Accounting Systems
Assessing the Current and Future State of The lifeblood of any business is the revenue it generates while managing costs, ensuring profitability of the business, and its long-term survival and growth. The catalyst of managing a business effectively is the use of accounting information, financial analysis, and increasingly in the 21st century, the use of real-time financial analytics on key performance indicators (KPIs) used to manage a business (Ferguson, Seow, 2011). Accounting systems continue to be the foundation of managing businesses to profitability while mitigating potential risks though insightful and real-time use of financial data. The future of accounting systems will be increasingly influenced by the real-time reporting and analysis as the Securities and Exchange Commission (SEC) has required the largest publically traded corporations in the U.S. To report their results through the extensible Business eporting Language (XBL) protocol (Tribunella, Tribunella, 2010). The SEC is setting a very…...

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References

Ferguson, C., & Seow, P. (2011). Accounting information systems research over the past decade: Past and future trends. Accounting and Finance, 51(1), 235.

Gill, R.. (2011). Why Cloud Computing Matters to Finance. Strategic Finance, 92(7), 43-47,1.

Salah A Hammad, Ruzita Jusoh, & Elaine Yen Nee Oon. (2010). Management accounting system for hospitals: a research framework. Industrial Management + Data Systems, 110(5), 762-784.

Tribunella, T., & Tribunella, H.. (2010). Using XBRL to Analyze Financial Statements. The CPA Journal, 80(3), 69-72.

accounting systems, their tradeoffs, and discusses the differences between countries in their approaches.
Each of the cost accounting systems discussed in the articles accomplishes some management goals better than other systems, but there are tradeoffs involved with each. Different nations approach their cost accounting systems differently due at least in part to differences within cultures. For instance, GP is more suited to countries where the culture is one of uncertainty avoidance, one of the five dimensions of Hofstede's taxonomy. GP offers the most uncertainty avoidance because there is relatively little ambiguity in the assignment of costs; GP is characterized by narrowly defined cost centers and strict cost center criteria. Cultures such as Germany's are characterized by a management environment that includes highly skilled workers and technical expertise among managers. This is in contrast to the U.S. where workers tend to have more generalist skill sets and managers have been educated…...

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Krumwiede, Kip & Suessmair, Augustin, (2008). A closer look at German cost accounting methods: a survey of the cost management systems used by companies in Germany, Switzerland, and Austria. Management Accounting Quarterly. Retrieved July 26, 2010, from   bxcra.2.a.55http://findarticles.com/p/articles/mi_m0OOL/is_1_10/ai_n31370936/?tag=r 

Lockhart, Julie & Taylor, Audrey, (2007). Environmental considerations in product mix decisions using ABC and TOC. Management Accounting Quarterly.  http://proquest.umi.com/pqdweb?index=0&did=1411673321&SrchMode=1&sid=9&Fmt=3&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1301590287&clientId=29440 

Portz, K. & Lere, J.C. 2010. Cost Center Practices in Germany and the United States: Impact of Country Differences on Managerial Accounting Practices. American Journal of Business. Muncie: Spring, 2010. Vol. 25, Iss. 1; pg. 45.  http://proquest.umi.com/pqdweb?index=25&did=1992507361&SrchMode=1&sid=6&Fmt=2&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1315214891&clientId=29440

Accounting System Implemented at Chic Paints Limited
eport submitted in order to fulfil the requirements of AAT Accounting Qualification

Internal Controls and Fraud

Accounting System eview

Weaknesses in the Existing System and ecommendations

Cost and Benefit Analysis

Mapping of report to outcomes and criteria

The purpose of this report is to present the findings of the evaluation of existing accounting system implemented at Chic Paints Limited. Chic Paints Limited hired me as an Accounting Technician of the Company to review the accounting systems of the company and report on the operating effectiveness of the internal controls, and this report explains it.

The report also discusses the results of the evaluation of existing accounting systems implemented at Chic Paints Limited on the basis of the AAT code of Ethics and Sustainability requirements. The report also identifies and presents the weaknesses in the existing accounting system along with the effects of the identified weaknesses.

1.3 ecommendations for improvement in the…...

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References

Aat.org.uk (2013). AAT and sustainability | AAT. [Retrieved from:   [Accessed: 16 Dec 2013].http://www.aat.org.uk/about-aat/aat-sustainability 

AAT London (2011). AAT code of Professional Ethics. Code of Ethics. London: AAT.

