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Generally Accepted Accounting Principles, 2004.
An introduction and review of accounting processes and financial statements.
1,575 words (approx. 6.3 pages), 5 sources, MLA, AU$ 89.95
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Abstract
This paper uses a case study to examine generally accepted accounting principles and current assets and liabilities vs. non-current items. The paper also studies financial statements from Ford Motor Company to study the effectiveness of different financial statements.
From the Paper
"Generally Accepted Accounting Principles (GAAP) are the common set of accounting principles, standards and procedures established by the Financial Accounting Standards Board (FASB). The mission of the Financial Accounting Standards Board is to establish and improve standards of financial accounting and reporting for the guidance and education of the public including issuers, auditors and users of financial information. Thus, GAAP is a combination of authoritative standards that define the accepted ways of preparing financial statements. These are the rules that companies are expected to follow. Thus the term generally..."
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Accounting Principles and Ethics, 2005.
This paper discusses the importance of Generally Accepted Accounting Principles (GAAP) and accounting ethics in the context of modern organizations.
675 words (approx. 2.7 pages), 2 sources, AU$ 42.95
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Abstract
The paper identifies and evaluates the key components of ethical accounting practices in the modern world, where there is a strong tendency to succumb to external influences in favor of personal gain. The paper explains that it is no longer that GAAP is the supreme code for accounting practices, rather there must be strong moral and ethical foundations that should be created at the academic level.
From the Paper
"In today's society, the accounting profession has experienced numerous challenges in an attempt to act in ethical ways with regards to accounting principles and business records. Generally Accepted Accounting Principles (GAAP) serve as a key reminder that businesses must act responsibly in their accounting activities at all stages, regardless of the potential that exists for personal gain and success. The following discussion will evaluate the importance of GAAP and accounting ethics in the context of modern organizations, where the temptation to act in a selfish manner is greater than ever. GAAP were designed to encourage a truthful representation of financial statements, based upon all business transactions conducted within specific periods (Shafer, Ketchand, & Morris, 2004)."
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SEC and Accounting Principles, 2002.
A review of the effect of SEC on accounting theory and principles.
3,650 words (approx. 14.6 pages), 6 sources, AU$ 215.95
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Abstract
This paper explains the influence of SEC on accounting theory and principles from the inception of the SEC in 1934 until today. It would present the experiences and outcomes of accounting standards-setters who have, in many cases, been successful in establishing a national, uniform system of certification for public accountants.
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Accounting Principles, 1999.
Discusses definitions, competing views, practice vs. ideals, objectives, models, biases and the impact of a global market.
2,700 words (approx. 10.8 pages), 13 sources, AU$ 153.95
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Abstract
There are two competing views of accounting principles: one maintaining that accounting principles are based on what is generally done in practice and the other holding that a foundation of fundamental premises ("concepts") necessarily underlies and determines sound practice (Storey, 1998, p. 1).
From the Paper
"ACCOUNTING PRINCIPLES: COMPETING VIEWS
There are two competing views of accounting principles: one maintaining that accounting principles are based on what is generally done in practice and the other holding that a foundation of fundamental premises ("concepts") necessarily underlies and determines sound practice (Storey, 1998, p. 1).
Introduction
This research examines the merits of the two competing views of the philosophical basis for accounting principles as delineated in the above quotation. With respect to the above quotation, its author, Reed Storey (1998), a former senior technical advisor at the Financial Accounting Standards Board (FASB), added that the latter view (that accounting principles are based on ..."
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Basic Accounting Principles, 2004.
An overview of basic accounting priniciples.
1,350 words (approx. 5.4 pages), 2 sources, MLA, AU$ 76.95
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Abstract
This paper focuses on some basic accounting priniciples. It also discusses the relationship of the Security and Exchange Commission, the Financial Accounting Standards Board and the Public Company Accounting Oversight Board.
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Ethics In Financial Reporting, 2005.
A discussion regarding the ethics of financial reporting and Generally Accepted Accounting Principles.
