In: Business and Management

Submitted By n3rt
Words 318
Pages 2
The Early History of Accounting

The Zenon papyri which were found by people on 1915 contain much information about business activities and several business operation of private estate of thirty year during the third century. This proves that accounting records exist on back to several thousand years.

The article present by Hain in 1966 state that .The Zenon’s accounting system contained provision for responsibility accounting, a written record of transaction, personal wages paid account, inventory records, and record of acquisition and disposal of asset. This was show that all the account is subject to auditing.

On 1300-1500, because the highly increasing on trade and commerce of Italian. The proper and accurate record for transaction is important urgent need. Through the Arabic numeral system and basis of arithmetic, Italian develops a double entry bookkeeping entry system. This can be found on the book by Italian monk, Fra Luca Pcioli. He formalized the practice and idea that the double entry bookkeeping enabled the organization to keep a proper, complete and accurate record of their transaction. And enhance the organization ability in prepared the financial statement.

On 1600, the people desire to obtain capital information rather than the whole financial statement. This had motive the separate the financial statement to statement of profit and loss and statement of financial position.

On nineteenth century, the evolution of transform joint ventures into business corporation in England also make an major impact in the development of accounting record. Under the corporation, the owner may not be the management. Thus, many external parties and owner need and demand the financial information of company to evaluate the company performance and also to know about the return of their investment. Therefore the concept of differential the capital and…...

Similar Documents

Integrated Reporting

...its stakeholders, society, and even the planet. Integrated reporting, which encompasses elements of traditional financial reporting, sustainability reporting, and governance reporting within a single presentation, represents a growing trend that reflects these new expectations. The core concept underlying the term “integrated reporting” is providing one report that fully integrates a company’s financial and non-financial (including environmental, social, governance and intangibles) information. Integrated reporting offers the opportunity to centre business reporting on strategy and value creation, to demonstrate how the business uses capital and the extent to which they should continue to be invested in business. Integrated reporting is a journey. Organizations are unlikely to achieve perfection in the first year. In the absence of a generally accepted framework, companies that wish to move toward integrated reporting may encounter several dilemmas around relevance, scope, assurance and other issues. However, as reporting processes for the production of the supporting information are designed and improved and as the executive team begins to benefit from a more informed implementation of the governing structures’ decision, reporting will improve. This paper considers the rationale behind the move towards Integrated Reporting, offers initial proposals for the development of an International Integrated Reporting Framework, and outlines the next steps towards its......

Words: 14827 - Pages: 60

Pension Reporting

...Pension Reporting and Segment Elimination Requirements Deborah Hunter, Stephanie Murray, James Newsome, Sharon Stubbs, and Star Troutman ACC 541 January 14, 2013 Shauki Smith MEMORANDUM TO: CEO FROM: Team A DATE: January 14, 2013 SUBJECT: Pension Reporting and Segment Elimination Requirements CC: Shauki Smith This memo serves to provide an explanation of required reporting for define contribution, defined benefit, and other postretirement plans. In addition to pension reporting requirements, an explanation of the requirements for eliminating segments is also provided. Defined Contribution Plan In a defined contribution plan, companies will define how much they plan to contribute each period to the employee’s retirement benefits. The company defines the period. The company will contribute the amount to a funding agency such as a pension fund. The company is not liable for the amount of benefits the employee receives upon retirement. Therefore, the company must only contribute the amount that was set forth each period. Defined benefit plans, on the other hand, are more complex. Instead of contributing each period to the employees retirement account, the company agrees to provide a certain benefit amount each period upon retirement. Therefore, the company must ensure that the funding for such plans are adequate to cover the employee’s retirement benefit plan. Non-GAAP Funding Methods A company that offers defined benefit plans to their employees...

Words: 965 - Pages: 4

Sports Reporting

...Sports Reporting: The Passionate Age versus The Information Age There was time when there was no Facebook, no Twitter, and no Most people had to deal with the 3-4 channels television provided. The newspaper sports page was filled with useful information and statistics. Then once the information age hit, sports became an instant gratification topic. The people who were reported the sports news were well qualified journalists that attended games and did research. In today's sports reporting world, anyone with a computer and basic writing skills can report and offer insight to any sports topic of their choosing with little or no skills. So why as avid sports fans, have we allowed the common sports blogger to infiltrate and provide us with average and marginal news? There are thousands and thousands of sports games played each year. In days past, unless you attended the actual game, you normally wouldn't know the outcome of games unless you stayed up late to watch the local news or you read the newspaper the next day. The newspaper was the top of line source of detailed information for your favorite team or the game you wanted to know about. The men and woman who wrote the articles were passionate and provided the readers with actual accounts of the game. Most if not all were college educated and had numerous credentials. The information they provided the best picture possible, but there were some setbacks, mainly that you had to wait for it. In other......

