Accounting: Final Exam Essay

For each of the undermentioned class aims. explicate in 200-400 words what you learned in this class and how you could use your acquisition of this class nonsubjective to your personal life or calling. Mention to the course of study to help you in understanding what stuff was covered under each aim.

4pts each

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The stairss of accounting rhythms are grosss. outgos. conversion/ production. funding. fixed assets. and fiscal coverage. Grosss most frequently occur as the consequence of the merchandising of a service or merchandise. These minutess are recorded in the signifier of hard currency grosss and gross revenues orders. Outgos are a consequence of the stuffs and labour need to bring forth grosss. For illustration a dry cleansing concern would necessitate certain chemicals. bags and hangers for cleaned apparels. and employees to run the concern. Conversion represents the production or the good or service sold by the company. In other footings the time/ cost to bring forth and market the good or service. Financing is besides known as and outstanding debt. such as stocks or any outstanding bonds. The fixed plus inside informations the purchase. temperament. and depreciation of company assets.

Once all diary entries have been posted and all histories closed a test balance is prepared and is used to place mistakes and finally fix the fiscal coverage for the company. Accounting systems have become more machine-controlled and the demand for human intercession is going more limited. Automation of these systems does let for increased efficiency and truth and has allowed manual accounting undertaking to be performed more rapidly. Human intercession is necessary though to guarantee the informations being entered is right. Human intercession can besides assist to place mistakes that may hold been made in the initial inputting of information. As engineering evolves it is close impossible to non hold some interaction with the cyberspace. Companies frequently have multiple locations as the cyberspace opens the company to clients they could non otherwise range.

While the cyberspace opens companies for increased commercialism. there is besides increased hazard to the company’s informations. We have late heard in the intelligence how the State of South Carolina’s Department of Revenue’s systems were hacked and 1000s of revenue enhancement payer’s personal information such as societal security Numberss were stolen. ( hypertext transfer protocol: //www. postandcourier. com/apps/pbcs. dll/section? Category=pc160442 ) . To guarantee company security. many it section bound users ability to entree certain web sites and download plans. games. and even images.


( to gain full recognition meet word count of at least 200 words ) Accounting Information Systems ( AIS ) is what concern usage to roll up. manage. and describe fiscal information. AIS is a mix of people. processs. natural information. package. and control. Internal controls are specifically critical as they work to keep the unity of informations being entered and reported every bit good as protocol to protect sensitive informations. A company’s internal controls must besides run into or transcend SOX in order to be in conformity. Companies employee a mix of general and application controls to run into these demands. Application controls include fiscal application controls to observe mistakes such as wrong keying of natural informations. This could besides include pre-coding bank minutess so that sedimentations are accidently recorded as backdowns and vise versa.

General controls include points such as segregation or responsibilities. documenting and treating informations. rapprochement of histories. and even curtailing entree to certain systems to the employee who needs the system to execute their occupation. AIS can include non merely the internal controls one thinks of ( such as segregation of responsibilities ) but besides systems limitations and necessitating cardinal card entree for entry to assorted sites and sections. These points protect stored informations and besides let for tracking of persons necessitating this type of entree. As accounting systems become progressively automated. houses are seeking persons who have non merely the apprehension of GAAP and SOX. but besides solid apprehension of IT controls and procedure.


( to gain full recognition meet word count of at least 200 words ) I found hebdomad three to be the most ambitious for me. While I regularly use excel. larning right nomenclature and how to construct a database was particularly hard. While some footings were easy to hold on ( such as field. record. and questions ) genuinely understanding how tabular arraies and informations relate to each other was hard to hold on. When I realized that a primary key is alone and is defined in one tabular array and that primary key would be the foreign key on another tabular array and is what is used to fall in the tabular arraies. constructing a database became clearer. Because the cyberspace has changed the face of concern. some companies find integrating studies from assorted divisions disputing.

Software frequently has to be developed or modified so all coverage divisions have entree to properly study outgos and gross. The information must besides be organized and maintained in a logical manner. Care of the information is every bit of import as the coverage. Without proper care. future questions will non reflect the true Numberss. Good care and relation within a database besides allows for companies to easy question the wealth of information within their ain records to derive extra penetration into purchasing tendencies. possible room for more efficient production. and speedy reappraisal of possible mistakes.


( to gain full recognition meet word count of at least 200 words ) SDLC is the procedure which should guarantee a quality merchandise. SDLC stands for Software Development Life Cycle. The SDLC includes planning. system analysis and design. development. proving. execution. and care. In be aftering the company would place the demand. put a timeline for completion and sketch the resorts needed for completion. The planning stage would besides include what the company hopes to carry through with new package. After the demand is identified. analysis of current processs and package is performed. This would include certification of current processs and placing spreads in the system and best patterns. This is most frequently accomplished by reexamining demands of each occupation. talking with directors and employees.

Once these demands and deficits are identified. so the development procedure begins. The package should so been tailored/ purchased with the identified demand and the company’s current deficits in head. Once this is completed companies will frequently prove the new package either in theory or in a little division of the company. For case due to system and accounting demands my company late developed a new ordination system. Rather than deploying the new system countrywide. one smaller territory is being used to prove and better. After this is completed my company will travel onto the nidation procedure. Implementation includes non merely really get downing to utilize new package but besides transferring of old informations to the new system. developing employees on new processs and how to utilize the new package. Once a system is implemented it should be maintained. Companies should continually reexamine for issues and correct and adjust the system as needed. AIS should cover all degrees of the company’s fiscal coverage demands


( to gain full recognition meet word count of at least 200 words ) The auditing of a company’s information system is critical to guaranting the company’s records are accurate and good protected. Besides. it is imperative that the information systems are compliant with GAAP and SOX. SOX was enacted to turn to possible failing on company’s internal controls and as a consequence of the dirt at companies Enron and Worldcom. Upon scrutiny of why these companies failed. it was determined that the internal controls that should hold been in topographic point to guarantee proper and true coverage were missing. The internal controls govern the unity of the informations collected. processed. and disclosed on fiscal studies. SOX requires external/ independent hearers to prove whether a company’s internal controls and processs are sufficient and study this on the company’s fiscal study.

To forestall CFOs and CEOs from claiming no cognition of misreporting. SOX now requires that these persons identify their cognition of the company’s fundss. how it was reported. certification of their ain engagement and the internal controls used to regulate this. SOX besides provides supplying condemnable and fiscal punishments for single non-compliance. . In order to complaint with GAAP a company’s policies should include organisational construction lineation. descriptions of dealing types. sum-ups of gross. every bit good as a list of unacceptable patterns. While SOX was enacted to forestall deceitful describing some smaller companies do fight with guaranting they are compliant with the internal controls outlined.

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