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Economic Value Added, 2002.
This paper discusses the use of a new accounting theory, Economic Value Added, or EVA.
1,235 words (approx. 4.9 pages), 1 source, MLA, $ 42.95
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Abstract
This paper investigates Economic Value Added, or EVA, invented and promoted by Stern Stewart & Co. The author points out that this theory is aimed at eliminating the problems that accounting faces today by incorporating the concept of a ?true economic profit? into accounting and bookkeeping. The paper states that the EVA concept intends to align reported earnings, something which shareholders always take into consideration when investing in a company, with the actual capital that was loaned by the company.
Table of Contents
The Cost of Equity Capital
Operating vs. Financing Decisions
Pension Plan Accounting
Full Cost Accounting
Stock Options
From the Paper
"One of the errors that accountants usually makes and that leads to distorted reporting on a company?s earnings is the fact that equity capital is not taken into consideration as a cost. If debt is considered a cost and debt interest is noted as an expense, than why not see equity as a cost as well, seeing that it is not a free resource, but something invested by shareholders into the company and funds put into the company. As Bennett Stewart points out, ?the cost of equity is not a cash cost, it is an opportunity cost?. Indeed, it is the equivalent return that a shareholder would expect to earn by investing in other stocks from companies of comparable risk."
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Network Security, 2002.
Examines the need for a network security policy for an accounting company.
1,311 words (approx. 5.2 pages), 6 sources, MLA, $ 44.95
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Abstract
This paper addresses the importance of having a written and enforceable Computer Network Security Policy for 'The Financial Group', an accounting corporation. The paper shows that the company's accounting systems comprise three major elements: A web-based front-end server, a back-end database, and business-logic applications. OS-level console access is used for system administration. Accountants access the system with Web browsers using HTTP only and are authenticated via the HTTP basic authentication mechanism.
From the Paper
"Passwords are a critical element in protecting the company infrastructure. Remember, the security policy is only as good as the weakest link. If users have weak passwords then the company is at a higher risk for compromise not only by external threats, but also from insiders. If a password is compromised through social engineering or password cracking techniques, an intruder now has access to the company?s resources. The result is the loss of confidentiality and possibly the integrity of the company?s data as well."
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Accounting, 2002.
Compares the cash versus the accrual basis of accounting.
836 words (approx. 3.3 pages), 2 sources, MLA, $ 29.95
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Abstract
This paper defines and compares two concepts in accounting - the cash basis and the accrual basis. It shows that the cash basis of accounting is more likely to be used by service businesses than by retail or manufacturing businesses. The paper also provides an example in table form to show the differences between the two systems.
From the Paper
"In short, under the cash method, a business reports income when it is received and reports expenses when cash is disbursed. Under the accrual method, a business reports income when the business has the right to receive the income and reports expenses when all events, which create the liability, have occurred and the amount of the expense is reasonably determinable."
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Accountants, 2002.
Discusses the importance of professionalism in accountants.
1,448 words (approx. 5.8 pages), 11 sources, MLA, $ 48.95
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Abstract
This paper examines the importance of education in the role of training accountants for their profession. It looks at professional standards, requirements and practices and explores what educational paths must be taken to become an accountant. The paper shows why accountants are not just glorified bookkeepers, but actually require a deeper and more intense professional training background to do their jobs.
From the Paper
"Accountants must be trained to be able to arrive at an all-inclusive view of the financial and the legal issues of a business, foreseeing the effect of every sort of transaction on the profit-and-loss statement of a business. Additionally, an accountant needs to be able to recognize and classify all additional factors that could determine the true condition of a business, such as statistics or memos relating to production issues, property and financial records, expenditures, receipts, fiscal changes, and present standing within the business community. (Henning and Torbin ) In a branch of accounting called, ?cost accounting,? the actual cost, over a certain period of time, of particular services rendered or of articles produced. By using the cost accounting system unprofitable ventures, services, departments, and methods may be discovered."
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Economic Value Added (EVA), 2002.
A look at Economic Value Added (EVA) accounting practice.
