term paper on financial accounting

Term Paper on Financial Accounting

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Term Paper on the Limitations of Financial Accounting

ADVERTISEMENTS: (adsbygoogle = window.adsbygoogle || []).push({}); Term Paper # 1. Introduction to Financial Accounting:

Financial accounting is the preparation of financial information in accounting form. It refers to the preparation of general purpose reports of financial nature for use in the analysis of the performance of any economic unit. It can be used by both the external users and internal Management. It helps the external users for diverse purposes depending upon the users. For example, financial analysts and investors use them for valuation of the firm’s share, intrinsic worth of the company and the profitability and profit earning capacity.

Stock Exchanges use this information for dissemination to public and for examining the Company’s compliance with the listing requirements as per the Listing Agreement. This information gives direct and indirect tools for control and audit and decision-making by the management. But Management has also access to other information on different segments, divisions and sections and breakdown data from ledgers, Journals and internal books of account.

Accounting Information:

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Accounting information means economic and financial information in a broad sense of any economic unit, be it a company, firm, govt., etc. This information is provided in terms of a monetary unit, say Rupees in India or Pound Sterling in U.K. or Dollars in U.S.A., under the assumption that the monetary unit retains its original value.

Financial accounts are concerned with the measurement of economic resources, obligations and changes in them in a monetary unit in the form of financial statements. These financial statements include a wide variety of statements of accounts some of which are Income-Expenditure statements, Balance Sheets, Profit allocation statements, flow of funds statements, etc. The contents of these statements have meaningful information to decision makers. These are all recorded facts regarding the economic unit on their operations, production, consumption, sales and marketing, net results, allocation of profits, etc.

The importance of these accounts lies in the configuration and true representation of the operations and the results of the operations. This gives the necessary background material for understanding the position, financial or otherwise of any economic unit, called the economic information, in an accounting form.

Accounting System:

Accounting system varies from unit to unit but with the same basic objective of measuring, describing and communicating the financial data to users. Journals, ledgers and other accounting books used in processing financial accounting information depend on the concept what is called Double entry book-keeping system. Generally Accepted Accounting Principles (GAPP) are used as the most widely acceptable Technique of accounting. The GAPP encompasses many conventions, Rules, procedures and methods of presentation, which are necessary to define the accounting practice at any point of time. The GAPP also includes broad guidelines of general application along with the detailed practices and procedures.

The method of recording accounts may be on cash basis or accrual basis. Cash basis means recording only on the basis of actual cash inflow or outflow. Accrual basis means reporting only on the basis of the time of accrual whether received or paid at that time or not. These two reporting systems should not be clubbed in any accounting system as that would give a distorted picture which is not economically meaningful. The two systems may give completely different pictures of the operations of the economic unit.

Term Paper # 2. Users and Uses of Financial Accounting:

The users of financial accounts are diverse groups and for different purposes and objectives. Some users which are mostly external may have direct interest, as in the case of shareholders, who are owners of the company. This accounting information is also useful to creditors, suppliers of inputs, users of output, tax authorities, Govt., Trade and Industry Associations, Trade unions among a number of others. Stock exchange brokers and financial analysts and reporters use the data for the benefit of general public and actual and potential investors. As this is general purpose information, many groups of users may be there.

Financial accounting has many uses and provides rich conceptual and operational data. It shows the operational results and the actual distribution of the operational profits. It helps the owners to know the value of their investment. The creditors and other public members come to know the credit standing, liquidity and solvency of the company. It helps the managerial decision-making take a review of the operations and pursue corrective measures as and when necessary. The management derives the maximum use from this data for improving their efficiency and the corporate profitability.

Term Paper # 3. Managerial Accounting and Financial Accounting:

The two major branches of accounts of a corporate unit are Managerial accounting and financial accounting. There are also other branches like cost accounting, social accounting etc. Managerial accounting refers to internal accounting of various departments, divisions, sections, etc., and encompasses all operational data useful for planning and budgeting, control and decision-making. It has relevance to planning and decision making based on segmented product wise or process wise costs, and other relevant data. It is used for budgetary exercises, target fixing, and control of Management, top level, middle level and lower level, etc.

Internal reporting from bottom to top on target achievement, cost control, observance of work norms and operational Manual helps the middle and top level management for effecting managerial control, cost control and performance evaluation, based on work norms and targets fixed.

Managerial accounting is thus aimed at accounting of all internal departments, divisions and processes to the management — Lower, Middle and Top Management for the purposes of control, planning and budgeting, proper administration for efficiency and productivity with the objective of maximisation of investor wealth. It is internal accounting for internal use by the management mainly aimed at helping the management at cost control, improvement of efficiency and profit making through proper decision-making.

Financial accounting is on the other hand external reporting through formalised, legalised and regularised statements giving the financial and economic information, useful to outsiders, other than the corporate unit. The interested parties are shareholders of the company, investors in general, creditors and debtors of the company, employees, government departments, Stock Exchanges, SEBI, R.O.C., under the Companies Act, Investor Associations, Financial Analysts and Intermediaries in the Capital Market, financing banks and F.I.s and Industry Associations.

These data throw light on the operations and their results, profitability, value of the firm and their efficiency, solvency and liquidity. The financial accounts encompass, among others, income or revenue statement, capital expenditure, projected or work in progress, Balance Sheet, profit allocation statement and funds flow and cash flow statements and other related financial information.

Financial accounting has objectives and purposes completely different from those of Managerial accounting. Ideally both should cover the same information about the company, with differences in details and emphasis. Managerial accounts involve also some specialised reports of experts and consultant on operational research, Market research, M.I.S. computer systems, etc. As such, it involves and encompasses a diverse range of disciplines like economics, Industrial engineering, Management services, computer science, etc. in addition to accountancy.