Fraudiscovery.com (2013). 20 Question to Detect Fraud. Retrieved from: [Accessed: 16 Dec 2013].http://www.fraudiscovery.com/detect.html

Griffin, D. (2013). What Are Internal Accounting Controls? Retrieved from:   [Accessed: 15 Dec 2013].http://smallbusiness.chron.com/internal-accounting-controls-3809.html 

felt differently. She was concerned about the bad decisions that were made throughout the year based on the incorrect inventory numbers. She felt that she and the other accountants should have helped develop more timely and effective system controls."
Accountant B. was right to be concerned. However, the balance sheets that were created during the year would eventually be checked, and the inventory balances would be noted. It would also be noted that inventory balances had been adjusted to reflect all downward adjustments at the end of the year The related income statement account would then have the periodic adjusting entry, which for CBU, when compiled at the end of the year, should equal the amount of $1 million.

Losses in supplies, but usually not inventory, need to be entered into the asset account in order to reduce the periodic balances. If part of January's inventory had been lost, that would…...

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Works Cited

Accounting Coach, L.L.C., 2006,    http://www.accountingcoach.com/online-accounting-course/12Xpg02.html#cost-of-goods-sold-inventory-systems .http://www.accountingcoach.com/online-accounting-course/12Xpg03.html#cost-of-goods-sold-periodic-lifoand 

Pappadeaux
The current accounting system at Pappadeaux is fundamentally flawed, and the result is distorted performance figures for managers. Appendix A contains the basic income statement that Harry is using to evaluate Gregory, with variance noted. However, Gregory should not be evaluated on matters that do not relate to his performance. A significant portion of the poor performance against the budget relates to elements of the budget that were out of Gregory's control. For example, all food is purchased at head office; overhead is allocated by head office; utility rates cannot be controlled, only usage; Harry granted supervisors a raise; rent is established by corporate head office; taxes are out of Gregory's control.

With respect to food costs, a variance budget would show that the food expense should be 1/3 of sales, based on the budget. This implies that the food budget should have been $266,666 but was $240,000. This is an…...

Explain a Contractors Estimation and Accounting SystemA contractors accounting system consists of the methods and records used to identify, assemble, analyze, classify, record, and report a contractors transactions, assets, and liabilities (Defense Contract Management Agency (DCMA), 2019). Conversely, a contractors cost estimation system refers to the policies, practices, and procedures for generating cost data and other data included in cost proposals that are submitted to the government in the expectation of obtaining contract awards (DCMA, 2019). An adequate cost estimation system should maintain a consistent approach, utilize sound estimation techniques, make use of appropriate source data, and follow established procedures as per the federal acquisition regulations (FAR) (DCMA, 2019). A good accounting system needs to be well-designed to prevent mistakes and provide reliable accounting data (DCMA, 2019). The adequacy of a contractors accounting and cost estimation systems determines whether or not they receive a contract offer. This research paper seeks…...

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References

Arif, F., Lodi, S., & Azhar, N. (2015). Factors Influencing Accuracy of Construction Project Cost Estimates in Pakistan: Perception and Reality. International Journal of Consruction Management, 15(1), 59-70.

Defense Contract Management Agency (DCMA) (2019). Contractor Business Management. Defense Contract Management Agency (DCMA). Retrieved from  https://www.dcma.mil/Portals/31/Documents/Policy/DCMA-MAN-2301-01.pdf 

Defense Procurement and Acquisition Policy (DPAP) (n.d.). Reviewing the Contractor’s Pricing and Accounting Practices. Defense Procurement and Acquisition Policy (DPAP). Retrieved from  https://www.acq.osd.mil/dpap/cpf/docs/contract_pricing_finance_guide/vol4_ch3.pdf 

Fitrios, R. (2016). Factors that Influence Accounting Information System Implementation and Accounting Information Quality. International Journal of Scientific and Technology Research, 5(4), 192-98.

Professional Profile of the Defense Finance and Accounting Service (DFAS):
Chaos

What is the Defense Finance and Accounting Service?

Ensuring that the men and women who work for the United States military receive their salaries promptly is critical. The Defense Finance and Accounting Service (DFAS) serves this vital function. The DFAS was created in 1991 by the Secretary of Defense, "to standardize, consolidate, and improve accounting and financial functions throughout the Dod. The intent was to reduce the cost of the Department's finance and accounting operations while strengthening its financial management" ("Agency overview," 2016). Today, the organization pays all "military and civilian personnel, retirees and annuitants, as well as major Dod contractors and vendors" as well as is responsible for accounting and financial record-keeping for the Dod ("Agency overview," 2016). The agency was formed to consolidate different administrative functions but has been the target of a great deal of criticism because its presence…...