1,077 words (approx. 4.3 pages), 4 sources, MLA, $ 37.95
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Abstract
This paper discusses how Economic Value Added (EVA) is not a new concept in economics and financial theory and is based on the 19th century concept of ?economic profit?, it has only been widely adopted recently by business firms as an accounting practice. It describes what EVA is and looks at its pros and cons from the point of view of the company adopting the practice and the investors. It also examines how EVA differs from some other emerging accounting practices and the major issues relating to EVA as compared to other commonly used accounting principles. Finally, the possible problems and opportunities that a company adopting EVA principles can face are analyzed.
From the Paper
"In other words Economic Value Added is not the straightforward accounting ?profit? that we get by subtracting the costs minus revenue. In EVA we take into account the ?cost of capital? that is invested in the business and the cost of capital includes both debt and equity. Hence if we invest, for example, $ 100,000 in a business and get $110,000 as revenue the profit is not simply ($ 110,000 minus $ 100,000 = $ 10,000) since the $ 100,000 at the time of investment had an opportunity cost that has to be accounted for before we determine our ?real? profit. If the opportunity cost of $100,000 at the time of investment was $ 120,000, i.e., the investor could earn $ 20,000 by investing his/her money elsewhere, the $10,000 ?paper profit? would actually be a ?loss? in real terms."
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Audit Management, 2002.
An investigation of the framework for awarding audit contracts by the U.S. government department and agencies.
13,970 words (approx. 55.9 pages), 100 sources, MLA, $ 249.95
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Abstract
This paper discusses how audit management is a fundamental element in government accountability, control and performance management. It provides a comprehensive look at the process for audit awards made by the Federal government. It examines compliance with the process itself and identifies the framework used for guidance in awarding audit contracts.
Outline
Introduction
Overview
Rationale for and Objectives of the Project
Research Questions
Hypotheses: Main and Secondary
Research Methodology
Desktop or Literature Search
Rationale for Search Methodology
Literature/Desktop Research
Summary
Authoritative Sources
Literature Findings
Desktop Findings
Analysis and Results
Summary
Justification for Audits
Evolving Role of Auditors
Types of Audit Contracts
Understanding the Audit Process
Best practices and Benchmarking
Conclusions
Recommendations
Bibliography
Appendices
From the Paper
"The Federal government has to implement a system of checks and balances because of the broad range of responsibility that is involved in the contract process. Funkhouse reports on a local government auditing study that was conducted in large U.S. cities. A mail survey was sent to the head of each audit organization, followed be additional mailings and email and phone contact. The main outcome was that the audit directors clearly saw the value of the audit process in identifying problems in their jurisdictions. They were also proactive in initiating audits beyond those that were mandated and believed that in the long run, this would result in cost savings. The article further states that local government auditing will continue to get stronger and will eventually filter down to smaller municipalities."
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Home vs. Public Schooling, 2002.
A comparison between home and public schooling systems.
4,450 words (approx. 17.8 pages), 28 sources, MLA, $ 116.95
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Abstract
This paper debates the advantages and disadvantages of home schooling and public school education. This work focuses on both the pros and cons of home schooling and public compulsory education. Some of the main points of contention between home school advocates and public school advocates are related to socialization, cultural and moral issues, curricular issues, individualized learning issues, and of course focused and class size and school safety concerns. The paper asks: Does a home school setting offer enough curricular diversity?; Does a home school setting offer enough socio-cultural diversity?
From the Paper
"Choosing the type of education your child will utilize is a very personal decision and is often debated on a philosophical, psychological and sadly even on an economic level. (Zellman1998 pp. 370-308). Because the decision is so personal and the perceived risks, sacrifices and rewards are so large many people both before and after the fact build very strong and vocal cases for the decision they have or will make for their child. In some cases this very vocal and powerful case for one or the other system can be seen as a demonstration that the other choices are less valid and or less beneficial to the child."
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Insolvency, 2002.
A critical evaluation of the English right of set-off and combination in the circumstance of insolvency.