Basically cost and price information and analysis are part of both managerial and financial accounting. Both deal with economic events and are part of the total accounting system. Both qualitative and quantitative aspects are involved in the analysis of all economic events. Both the financial accounting and Managerial Accounting deal with financial statements, revenues, expenses costs, cash flows etc. To a large extent, both are based on the same data base, which originate from the accounting requirements and reporting requirements of any economic unit.

Managerial and financial accounts are two phases of the same data base, arising out of the operations in physical form of the economic unit. Both aim at analysing the data for productivity and profitability. While management proceeds with a view to maximise the investor wealth assuming the management is professional, financial accounting enables the user to examine and assess the extent of achievement of the Management in its objectives and goal of maximizing the investor wealth. The tools and techniques may be different but the ultimate goal of maximizing the investor wealth through improvements in efficiency and productivity remains the same for the management as well as those interested in the unit.

Term Paper # 4. Backdrop of Financial Accounting :

The need for analysis and forecasting for the purpose of financial operations is well-known. The data, necessary for the purpose emanate from the accounts — income and expenditures statements and balance sheet statements and other related statements. The analysis of these statements is the basis for assessing the financial performance of any company or organisation.

Financial information and data for analysis emanate from another source, namely, internal books of accounts — journals, ledgers, day book, etc. These are not published by the company but are available to the management for the control, monitoring and audit. Both the published financial statements and the unpublished data, as seen above are necessary for Financial Economics.

Banks are providing credit on the need based assessment and not on security alone. For this purpose, the viability of the project, financial soundness of the company and the prospects for its operations are examined by banks. The assessment of credit needs of any unit is based on the purpose, project and performance (three ps). For such an assessment by bankers, financial analysis and tools of analysis are required, which necessitate expertise in accounting concepts and their interpretation and statistical tools for analysis and forecasting.

Thus, a banker, a manager or an investor would look into the accounting concepts and their interpretation and statistical tools for analysis and forecasting. Thus, a banker, a manager or an investor would look into the accounts of company, their financial data and financial statements for analysis and interpretation. It is in this background that source of knowledge of the accounting concepts and conventions should be familiar to the treasury manager and funds manager.

The management has itself a deep involvement in such analysis and their interpretation. They have to plan for the financing of current operations, capital needs for expansion and diversification and for raising of such resources from the least cost sources and least cost combinations of capital. They are interested in the efficient use of capital and keep cost of capital and labour as low as possible to maximise the profits and to improve the net worth of the company, so as to keep share price moving up and investors happy.

Term Paper # 5. Major Financial Accounting Statements:

The accounts of company or any economic unit are recorded on a daily, monthly and annual basis. The physical operations of a company involve financial commitments, viz., inflows and outflows. The most important statement for the accounts are the income and expenditure statements giving out the financial results of the operations over any period of time, monthly, quarterly, half yearly or yearly, profit or loss position seen from statements as also the disposition of profits through profit allocation statement.

There are a number of other statements all presented in the form of schedules to the balance sheet. Balance sheet is a standing position of the company in terms of assets and liabilities at any point of time presented in India every six months and yearly. The net results of the company in the form of profit or loss are carried to the balance sheet.

The assets and the liabilities of any unit should be equal and balance and hence called balance sheet. Thus next to income expenditure statements, balance sheet is the most important accounting data for the financial analyst. Not only the above published data, but the unpublished internal records of Stock Receivables, Payables etc. are necessary for assessing the company’s financial position.

In these and other financial statements there are a number of concepts which are subject to ambiguity and misinterpretation. In fact each item in the balance sheet and income expenditure and other related financial statements should be clearly understood by the analyst although only a few of the ambiguous and complicated concepts.

Term Paper # 6. Limitations of Financial Accounting :

There are however many limitations of financial accounting. It does not provide detailed breakdown data of various products, processes and division inside the company. It does not provide cost data on manufacturing, marketing and other related services, which are available internally for the management.

Specific items of information such as on productivity, reasons for losses, seasonal variations in demand etc., are not provided by the Financial I accounting. Besides it does not provide insider information on the process of controlling inventory, accounts receivable, division-wise operations, profits or losses. Historical data including the last, half yearly data does not give an insight into the current costs, demand and market off take, etc. This data do not allow an analysis of costs of different process and activities including marketing. Industry standards of costs of different products are supplied by Industry Associations to the Govt., which is not provided in this information.

The recording of accounts with regard to wages and labour used separately in respect of different jobs, process, products and departments is not done in this information. Social cost and benefit analysis and inflation adjusted rupee value of the companies’ activities are not provided in these data. Some foreign countries insist on their companies to provide economic information relating to inflation adjusted accounting data in a time series fashion to provide comparable data, year wise.

For accurate analysis for forecasting, the accounts in financial statements should be taken with caution, as they may contain changes in Inventory Costing, valuation of fixed assets and in method of providing for depreciation and in taxation. As the objective of the analyst is to know the real and correct position and accurately comparable earnings per share and P/E multiple for security valuation, he should know the primary earnings and secondary or fully diluted earnings per share.

The primary earnings show the prima facie earnings, divided by the number of shares issued and thus assumes that there are no options or warrants to be exercised for conversion into equity and that the earnings reflect the true earnings to be available to all equity shareholders. An example will make the difference clear between primary earnings and secondary earnings per share which are adjusted for any preferred payments or likely conversions of options and warrants.

IvyPanda . (2020) 'Financial Accounting and Its Importance'. 28 October.

IvyPanda . 2020. "Financial Accounting and Its Importance." October 28, 2020. https://ivypanda.com/essays/financial-accounting-and-its-importance/.

1. IvyPanda . "Financial Accounting and Its Importance." October 28, 2020. https://ivypanda.com/essays/financial-accounting-and-its-importance/.

Bibliography

IvyPanda . "Financial Accounting and Its Importance." October 28, 2020. https://ivypanda.com/essays/financial-accounting-and-its-importance/.