1,125 words (approx. 4.5 pages), 2 sources, AU$ 71.95
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Abstract
This paper discusses ethical financial reporting and what organizations are involved in monitoring and regulating financial statements of public companies. This paper reports that in the United States, these rules are called Generally Accepted Accounting Principles (GAAP). Although they are not laws, the Securities and Exchange Commission requires public companies to follow them. The Financial Accounting Standards Board is the most important organization in setting Generally Accepted Accounting Principles. Although not part of GAAP, Statements of Financial Accounting Concepts provide the basis for Statements of Financial Accountant Standards, which are the most important GAAP-establishing publications.
From the Paper
"The framework for corporate financial management has changed significantly over the past few decades as more corporations move away from a checks and balances systems towards more of a juggling act. Recent ethical scandals including the Bre-X, Enron, and Worldcom debacles, has translated into increased scrutiny of corporate financial reporting. Some financial analysts argue that a company's ethical standards affects profitability, and those businesses that demonstrate unethical behaviour will suffer from decreased market share and profit potential, as well as increased government regulation. Increased competition between businesses has forced corporate finance managers to juggle more than one set of balance sheets depending on whether the reporting is going to the Internal Revenue Service (IRS) or shareholders."
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Establishment of GAAP, 2007.
An analysis of the intended purpose and effectiveness of generally accepted accounting principles or GAAP.
1,797 words (approx. 7.2 pages), 6 sources, MLA, AU$ 92.95
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Abstract
This paper discusses the set of accounting standards that are generally accepted and universally practiced, which the accounting profession has attempted to develop. The paper describes the background of these generally accepted accounting principles (GAAP) and their intended purpose. The paper also discusses the effectiveness of GAAP within the accounting profession.
From the Paper
"Their main focus is on the Division of Corporate Finance. Its jobs are to verify that the annual reports of companies have not lied to or misled investors, to review filings related to mergers and acquisitions, and to register new securities. One of the divisions major accomplishments is that it "provided administrative interpretations of the Securities Act of 1933, the Securities Exchange act of 1934, and recommends regulation to implement these statues." (Bateman) With these interpretations, the division makes rise of the Office of Chief Accountant. This office is the advisor to the commission on auditing and accounting matters. This office also works with private-sector auditing and standard-setting bodies like Financial Accounting Standards Board, or FASB and the American Institute of Certified Public Accountants, or AICPA. The SEC, FASB, and AICPA all work to address problems that arise from the current accounting standards. The SEC could not possibly manage all the accounting problems that arise alone. This is why they need help from the AICPA and FASB. GAAP is then formed when the SEC agrees with the decision made by the AICPA and FASB and implements the decision."
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Accounting, 2004.
An analysis of various accounting principles.
1,532 words (approx. 6.1 pages), 7 sources, MLA, AU$ 81.95
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Abstract
This paper discusses each of the following terms, expands on the definition, and explains why the concept is important to financial statements. The terms include Generally Accepted Accounting Principles (GAAP), Historical Cost, Accrual Basis vs. Cash Basis Accounting, and Current Assets and Liabilities vs. Non-Current Items. The paper locates the balance sheet, income statement, and statement of cash flows for Ford, Exxon-Mobil, and Microsoft. The paper examines whether net income or cash from operating activities is more useful for each of these companies.
From the Paper
"The GAAP are not rules set in stone; rather, they are guidelines, or you might call them a group of objectives and conventions "that have evolved over time to govern how financial statements are prepared and presented," according to www.allbusiness.com. Theses principles are set by the Financial Accounting Standards Board (FASB), and the Securities and Exchange Commission (SEC) also provides input and guidance regarding the amendments to acceptable accounting practices. The GAAP serves as a guiding light for every business: when an accountant from outside the company is looking into its financial data and record-keeping, the company expects that accountant to be using GAAP. "Compliance with GAAP helps maintain creditability with creditors and stockholders," AllBusiness.com explains, "because it reassures outsiders that a company's financial reports accurately portray its financial position.""
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Accounting, 2005.
A discussion on accounting principles.
675 words (approx. 2.7 pages), 2 sources, AU$ 42.95
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Abstract
The paper discusses how general accounting requires a record of financial actions to be taken with a fiscal year. When the fiscal year begins on July 1st and ends on June 30th there is an equal division of days and an easier comparison of business progress can be accomplished. The paper further discusses various accounting principles.
