Category: Accountancy

Nowadays, all organizations have to use unified accounting concepts to ensure sufficient reporting of their financial transactions.[1] Waste Management Inc. was one of the organizations that violated these standards while being accused of financial manipulations and fraud. In this instance, reviewing its accounting principles can help understand the actual financial process with the help of…

Accounting is one of the fields that are often discussed in media despite their complexity and abundance of terminology that only the specialist are capable of recognizing and placing in the context of the narration. In a recent article Survey Finds Audit Flaws by the Big Accounting Firms published by Reuters in the New York…

Managing finances occupies a substantial area in all healthcare organizations due to the significance of real numbers to determine future practices, investments, and expenditures. Two different methods are used in various types of healthcare institutions, which are cash and accrual accounting basis. Still, most healthcare providers use the accrual method because it is believed that…

Hospitals and home care organizations have two distinctly different modes of operation. Whereas hospitals offer a plethora of treatments ranging from rudimentary health check-ups to long-term ambulatory care, home care organizations namely provide visiting nurses to perform procedures, provide instructions, and generally oversee the state of health of the patient (Jones, Finkler, Kovner, & Mose,…

Introduction Regulatory boards such as the Financial Accounting Standards Board (FASB) have developed frameworks that seek to formalize systems of accounting used by different types of organizations. These frameworks aim at monitoring and regulating the recording, reporting, and preparation of financial statements in various organizations. Key among these frameworks is the Generally Accepted Accounting Principles…

Accounting research papers may become a pleasure to compose, but for some writers, they may turn into a complete nightmare. The main reason for this is the complexity of accounting terms that are not always comprehensible for nonprofessionals. Therefore, before starting to write an accounting research paper, one has to realize clearly in which field…

The career counseling session is devoted to the appropriate career intervention developed for the group of students with common interests and skills. The principal task of the counseling process is centralized around accounting career making. The group of students is to understand the main goals and professionalism they have to develop to become skilled and…

Table of Contents Importance of timing differences in accounting and businesses Temporary and permanent differences Current and deferred tax assets and liabilities References Importance of timing differences in accounting and businesses In business, it is important to make an accurate tax return so as to avoid the costs associated with penalties that arise from filing…

Accrual accounting and cash accounting play an important role in organizational financial management. In accrual accounting, the results of transactions and other processes are recognized upon their occurrence (Zelman, McCue, & Glick, 2009). It implies that costs are conformed with received incomes (e.g., the cost of goods is written off at the moment of their…

Table of Contents Accounting Problem Ethical Considerations Negative Impacts Affected Parties Alternatives Concluding Points Source It is worth noting that any company should deliver reliable information and provide quality services to its clients and partners. Fundamental ethical principles in accounting are confidentiality, provision of services following technical standards, honesty, and transparency. Careless attitude to the…