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Chapter 1: Introduction to Financial Accounting

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Henry Dauderis and David Annand
Athabasca University via Lyryx Learning

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Chapter 1 Learning Objectives

LO1 – Define accounting.
LO2 – Identify and describe the forms of business organization.
LO3 – Identify and explain the Generally Accepted Accounting Principles (GAAP).
LO4 – Identify, explain, and prepare the financial statements.
LO5 – Analyze transactions by using the accounting equation.

Accounting involves a process of collecting, recording, and reporting a business's economic activities to users. It is often called the language of business because it uses a unique vocabulary to communicate information to decision makers. To understand accounting, we first look at the basic forms of business organizations. The concepts and principles that provide the foundation for financial accounting are then discussed. With an emphasis on the corporate form of business organization, we will examine how we communicate to users of financial information using financial statements. Finally, we will review how financial transactions are analyzed and then reported on financial statements.

1.1: Accounting Defined
1.2: Business Organizations
1.3: Generally Accepted Accounting Principles (GAAP)
1.4: Financial Statements
1.5: Transaction Analysis and Double-entry Accounting
1.6: Summary of Chapter 1 Learning Objectives
1.7: Exercises

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Accounting And Financial Management Term Paper Examples

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Topic: Thinking , Wealth , Business , Management , Finance , Investment , Internet , Company

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Published: 12/12/2019

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Accounting and Financial Management

Question 1. A. Taking into account Centro management experience, there are three main issues that are to be addressed, namely: company directors do not have to consider signing financial reports as formality and remember that they are the ultimate authority which controls financial statements; overload with information cannot be used as an excuse for absence of control over the accounting process; there must be a person who would check financial reports in the company (internal financial auditor) and consult top management regarding financial issues. B. Eight former directors of Centro were accused in failure to disclose short-term debt of $3 billion. This is a serious misinterpretation which cannot be justified by the lack of basic accounting standards knowledge. The directors should rely neither on the management nor on the auditors when it comes to checking financial reports. Also, directors’ trial to pass the responsibility to auditors affirmed the lack of leadership qualities. The conclusion is that the directors must have at least basic accounting education in order to implement control functions in the company and be responsible for the documents they sign. Centro top management must pay attention to developing leadership attitude and skills of building a strong team. C. Corporate governance is often referred to general principles of accountability, corporate internal relationships and power. It also regulates relationships between the corporation, management and stakeholders of the company. Obviously, the principles of accountability and regulation of relations between the corporation and the stakeholders were violated by Centro. However, Centro case can be merely an exception from the rule. Australian governance model is fairly considered the best model in the world. Centro new management should pay particular attention to comprehensive education of company management, diversity and development of leadership qualities. As accounting standards change with time, governance model should be changes in accordance with them as well. D. The contemporary business environment suggests top management wide knowledge and excellent leadership skills. It is a difficult task for a director to succeed in both directions. However, this is a necessary requirement to diverse knowledge and skills possessed by the top management. It could be a good idea to choose directors from former chief accountants who, in addition, show leadership skills and are able to see the overall picture behind financial statements. On the other hand, there is a risk of deepen into accounting disregard of setting strategic goals. This could lead to loosing leadership positions in the market since excellent accounting skills and the ability to develop long-term strategic goals rarely converge. It could be a good idea to choose board members from managers possessing mentioned above skills to achieve necessary balance. E. In accordance with the court decision, some of the members of Centro Board of directors were penalized. Thus, Andrew Scott, Centro former CEO, was imposed to a fine of $30,000. It would be nice if directors realize that their remuneration correlates with the accountability associated with their sign-off activity. Poor ethical performance and negligent attitude should be penalized because it makes negative affect on all stakeholders of the company and its positive image. Company shareholders stop trusting the company and the company will be driven to bankruptcy. Shareholders of the company were deprived of their dividends. In addition, shares had significantly declined in price undervaluing shareholders’ equity.

Question 2.

A. Financial Analysis a) Total assets as of the year 2007 made up $8,165,056,000 while total assets as of the year ending 2011 made up $6,714,995,000. Assets decreased significantly in comparison to the level of 2007. b) The formula for basic accounting equation is as follows: Assets = Liabilities + Capital (Appendix 1). The analysis of accounting equation showed significant decrease of capital and increase of the amount of liabilities in 2011 (Appendix 2). c) Non-current liabilities as of end of the year 2010 made up $12,397,766,000 in comparison to non-current liabilities as of end of the year 2007 made up $2,846,434,000. There is an essential increase of non-current liabilities observed at the end of the year of 2010. d) There are no non-current liabilities and non-current assets for the year 2011 because the company stopped its long-term investing activity. A significant part of Centro’s assets was located in US non-current. US economics challenged the company negatively influencing financial results. Centro’s management made a decision to sell US assets to improve financial performance of the company. Selling US debt aimed at reducing the debt associated with US assets. In addition, current liabilities were wrongly interpreted as non-current liabilities. It may occur when non-current liabilities are accounted from year to year and then are wrongly accounted at the end of the period when they should be converted into current liabilities. e) Data containing total revenue, net profit attributable to members of Centro Properties Ltd and EBIT for the years 2007 and 2011 is shown in the Appendix 3. Despite total revenue for the year 2011 is much higher than in 2007, net profit attributable to members of Centro Properties Ltd is almost the same for each year. EBIT of 2007 is 2.6 times higher than that of the year 2011. f) Despite net profit for the year 2011 almost 6 times higher that that of the year 2007, net cash flow for the year 2011 is 3.6 fewer than that of the year 2007 showing reduction of company investment activities (Appendix 4). Decreased cash flow is a bad sign for the company future as it offer less money for development of competitive advantage. g) Net cash inflow from financing activities for the year 2007 is $2,510,333,000 while net cash outflow of $830,359,000 was reported for the year 2011. Financial activities of the company resulted in significant cash outflow (repayments of interest bearing liabilities). h) The tendency of divestment began in 2007 after the world crisis. It continued in 2011 resulting in total devaluation of company assets. Divestment means the disposal of investment activities. It happens when the company management realizes that the company carries out the activities which are not compatible with core business activities.

