SMW is a wholesaler of specialty micro-brewed beers. SMW purchases bottles and kegs of beer from small microbreweries in the New England area and sells them to local liquor retailers in Boston. SMW’s slogan is “Always in-stock, next day delivery.” Ted Stern, SMW’s owner and CEO, hopes to expand sales to outside of the Boston metro area within one year.
The FASB Accounting Standards Codification® is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied to nongovernmental entities.
This paper emphasize on technology tools and their effects on managerial accounting. It is clarifying Systems, Applications & Products in Data Processing (SAP) which is using by many companies in these days to manage supply chain procedures and managerial accounting. Lately, it will talk about SAP features, SAP and the value of financial staff, technology effects, and trends.
As technology becomes more sophisticated the traditional way of recording and processing accounting reports starts changing, and the most organizations are using computer systems for maintaining financial records in its information system. When there are many business processes like revenue, expenditure, conversion, and administrative process, that occur in the company, the new data are captured and become input into the accounting information system. These business processes are computerized work steps, and it can be controlled with effective and efficient accounting internal control system, which will safeguard the company assets from any fraudulent activities and ensure the accuracy and completeness of the data. Therefore, this research project is going to address the study that made on one of the biggest corporation, Wal-Mart, and the corporation’s information system, organizational structure, revenues, accounting cycles, process flowchart, risk assessment, internal control system and overview of component of company’s manual and automated information system.
As the Accountant II, I will create and modify plans, schedule individual and team meetings, organize training sessions, assist in preparing the accountants and technicians for the next level in their job and continue communication with the Supervisor and Manager. In my current position, I worked with the accountant and the technician to improve their accrual worksheet. The process included tracking the year-end accrual reversal journal entries and the revenue received. Also, I work with the Revenue and Finance staff and other departmental personnel to provide Oracle, CAFR-Online, and basic accounting training. I continuously communicate with my Supervisor and Manager to improve the accounting
As long as this world have businesses and buying and selling within company to company accounting and Accounting Information Systems (AIS) will play a big role in financial management and decision making. The degree of value and how usable an AIS is depending on if the system is custom, outsourced or boxed. In this paper I will talk about just that. You will find out if the company should keep, change, modify or outsource and what will be the advantages and disadvantages of doing so. Analyze the need for changing to a new system and the potential benefits and risks associated with this. Identify three (3) advantages
Abstract. The article reviewed was Qualitative financial statement disclosures: Legal and ethical considerations. The abstract emphasizes that information that demonstrates a non-compliance or illegal transactions should be provided in the disclosure. Otherwise, it negatively impacts the accounting profession (p. 433).
This paper talks about tools and technology and their effects on managerial accounting. It is clarifying Systems, Applications & Products in Data Processing (SAP) which is one of the most popular and important software in these days and many companies are using this software to manage their supply chain and managerial accounting procedures. Later, it will talk about SAP features, financial staff and their value related to SAP, technology effects on business, and trends.
Accounting principles are like the Ten Commandments to a CPA. The principles are recommendation or instructions on what an account should follow when logging and informing on all accounting transactions. Businesses rely on their account every month to maintain the financials records of the company. At the end of each month, it is important for every transaction to be documented and posted as a financial entry in the monthly trail balance. An account needs to ensure all journaling is correct; an account must know the importance of how to record prepaid expenses, unearned revenues, accrued expenses, and accrued revenues.
To answer this question, first scale up both of the figures. The units increased by 20% from a base of 3000, so (1.2)(3000) = 3600 units were sold. The price at which they were sold was a 10% increase on a base of $50, so (1.1)(50) = $55. The total gross revenue therefore is (3600)($55) = $198,000. To calculate the net revenue, the 6% returns must be subtracted from the gross figure: (198,000)(.94) = $186,120
One purpose of financial reporting is to provide information that is useful in making business and economic decisions for internal and external users. The measurement plays a vital role in preparing a reliable and fair report cause it determines how the report shows the entity’s financial position and performance.
The methods to summarize, procedures to establish, controls and plans to gather along with presenting the most accurate and error free financial data for making management decisions all of these organized computerized methods falls under the head of Accounting System.
Null Hypothesis (H0): Users of Accounting Information do not rely on published financial statements for effective decision-making.
The major accounting principles that guide accounting practices are endorsed on the Generally Accepted Accounting Principles (GAAP). This is an international guidelines that all the companies and organizations are expected to apply in their operations. These principles are further classified into assumption and constraints. The assumption principles include business entity, going concern, monetary unit and time period assumption principles (Hendrick, 2011). Other principles listed in the GAAP include historical cost, revenue recognition principle, and matching, and full disclose principles. On the other hand, constraints are also divided into objectivity principle, materiality principle, consistency principle, and conservatism principle (Weygandt J. J., 2012). Disney Company adhered to these concepts while preparing its financial reports to present fair information to the users is recommended in the International Financial Reporting Standards. This research work dwells on the analysis of the various principles and constraints with regards to Walt Disney Company.
Modern accounting systems have become the foundation from which the modern organization can rely and depend upon to maintain a strong efficient strategy that will help the organization grow. The modern accounting systems embraces the old accounting practices that have been used for hundreds of years and builds upon that platform to give modern organizations control over the finances. There must be set in place internal controls to keep the company assets from being stolen and that is why modern accounting systems utilizes many internal controls with the organization. The modern accounting system is one of the most valuable assets that a modern organization has in its possession because modern accounting systems make better use of the