as a cost. If debt is considered a cost and debt interest is noted as an expense, than why not see equity as a cost as well, seeing that it is not a free resource, but something invested by shareholders into the company and funds put into the company. As Bennett Stewart points out, ?the cost of equity is not a cash cost, it is an opportunity cost?. Indeed, it is the equivalent return that a shareholder would expect to earn by investing in other stocks from companies of comparable risk."
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Network Security, 2002.
Examines the need for a network security policy for an accounting company.
1,311 words (approx. 5.2 pages), 6 sources, MLA, AU$ 71.95
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Abstract
This paper addresses the importance of having a written and enforceable Computer Network Security Policy for 'The Financial Group', an accounting corporation. The paper shows that the company's accounting systems comprise three major elements: A web-based front-end server, a back-end database, and business-logic applications. OS-level console access is used for system administration. Accountants access the system with Web browsers using HTTP only and are authenticated via the HTTP basic authentication mechanism.
From the Paper
"Passwords are a critical element in protecting the company infrastructure. Remember, the security policy is only as good as the weakest link. If users have weak passwords then the company is at a higher risk for compromise not only by external threats, but also from insiders. If a password is compromised through social engineering or password cracking techniques, an intruder now has access to the company?s resources. The result is the loss of confidentiality and possibly the integrity of the company?s data as well."
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Accounting, 2002.
Compares the cash versus the accrual basis of accounting.
836 words (approx. 3.3 pages), 2 sources, MLA, AU$ 47.95
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Abstract
This paper defines and compares two concepts in accounting - the cash basis and the accrual basis. It shows that the cash basis of accounting is more likely to be used by service businesses than by retail or manufacturing businesses. The paper also provides an example in table form to show the differences between the two systems.
From the Paper
"In short, under the cash method, a business reports income when it is received and reports expenses when cash is disbursed. Under the accrual method, a business reports income when the business has the right to receive the income and reports expenses when all events, which create the liability, have occurred and the amount of the expense is reasonably determinable."
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Accountants, 2002.
Discusses the importance of professionalism in accountants.
1,448 words (approx. 5.8 pages), 11 sources, MLA, AU$ 78.95
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Abstract
This paper examines the importance of education in the role of training accountants for their profession. It looks at professional standards, requirements and practices and explores what educational paths must be taken to become an accountant. The paper shows why accountants are not just glorified bookkeepers, but actually require a deeper and more intense professional training background to do their jobs.
From the Paper
"Accountants must be trained to be able to arrive at an all-inclusive view of the financial and the legal issues of a business, foreseeing the effect of every sort of transaction on the profit-and-loss statement of a business. Additionally, an accountant needs to be able to recognize and classify all additional factors that could determine the true condition of a business, such as statistics or memos relating to production issues, property and financial records, expenditures, receipts, fiscal changes, and present standing within the business community. (Henning and Torbin ) In a branch of accounting called, ?cost accounting,? the actual cost, over a certain period of time, of particular services rendered or of articles produced. By using the cost accounting system unprofitable ventures, services, departments, and methods may be discovered."
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Economic Value Added (EVA), 2002.
A look at Economic Value Added (EVA) accounting practice.
1,077 words (approx. 4.3 pages), 4 sources, MLA, AU$ 60.95
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Abstract
This paper discusses how Economic Value Added (EVA) is not a new concept in economics and financial theory and is based on the 19th century concept of ?economic profit?, it has only been widely adopted recently by business firms as an accounting practice. It describes what EVA is and looks at its pros and cons from the point of view of the company adopting the practice and the investors. It also examines how EVA differs from some other emerging accounting practices and the major issues relating to EVA as compared to other commonly used accounting principles. Finally, the possible problems and opportunities that a company adopting EVA principles can face are analyzed.
