...Professional Accounting Associations Professional accounting organizations offer accountants a wide variety of resources relating to the accounting industry. Several professional organizations exist in the business environment. Many of these organizations offer professional certification to individuals who meet certain requirements and pass exams. Individuals can be members in as many organizations as they desire. Accounting organizations can be domestic or international. Individuals often select accounting organization memberships based on the certification that will help advance their career. American Institute of Certified Public Accountants The American Institute of Certified Public Accountants is the primary accounting organization in the United States. According to the AICPA website, this professional accounting organization has more than 360,000 members with individuals in business, public practice, government, education and sued and affiliates. International accountants also make up a portion of this organization membership. The AICPA works in conjunction with state accountancy boards to offer individuals the certified public accountant certification. The CPA certificate is often seen as the gold standard in public and private accounting. Institute of Management Accountants The Institute of Management Accountants is the leading U.S. organization for managerial accounting. According to the IMA website, this organization has a network of about 60,000 professionals...
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...Professional Knowledge and Abilities Laurie Mack GEN200 October 11, 2010 Adam Rhein Professional Knowledge and Abilities Professional Knowledge and Abilities Impact Career Success In this paper I will point out how an association to an organization can impact an Individual’s career. This essay will go as far as to explain my interest in a professional organization; it will also demonstrate how that organization can enhance one’s professional knowledge and abilities, and how the association to an organization can impact a career in the accounting field of business. In order to do this I must define accounting, its purpose and its four major types of accountants first. The American Institute of Public Accountants defines accounting as “The art of recording, classifying, and summarizing in a significant manner and in te rms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof (Wikipedia.org 2010)”. In other words, accounting is basically about keeping track of the money, and is what businesses use to monitor their income, expenses, and assets over a period of time. Accounting is crucial to the functioning of all organizations it plays the important role in maintaining and processing all relevant financial information that a company requires for its managing and reporting purposes. There are many sectors in accounting one can focus their career on. The four major Accountants...
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...The Role of Accounting in the Medical Office By Joy Hicks Medical Office Expert An accounting department plays an enormous role within the medical office. As the backbone of the organization, the accounting department allows the organization to operate at its fullest potential. Without an accounting department, it would be impossible for any type of organization to operate in a cost effective manner. General Accepted Accounting Principles (GAAP) are the common set of accounting principles, standards and procedures that companies use to compile their financial statements. GAAP, are simply put, the customarily accepted ways of recording and reporting accounting information. Each organization may operate differently but all have to follow by set guidelines within the organizations community, state and at the federal level. If these standards and procedures are not followed the U.S. Security and Exchange Commission (SEC) will fine the organization and possibly pursue criminal action to enforce compliance. Within accounting and financial management, there are four key elements recognized. The four elements are: Planning, Controlling, Organizing and Directing and Decision Making. The planning element allows an organization to set forth goals and guidelines to ensure the future success and accomplishments of the medical office. Controlling provides the organization the opportunity to ensure that all areas within the organization are following the previous planned...
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...Abstract This paper is on the based on ethical issues in financial accounting, I picked this subject because I believe that having good morals and ethics is the mainstay of life in general, But in finance and accounting it is very important to have this to be successful in business, which is based on personal, professional and corporate issues that will arise in day to day operation. Introduction Accounting is the profession of Analyzing, collection, recording and posting financial transactions in a manner to provide useful information essential to making financial decisions by leaders in a business or organization. Accounting is also called the language of business. The financial statements are used to communicate the effects of the operation and financial strength of a business or organization. By making comparisons of statements from a company from year to year, a professional could be able to predict the profitability, direction and financial condition of a business or organization (Juan, 2007). It is important that the accounting practice is immune to greed and selfishness, and should be a free emotional reporting function which requires a skillset to handle complex technical skills but have no moral involvement. People think on most financial issues or scandals are problems of disloyalty and distrust (Senaratne, 2011). Can we trust those who run the finances in today’s world? Can Accountants, auditors, bankers can be trusted? Yet when an issue is not...
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...share fiscal responsibility – in degrees – for the company or organization for which they work. Bookkeepers Often considered by accountants and CPAs as just technicians or clerks, bookkeepers perform some of the same daily tasks as do accountants and certified public accountants. Many bookkeepers work as freelancers for small businesses in need of financial recordkeeping. Bookkeepers maintain daily accounting records, posting debits and credits, generating invoices for clients and checks for vendors as well as handling payroll. Many small business owners often double as bookkeepers. Bookkeepers typically lack the education of an accountant or CPA, as they gain on-the-job experience. Professional organizations for bookkeepers help to improve professional recognition for bookkeepers by accounting professionals as well as providing certification programs of abilities and skills. Accountants Accountants have a four-year college degree. While many accountants have an educational background in accounting, some are more general business majors. Companies that generate more than a million dollar in sales each year might have an accountant on staff or hire the services of a professional accountant from an accounting firm managed by a certified public accountant. As the company grows, the accounting department expands to handle the increased fiscal responsibilities within the organization. Accountants work with accounting clerks and technicians who handle daily financial entries. Accountants...