4,592 words (approx. 18.4 pages), 5 sources, APA, $ 119.95
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Abstract
This paper discusses how the right of combination and set-off, as developed under English law offer a number of safeguards to banks and creditors in general. It looks at how these rights were expanded under the principles that they were necessary to effect substantial justice and that they would stimulate economic growth and trade. It suggests that the judicial application of these rights has tended to unfairly favor banks at the expense of the individual customer, which may initially stimulate growth by encouraging banks to provide loans, but in the long term may serve to deteriorate trade, particularly at the international level. It demonstrates how customers in other countries, particularly civil law countries, experience much more risk when they do business with an English bank and hence may be better off refraining from bringing their enterprises there, or at any rate must be extremely careful in drawing up contracts to insist on settlement of disputes in other jurisdictions.
From the Paper
"Basically, English set-off allows a creditor to use any money it owes an insolvent debtor to pay off the debtor?s liabilities that have become due to the creditor. Thus, when liquidation commences, only the party that had the larger claim is still owed the net balance. Liquidation legally occurs when the company passes a resolution to voluntarily wind up or is judicially wound up. Effectively, eligible creditors (those that meet the mutuality requirement) are positioned alongside secured creditors to the extent of their debt to the insolvent party. Simultaneously, they continue to be placed within the pool of unsecured creditors who (as a result of the speeding of the recovery process for those creditors eligible for set-off, recover a diminished amount themselves) receive dividends on the portion of debt still owed to them by the insolvent party."
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Management at Enron, 2002.
A brief paper on the management style at Enron.
823 words (approx. 3.3 pages), 4 sources, MLA, $ 29.95
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Abstract
This paper examines how the organizational culture and management style at Enron contributed to this culture of silence that both silenced critics and forced employees to go along with management?s questionable decisions. It focuses particularly on the organizational style of Jeffrey K. Skilling, whose tenure as Enron?s Chief Operating Officer is largely credited with sowing the seeds of Enron?s destruction.
From the Paper
"Skilling?s micro-management style and rank and yank policies resulted in an intense competition among Enron executives. Robert J. Hermann, Enron's former tax counsel, described the culture of Schilling's Enron as ?me first, I want to get paid...There were always people wanting to do deals that didn't make sense in order to get a bonus? (cited in Behr and Witt, ?Visionary's Dream Led to Risky Business?). Whenever possible, Schilling reportedly used such financial incentives to shore up his ?loose-tight? management style."
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Sarbanes-Oxley Act, 2002.
An overview of this 2002 law following a period of corruption in America's corporate world, as well as how the act impacts the accounting profession.
1,193 words (approx. 4.8 pages), 3 sources, MLA, $ 40.95
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Abstract
Corporate greed and corruption has changed the face of American business forever. Corporate greed was the primary factor in the downfall of Enron, Global Crossing and MCI WorldCom. The paper shows that the governing bodies, the Securities and Exchange Commission, the Senate, NASD and other powers that be decided to act and in 2002, the Senate introduced the Sarbanes-Oxley Act of 2002. The paper describes how this new law impacts CPA?s, CPA firms auditing public firms, publicly traded firms and their employees, lawyers, brokers, dealers, investment bankers and financial analysts who work for or have as clients as publicly traded companies. The paper looks at the mission and purpose of the law and examines its affect on the accounting industry.
Table of Contents:
Abstract
Executive Summary
Introduction
Purpose and Mission
What it does
The Effect of Sarbanes Oxley on the Accounting Profession
New Rules, New Practices
From the Paper
"In addition to the mandates outlined above, Sarbanes Oxley Act allows for additional provisions that seek to prevent conflicts of interests that can be a precursor to corporate corruption. The Act bans what is known as the ?revolving door?, prohibiting registered CPA firms from auditing any SEC registered client whose chief executive, CFO, controller or equivalent was on the audit team of the firm within the past year. This Act is crucial to help lessen the ?you wash my back, and I?ll wash yours? mentality. Another significant rule calls for auditors to be rotated every 5 years. This way, no auditor can audit a client for more than five consecutive years."
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American Corporate Fraud, 2002.
The paper looks at the scandal surrounding the bankruptcy of leading energy company Enron and the ensuing allegations of fraudulent corporate practices.