From the Paper
"In other words Economic Value Added is not the straightforward accounting ?profit? that we get by subtracting the costs minus revenue. In EVA we take into account the ?cost of capital? that is invested in the business and the cost of capital includes both debt and equity. Hence if we invest, for example, $ 100,000 in a business and get $110,000 as revenue the profit is not simply ($ 110,000 minus $ 100,000 = $ 10,000) since the $ 100,000 at the time of investment had an opportunity cost that has to be accounted for before we determine our ?real? profit. If the opportunity cost of $100,000 at the time of investment was $ 120,000, i.e., the investor could earn $ 20,000 by investing his/her money elsewhere, the $10,000 ?paper profit? would actually be a ?loss? in real terms."
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Audit Management, 2002.
An investigation of the framework for awarding audit contracts by the U.S. government department and agencies.
13,970 words (approx. 55.9 pages), 100 sources, MLA, AU$ 400.95
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Abstract
This paper discusses how audit management is a fundamental element in government accountability, control and performance management. It provides a comprehensive look at the process for audit awards made by the Federal government. It examines compliance with the process itself and identifies the framework used for guidance in awarding audit contracts.
Outline
Introduction
Overview
Rationale for and Objectives of the Project
Research Questions
Hypotheses: Main and Secondary
Research Methodology
Desktop or Literature Search
Rationale for Search Methodology
Literature/Desktop Research
Summary
Authoritative Sources
Literature Findings
Desktop Findings
Analysis and Results
Summary
Justification for Audits
Evolving Role of Auditors
Types of Audit Contracts
Understanding the Audit Process
Best practices and Benchmarking
Conclusions
Recommendations
Bibliography
Appendices
From the Paper
"The Federal government has to implement a system of checks and balances because of the broad range of responsibility that is involved in the contract process. Funkhouse reports on a local government auditing study that was conducted in large U.S. cities. A mail survey was sent to the head of each audit organization, followed be additional mailings and email and phone contact. The main outcome was that the audit directors clearly saw the value of the audit process in identifying problems in their jurisdictions. They were also proactive in initiating audits beyond those that were mandated and believed that in the long run, this would result in cost savings. The article further states that local government auditing will continue to get stronger and will eventually filter down to smaller municipalities."
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Home vs. Public Schooling, 2002.
A comparison between home and public schooling systems.
4,450 words (approx. 17.8 pages), 28 sources, MLA, AU$ 187.95
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Abstract
This paper debates the advantages and disadvantages of home schooling and public school education. This work focuses on both the pros and cons of home schooling and public compulsory education. Some of the main points of contention between home school advocates and public school advocates are related to socialization, cultural and moral issues, curricular issues, individualized learning issues, and of course focused and class size and school safety concerns. The paper asks: Does a home school setting offer enough curricular diversity?; Does a home school setting offer enough socio-cultural diversity?
From the Paper
"Choosing the type of education your child will utilize is a very personal decision and is often debated on a philosophical, psychological and sadly even on an economic level. (Zellman1998 pp. 370-308). Because the decision is so personal and the perceived risks, sacrifices and rewards are so large many people both before and after the fact build very strong and vocal cases for the decision they have or will make for their child. In some cases this very vocal and powerful case for one or the other system can be seen as a demonstration that the other choices are less valid and or less beneficial to the child."
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Insolvency, 2002.
A critical evaluation of the English right of set-off and combination in the circumstance of insolvency.
4,592 words (approx. 18.4 pages), 5 sources, APA, AU$ 191.95
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Abstract
This paper discusses how the right of combination and set-off, as developed under English law offer a number of safeguards to banks and creditors in general. It looks at how these rights were expanded under the principles that they were necessary to effect substantial justice and that they would stimulate economic growth and trade. It suggests that the judicial application of these rights has tended to unfairly favor banks at the expense of the individual customer, which may initially stimulate growth by encouraging banks to provide loans, but in the long term may serve to deteriorate trade, particularly at the international level. It demonstrates how customers in other countries, particularly civil law countries, experience much more risk when they do business with an English bank and hence may be better off refraining from bringing their enterprises there, or at any rate must be extremely careful in drawing up contracts to insist on settlement of disputes in other jurisdictions.