Words: 697 - Pages: 3

Variance Reporting

...Variance Reporting As a manager for a variable department within a hospital, it sounds like I will certainly endure many challenges as it relates to budgeting. But mostly, because I'm faced with the challenge of not having a fixed budget for the department I'm managing. For this purpose I will be the manager of this department with a flexible budget or a variable budget. First we would need to understand what a a variable budget is. Most variable departments run based on luck, because the budget isn't a standard fixed budget its a chance taken each month that expenses will cover each other based on what portions of the budget or under and/or over budget. This sometimes how a variable department operates. We will also examine a variance report. In terms of the budget, a variable budget means that there is no determined dollar amount to allot for certain items in the budget. It is the examination of the deviation of an actual observation from the standard. Of course, in this scenario I don't have to opportunity to have a budget that remains constant, instead I am faced with a flexible budget as it relates to payroll. If I were to receive my monthly budget report and it has imbalanced findings because it is off budget, it would be bit concerning for me. The goal of a financial manager is to provide accurate budgets based on their reporting. Part of my duties include the financial success of the department. Presenting anything that falls short of the projections made by......

Words: 769 - Pages: 4

Reporting Practices

...Reporting and Ethical Practices HCS 405 June 24, 2014 Reporting and Ethical Practices Financial and accounting professionals must follow the ethical standards that regulate the type of business they conduct, who they conduct business with, and how they use their skills to conduct their business. These ethical standards are defined by professional finance organizations and the Financial Accounting Standards Board. This article will discuss reporting and ethical practices for any financial and accounting organization. It will include a summary of generally acceptable accounting principles and general financial ethical standards, as well as, summarize the four elements of financial management. This article will conclude by discussing researched articles on financial reporting practices, ethical standards, and financial management within the health care organization. Generally Accepted Accounting Principles (GAAP) and Financial Ethical Standards According to "Business News Daily" (2014), “Generally Accepted Accounting Principles (GAAP) is a combination of guidelines, comprehensive rules, and generally accepted standard practices utilized throughout the accounting industry to prepare and standardize financial statements, such as balance sheets, income statements, and cash flow statements” (Generally Accepted Accounting Principles (GAAP): Standards & Rules for Accountants). In 1999, the American Institute of Certified Public Accountants (AICPA) designated the...

Words: 984 - Pages: 4

Reporting Paper

...CPA Report Furious Styles ACC/545 January 09, 2011 Instructor: LaToyia Tilley MEMORANDUM TO: Nazgrel Darkmoon, CEO FROM: Furious Styles DATE: January 09, 2011 SUBJECT: CPA report The recent acquisition of the subsidiary we have taken control of has been set up as a corporation. I have received your email regarding the aspects of this transaction that you would like to have explained, and will also give you an idea of what the professional responsibilities are for the CPA’s involved. In addition, I will detail the methodology used to determine deferred taxes, the procedures for reporting accounting changes and error corrections, and the rationale behind establishing the subsidiary as a corporation. At the root of the advantage of using Certified Public Accountants in our examinations are their reputation, independence, and overall competence to provide the required results. CPA’s are highly trained, have very high standards of ethics, and can simply provide a more detailed and thorough service for us. Their ongoing education ensures us that their methods are always up to date, and their professionalism will provide us with accurate and verifiable results that won’t have to be re-checked. Their key function for our needs will be to examine the financial statements of our new subsidiary Reviewing the financial statements simply isn’t a proper way to get a clear picture of our new subsidiary. In a financial audit, the CPA’s will......

Words: 1186 - Pages: 5

Financial Reporting

...Financial Reporting Problem, Part 1 XACC/290 July 25, 2014 Peggy January Financial Reporting Problem, Part 1 Proctor and Gamble, also known as P & G, has been in operation for 175 years. The annual report for the fiscal year of 2012 has provided valuable information to investors, employees, current shareholders, and prospective lenders. The information gained through the thorough review of the annual financial statements can assist in the decision making process for these various entities. After all, the annual report can contribute to decisions concerning further or future investment in the company, the ability of the company to obtain lending services, and even ways the employees can improve sales and productivity of the company. According to the P & G annual report for 2012, the total assets at the end of the fiscal year 2012 reporting period was equivalent to 132,244 million dollars. This is an important number because of the fact that it will be used to compare gains and losses to previous years. This number will assist in the determination of the profitability of the business. The report also determined the total assets for fiscal year 2011 was 138,354 million dollars. This amount, when compared to the amount for fiscal year 2012, shows there to be a loss in the total assets of 6,110 million dollars. This proves to be a substantial loss of assets over the course of a year. The cash and cash equivalents for P & G during......