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...in someone social or professional behavior, and business practices. This mainly includes the ability to take advantage of another without them having knowledge or giving consent. Unethical behavior or unethical practices is a form of manipulation on something or someone without their knowledge or permission. Unfortunately unethical behavior is very common in the social world but even more common in the business or professional setting. When it comes to a business or organization people find it hard to believe that unethical behavior is being committed, especially in an organization that is well known in the community. There are several reasons that can encourage unethical accounting practices or behavior in organizations, but the most common reason would most likely be money. Accountants are paid professionals that work for an organization or is hired outside the business to perform services such as: audit and assurance, consulting, deals, financial advising, tax accounting services, and so much more. These services are imperative for an organization to maintain good business accounting and good strategic planning of the business finances. Since individuals in the accounting profession have such a considerable amount of responsibility to companies and to the public, there has to be a level of confidence in the knowledge and the behavior of accountants. However, there are times when unethical behavior and practices are displayed in the accounting profession, particularly...
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...THE IMPACT OF INFORMATION TECHNOLOGY ON THE ACCOUNTING PROFESSION IN NIGERIA By: Idongesit Efiong Utah ABSTRACT This research focuses on assessing the impact of information technology on the Nigerian Accounting profession by examining four areas: Impact on the public and private sector, the challenges and reaction to the challenges posed by information technological innovation and information technologies enhancing effect on the Accounting profession. INTRODUCTION It is evident that we are in information driven age where information technology is a driving tool in the public and private sectors. The replacement of mainframe computers with personal computers which were affordable to most users has ushered us into an era of proliferation of information, speed of assess to and ability to disseminate information. The information technology revolution has brought about a drastic change in the business environment, its structure and the business process. Information technology has become a strategic tool that drives the strategic initiatives of organizations and businesses. Manual processes have been replaced with automated processes, routine bookkeeping and recording of financial information is being done electronically, and the ease and speed of transacting business has greatly increases. The accountant as a major player in the public and private sectors cannot afford to be left out. To function properly and competently the accountant must take the changes brought about by information...
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...The Role of Management Accounting in the Organization The purpose of management accounting in the organization is to support competitive decision making by collecting, processing, and communicating information that helps management plan, control, and evaluate business processes and company strategy. The interesting thing about management accounting is that it is rare to find an individual within a company with the title of “management accountant.” Often many individuals function as accountants within the organization, but these individuals typically operate as financial accountants, costs accountants, tax accountants, or internal auditors. However, the ability to develop and use good management accounting (which covers a lot more ground than the product costing done by cost accountants) is actually an important ability for many individuals, including finance professionals, operational and marketing managers, top-level executives, and information technologists. Generally, in a very large company, each division has a top accountant called the controller, and much of the management accounting that is done in these divisions comes under the leadership of the controller. On the other hand, the controller usually reports to the vice president of finance for the division who, in turn, reports to the division’s president and/or overall chief financial officer (CFO). All of these individuals are responsible for the flow of good accounting information that supports the planning...
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...Accounting Ethics Accounting ethics is primarily a field of professional ethics, the study of moral values and judgements which are applied to the accountancy. “Accounting ethics can be defined as a set of distinct guidelines for a business to maintain clean balance sheets, accounting for their profits, losses and expenses incurred and prevent it from mishandling financial reports and statements” (Buzzle 2011). The nature of the work carried out by accountants and auditors requires a high level of ethics. Shareholders, investors, managers, and other users of the financial reports rely heavily on the financial statements of a company in order to make some big decisions and investments. And in the current business world, due to more and more business frauds and corporate collapses came out, attention has been drawn to ethical standards accepted within the accounting profession. In China, I often heard about that many companies act in some immoral ways, for example, preparing three books, overstating/understating their assets or net income, overstating the cost of inventory, and so on. The companies which misstate or hide some financial information may bring some substantial benefits to them in a temporary short time. This is the most obvious reason for the accounting frauds. As far as I know, preparing three books is the most common problem in many small companies. When they want to get a loan from the bank in order to make new investments or enlarge the productivity...
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...Reporting Practices and Ethics Paper Margaret Rovaris HCS/405 July 27, 2015 Terri Andrews Reporting Practices and Ethics Paper All businesses have their certain reporting practices and ethics standards within their company. It is mandatory for them to have standards on how they will conduct their business in order to be successful. It is the same for the healthcare organizations. The healthcare finance manager should be very knowledgeable of the general financial ethical standards so their business can keep a positive reputation. In the United States there are generally accepted accounting principles (GAAP) that businesses must abide by. This determines how accountants conduct and format their reports in house and to others. Since these reports will be seen by others that are outside of the business, the FASB made it easy for everyone to understand it. If every company had their own way of methods for their accounting reports comparing financial statements would not be accurate and it will be easier to hide information. One of the key ethical standards for a business is that their accountant must have competence. “To be competent, accountants and professionals must not only have secured education and practice that prepares them for their position, they must also continue that education by learning new information that can affect their practices”. (Morley, 2015. Pg. 1, Para. 3). Objectivity is another principle that an accountant must have. AN accountant may not...
