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Outline Of Accounting
The following outline is provided as an overview of and topical guide to accounting: Accounting – measurement, statement or provision of assurance about financial information primarily used by managers, investors, tax authorities and other decision makers to make resource allocation decisions within companies, organizations, and public agencies. The terms derive from the use of financial accounts. Nature of accounting What type of thing is accounting? Accounting can be described as all of the following: * Vocation – occupation to which a person is specially drawn or for which they are suited, trained, or qualified. Though now often used in non-religious contexts, the meanings of the term originated in Christianity. ** Profession – * Academic discipline – Essence of accounting * Bookkeeping ** Single-entry bookkeeping system ** Double-entry bookkeeping system * Financial statements * Financial audit Fields of accounting * Auditing * Cost accounting – hel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Forensic Accounting
Forensic accounting, forensic accountancy or financial forensics is the specialty practice area of accounting that investigates whether firms engage in financial reporting misconduct, or financial misconduct within the workplace by employees, officers or directors of the organization. Forensic accountants apply a range of skills and methods to determine whether there has been financial misconduct by the firm or its employees. History Forensic accounting was not formally defined until the 1940s. Originally Frank Wilson is credited with the birth of forensic accounting in the 1930s. When Wilson was working as a CPA for the US Internal Revenue Service, he was assigned to investigate the transactions of the infamous gangster Al Capone. Capone was known for his involvement in illegal activities, including violent crimes. However it was Capone's federal income tax fraud that was discovered by forensic accountants. Wilson's diligent analysis of the financial records of Al Capone resu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Comparison Of Cash And Accrual Methods Of Accounting
In accounting, a basis of accounting is a method used to define, recognise, and report financial transaction A financial transaction is an Contract, agreement, or communication, between a buyer and seller to exchange goods, Service (economics), services, or assets for payment. Any transaction involves a change in the status of the finances of two or mo ...s. The two primary bases of accounting are the cash basis of accounting, or cash accounting, method and the accrual accounting method. A third method, the modified cash basis, combines elements of both accrual and cash accounting. * The cash basis method records income and expenses when cash is actually paid to or by a party. * The accrual method records income items when they are earned and records deductions when expenses are incurred. * The modified cash basis records income when it is earned but deductions when expenses are paid out. Both methods have advantages and disadvantages, and can be used in a wide range of si ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accrual
In accounting and finance, an accrual is an asset or liability that represents revenue or expenses that are receivable or payable but which have not yet been paid. In accrual accounting, the term accrued revenue refers to income that is recognized at the time a company delivers a service or good, even though the company has not yet been paid. Likewise, the term accrued expense refers to liabilities that are recognized when a company receives services or goods, even though the company has not yet paid the provider. Accrued revenue is often recognised as income on an income statement and represented as an accounts receivable on the balance sheet. When the company is paid, the income statement remains unchanged, although the accounts receivable is adjusted and the cash account increased on the balance sheet. On the other hand, an accrued expense is recognised as an expense on the income statement and represented as a liability on the balance sheet. Once payment is made, the incom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting Period
An accounting period, in bookkeeping, is the period with reference to which management accounts and financial statements are prepared. In management accounting the accounting period varies widely and is determined by management. Monthly accounting periods are common. In financial accounting the accounting period is determined by regulation and is usually 12 months. The beginning of the accounting period differs according to jurisdiction. For example, one entity may follow the calendar year, January to December, while another may follow April to March as the accounting period. The International Financial Reporting Standards allow a period of 52 weeks as an accounting period instead of 12 months. This method is known as the 4-4-5 calendar in British and Commonwealth usage and the 52–53-week fiscal year in the United States. In the United States the method is permitted by generally accepted accounting principles, as well as by US Internal Revenue Code Regulation 1.441-2 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Double-entry Bookkeeping Systems