Words: 788 - Pages: 4

Financial Reporting

...Financial Reporting Problem Part 1 Matt Johnson XACC/290 August 10, 2014 Joan Gapp Financial Reporting Problem Part 1 After looking at many companies on the internet and looking at their financial statements, I choose Walgreens. Walgreens is the nation’s largest drugstore chain. When you look at the financial statements you will see why they are the largest drugstore chain in the nation. The amounts that will be in this report will be in millions of dollars, except for shares and per share amounts. The company’s total assets at the end of the most recent annual reporting period were $35,481 million and the total assets at the end of the previous annual reporting period were $33,462 million. The total assets are important to a variety of people, including the CEO, finance department, investors, potential investors, and board of directors. The information shows what the company is worth, whether those assets are long term or short term, cash or property. It is important to be able to account for what the company has in terms of assets because that is really what the company can base its worth on. The amount of cash and cash equivalents a company holds is very important and is a large component of a company’s overall operating strategy. Walgreens and the end of the most recent annual reporting period had $2,106 million. Companies with high amounts of cash and cash equivalents are better able to get through hard times when sales are low or expenses are......

Words: 784 - Pages: 4


... 10. Complete and Compact Document: Report is a complete and compact written document giving updated information about a specific problem. 11. Systematic Presentation of Facts: Report is a systematic presentation of facts, figures, conclusions and recommendations. Report writers closely study the problem under investigation and prepare a report after analyzing all relevant information regarding the problem. Report is supported by facts and evidence. There is no scope for imagination in a report which is basically a factual document. 12. Prepared in Writing: Reports are usually in writing. Writing reports are useful for reference purpose. It serves as complete, compact and self-explanatory document over a long period. Oral reporting is possible in the case of secret and confidential matters. 13. Provides Information and Guidance: Report is a valuable document which gives information and guidance to the management while framing future policies. It facilitates planning and decision making. Reports are also useful for solving problems faced by a business enterprise. 14. Self-explanatory Document: Report is a comprehensive document and covers all aspects of the subject matter of study. It is a self-explanatory and complete document by itself. 15. Acts as a Tool of Internal Communication: Report is an effective tool of communication between top executives and subordinate staff working in an organization. It provides feedback to employees and to executives......

Words: 3609 - Pages: 15

Financial Reporting

...Sarbanes-Oxley In Week 1 we studied the general importance of the "rules of the game" (property rights and the rule of law) to a well-functioning economy. This week, we focused in more closely on the "rules of the game" regarding corporate governance and financial reporting. The Week 6 topic of fraudulent financial reporting relates to corporate top management that enriches itself and abandons its obligations to shareholders, employees, creditors, government, and the general public. The Agency Problem Economists call this failure of duty the problem of "agency." Top management is supposed to be the fiduciary (faithful agent) of the shareholders that own the enterprise. But a corrupt agent neglects fiduciary duty to the principal in favor of his/her own selfish interest. Lawyers refer to this same problem as a failure to perform “fiduciary duty” and a "conflict of interest." Ethicists see the problem as deviation from moral conduct. But, whatever terminology is used, the problem remains the same: how can the management agency be kept faithful to its fiduciary duty to the owners, and to the other stakeholders (employees, creditors, government, and the general public)? This is a fundamental and difficult problem. The founders of the United States confronted it in attempting to create a federal government that would be powerful enough to perform its functions, but not so powerful that it would become as oppressive to Americans as the English government the American......

Words: 3160 - Pages: 13

Financia Reporting

...again in the foreseeable future. * There are two types of events that, if they have a material effect on the income statement, require separate reporting below income from continuing operations as well as separate discloser: * Discontinued operations * Extraordinary items. * The objective is to separately report all of the income effects of these items. * INTRAPERIOD TAX ALLOCATION associates (allocates) income tax expense (or income tax benefit if there is a loss) with each major component of income that causes it. * More specifically, income tax is allocated to income from continuing operations of the two separately reported items. * The two items reported separately below income from continuing operations are presented net of the related income tax effect. * By definition, the income or loss stream from a discontinued operation no longer will continue. * The net-of-tax income effects of a discontinued operation are reported separately in the income statement, below income from continuing operations. * When the discontinued component is sold before the end of the reporting period, the reported income effects of a discontinued operation will include two elements: * Income of loss from operations of the component from the beginning of the reporting period to the disposal date * Gain of loss on disposal of the component’s assets. * If a component to be discontinued has not yet been...