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...Assignment on ACT-201 Role of “ICAB” and “ICMAB” in Accounting Development of Bangladesh Submitted for: Netai Kumar Saha Lecturer Dept. of B.B.A East West University Submitted by: Md. Saim Ur Rahman Id: 2013-1-10-130 ACT-201 Sec-04 Submission Date: 29th March, 2015 Plot No-A/2, Main Road, JahuruIslam City Aftabnagar, Dhaka-1212, Bangladesh. ICAB The Institute of Chartered Accountants of Bangladesh (ICAB) is the national professional accountancy body in Bangladesh. It is the sole organization in Bangladesh with the right to award the Chartered Accountant designation. It has around 1,400 members. The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973). Top of Form Bottom of Form Establishment: The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973). ICAB's Administrative Ministry: The Ministry of Commerce, Government of the People's Republic of Bangladesh is the administrative Ministry of ICAB. ICAB's Vision: To meet the ever-changing global economic demands dominated by WTO regime, the ICAB is fast becoming a body of professionals whose expert services will be highly sought after- - To anticipate, meet and exceed the rising...
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...relationships. A crucial relationship is that of a professional towards his or her client. Because accounting is a skill that demands expertise, and because accountants have clients’ who depend on that expertise, accounting can be included among the professions. Accounting ethics in the field of accounting refers to the guidelines (consisting of judgments and moral values) that a professional needs to follow while practicing accounting. People using the service of accounting professionals rely on their professional competency to take decisions and in the process also relies on the ethics followed by them. Roles an Accountant can fulfill Although accountant’s primary purpose is to present a picture of an organization’s financial affairs, accountants play many other roles: 1) Auditing- the most important role is the role of an independent accountant (auditor). The auditors function is that the organizations estimate are based on formulas and those formulas are applied consistently year to year- thus to ensure reasonable and consistent application. 2) Managerial Accounting- In house role of accountant is to give most accurate picture of the organizations economic state so that company can flourish. The account’s main responsibility is to the company, but if the companies’ board, managers and share-holders are at cross purpose, the accountant is conflicted. This conflict forms the ground for many ethical problems. 3) Tax accounting- another important role of accountant is the determination...
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...managing is the supervision of a business or organization’s finances in order to reach financial goals. The main intention of financial management is to generate capital for the organization, produce a progressive cash flow, and deliver a suitable recurrence in funds. Moreover, there are four elements of financial management that are very important to any health care organization as well as the generally accepted accounting principles related to health care. The four elements of financial management are planning, controlling, decision making, organizing and directing. A financial manager needs to understand and implement each of the four elements to ensure the success of a business. While planning the financial manager need to recognize goals and classify the steps that are necessary for achieving these goals. A financial manager recognizes the procedures that must be completed to achieve the organization’s goals. The organizing and directing element of financial management makes sure the most recent resources are used and provides daily supervision. The financial manager determines how the resources of the organization will be used in order to successfully complete plans that have been established. The controlling element of financial management is to ensure procedures are being followed. Financial managers ensure all ranges of the hospital are following the procedures that have been recognized by cooperating with all managers inside the organization. Reviewing present reports and...
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...financial management depend on the nature of the business, so we will postpone that discussion until later in the chapter. In larger organizations, financial management and accounting are separate functions, although the accounting function typically is carried out under the direction of the organization’s chief financial officer (CFO) and hence falls under the overall category of “finance.” Abstract (Moorely, 2013). The key elements of financial management include: Financial planning, Financial Control and Financial Decision-making. All this are basically concerned with the procurement, allocation, and control of the financial resources of a business concern. As health care workers enter the twenty-first century, they must understand the relationships among market-driven forces, the health care workforce, and financial compensation. This understanding can be facilitated by a grasp of utilitarian ethical theory and by ethical tenets of justice such as distributive justice, material principles of justice, and justice as fairness. Health care workers also need to understand how unfair financial compensation can demoralize them and compromise their values. However, professional associations and health care managers can take a proactive stance to ensure that organizations are ethical in their approach to financial compensation. Accounting and financial professionals must abide by ethical standards that regulate what kind of business they conduct, who they serve and how they use their...
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...Fundamentals of Accounting: Managerial verses Financial Accounting Fundamentals of Accounting acct122 Fundamentals of Accounting: Managerial verses Financial Accounting What has the organization in its focus; futuristic planning, financial control, and data based decision making affecting its reports and suggestions; and an emphasis on relevance and timeliness in its decision making (2012)? The answer to this question is managerial accounting. According to J. W. Jones (2013), a retired managerial accountant, her job and other positions with the title are responsible for reporting financial information to the company’s administration and parties outside of her organization such as stockholders or creditors; however, her focus was the internal accounting services and needs of the business’s management. Mrs. Jones confirms there is a difference between managerial and financial accounting. Her career choice was managerial accounting which specialized in helping gather and communicate the information needed to set the company’s long term objectives and goals for cost control, revenue strengths and weaknesses, and profit data statistics within in local departments, regional and often territorial plants. At times, Mrs. Jones found herself working with certain data regarding customer groups and how they would be affecting that business segment in the future. This differed from financial accounting in that the latter would handle the matter from a historical account...
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