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References

Agency overview. (2016). DFAS. Retrieved from:

 http://www.dfas.mil/pressroom/aboutdfas.html 

Crawford, J. (2016). Audit reveals Army's trillion-dollar accounting gaffes. CNN.

Retrieved from:

Such adjusting entries will help to improve the accuracy of financial statements. Adjusting entries is necessary because accrual accounting systems demand that the events are recorded accurately. They are not to be recorded strictly on the basis of cash transactions, and all of these adjustments serve to translate the accounting figures that arise from the cash accounting to accrual accounting by incorporating all of the different non-cash transactions and ensuring that every element of the income statement and balance sheet is correct.

On a computerized accounting system, there might be software that can actually make these entries. If not they will need to be entered manually into the system.

As with any accounting, there are certain ethical issues that need to be understood. The accrual statements are where we report our profits and losses. It is important that they are completed accurately. Any fraud is illegal and cannot be tolerated. e have…...

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Works Cited:

No author. (2012). Adjusting entries. Accounting Coach.com. Retrieved November 29, 2012 from  http://www.accountingcoach.com/online-accounting-course/08Xpg01.html

This model could then be customized for the needs of the different companies.
Sankaran and AlHashim (2006) make a compelling case regarding the need for harmonized accounting standards and practices. In addition to the globalized economy, they also rightly point to the benefits of such harmonization for corporations - including a greater ability to keep track of expenses and a better way of reconciling different accounting practices in its branches worldwide. Furthermore, Sankaran and AlHashim (2006) also allay fears that harmonization is equivalent to imposing only one accounting system around the world. Instead, they highlight the need for commonality, for a web-based accounting system that lends itself to different accounting practices.

The paper makes a strong argument, and the data regarding the need for a harmonized accounting system is compelling. hile this article may present a challenge for readers unfamiliar with basic programming language, the inclusion of a generic algorithm for…...

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Works Cited

Sankaran, Siva and Dhia D. AlHashim. 2006. "An Accounting Information System for Harmonization."

Journal of American Academy of Business, Cambridge. 9(2): September.

Yet, financial statements and managerial accounting reports can be highly effective nonetheless. Sometimes they will merely confirm what the proprietor already knows, but there are inevitably going to be times when they will reveal that the proprietor's assumptions about the nature of the business are false. Moreover, accounting can act as essentially a second opinion. The proprietor may feel one thing is true, but the numbers can reveal something different.
Overall, accounting is an essential component of any business. Sole proprietorships often make less use of accounting, in part because the law does not obligate them to engage in any more than the most rudimentary accounting. However, proprietors should not overlook the value of accounting. Accounting helps to reveal the business' past performance, but can also be used to enact organizational controls today and to help plant for more effective operations in the future. By understanding the firm's cost structure…...

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Works Cited

Marshall, David H.; McManus, Wayne W & Viele, Daniel F. (2008). Accounting - What the Numbers Mean. McGraw-Hill/Irwin, New York, 2008.

Accounting and Intrusion Detection
In a report issued by Paladin Technologies, Inc., entitled: "Security Metrics: Providing Cost Justification for Security Projects," 273 organizations were surveyed on the topic of security. The report illustrates in quantifiable terms the depth and reach of intrusion detection on the financial viability of the organization. The combined reported losses from the firms surveyed totaled $265.6 million in 1999. The highest loss categories were reported as follows:

Type of Loss

Estimated Dollar Value

Number of espondents

Theft of intellectual capital

m

Financial Fraud

m

Sabotage

m

The average annual financial loss of firms surveyed was estimated at $40 million. Forty three percent of respondents were able to quantify financial losses, and seventy four percent were able to acknowledge financial loss. Ninety percent detected cyber attacks within the most recent twelve-month period and seventy percent reported serious breaches other than viruses, laptop theft, and employee abuse of net privileges. As for these categories, six hundred and forty three…...

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Resources

Risk Assessment risk assessment involves estimating the likelihood and severity of an occurrence, the relative impact of risk on the facility, information handler, processing, support, and the mission of the organization. Assessing the likelihood means determining the probability that existing controls will be skirted. Pfleeger has identified a series of steps for examining the likelihood of adverse occurrences:

Calculate the probability that the risk may happen, found in the observed data for the specific system.