From the Paper
"Basically, English set-off allows a creditor to use any money it owes an insolvent debtor to pay off the debtor?s liabilities that have become due to the creditor. Thus, when liquidation commences, only the party that had the larger claim is still owed the net balance. Liquidation legally occurs when the company passes a resolution to voluntarily wind up or is judicially wound up. Effectively, eligible creditors (those that meet the mutuality requirement) are positioned alongside secured creditors to the extent of their debt to the insolvent party. Simultaneously, they continue to be placed within the pool of unsecured creditors who (as a result of the speeding of the recovery process for those creditors eligible for set-off, recover a diminished amount themselves) receive dividends on the portion of debt still owed to them by the insolvent party."
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Management at Enron, 2002.
A brief paper on the management style at Enron.
823 words (approx. 3.3 pages), 4 sources, MLA, AU$ 47.95
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Abstract
This paper examines how the organizational culture and management style at Enron contributed to this culture of silence that both silenced critics and forced employees to go along with management?s questionable decisions. It focuses particularly on the organizational style of Jeffrey K. Skilling, whose tenure as Enron?s Chief Operating Officer is largely credited with sowing the seeds of Enron?s destruction.
From the Paper
"Skilling?s micro-management style and rank and yank policies resulted in an intense competition among Enron executives. Robert J. Hermann, Enron's former tax counsel, described the culture of Schilling's Enron as ?me first, I want to get paid...There were always people wanting to do deals that didn't make sense in order to get a bonus? (cited in Behr and Witt, ?Visionary's Dream Led to Risky Business?). Whenever possible, Schilling reportedly used such financial incentives to shore up his ?loose-tight? management style."
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Sarbanes-Oxley Act, 2002.
An overview of this 2002 law following a period of corruption in America's corporate world, as well as how the act impacts the accounting profession.
1,193 words (approx. 4.8 pages), 3 sources, MLA, AU$ 65.95
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Abstract
Corporate greed and corruption has changed the face of American business forever. Corporate greed was the primary factor in the downfall of Enron, Global Crossing and MCI WorldCom. The paper shows that the governing bodies, the Securities and Exchange Commission, the Senate, NASD and other powers that be decided to act and in 2002, the Senate introduced the Sarbanes-Oxley Act of 2002. The paper describes how this new law impacts CPA?s, CPA firms auditing public firms, publicly traded firms and their employees, lawyers, brokers, dealers, investment bankers and financial analysts who work for or have as clients as publicly traded companies. The paper looks at the mission and purpose of the law and examines its affect on the accounting industry.
Table of Contents:
Abstract
Executive Summary
Introduction
Purpose and Mission
What it does
The Effect of Sarbanes Oxley on the Accounting Profession
New Rules, New Practices
From the Paper
"In addition to the mandates outlined above, Sarbanes Oxley Act allows for additional provisions that seek to prevent conflicts of interests that can be a precursor to corporate corruption. The Act bans what is known as the ?revolving door?, prohibiting registered CPA firms from auditing any SEC registered client whose chief executive, CFO, controller or equivalent was on the audit team of the firm within the past year. This Act is crucial to help lessen the ?you wash my back, and I?ll wash yours? mentality. Another significant rule calls for auditors to be rotated every 5 years. This way, no auditor can audit a client for more than five consecutive years."
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American Corporate Fraud, 2002.
The paper looks at the scandal surrounding the bankruptcy of leading energy company Enron and the ensuing allegations of fraudulent corporate practices.
1,351 words (approx. 5.4 pages), 10 sources, APA, AU$ 73.95
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Abstract
The paper traces the rise and fall of Enron from its humble beginnings as an energy company to becoming the U.S.'s largest electricity trader. The paper analyzes key points relevant to the unravelling of the company and examines how Enron's collapse not only destroyed the lives of thousands of its employees, it brought down one of the world's top accounting firms, Arthur Andersen.
From the Paper
"Prosecutors are questioning why top CEO?s were quietly unloading their company stock while at the same time urging employees to buy more. The government's widening prosecution of Enron is reaching down to the lower levels of management, hoping that without company-paid legal counsel, the pressure to cooperate with the government will increase."
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