1,351 words (approx. 5.4 pages), 10 sources, APA, $ 45.95
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Abstract
The paper traces the rise and fall of Enron from its humble beginnings as an energy company to becoming the U.S.'s largest electricity trader. The paper analyzes key points relevant to the unravelling of the company and examines how Enron's collapse not only destroyed the lives of thousands of its employees, it brought down one of the world's top accounting firms, Arthur Andersen.
From the Paper
"Prosecutors are questioning why top CEO?s were quietly unloading their company stock while at the same time urging employees to buy more. The government's widening prosecution of Enron is reaching down to the lower levels of management, hoping that without company-paid legal counsel, the pressure to cooperate with the government will increase."
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Cash-Based vs. Accrual-Based Accounting, 2002.
An examination of the advantages and disadvantages of cash accounting over accrual-based accounting.
1,394 words (approx. 5.6 pages), 2 sources, MLA, $ 46.95
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Abstract
This paper presents the basic forms and methods of accounting for cash accounting and accrual-based accounting and compares the two. It examines which form of accounting is more beneficial to specific sectors of the economy and looks at the advantages and disadvantages of each.
From the Paper
"In the cash basis of accounting, the business records are "cash in" (deposits to the bank account) called cash receipts, and "cash out" (checks) called cash disbursements. Cash receipts - Cash disbursement = Cash flow. Each month's cash flow is added to the preceding month's cash balance yielding the current month?s cash balance.
The cash basis of accounting is more likely to be used by service businesses than by retail or manufacturing businesses. Service businesses usually do not need equipment and can sell a service they perform with nothing more than their own hands and minds. Think of people who are lawyers, writers, public relations and advertising personnel, and accountants."
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The Enron Debacle and the U.S.Economy, 2002.
This paper discusses that although when Enron collapsed many feared it would plunge the economy into a tailspin; the debacle really had both bad and good effects on the economy.
1,445 words (approx. 5.8 pages), 6 sources, MLA, $ 47.95
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Abstract
This paper explains that the crisis at Enron has had a negative impact on the United States economy but not the total impact that many believed it would have. The author states that, when Enron began to collapse, it started an avalanche or economic panic and activity nationwide, which the U.S. managed to level out; but the lack of confidence remained heavy for more than a year afterwards. The paper concludes that, from the Enron debacles, a blue print for a better check and balance system was developed and now provides a governmental watchdog.
From the Paper
"The key to Enron?s undoing was about stock mistakes. ?The company committed to put $1.2 billion of Enron stock into the Raptors to make them more creditworthy. It did not promise a fixed number of shares -- it promised $1.2 billion worth, regardless of the share price, a seriously dumb move for a company that talks about hedging risks. In return for that commitment, the Raptors gave Enron $1.2 billion of promissory notes. Enron put them on its balance sheet as an asset. When a company adds to its assets and nothing else changes, its net worth rises. Hence, Enron marked up its net worth by $1.2 billion. But, as the stock prices of Rhythms, NewPower and Enron all sank, Enron faced having to fork over a ruinous number of new shares." This was the beginning of the end and the ripple affect on the stock market caused a negative impact on the nation?s economy."
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E-Commerce, 2002.
Examines the advantages and disadvantages of electronic commerce in the accounting world.
872 words (approx. 3.5 pages), 5 sources, MLA, $ 31.95
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Abstract
As information technology (IT) rapidly increases and globalization becomes the wave of the future, the accounting profession is undergoing major transformations. The paper shows that there are many advantages to this increase of information technology in the accounting profession such as the ability to provide clients with enhanced web-based products and services. Disadvantages of the system examined in the paper include less personalized services and its threat to smaller businesses.
From the Paper
"The increase in IT in the accounting industry also has its disadvantages. Accountants often become so wrapped up in the automated world of IT that they fail to realize that there is a great need in today?s accounting environment for a personalized and client specific oriented service. IT often robs the client of this experience, which may cause the client to take his or her business elsewhere.
In addition, as IT promotes globalization, smaller businesses are in danger of competition from larger ones. As globalization increases, the limited audit assignments are going to large accounting and auditing firms, as these businesses are in a better position to service clients that are located in many areas of the world."
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A Costing System for Software Project, 2002.