B. Computation of Centro’s Ratios

Comparison of financial ratios for the years 2007 and 2011 is shown in the appendix 5..

Appendix 1. Accounting Equation for years 2007 and 2011.

2007 (beginning of the year $’000) 2007 (end of the year $’000)

(beginning of the year $’000)

(end of the year $’000)

Appendix 2. Total Assets, Total Liabilities and Capital for the years 2007 and 2011.

(beginning of the year, $’000) 2007 (end of the year, $’000) 2011 (beginning of the year, $’000)

(end of the year, $’000) Total Assets

Total Liabilities

Appendix 3. Total Revenue, Net Profit Attributable to Members of Centro Properties Ltd and EBIT for the years 2007 and 2011.

(end of the year, $’000)

(end of the year, $’000) Total Revenue

Net Profit Attributable to members of Centro Properties Ltd

Appendix 4. Net Profit and Net Cash Flow from Operating Activities for the years 2007 and 2011.

Net Cash Flow from Operating Activities

Appendix 5. Comparison of Centro’s Financial Ratios for the years 2007 and 2011

Profit Margin

Asset Turnover Ratio

Current Ratio

Cash Flow Ratio

Debt to Equity Ratio

Interest Coverage Ratio

Debt Coverage Ratio

Reference List Australian School of Business, 2011. Directors' notes post Centro: how to avoid barking up the wrong tree. [online] Australian School of Business. Available at: [Accessed 22 March 2011]. BDO Australia, 2010. Federal Court Decision on Centro Civil Penalty Case. [online] Available at: [Accessed 22 March 2011]. Bradley, G., 2011. The lessons of Centro. Astralian Institute of Company Directors, [online] 01 September. Available at: [Accessed 22 March 2011]. Brealey, R.A., Myers, S.C. and Marcus, A.J., 4th ed., 2003. Fundamentals of corporate finance. New York: Mcgraw-Hill (Tx). Brigham, E.F. and Houston, J.F. 12th ed., 2009. Fundamentals of financial management. New York: South-Western College Pub. CNPR Limited, 2011. Annual report. [Online] Available at: [Accessed 22 March 2011]. CNPR Limited, 2007. Annual report. [Online] Available at: [Accessed 22 March 2011]. du Plessis, J.J., Hargovan, A. and Bagaric, M. 2nd ed., 2010. Principles of contemporary corporate governance. Cambridge: Cambridge University Press. Palepu, K.G., Healy, P.M. and Bernard, V.L. 3d ed., 2003. Business analysis and valuation: using financial statements, text and cases. New York: South-Western College Pub. Scheiwe, D., Harvey, D. and McLaney, 1991. E. Accounting for Business - Australian Edition (Professional Hospitality Guides). Sydney: Butterworth-Heinemann. Wood, L., 2011. ASIC wins case against Centro directors. Sydney Morning Herald, [online] 27 June. Available at: [Accessed 22 March 2011].

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Introduction to Financial Accounting

(4 reviews)

David Annand, Athabasca University

Henry Dauderis

Last Update: 2021

Publisher: Lyryx

Language: English

Formats Available

Conditions of use.

Learn more about reviews.

Reviewed by Katheryn Zielinski, Assistant Professor, Minnesota State University Mankato on 6/14/23

Comprehensiveness rating: 5 see less

The text reading follows typical financial accounting flow. Beginning with the foundational introduction to what accounting is through the full accounting cycle, while including financial statement analysis towards the end of the book. Students will find the format helpful; the voice is student-friendly. There is online homework help for students. Instructors will find the text format friendly to semester-long class as concepts broken down into 13 chapters. The chapters explain the learning outcomes, use examples to express concepts, with chapter summary at end. The topics included are consistent with intro accounting courses.

Content Accuracy rating: 5

No issues noticed with accuracy. The text includes accurate financial accounting information.

Relevance/Longevity rating: 5

For an introductory accounting class with focus on US the concepts covered are typical.

Clarity rating: 5

The content is presented in a student friendly manner. Answers are provided. The extra information is helpful for students wanting extra practice.

Consistency rating: 5

The format and layout of the book chapters are consistent. All users will quickly understand the format as it is applied the same to each chapter. This helps provide consistency for students learning introductory accounting.

Modularity rating: 5

The content within the chapters can be broken-down and assigned as instructor plans for the course length. The manner is which the material is presented flows easily as reading.

Organization/Structure/Flow rating: 5

The text organization is consistent and coherent. Each chapter is presented in same manner.

Interface rating: 5

No observed tech issues. PDF downloaded and used with ease.

Grammatical Errors rating: 5

No grammar or language issues.

Cultural Relevance rating: 5

No cultural insensitive or offensive context noted.

This is a student friendly text. However, students might find a glossary helpful, as well as an index.

Reviewed by Lawrence Overlan, Part-time Professor, Bunker Hill Community College on 6/4/20

I appreciate how the Statement of Cash Flows has a separate chapter towards the end of the book. Might be better to wait until that chapter instead of also discussing it in Chapter One.....lots of material for opening week.... read more

Comprehensiveness rating: 4 see less

I sampled several problems...all correct.

Hard to make accounting obsolete. All the required material is present.

Problems are presented clearly and with good font size. Excellent color schemes and graphics.

Yes....no problems detected in this area. Very straightforward.

Chapters contain the right amount of content. Not too long with out breakup diagrams or examples etc.

Standard flow of chapters with excellent subdivisions.

To the contrary, the graphics and flow charts break up the material very nicely.

No issues noticed in this area.

Nice work! I will definitely consider adopting.