From the Paper
"Date (Day Month Year) Name of head of institution Dean, School of Medicine University of Y Address Dear (Preferred title [Prof or Dr] and name), I am writing this letter on behalf of Mr. Moree, in connection with his desire to transfer from the U of X School of Medicine to your institution. Mr. Moree withdrew from our school on _____ 2005. At the time of his withdrawal, Mr. Moree was in good standing, with a general weighted average of __ and a ranking of ___ in a class of __ students. He has completed up to the first semester of his third year at U of X. In addition, he has successfully passed Part I of the National Medical Board Examination. Consistent with the U of X's prescribed curriculum, he has fulfilled all of the preclinical requirements of U of X, and is ready and eager to continue his medical education in your institution. Please do not hesitate to contact me in case you require additional information. Thank you"
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Accounting, 1990.
Accounting principles underlying financial statements.
1,575 words (approx. 6.3 pages), 6 sources, AU$ 89.95
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From the Paper
" The focus of this discussion is accounting principles underlying financial statements. Financial statements, which are compiled periodically, communicate to interested parties the data that have been recorded, processed, and summarized by a firm's accounting system. Financial statements include numerical tables as well as information and explanations incorporated into footnotes and supplementary sections. If financial statements are to present fairly the financial position and results of operations of a firm in conformity with generally accepted accounting principles, they must include a balance sheet, an income statement, a statement of changes in retained earnings, a statement of changes in financial position, and disclosure of changes (Accounting Principles Board (APB), 1970, Statement No. 4). A brief summary of these statements follows."
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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, AU$ 76.95
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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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Normative Versus Positive Accounting Theory, 2008.
An overview of the development of normative and positive accounting theories.
3,128 words (approx. 12.5 pages), 7 sources, APA, AU$ 147.95
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Abstract
This paper discusses all aspects of accounting theory and the history of regulation in the accounting profession that has been implemented as a result of notable financial accounting scandals. It analyzes and synthesizes the normative and positive accounting theories, beginning with the historical background of each theory and a discussion of the suggested changes and problem areas revealed in the debate. It also analyzes the Generally Accepted Accounting Principles (GAAP) in relation to the conceptual framework and concludes with recommendations toward an appropriate course of action.
Outline:
Introduction
Historical Development of Normative and Positive Accounting Theories
Current GAAP Discussion
Positive Accounting Theory vs. Normative Accounting Theory
Changes and Problems Revealed in the Debate
GAAP Analyzation and History in relation to Conceptual Framework
Recommendations for Course of Action
Conclusion
From the Paper
"In the past few decades, accounting theory has slowly evolved; as a result, various research methodologies have been utilized to study the development of accounting theory. As accounting theory has developed, debates have emerged regarding the manner in which financial theory should be developed and applied in the accounting profession. This has been essentially a normative, philosophical exercise, imposing a view of how actuarial practice should progress (Thomas & Smith, 1997). In recent years, the differences in application between normative versus positive accounting theories have become the subject of much debate, raising the awareness of those involved in the accounting profession. The underlying basis of normative theory is that it assists in standardizing the practice and thus facilitates the teaching of practice in a more coherent manner. The underlying basis of positive theory is intellectual justification; models are derived from observed behavior."
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The Financial Accounting Standard Board, 2006.
A discussion of the history and purpose of the Financial Accounting Standard Board.
1,416 words (approx. 5.7 pages), 5 sources, MLA, AU$ 76.95
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Abstract
This paper gives a background of the purpose and history of the Financial Accounting Standard Board, or the FASB. The FASB was founded with the primary goal of devising the Generally Accepted Accounting Principles in United States. The paper also defines the roles of the various organizations that fall under the umbrella of the FASB, such as the SEC and the PCAOB. The paper focuses additionally of the role of ethics in accounting, especially in relation to the Standards creating by the FASB.
Explain the FASB, SEC and PCAOB
Discuss the Relationship among the FASB, SEC, and PCAOB
Explain Basic Accounting Theories, Assumptions, and Principles
Evaluate the Role of Ethics in Accounting
From the Paper
"To cater to the basic objectives the financial statement is required to be relevant, to be reliable, being comparable as well as being consistent. So as to accomplish its basic objectives the GAAP is required to base on four hypotheses such as Economic Entity Assumption-that assumes the isolation of business from its owners or other businesses; Going Concern Assumption-that assumes the long term operation of business; Monetary Unit Assumption that assumes a stable currency as the unit of record; Periodicity Assumption that assumes the periodical record-ability of the business operations enabling comparison between present and past performances. "
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Accounting for Income Taxes, 2005.