Estimate the likely number occurrences in a given time period. The analyst gives a rating based on several different risk analysis methodologies, and then creates a table to hold and compare the ratings.

The Delphi approach: several raters individually estimate the probable likelihood of an event, combine their estimates, and choose the best one.

Wood was used more for recording, ink and seals were used to write accounts on top of a piece of wood. It was used mostly by everyone as it was inexpensive plus it was very easy to write on top of it. Marked stick also played many roles, also known as counting tally. ut in fourteenth century, there was an argument for a decline in tallies and to increase the use of paper which was found in England. Still this was an expensive import, in a result tally remained there for many years along for efficient calculation's an abacus was used.
y 1700, few professional accountants were found in Scotland for the Italian method of book keeping. ut by 1800 there were many professional accountants who were operating in the major Scottish towns as the knowledge of accounting became even more common in the business community. The notable accountants were…...

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Bibliography

Basil Selig & Robert Henry. "Accounting History: Some British Contributions" 1994.  http://www.google.com.pk/books?id=avQ6KzZEzHoC&printsec=frontcover&dq=accounting+history&sig=BzfVxGuY9YCOP2zRSRbDXtQIeCM

Accounting Fundamentals for ealthcare Management
This paper examines governmental and nonprofit accounting and discusses how it differs from commercial accounting. In the accounting field, there may not always be a clear distinction between the three types of organizations. The dividing line between business and nonbusiness organizations may depend on the incidence and relative importance of the nonbusiness characteristics found in an entity. The funds of such organizations are usually earmarked for specific purposes and must be used in accordance with laws, regulations, or contractual requirements.

One distinction of nonbusiness organizations is that they generally have no single indicator of performance, such as profit or net income. FASB:CS-4 provides two performance indicators for financial reporting for nonbusiness organizations:

They provide information about the nature and relationship between inflows and outflows of resources.

They provide information about service efforts and accomplishments.

FASB: CS-4 also sets forth the distinctive features of the nonbusiness organization:

Nonbusiness organizations receive significant amounts…...

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Horowitz, K.J. (2006, February 26). State and Local Government Accounting Principles. Retrieved on Aril 15, 2011 from Mercer County Community College website:  http://www.mccc.edu/~horowitk/documents/Chapter02D.pdf 

Ruppel, W. (2010). Governmental Accounting Made Easy. Hoboken, New Jersey: John Wiley & Sons, Inc.

Siegel, J.G., & Shim, J.K. (2006). Barron's Accounting Handbook (4th ed.). Hauppage, New York: Barron's Educational Series.

The management accounting leads candidates into finance, risk management and even production management. hile CMA certification is not necessary to pursue a career in management accounting, it is recommended. The IMA claims that certified management accountants earn on average $25,000 more per year than non-certified peers (IMA, 2011).
As with the accounting profession in general, there is increased demand for management accountants. CMAs are in demand because of their ability to contribute to the profitability of businesses, and demand for CMAs is expected to grow in coming years. Because CMA job duties are less structured than those of financial accountants or auditors, CMAs enjoy greater career flexibility.

Both types of accounting positions are poised to enjoy significant growth. There is also a trend in business, particularly since Sarbanes-Oxley, of looking to accounting professionals to lead firms. More CEOs are coming from the accounting stream than ever before, which highlights the importance…...

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Works Cited:

Bureau of Labor Statistics. (2011). Occupation outlook handbook 2010-2011: Accountants and auditors. BLS. Retrieved March 20, 2011 from  http://www.bls.gov/oco/ocos001.htm 

IMAnet.org, various pages. (2011). Institute of Management Accountants. Retrieved March 20, 2011 from  http://www.imanet.org/ima_home.aspx 

Taub, S. (2003) Now playing: CFO as CEO. CFO Magazine. Retrieved March 20, 2011 from  http://www.cfo.com/article.cfm/3007934

Accounting
Differential Cost

Differential Cost strategy when used by an educational entity such as UOS means that the institution determines what it would cost to offer alternative forms of education based on the number of students interested in choosing those alternative forms. In other words, by offering choices to the students based on the student's specific needs and desires and then measuring the difference in cost when compared to other educational offerings, the school will know exactly what the differential cost is. This allows the school to offer courses and activities in the most efficient and effective manner, and in a manner that produces the highest amount of revenue with the lowest cost. By knowing the difference between the school's offerings and what the same type of offerings are being offered by their competitors, the school will be capable of offering more for less. As an example, if the school decided to…...