Reviewed by Patty Goedl, Associate Professor, University of Cincinnati Clermont College on 3/27/18

The text covers all of the topics normally found in an introductory financial accounting (principles of accounting I) text. The table of contents essentially mirrors the table of contents found in the leading texts in this field. I like that... read more

Content is error-free, accurate, and unbiased.

Relevance/Longevity rating: 4

The content is up-to-date. Introductory accounting does not change often so future updates should be minimal. The authors used the year 2015 in most of the problem and examples. This might make the text "seem" out-of-date in a few years.

The book is clear and concise. The topics are clearly explained and the technical terminology is appropriate for an introductory level.

The writing, style, and formatting are consistent throughout this text.

The text is divided into topical chapters, which is appropriate considering that the concepts build on each other. The chapters are further subdivided into sub-topics. This makes it easy for an instructor to pick which sub-topics to cover.

Excellent organization and flow. The concepts logically build upon each other and the material is presented in a clear fashion.

The HTML interface is excellent. The book has good graphics, end of chapter content, and even video examples.

I did not notice grammatical errors.

The text is not culturally insensitive or offensive in any way

Excellent book that is comparable to any of the leading financial accounting titles. The authors even provide end of chapter problems, videos, and interactive Excel problems for students. Overall, a great resource! I commend the authors for making something of this caliber freely available.

Reviewed by Margarita Maria Lenk, Associate Professor, Colorado State University on 1/7/16

The content of this textbook matches the content and organization of most introductory financial accounting textbooks. It is written by Canadian authors, but is relevant to US students. The text begins by explaining the role of financial accounting in society, and then describes the underlying structure of double entry accounting systems and the process of recording economic events that impact the value of the organization through the journals and the ledger. The records of these events are then summarized into the primary financial statements. The numeric subtotals and totals on these statements are used to calculate standard financial measures and ratios used to evaluate the organization's performance. The text's organization then proceeds sequentially through the balance sheet accounts, explaining in more detail how the accounting for each category of economic value is recorded and reported. The author's decision to move the most complex content to the end of the book matches how most faculty choose to organize their coverage of these topics.

My reviewed resulted in highest marks regarding accuracy. The only possible concern I would mention here is that the authors use a commonly used technique in chapter two which sometimes leads to students misunderstanding that revenues and expenses are not part of owners' equity until the revenues and expenses are closed at year end to retained earnings. It is my preference to teach introductory students that revenues and expenses are distinct and separate from equity, and then explain that revenues and expenses ultimately get closed to equity. So, this is not an inaccuracy by the authors, just a point that some instructors may want to know before adopting the textbook.

It is my opinion that the content of this textbook will be relevant and current for at least a decade. Any changes made to accounting principles, Canadian or International, will be very easy and straightforward to update.

It is my opinion that the clarity of this text is very high. The authors are succinct and use visuals often to highlight the theoretical structures.

This test is very consistent with the framework that is set up by the authors in the beginning of the text.

The textbook is very clearly divided into separable modules, making it easy for both students to read and for instructors to choose which modules to include in their course.

The content of this textbook matches the content and organization of most introductory financial accounting textbooks. It begins by explaining the role of financial accounting in society, and then describes the underlying structure of double entry accounting systems and the process of recording economic events that impact the value of the organization through the journals and the ledger. The records of these events are then summarized into the primary financial statements. The numeric subtotals and totals on these statements are used to calculate standard financial measures and ratios used to evaluate the organization's performance. The text's organization then proceeds sequentially through the balance sheet accounts, explaining in more detail how the accounting for each category of economic value is recorded and reported. The author's decision to move the most complex content to the end of the book matches how most faculty choose to organize their coverage of these topics.

The online text worked perfectly in my Chrome browser. The end of chapter exercises and problems are perfectly formatted on the screen. All assessment materials (quizzes, exams, etc.) are located on a different site that requires registration to have access.

I found the grammar to be very clear, concise and very effective. Because the book is written by Canadians, expenses are sometimes referred to as revenue expenditures, which does not match how US textbooks refer to expenses, but is perhaps a better learning tool, as the expenses are always recorded in the period in which they match the revenue generation, so I support the authors' choices regarding how they refer to the difference between assets (capital expenditures) and expenses (revenue expenditures).

The textbook adequately refers to the international accounting standards. That is the only cultural relevance which is relevant to introductory financial accounting.

I found this textbook and its exercises to be a useful teaching and learning tool. Instructors and students have access to pre-made PowerPoint slides, exercises and problems, and there is the option to enrol in an online service for online assessments, which seem to have student feedback capabilities in addition to assessment gathering capabilities.

The Accounting Process
Financial Accounting and Adjusting Entries
The Classified Balance Sheet and Related Disclosures
Accounting for the Sale of Goods
Assigning Costs to Merchandise
Cash and Receivables
Long-lived Assets
Debt Financing: Current and Long-term Liabilities
Equity Financing
The Statement of Cash Flows
Financial Statement Analysis
Proprietorships and Partnerships

Ancillary Material

About the book.

This textbook is an adaptation by Athabasca University of the original text written by D. Annand and H. Dauderis. It is intended for use in entry-level college and university courses in financial accounting. A corporate approach is utilized consistently throughout the book.

The adapted textbook includes multiple ancillary student and instructor resources. Student aids include solutions to all end-of-chapter questions and problems, and randomly-generated spreadsheet problems that cover key concepts of each chapter. These provide unlimited practice and feedback for students. Instructor aids include an exam bank, lecture slides, and a comprehensive end-of-term case assignment. This requires students to prepare 18 different year-end adjusting entries and all four types of financial statements, and to calculate and analyze 16 different financial statement ratios. Unique versions can be created for any number of individual students or groups. Tailored solutions are provided for instructors.

The original Annand/Dauderis version of the textbook including .docx files and ancillary material remains available upon request to D. Annand ([email protected]).

