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Accounting

            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 by the company's own management and directors. Today more and more companies are moving from the manual accounting systems to computerized accounting information systems. The advantages of a computerized system are increases in the speed and accuracy of processing accounting information. However, as systems become computerized, the internal controls for that system has to be adapted accordingly. This is because computerized systems bring with them certain unique problems that can only be removed or minimized by adapting the present controls and adding new controls. In a manual system there is a paper trail for the internal auditor to follow. All records and transactions are kept on paper and so an auditor has clear and documented proof of what has transpired. Computerized systems rarely have a clear paper trail to follow. Since computers do all of the sorting of the information the company rarely sorts the source documents. Also the computer does most of the calculations and processing so there would not be the amount of documentation that there would be in a manual system. Another problem of computer systems is the fact that there can be difficulty in determining who entered the data. In a manual system the identity of the person entering the data can be identified possibly by the person's handwriting. This cannot be done in a computerized system. This makes it very difficult to determine who is responsible for errors or fraud. Since the computers do all calculations and processing errors can occur due to bad design of the program. This can be difficult to detect especially if the error does not occur frequently and only does so under particular conditions.


Essays Related to Accounting

1. Accounts

INTRODUCTION Accounting systems have been used for thousands of years. ... Modern accounting measures and communicates financial information about an economic entity. ... ACCRUAL ACCOUNTING All businesses need to choose one of these methods of accounting: cash or accrual. ... Tax Years and Accounting Periods Income and expenses must be reported to the IRS for a specific period of time, called your tax year, your accounting period or your fiscal year. ... For example, if you make a sale on account (or, on credit), you would record the transaction at the time of the sale, with an ent...

  • Word Count: 3170
  • Approx Pages: 13
  • Grade Level: Undergraduate

2. Accounting

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  • Word Count: 525
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3. Definition of Accounting

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4. international accounting

Introduction Accounting is a way for communicating economic information. ... This problem faces the accounting standards themselves. ... The third difference in preferred accounting practises. ... The cost of an accounting system in an multinational is increased both by the cost of designing and running different accounting systems in different countries, and the cost of adjusting accounts from different countries to the accounting system of the country of the holding company for consolidation. ... Thus, accountants in the US, the United Kingdom and Canada try to simplify the languag...

  • Word Count: 2830
  • Approx Pages: 11
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5. FAS 123- Accounting For Stock Options

When an accounting controversy arises accounting agencies will step in to help solve the problem. One accounting issue that was prominent in the late 1980s and early 1990s was, accounting for employee stock-based compensation or stock options. Today the accounting statement made by FASB, number 123 - Accounting for Stock-Based Compensation, is the most recent addition on how to account for stock options. ... In 1972, the first solution for accounting for employee stock options came from the AICPA, Accounting Principles Board Opinion No. 25 (Mozes, p. 144). ... The FASB can hold open for...

  • Word Count: 1930
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6. The Gender-Factor In The Accounting Profession

In 1970, women comprised a mere 24.6% of those employed in the accounting arena. ... To fully understand the impact that gender has on the accounting profession you must understand how the introduction of women in the accounting field has effected the profession. ... Though many college women have increased their numbers for accounting majors, their experience as an accounting major is not always the same as their male counterpart. How Gender Effects the Accounting Profession Women in the accounting profession face many obstacles. ... It is in college where women are first introduced to...

  • Word Count: 981
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7. Benefits of International Accounting Standards

The International Accounting Standards Board constituted these universal guidelines. ... When formulating these rules, the board consults widely and takes into account the various cultures spread across all nations. ... Thus, international accounting standards provide a harmonious code of ethics, which becomes more vital during conflict resolution among companies. ... The use of international accounting standards provides an opportunity for greater flexibility on the same. ... The stock exchange market also stands to gain from a harmonization of international accounting standards (Jeno 2011, ...

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8. Envrionmental Accounting

What is environmental management accounting? ... Before we can even begin to understand environmental accounting we must first understand the social significance of accounting. ... This allows for traditional accounting norms to serve purposes beyond conventional accounting. ... Environmental management accounting refers to internal operations of environmental accounting within a corporation. ... Internal environment accounting or cost accounting traces the costs of the corporation's activities on the environment. ...

  • Word Count: 3332
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9. Accounting

Accounting Accounting is the study of how businesses track their income and assets over time. ... There's a lot to get out of a career in accounting. ... Audit is the bread and butter work of accounting. ... Pubic Accountants work in Public Accounting firms. ... The largest, high profile public accounting firms are known as the Big Six and dominate the field of accounting. ...

  • Word Count: 1675
  • Approx Pages: 7
  • Has Bibliography
  • Grade Level: Undergraduate

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