Accounting

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Budgetary Process The federal budget runs in a fiscal year, which last from October 1 to September 30. The Office of Management and Budget first helps to create the federal budget. It is then sent to the president, the central part of the budgetary system, and he must check it, and afterwards it is sent to Congress. Another governmental structure involved in the budgetary system is the General accounting office. The GAO is responsible in making sure that the government spends its money

Super Value grocery, located on Post road, is part of the Atlantic Super Value large scale grocery store. The Super Value chain is own by Loblaws Incorporated. During our visit on Friday February 7th 1997, we observed the following control procedures used by the firm in order to use their resources effectively and to provide the managers with accurate accounting information. The large scale food distributor uses scanners at every cash register. The use of such device provide a better

Generally Accepted Accounting Practice The main purpose of searching for a new method to estimate cost if due to the erroneous practices of accounting. There is a wide recognition of this problem but most companies still have not gone to a different approach. The GAAP principles do not provide the kind of cost detail and information focus required in today’s capital intensive, automated, and complex manufacturing and distribution. It generates an erroneous and inverse relationshi

I. OVERVIEW Today's accounting in China is strikingly different from 30 years ago. In western countries, there appeared to have been relatively little interest in the accounting system used in China before the 1970s (Zhou 1988). The language barrier and differences in culture may have contributed to this lack of interest, but other factors include the low level of participation and involvement in the world economy in the pre-reform communist regime. Before China changed its policy to accep

On September 28, 1998, Chairman of the U.S. Securities and Exchange Commission Arthur Levitt sounded the call to arms in the financial community. Levitt asked for, "immediate and coordinated action… to assure credibility and transparency" of financial reporting. Levitt’s speech emphasized the importance of clear financial reporting to those gathered at New York University. Reporting which has bowed to the pressures and tricks of earnings management. Levitt specifically addresses f

ACTIVITY-BASED COSTING: BEYOND THE SMOKE AND MIRRORS Summary The business environment in the 1990s is markedly different from that of the past when conventional cost accounting procedures were established. Activity-based costing (ABC), pioneered in the late 1980s, offered a new costing approach consistent with the changed environment. However, ABC did not diffuse rapidly into the business community. This article demonstrates why adopting ABC is important by documenting the pote

ACTIVITY-BASED COSTING: BEYOND THE SMOKE AND MIRRORS ACTIVITY-BASED COSTING: BEYOND THE SMOKE AND MIRRORS Summary The business environment in the 1990s is markedly different from that of the past when conventional cost accounting procedures were established. Activity-based costing (ABC), pioneered in the late 1980s, offered a new costing approach consistent with the changed environment. However, ABC did not diffuse rapidly into the business community. This article demonstrates why a

Determinants of the Returns-Earnings CorrelationThis paper is based on a chapter of the author's dissertation at Columbia University. The author thanks her committee members James Ohlson, Trevor Harris, Ashiq Ali, and Bruce Lehmann for their guidance. This paper has benefitted from the comments provided by the participants of the Ohio State University colloquium, the Third Conference on Financial Economics and Accounting, Georgetown University, and from the helpful suggestions of Stephe

Introduction The history of accounting I feel is important in the learning, understanding, and developing of my foundation for my accounting career. In this report you will learn about the development of accounting. You will learn about the people who influenced accounting the most throughout the years. You will learn how accounting came about and how it was used in the ancient times. You will learn about the invention of the double-entry bookkeeping processes. You will learn how thing

As accounting professionals, accuracy in financial calculations and the integrity of the raw data are vital to producing useful information. Our clients prevail upon us to be more accurate and more thorough in less time. The tremendous advances in information technology are apparent across most industries. Accountants can gain much from this revolution through advances in spreadsheeting. Microsoft Excel is an application that can produce an almost infinite number of financial calculati