Words: 2391 - Pages: 10

Reporting Paper

...| [Company Name] | Memo To: | Chief Executive Officer | From: | Lola Fujino | cc: | | Date: | June 21, 2015 | Re: | Segments and Pension Plan | | | The recent acquisition by our company has created two issues which need to be addressed; the two segments which are required to be reported and the two different pension plans. My goal is to eliminate the segments as well as determine the appropriate method for reporting both pension plans. Discussed herein are descriptions of the defined contribution plan, the defined benefit plan, as well as other post retirement plans. Furthermore, I have include a recommendation as to eliminating the two segments. The expansion of our organization is indicative of our growth and success; however, with change comes difficulty in fully disclosing each financial aspect in accordance with Generally Accepted Accounting Principles. In our financial reporting, we must be thorough in explaining each of our pension plans. Beginning with the defined contribution plan, contributed to by both employee and employer of which only employer contributions are guaranteed. Accounting for this method is simple in that we shall record our liability to the extent of the contributions made (Schroeder, Clark, & Cathey, 2011). The defined benefit plan is more complex; this plan guarantees a specific benefit amount per month at retirement. The benefit amount is determined by several factors: employee salary, years of employment, and age.......

Words: 785 - Pages: 4

Crime Reporting

...Crime Reporting and Victimization Paper Christian Viejo CJS/239 September 12th, 2012 Bob Young Crime Reporting and Victimization Paper Imagine living in a world where there is nothing that is tracked. We would have no way of knowing our history as we do now and will only have what someone makes up. In order to know our history and the history around, it is important to take notes and keep a record of all events. The same goes for keeping track of other items such as crimes. It is important to keep track of this information so that we can pick up and trends that may be caught on and help prevent the crimes in the future. In order to keep track of this information, there are certain tools that help keep track of it. We will discuss those tools and the differences of them. We will also discuss the impact of victimization and how the data can help prevent crimes against someone in the future. Common Sources of Crime Reporting Data According to the “National Institute of Justice” (2009), there are two major reports that are used to collect data on crimes within our country. The first of these reports is called the Uniform Crime Reports, also known as UCR. The second of these is called the National Incident-Based Reporting System. Someone may ask why there are two different sources being used and the answer is simple. Each report although collects similar information, collect different information and is used by different agencies. The Uniform......

Words: 1077 - Pages: 5

Pcaob Reporting

...Case Study 2: A Practical Guide to the New PCAOB Reporting Requirements Forensic Accounting: ACC-571 January 28, 2012 A Practical Guide to the New PCAOB Reporting Requirements Created by the Sarbanes-Oxley Act of 2002, the Public Company Accounting Oversight Board or PCAOB requires auditors of U.S. public companies be subject to external and independent oversight. Congress established the PCAOB in order to protect investors and the public interest by promoting accurate, informative, and independent audit reports. The PCAOB aims to improve audit quality, reduce the risks of auditing failures in the U.S. public securities market and promote public trust in both the financial reporting process and auditing profession. (PCAOB, 2012). During this case study I will justify how the reporting requirements of the PCAOB reduce the chance of financial fraud, illustrate the responsibilities of an auditing firm to detect fraud during the audit process, recommend alternatives to the PCAOB, and lastly prepare a sample timeline for PCAOB reporting. How the reporting requirements of the PCAOB reduce the chance of financial fraud: PCAOB necessitate senior financial managers to enforce a code of conduct (Advisory Report, 2003). The purpose of the code of conduct is to encourage honesty and ethical conduct, compliance to relevant regulations, and also promote full, accurate and timely disclosure in financial reports. As a result, the PCAOB reduces chances of financial fraud by......

Words: 1215 - Pages: 5

Abuse Reporting

...buse Reporting Abuse Reporting BSHS/332 Abuse Reporting In the state of California, “…abuse must be reported when one who is a legally mandated reporter “…has knowledge of or observes a child in his or her professional capacity, or within the scope of his or her employment whom he or she knows or reasonably suspects has been the victim of child abuse or neglect…” (Department of Social Service, May 2003, p. 4). This goes for ANY kind of abuse; whether the victim is elder or a minor. Abuse is defined as, “… physical injury… sexual abuse… willful cruelty or unjustified punishment… unlawful corporal punishment… and neglect” (Department of Social Service, May 2003, p.1-2). The persons who qualify to make the reports are, “…mandated reporters in public positions… health care personnel who are mandated reporters… mandated reporters in public protection position… mandated reporters in public contact positions (i.e. commercial film and photographic print processor, clergy members, any custodian of records of a clergy member, a child visitation monitor… and employee or volunteer of a court appointed special advocate program… and any animal control or humane society officer)” (Department of Social Services, May 2003, p. 2-4). Abuse needs to be reported “… within 36 hours of receiving the information regarding the incident” (Department of Social Service, May 2003, p. 5). In the State of Arizona, according to "Northern Arizona University" (2012), "The federal laws found......

Words: 1030 - Pages: 5