Double-entry bookkeeping, also known as double-entry accounting, is a method of bookkeeping that relies on a two-sided accounting entry to maintain financial information. Every entry to an account requires a corresponding and opposite entry to a different account. The double-entry system has two equal and corresponding sides, known as debit and credit; this is based on the fundamental accounting principle that for every debit, there must be an equal and opposite credit. A transaction in double-entry bookkeeping always affects at least two accounts, always includes at least one debit and one credit, and always has total debits and total credits that are equal. The purpose of double-entry bookkeeping is to allow the detection of financial errors and fraud. For example, if a business takes out a bank loan for $10,000, recording the transaction in the bank's books would require a DEBIT of $10,000 to an asset account called "Loan Receivable", as well as a CREDIT of $10,000 to an asse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Money
The history of money is the development over time of systems for the exchange of goods and services. Money is a means of fulfilling these functions indirectly and in general rather than directly, as with barter. Money may take a physical form as in coins and notes, or may exist as a written or electronic account. It may have intrinsic value ( commodity money), be legally exchangeable for something with intrinsic value ( representative money), or have only nominal value (fiat money). Overview The invention of money was prehistoric.Denise Schmandt-Besserat Tokens: their Significance for the Origin of Counting and Writing Consequently, any story of how mo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Writing
The history of writing traces the development of writing systems and how their use transformed and was transformed by different societies. The use of writing prefigures various social and psychological consequences associated with literacy and literary culture. Each historical invention of writing emerged from systems of proto-writing that used ideographic and mnemonic symbols but were not capable of fully recording spoken language. True writing, where the content of linguistic utterances can be accurately reconstructed by later readers, is a later development. As proto-writing is not capable of fully reflecting the grammar and lexicon used in languages, it is often only capable of encoding broad or imprecise information. Early uses of writing included documenting agricultural transactions and contracts, but it was soon used in the areas of finance, religion, government, and law. Writing allowed the spread of these social modalities and their associated knowledge, and ultima ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Mathematics
The history of mathematics deals with the origin of discoveries in mathematics and the History of mathematical notation, mathematical methods and notation of the past. Before the modern age and the worldwide spread of knowledge, written examples of new mathematical developments have come to light only in a few locales. From 3000 BC the Mesopotamian states of Sumer, Akkad (region), Akkad and Assyria, followed closely by Ancient Egypt and the Levantine state of Ebla began using arithmetic, algebra and geometry for purposes of taxation, commerce, trade and also in the field of astronomy to record time and formulate calendars. The earliest mathematical texts available are from Mesopotamia and Ancient Egypt, Egypt – ''Plimpton 322'' (Babylonian mathematics, Babylonian – 1900 BC),Friberg, J. (1981). "Methods and traditions of Babylonian mathematics. Plimpton 322, Pythagorean triples, and the Babylonian triangle parameter equations", ''Historia Mathematica'', 8, pp. 277–318. the ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Accounting
The history of accounting or accountancy can be traced to ancient civilizations.Keith, Robson. 1992. “Accounting Numbers as ‘inscription’: Action at a Distance and the Development of Accounting.” ''Accounting, Organizations and Society'' 17 (7): 685–708. The early development of accounting dates to ancient Mesopotamia, and is closely related to developments in writing, counting and money and early auditing systems by the ancient Egyptians and Babylonians. By the time of the Roman Empire, the government had access to detailed financial information. Indian merchants developed a double-entry bookkeeping system, called ''bahi-khata'', some time in the first millennium. The Italian Luca Pacioli, recognized as ''The Father of accounting and bookkeeping'' was the first person to publish a work on double-entry bookkeeping, and introduced the field in Italy. The modern profession of the chartered accountant originated in Scotland in the nineteenth century. Accountants often ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Accounting In The United States
U.S. tax accounting refers to accounting for tax purposes in the United States. Unlike most countries, the United States has a comprehensive set of accounting principles for tax purposes, prescribed by tax law, which are separate and distinct from Generally Accepted Accounting Principles. Basic rules The Internal Revenue Code governs the application of tax accounting.Section 446sets the basic rules for tax accounting. Tax accounting undeemphasizes consistency for a tax accounting method with references to the applied financial accounting to determine the proper method. The taxpayer must choose a tax accounting method using the taxpayer's financial accounting method as a reference point. Types of tax accounting methods Proper accounting methods are described iwhich permits cash, accrual, and other methods approved by the Internal Revenue Service (IRS) including combinations. After choosing a tax accounting method, undesection 446(b)the IRS has wide discretion to re-compute ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
