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Here are the top ten articles for the Accounting Site! These rankings are live and get reset at the beginning of each month, so check back often to see what your fellow visitors are most interested in!
1. Calculating Cash Discounts and Allowances
Taking discounts usually makes economic sense. The true cost foregone when a company does take a discount is high. For example in a 2/10, net 30 it would be 36%.
2. Accounting Information Systems (AIS) and Fraud
An executive signed a Form S-4 and a Form S-4 amendment that Company WXZ, Inc. filed with the SEC while knowing, those filings contained materially false and misleading information on prior revenue and earnings per share(2) approved backdated contracts, among other misleading actions.
3. Statement of Cash Flow - Direct or Indirect Method
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.
4. Reporting Irregular Items
Forensic accountants are hired to verify the reliability of financial information because it is a decisive factor in assessing performance. When unrealistic goals are set many wrongdoing instances are uncovered through financial investigations where forensic accountants are actively involved.
5. Drawing Conclusions from Financial Statements
Forensic accountants find useful information in the financial statements. Financial statements analysis helps decision-makers and financial investigators to draw conclusions for different purposes.
6. Cost Behavior Assumptions
Managers need help determining how the cost of resources used changes as the activity output changes. Decision-makers can make processes more efficient. What is the ratio of number of units produced compared to fixed, variable, and mixed costs? Assessing cost behavior takes into consideration the ti
7. Compensated Absences
Forensic accountants review these transactions as unscrupulous individuals commit fraud by reducing expenses related to compensated absences to help companies meet earnings targets and fraudulently fail to disclose in their financial statements the changes in accounting for compensated absences.
8. Recording Partnerships' Transactions
Straighforward guide to record usual transactions related to a partnership. This type of entity has gained acceptance within the business community which means, accountants should know to properly account for its transactions.
9. Worst and Best Case Scenarios
Forensic accountants are familiar with scenario analysis because it is crucial for them to present information in such a way that a layperson may see the difference between one situation and another and its economic impact just by looking at a simple table with both the worst and the best cases.
10. Transactions' Cycles and Internal Control
Several internal control procedures are common to most transaction cycles. Analyzing the internal controls of each transaction cycle is better achieved through the cycle approach, which combines different similar transactions with the ledger balance.
Be sure to visit the Accounting Archives for all the articles!
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