Making up a sustainable financial position - Accounting
One of the ways by which investors, regulators, and the general public have been deceived is by presenting a company's financial position solid in appearance when in fact such company is in the verge of bankruptcy. How is this accomplished? It is ... [... more]
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Accountants' Professional Shape - Accounting
You could look out of professional shape even if you are a brilliant accountant if you have no clue about bankruptcy proceedings. BM & Crooks, Inc., which was involved in the business of paper brokerage and procurement began experiencing ... [... more]
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Accountants Misusing Key Positions - Accounting
Accountants are suitable for many key positions within or outside organizations. The American Institute of Certified Public Accountants (AICPA) in its AICPA Professional Standards defines a Key Position as follows: This definition is very broad ... [... more]
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Awareness on Liability to Clientes - Accounting
Accountants are expected to deliver high quality services. With each financial scandal public skepticism and distrust raise, and simultaneously, clients become aware of professional responsibilities. Abiding professional standards is no longer a ... [... more]
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From Cash Basis to Accrual Basis - Accounting
Establishing the actual economic results of an organization that follows the cash basis of accounting may result cumbersome and subject to making mistakes in the process of converting the cash receipts to revenues earned and the cash payments to ... [... more]
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2.Taking Swift Action to Stabilize Financial Markets
The Securities and Exchange Commission has been working hard in coping the financial and economic crisis. Although the actions seem fair given the market conditions, the question remains, why were these measures taken after the fact when the best ... [... more]
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Allowance for bad debt expense recording - Accounting
In most receivables transactions, the amount to be recognized is the exchange price between the two parties. The exchange price is the amount due from a debtor (a customer or a borrower). It is generally evidenced by some type of business ... [... more]
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Statement of Cash Flows - Accounting
The indirect method, in brief, adds back to the net income the non-cash expenses and losses and subtracts the non cash revenues and gains. The indirect method is called the reconciliation method. It reconciles net income for items that did not ... [... more]
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Personal Financial Planners' Challenges - Accounting
In this volatile economy each one of us is confused, not knowing what to do with our investments, savings, if any, and how to maximize our scarce resources. Problems become a great opportunity for those who have a competitive advantage. Certified ... [... more]
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Classification of Cash Flows
The indirect method is the most widely used.The direct method is call income statement method while the indirect method is called the reconciliation method. - Statement of Cash Flows: Direct or Indirect Method - Accounting is a personally written ... [... more]
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Ponzi Schemes and Forensic Accountants - Accounting
Sadly many investors have been defrauded again and forensic accountants are busy helping regulators to establish the true scope of the Ponzi scheme that led to investors' losses close to 50 billion. This scandal has undermined the public trust in ... [... more]
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Recording Partnerships' Transactions - Accounting
Forensic accountants are called in when conflict between business partners arise to help bring common grounds for an agreement. In executing their duties, forensic accountants may assist in helping attorneys understand the accounting that reflect ... [... more]
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