Find and read a news article related to the International Accounting Standards Board (IASB) or International Financial Reporting Standards (IFRS) using Bloomberg, Forbes, Barron’s or Yahoo Finance, etc.Write a 2-paragraph summary of the article that includes (a) what you learned while reading the article, (b) how the article relates to the course (c) a question this article leads you to wonder about or consider.Guidelines:Articles should […]

Find and read a news article related to financial statements, the impact of a company’s earnings release, or a fiscal year using Bloomberg, Forbes, Barron’s, Yahoo Finance, etc.Write a 2-paragraph summary of the article that includes (a) what you learned while reading the article, (b) how the article relates to the course, and (c) a question this article leads you to wonder about or consider.Guidelines:Articles […]

Jake’s Sporting Goods sells sporting goods and apparel in Omaha, NE. On October 17, Jake’s purchased $50,000 of sporting goods from Cincinnati Wholesale Distributors with terms FOB shipping point and 1/10, n/EOM. On October 18, Jake’s purchased $45,000 of sporting goods from the Chicago Sports Wholesalers with terms FOB destination and 3/15, n/30. Both suppliers hired KC Trucking Company to deliver the goods. The trucks […]

What responsibilities did David Duncan owe to Arthur Andersen? To Enron ‘s direction? To Enron ‘s shareholders? To the accounting profession? David Duncan owed Arthur Anderson the duty to make what a sensible employee would make in any state of affairs to include a responsibility to work with sensible attention and accomplishment. Not to interrupt concern, non to vie in concern against Arthur Anderson while […]

During this dire economic times, the emphasis on quality accounting and finance practice is greater than ever. These two areas have been my area of focus in my education and career goals. I am looking to take another step towards my aspirations by gaining more knowledge through enrolling in the MSc Accounting and Finance program. I believe I have what it takes to do well […]

Accounting has a history that is usually discussed in terms of one seminal event- the invention and dissemination of the double entry bookkeeping processes. Paul Garner and Atsuo Tsuji (1995) report that the first printed treatise of bookkeeping in the world is the Summa de Arithemetica, Geometria, Proportioni et Proportionalita written by Luca Pacioli. The treatise was published in Venice in 1494, and was reprinted […]

The aftermath of hurricane Katrina and September 11th 2001 attack was misinformation about financial positions of companies and individuals and misappropriation of funds meant for disaster recovery. Insurance companies were forced to pay some compensation based on financial statements which were prepared from insufficient records. After the two disasters accounting regulating body set out on how accounting should be recorded and reported in case of […]

Business Environment Accounting: The information system that measures business activities, processes the information Into reports, and communicates the results to decision makers. Two Major Fields of Accounting: 1 ) Financial Accounting: The field of accounting that focuses on providing information for external decision makers. 2) Managerial Accounting: The field of accounting that focuses on providing information for internal decision makers. Certified Public Accountants (Spas): Licensed […]

Outlines of Accounting Pronouncements As indicated previously, this manual consists of 14 modules designed to facilitate your study for the Financial Accounting and Reporting section of the Uniform CPA Examination. The table of contents at the right describes the content of each module. Module 9: Basic Theory and Financial Reporting A. Basic Concepts Key Terms Multiple-Choice Questions (1-83) Multiple-Choice Answers Simulations Simulation Solutions B. Error […]

Assignment 2: Creating, Financing, and Marketing a Business Shamika Ward Professor Roderick D. Thomas Introduction to Business December 2, 2012 Identify the pros and cons of the partnership as a form of ownership. Partnership is one of most common forms of business. There are many advantages to business partnership as well as a few disadvantages. One advantage is that a partnership is easy to establish. […]