Discussion of the Exposure Draft (ED) released on July 14, 2005 by the Financial Accounting Standards Board (FASB).
4,358 words (approx. 17.4 pages), 11 sources, APA, AU$ 184.95
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Abstract
The Financial Accounting Standards Board released an Exposure Draft on July 14, 2005, entitled "Accounting for Uncertain Tax Positions, An Interpretation of FASB 109, Accounting for Income Taxes". This draft was released for comment before its implementation as part of the Generally Accepted Accounting Principles for entities to use in preparation of their financial reports. This paper shows that the purpose of the Exposure Draft is to resolve widespread diversity in accounting for income taxes by requiring firms to recognize in their financial statements the best estimate of the impact of a tax position. The paper shows that the ED also contains guidance for measuring the benefit that is recognized for an uncertain tax position and when that position should no longer be recognized. The paper examines comments by critics who feel that the Exposure Draft is complex, may be difficult to implement and could result in significant overstatements of firms' tax liabilities.
Paper Outline:
Abstract
Introduction
Background
Financial Reporting vs. Tax Reporting
Purpose of FASB 109, Accounting for Income Taxes
Findings
Purpose of the FASB's Exposure Draft
Discussion
Conclusion
References
From the Paper
"The temporary differences between the U.S. income tax rules and the GAAP requirements for financial reporting result in some income tax expense being recorded long before it is paid creating a deferred income tax liability (Horngren, et al., p. 340). These temporary or timing differences arise because some revenue and expense items are recognized at different times for tax purposes than for financial reporting purposes. Timing differences may accumulate over more than one year and create variations between the tax basis of an asset or liability and its reported amount in financial statements. These temporary variances usually become taxable or deductible when the related asset is recovered or the related liability is settled. A deferred tax liability or asset represents the increase or decrease in taxes payable or refundable in future years as a result of temporary differences and carry forwards at the end of the current year (FASB, 1992)."
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AIG Insurance Accounting Frauds, 2005.
This paper discusses frauds involving AIG and principles of accounting relating to the prevention of these frauds.
1,455 words (approx. 5.8 pages), 6 sources, MLA, AU$ 78.95
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Abstract
This paper explains that the American International Group--AIG, the world's largest insurer--was reported to have arranged deals to manipulate financial figure in its own records and those of General Re, a reinsurance company, resulting in financial fraud during the autumn of 2000. The author points out that AIG also was involved in another accounting fraud with Brightpoint Inc., which was reported by the Securities and Exchange Commission in 2003; AIG worked closely with the Brightpoint people to tailor an alleged insurance policy that let Brightpoint overstate its earnings by an amazing 61% in a cash circulation deal from Brightpoint to AIG and again back to Brightpoint. The paper defines receivables are monies due from the customers, which are tallied by invoices and happen due to operating cycle's process of selling inventory or services on terms that permit delivery before cash is collected.
Table of Contents
The General Re Fraud
The Brightpoint Fraud
Cash & Accrual Basis of Accounting
Receivables and Inventory
Fixed and Intangible Assets
Liability & Stockholders Equity
From the Paper
"Under the cash method of accounting, the books are maintained on the actual cash flow. Income is recorded on its receipt and expenses enter the books on their actual payment. Whereas majority of the businesses use the accrual basis, the most correct method for the company depends on the sales volume, credit policy of the company and business structure. In case of the accrual method, income & expenses are recorded while they occur, notwithstanding whether there has been exchange of cash and an example of this is sale on credit. Accrual method is appropriate when the annual sales are more than $5 million and the business is a corporate organization. Besides, it is suggested that while selling on credit, matching of income and expenses during a given period must be done."
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Accounting Differences, 2006.
This paper examines the field of accounting and looks in particular at managerial and financial accounting.
2,025 words (approx. 8.1 pages), 0 sources, AU$ 129.95
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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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