About the Contributors

David Annand, EdD, MBA, CA, is a Professor of Accounting in the Faculty of Business at Athabasca University. His research interests include the educational applications of computer-based instruction and computer mediated communications to distance learning, the effects of online learning on the organization of distance-based universities, and the experiences of instructors in graduate-level computer conferences.

David completed his Doctorate in Education in 1998. His thesis deals with the experiences of instructors in graduate-level computer conferences.

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Corporate Finance

Financial Accounting Meaning, Principles, and Why It Matters

What Is Financial Accounting?

Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time. These transactions are summarized in the preparation of financial statements—including the balance sheet, income statement, and cash flow statement—that record a company’s operating performance over a specified period.

Work opportunities for a financial accountant can be found in both the public and private sectors. A financial accountant’s duties may differ from those of a general accountant, who works for themself rather than directly for a company or an organization.

Key Takeaways

Financial accounting is the framework that dictates the rules, processes, and standards for financial recordkeeping.
Nonprofits, corporations, and small businesses use financial accountants to prepare their books and records and generate their financial reports.
Financial reporting occurs through the use of financial statements, such as the balance sheet, income statement, statement of cash flow, and statement of changes in shareholder equity.
Financial accounting differs from managerial accounting, as financial reporting is for reporting to external parties, while managerial accounting is for internal strategic planning.
Financial accounting may be performed under the accrual method (recording expenses for items that have not yet been paid) or the cash method (only cash transactions are recorded).

Investopedia / Laura Porter

How Financial Accounting Works

Financial accounting utilizes a series of established principles. The accounting principles used depend on the business's regulatory and reporting requirements. Companies and organizations often have an accounting manual that details the pertinent accounting rules.

U.S. public companies are required to perform financial accounting in accordance with generally accepted accounting principles (GAAP) . Their purpose is to provide consistent information to investors, creditors, regulators, and tax authorities.

The statements used in financial accounting cover the five main classifications of financial data, which are:

Revenues – Included here is income from sales of products and services, plus other sources, including dividends and interest.
Expenses – These are the costs of producing goods and services, from research and development to marketing to payroll.
Assets – These consist of owned property, both tangible (buildings, computers) and intangible (patents, trademarks).
Liabilities – These are all outstanding debts, such as loans or rent.
Equity – If you paid off the company’s debts and liquidated its assets, you would get its equity, which is what a company is worth.

Revenues and expenses are accounted for and reported on the income statement, resulting in the determination of net income at the bottom of the statement. Assets, liabilities, and equity accounts are reported on the balance sheet, which utilizes financial accounting to report ownership of the company’s future economic benefits.

International public companies also frequently report financial statements in accordance with International Financial Reporting Standards (IFRS) .

Financial Statements

Balance sheet.

A balance sheet reports a company’s financial position as of a specific date. It lists the company’s assets, liabilities, and equity, and the financial statement rolls over from one period to the next. Financial accounting guidance dictates how a company records cash, values assets, and reports debt.

A balance sheet is used by management, lenders, and investors to assess the liquidity and solvency of a company. Through financial ratio analysis, financial accounting allows these parties to compare one balance sheet account with another. For example, the current ratio compares the amount of current assets with current liabilities to determine how likely a company is going to be able to meet short-term debt obligations.

Income Statement

An income statement , also known as a “profit and loss statement,” reports a company’s operating activity during a specific period of time. Usually issued on a monthly, a quarterly, or an annual basis, the income statement lists revenue , expenses , and net income of a company for a given period. Financial accounting guidance dictates how a company recognizes revenue, records expenses, and classifies types of expenses.

An income statement can be useful to management, but managerial accounting gives a company better insight into production and pricing strategies compared with financial accounting. Financial accounting rules regarding an income statement are more useful for investors seeking to gauge a company’s profitability and external parties looking to assess the risk or consistency of operations.

Cash Flow Statement

A cash flow statement reports how a company used cash during a specific period. It is broken into three sections:

Operations – These are the costs of a company’s core business activities.
Financing – This is money the company receives from taking loans or issuing shares, as well as money paid in interest on loans and dividends to investors.
Investments – This is money that comes from buying and selling the company’s investments, such as securities or fixed assets.

Financial accounting guidance dictates when transactions are to be recorded, though there is often little to no flexibility in the amount of cash to be reported per transaction.

A cash flow statement is used by managed to better understand how cash is being spent and received. It extracts only items that impact cash, allowing for the clearest possible picture of how money is being used, which can be somewhat cloudy if the business is using accrual accounting.

Shareholders' Equity Statement

A shareholders' equity statement reports how a company’s equity changes from one period to another, as opposed to a balance sheet, which is a snapshot of equity at a single point in time. It shows how the residual value of a company increases or decreases and why it changed. It gives details about the following components of equity:

Share Capital – Money raised by selling stock in the company
Net Income – Any profit after expenses and deductions
Dividends – The part of profit that is paid to shareholders
Retained Earnings – Whatever is left after paying dividends

Nonprofit entities and government agencies use similar financial statements; however, their financial statements are more specific to their entity types and will vary from the statements listed above.

Accrual Method vs. Cash Method

There are two primary types of financial accounting: the accrual method and the cash method. The main difference between them is the timing in which transactions are recorded.

Accrual Method

The accrual method of financial accounting records transactions independently of cash usage. Revenue is recorded when it is earned (when a bill is sent), not when it actually arrives (when the bill is paid). Expenses are recorded upon receiving an invoice, not when paying it. Accrual accounting recognizes the impact of a transaction over a period of time.

For example, imagine a company receives a $1,000 payment for a consulting job to be completed next month. Under accrual accounting, the company is not allowed to recognize the $1,000 as revenue, as it has technically not yet performed the work and earned the income. The transaction is recorded as a debit to cash and a credit to unearned revenue, a liability account. When the company earns the revenue next month, it clears the unearned revenue credit and records actual revenue, erasing the debt to cash.

