COURSE OBJECTIVES Financial and management accounting are more closely linked in practice than one might expect from reading traditional textbooks and the problems to be resolved often have income tax and auditing consequences as well. This seminar is designed to provide you with opportunities to apply general concepts and principles learned in intermediate and advanced financial accounting courses to new economic transactions and business decisions. Cases will be used to permit you to practice
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operation of an accounting system has three basic phases: input, processing and output. The inputs are the journals which is the chronological record of transactions which are recorded as they occur on numerous source documents such as sales invoices, purchase invoices etc. Periodically, these journals are posted to general ledger, which constitute the processing phase of the system. Financial statements are prepared from the data in general leger. This is the output. Thus an accounting system is essential
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Internal Controls on an Accounting Information System Discussion of Internal Controls that are placed in an Accounting information System In accounting systems, certain controls are needed to ensure that employees are doing their jobs properly and ensure that the system runs properly. These checks are in the best interest of the organization. These controls come in the form of internal and external controls for the system. The internal controls are the checks that are placed in the system my the
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Computerized Accounting Computerized Accounting Over the past two decades the way accounting data is entered, stored and processed has changed considerably. This is due to the introduction of computerized accounting packages. It is no longer necessary for large companies to have huge store rooms full of ledgers and records. Instead all information can be stored in computer hard disks. Accounting packages give many advantages over manual systems, for example entries do not have
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Technology in Accounting Rabbit XACC/210 - Accounting Information Systems 08/18/2013 Gregory Ellis Technology in Accounting Information systems are changing various aspects of the accounting profession by dictating the ways that businesses operate. Before the use of computers, or AIS, accountants had to use hand-written ledgers and spreadsheets to keep track of business records. This old method of accounting took hours of time, cases of paperwork, and cost the businesses
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ACCOUNTING FRAUDS CONTENTS WHAT ARE FRAUDS? | WHAT ARE ACCOUNTING FRAUDS? | NOTABLE FRAUDS | NOTABLE OUTCOMES | MANIPULATION & FALSIFICATION OF RECORDS | MISAPPROPRIATION OF CASH BALANCES | MISAPPROPRIATION OF GOODS | TEEMING & LADING | WINDOW DRESSING | SECRET RESERVES | ENRON FRAUD | WORLDCOM FRAUD | WHAT ARE FRAUDS ??? FRAUDS AND THEIR CHARACTERISTICS Misstatements in the financial statements can arise from fraud. In criminal law, a fraud is an intentional
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Automated Process of Accounting Information Systems Time management, effective processes, and reliable internal control are keys to a business’ success. The core activities of any for-profit businesses revolve around payroll, accounts payable, accounts receivable, and inventory processes. Any deficiency in any of those four processes can impair a company’s ability to operate and drive it to failure. Those four main activities must run smoothly and efficiently if a company aspires to be successful
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ADM 335 ACCOUNTING II: MANAGERIAL ACCOUNTING COURSE DESCRIPTION Managerial accounting involves the use of economic and financial information to plan and control many of the activities of the business entity and to support the management decision-making process. The main objective of this course is to explore the relevant issues of cost accounting. Hence, this course examines the acquisition, analysis, and reporting of accounting information from the perspective of effective management decision
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In the process of accountancy reforming and internationalizing, our country refers to the accounting standards in the USA to a large degree. However the audit failure always happens in America accounting firms. In recent years, a series of financial embezzling cases have taken place in the United States. The quantities and influence wouldn’t be anticipated. Audit failure means that CPA provides error audit opinion for unfaithful statements because he or she doesn’t confirm to audit standard
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WRITTEN GROUP REPORT FOR MODCOS1 As part of the course requirements in MODCOS1, you are expected to submit a written group report of any company/business of your choice regarding any product or service that entity is offering. You are to provide a detailed product or service cost analysis for the company/business of your choice. Since MODCOS1 tackles about job order costing system, make sure that the company you choose is using a job order costing system. Please ensure that the business is registered
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