Discusses a costing system proposed for a computer hardware manufacturer who is also going to develop computer software to be sold along with the hardware.
2,854 words (approx. 11.4 pages), 7 sources, MLA, $ 84.95
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Abstract
This paper first recommends a costing system and then states how variances from budget would be identified. It further goes to state how the budgets for the cost centers should be set. Then it mentions some possible sources of funds for financing the project and, in conclusion, mentions how the financial ratios of the company will be affected.
Method of costing
How variances can be identified
Method of budgeting
Sources of finance
Effect on ratios
Comparison with system in operation
From the Paper
"There are many methods of costing that could be applied to this scenario. The current system in place is absorption costing. This is a very traditional approach, in which it is assumed that the total overhead expenses of the company are related in some way to the number of labour hours or machine hours used. In this case, all the overheads are allocated on one basis. If labour hours are used, then it the total overhead amount is divided by the total labour hours expected, and then the amount of overhead is allocated to each product based on the total amount of labour hours it uses."
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Business Ethics: An Article Review, 2002.
Analytical essay that summarizes and reviews a web-based article on business ethics in the field of finance or accounting.
956 words (approx. 3.8 pages), 0 sources, MLA, $ 33.95
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Abstract
A review of ?Ethics in Accounting? by Ireen Baset and how it addresses the contemporary ethical issues related to the accounting and financial decision-making process. Examines how the article treats the challenge, faced by employers, managers, administrators and employees alike, of adequately incorporating ethical values into the daily work schedule.
From the Paper
"On the same account, a real estate company where the entire corporate dealings depend upon the efficiency and the sense of morality of the accountants must make relentless efforts to effectively communicate corporate ethics. This can be best done through the planning and implementation as well as the continuous maintenance of a sound and a pragmatic internal ethical program, that is putting down ethical rules in black and white for the organizational staff, employees and the first-line supervisors."
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Corporate Fraud, 2002.
A brief account of recent financial scandals and their impact on businesses in America.
1,068 words (approx. 4.3 pages), 6 sources, MLA, $ 37.95
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Abstract
This paper reviews the recent events in corporate America which have created a hype about fraudulent activities in businesses. The paper offers recent examples of such activity including the Enron scandal, America's biggest corporate collapse. The paper includes a background on the developments in legislature and politics put in place to curb the rising levels of unethical practice. The writer concludes that while to date, unethical business has been passed over, today there are means in place for ensuring businesses are accountable to the American public.
From the Paper
"The boom of the 90's has changed the business environment in ways that will require a reshaping of corporate leadership. Financial scandals and out-of-hand executive compensation demonstrate not only a lapse of ethics and unprecedented greed, but also a disdain for the rule of law. Thus, the most pressing leadership issue for today is how to ensure that corporate officers behave in an ethical manner. The Sarbanes-Oxley Act is a legislative effort designed to promote ethics by holding executives accountable for financial reports."
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The Changing Role of Organizational Accounting, 2002.
An examination of the changing role of the accountant and his importance in a rapidly changing business environment.
1,445 words (approx. 5.8 pages), 6 sources, MLA, $ 47.95
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Abstract
This paper discusses how the accountant in a modern organization must be able to perform many more functions than in the past. Managerial accountants are important in assuring that the organization is on target for meeting strategic goals. It looks at how it is no longer enough to have a basic understanding of receivables, payables and cash flow and how accountants now play an active role in management and decision making. They are responsible for goal setting, forecasting and many other activities that were previously in the realm of management and must consider corporate culture and be able to adapt their techniques to meet specific company needs.
From the Paper
"Corporate culture and accounting used to be two terms that should never occur in the same sentence. Accounting was a separate entity from other systems in the organization. Now accounting is an integral part of every phase of the business including legal, political and social systems within an organization (Shraddha and Sidney, 1997). As the needs of an organization change, so do the accounting system change to meet these changing needs. A modern accountant must be more flexible in practice than in the past. Modern accounting practices must be able to adapt a trait that was not synonymous with accounting in the past. Accounting used to adhere to a rigid set of rules and procedures, but now they must remain flexible and willing to change on short notice. "
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