Another example of the accrual method of accounting are expenses that have not yet been paid. Imagine a company received an invoice for $5,000 for July utility usage. Even though the company won’t pay the bill until August, accrual accounting calls for the company to record the transaction in July, debiting utility expense. The company records a credit to accounts payable. When the invoice is paid, the credit is cleared.

Cash Method

The cash method of financial accounting is an easier, less strict method of preparing financial statements: Transactions are recorded only when cash is involved. Revenue and expenses are only recorded when the transaction has been completed via the facilitation of money.

In the example above, the consulting firm would have recorded $1,000 of consulting revenue when it received the payment. Even though it won’t actually perform the work until the next month, the cash method calls for revenue to be recognized when cash is received. When the company does the work in the following month, no journal entry is recorded, because the transaction will have been recorded in full the prior month.

In the other example, the utility expense would have been recorded in August (the period when the invoice was paid). Even though the charges relate to services incurred in July, the cash method of financial accounting requires expenses to be recorded when they are paid, not when they occur.

Financial Accounting

Records transactions when benefit is received or liability is incurred

A more accurate method of accounting that depicts more-realistic business operations

Required for larger, public companies as part of external reporting

Records transactions when cash is received or distributed

An easier method of accounting that simplifies a company down to what has already actually occurred

Primarily used by smaller, private companies with low to no reporting requirements

Principles of Financial Accounting

Financial accounting is dictated by five general, overarching principles that guide companies in how to prepare their financial statements . The type of accounting method should be determined at the outset. Changes to this method can happen later, but require specific actions. The principles are the basis of all financial accounting technical guidance. These five principles relate to the accrual method of accounting.

Revenue Recognition Principle – This states that revenue should be recognized when it has been earned. It dictates how much revenue should be recorded, the timing of when that revenue is reported, and circumstances in which revenue should not be reflected within a set of financial statements.
Cost Principle – This states the basis for which costs are recorded. It dictates how much expenses should be recorded for (i.e. at transaction cost) in addition to properly recognizing expenses over time for appropriate situations (i.e. a depreciable asset is expensed over its useful life).
Matching Principle – This states that revenue and expenses should be recorded in the same period in which both are incurred. It strives to prevent a company from recording revenue in one year with the associated cost of generating that revenue in a different year. The principle dictates the timing in which transactions are recorded.
Full Disclosure Principle – This states that the financial statements should be prepared using financial accounting guidance that includes footnotes , schedules, or commentary that transparently report the financial position of a company. It dictates the amount of information provided within financial statements.
Objectivity Principle – This states that while financial accounting has aspects of estimations and professional judgement, a set of financial statements should be prepared objectively. It dictates when technical accounting should be used as opposed to personal opinion.

Importance of Financial Accounting

Companies engage in financial accounting for a number of important reasons.

Creating a standard set of rules – By delineating a standard set of rules for preparing financial statements, financial accounting creates consistency across reporting periods and different companies.
Decreasing risk – Financial accounting does this by increasing accountability. Lenders, regulatory bodies , tax authorities, and other external parties rely on financial information; financial accounting ensures that reports are prepared using acceptable methods that hold companies accountable for their performance.
Providing insight to management – Though other methods such as managerial accounting may provide better insights, financial accounting can drive strategic concepts if a company analyzes its financial results and makes reactionary investment decisions.
Promoting trust in financial reporting – Independent governing bodies oversee the rules of financial accounting, making the basis of reporting independent of management and a highly reliable source of accurate information
Encouraging transparency – By setting rules and requirements, financial accounting forces companies to disclose certain information on how operations are going, and what risks the company is facing, painting an accurate picture of financial performance regardless of how well or poorly the company is doing.

Careers in financial accounting can include preparing financial statements, analyzing financial statements, auditing financial statements, and supporting the technology/systems that produce financial statements.

Users of Financial Accounting/Financial Statements

The entire purpose of financial accounting is to prepare financial statements, which are used by a variety of groups and often required as part of agreements with the preparing company. In addition to management using financial accounting to gain information on operations, the following groups use financial accounting reporting.

Investors – Before putting their money into a company, investors often seek reports prepared using financial accounting to understand how the company has been doing and set expectations about the company’s future.
Auditors – Companies may be required to present their financial position to auditors , who analyze the financial statements and ensure that proper financial accounting guidance has been used and the reports are free from material misstatements.
Regulatory Agencies – Public companies are required to submit financial statements to governing bodies such as the Securities and Exchange Commission . These financial statements must be prepared in accordance with financial accounting rules, and companies face fines or exchange delisting if they do not comply with reporting requirements.
Suppliers – Vendors or suppliers may ask for financial statements as part of their credit application process. Suppliers may require a credit history or evidence of profitability, such as a Piotroski Score , before issuing or increasing credit to a requested amount.
Banks – Lenders and other similar financial institutions will almost always require financial statements as part of the business loan process. Lenders will need to see verifiable proof via financial accounting that a company is in good operational health prior to issuing a loan. The statements may also be used for determining the cost, covenants, or interest rate of the loan.

Financial Accounting vs. Managerial Accounting

The key difference between financial and managerial accounting is that financial accounting provides information to external parties, while managerial accounting helps managers within the organization make decisions. Managerial accounting assesses financial performance and hopes to drive smarter decision-making through internal reports that analyze operations. It is not an allowable basis for financial statements.

Managerial accounting uses operational information in specific ways to glean information. For example, it may use cost accounting to track the variable costs, fixed costs, and overhead costs along a manufacturing process. Then, using this cost information, a company may decide to switch to a lower quality, less expensive type of raw materials.

Professional Designations for Financial Accounting

Members of financial accounting can carry several different professional designations.

