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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. 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.
2. 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.
3. Accounts Receivables' Allowances
Accounts receivables is the result of money owed to a business arising from the sale of goods or the performance of services. Accounts receivables are reported at their net realizable value, which represents the net amount that will be collected.
4. 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.
5. About Intangible Assets
Intangible assets are a driven factor for organizations. They are categorized as identifiable or undentifiable and externally acquired or internally developed.
6. 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%.
7. 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.
8. Lease Transactions Highlights
Two concepts have to be clearly understood regarding leases: operating lease and capital lease. For a capital lease the lessee records an aset and a liability at the lower of the present value of the minimum lease payments or the fair market value of the leased asset at the inception of the lease.
9. Budgeting and its Role in Decision Making
A budget is a valuable tool for decision making. Planning and monitoring are essential for the organization's sustainability.
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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