Certified Public Accountant (CPA) – The most common accounting designation demonstrating an ability to perform financial accounting within the United States is the CPA license .
Chartered Accountant (CA) – Outside of the United States, holders of the CA license demonstrate the ability as well.
Certified Management Accountant (CMA) – The CMA designation is more demonstrative of an ability to perform internal management functions than financial accounting. However, this license does test on financial analysis.
Certified Internal Auditor (CIA) – Holding a CIA designation demonstrates creditability in maintaining the control environment within a company by overseeing processes and procedures related to financial accounting.
Certified Information Systems Auditor (CISA) – The CISA exam tests proficiency on maintaining the systems of an entity and may directly or indirectly influence the outcome of the financial accounting process.

What Is an Example of Financial Accounting?

A public company’s income statement is an example of financial accounting. The company must follow specific guidance on what transactions to record. In addition, the format of the report is stipulated by governing bodies. The end result is a financial report that communicates the amount of revenue recognized in a given period.

What Is the Main Purpose of Financial Accounting?

Financial accounting is intended to provide financial information on a company’s operating performance . Though management can analyze reports generated using financial accounting, they often find it more useful to use managerial accounting, an internally geared method of calculating financial results that is not allowable for external reports. Financial accounting is the widely accepted method of preparing financial results for external use.

Who Uses Financial Accounting?

Public companies are required to perform financial accounting as part of the preparation of their financial statement reporting. Small or private companies may also use financial accounting, but they often operate with different reporting requirements. Financial statements generated through financial accounting are used by many parties outside of a company, including lenders, government agencies, auditors, insurance agencies, and investors.

The Bottom Line

Financial accounting is the framework that sets the rules on how financial statements are prepared. The U.S. follows different accounting rules than most other countries. These guidelines dictate how a company translates its operations into a series of widely accepted and standardized financial reports. Financial accounting plays a critical part in keeping companies responsible for their performance and transparent regarding their operations.

Financial Accounting Standards Board. " About the FASB ."

University of Nevada, Reno. " What Is Financial Accounting and Why Is It Important? "

Accounting Explained With Brief History and Modern Job Requirements 1 of 51
What Is the Accounting Equation, and How Do You Calculate It? 2 of 51
What Is an Asset? Definition, Types, and Examples 3 of 51
Liability: Definition, Types, Example, and Assets vs. Liabilities 4 of 51
Equity Meaning: How It Works and How to Calculate It 5 of 51
Revenue Definition, Formula, Calculation, and Examples 6 of 51
Expense: Definition, Types, and How Expenses Are Recorded 7 of 51
Current Assets vs. Noncurrent Assets: What's the Difference? 8 of 51
What Is Accounting Theory in Financial Reporting? 9 of 51
Accounting Principles Explained: How They Work, GAAP, IFRS 10 of 51
Accounting Standard Definition: How It Works 11 of 51
Accounting Convention: Definition, Methods, and Applications 12 of 51
What Are Accounting Policies and How Are They Used? With Examples 13 of 51
How Are Principles-Based and Rules-Based Accounting Different? 14 of 51
What Are Accounting Methods? Definition, Types, and Example 15 of 51
What Is Accrual Accounting, and How Does It Work? 16 of 51
Cash Accounting Definition, Example & Limitations 17 of 51
Accrual Accounting vs. Cash Basis Accounting: What's the Difference? 18 of 51
Financial Accounting Standards Board (FASB): Definition and How It Works 19 of 51
Generally Accepted Accounting Principles (GAAP): Definition, Standards and Rules 20 of 51
What Are International Financial Reporting Standards (IFRS)? 21 of 51
IFRS vs. GAAP: What's the Difference? 22 of 51
How Does US Accounting Differ From International Accounting? 23 of 51
Cash Flow Statement: What It Is and Examples 24 of 51
Breaking Down The Balance Sheet 25 of 51
Income Statement: How to Read and Use It 26 of 51
What Does an Accountant Do? 27 of 51
Financial Accounting Meaning, Principles, and Why It Matters 28 of 51
How Does Financial Accounting Help Decision-Making? 29 of 51
Corporate Finance Definition and Activities 30 of 51
How Financial Accounting Differs From Managerial Accounting 31 of 51
Cost Accounting: Definition and Types With Examples 32 of 51
Certified Public Accountant: What the CPA Credential Means 33 of 51
What Is a Chartered Accountant (CA) and What Do They Do? 34 of 51
Accountant vs. Financial Planner: What's the Difference? 35 of 51
Auditor: What It Is, 4 Types, and Qualifications 36 of 51
Audit: What It Means in Finance and Accounting, and 3 Main Types 37 of 51
Tax Accounting: Definition, Types, vs. Financial Accounting 38 of 51
Forensic Accounting: What It Is, How It's Used 39 of 51
Chart of Accounts (COA) Definition, How It Works, and Example 40 of 51
What Is a Journal in Accounting, Investing, and Trading? 41 of 51
Double Entry: What It Means in Accounting and How It's Used 42 of 51
Debit: Definition and Relationship to Credit 43 of 51
Credit: What It Is and How It Works 44 of 51
Closing Entry 45 of 51
What Is an Invoice? It's Parts and Why They Are Important 46 of 51
6 Components of an Accounting Information System (AIS) 47 of 51
Inventory Accounting: Definition, How It Works, Advantages 48 of 51
Last In, First Out (LIFO): The Inventory Cost Method Explained 49 of 51
The FIFO Method: First In, First Out 50 of 51
Average Cost Method: Definition and Formula with Example 51 of 51

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Digital Commons @ USF > Muma College of Business > School of Accountancy > Theses and Dissertations

Accounting Theses and Dissertations

Theses/dissertations from 2023 2023.

The Rise of Text Analysis: Using Machine Learning to Explain the Variation in Going Concern Accuracy , Yimei Zhang

Theses/Dissertations from 2017 2017

Applying the Theory of Planned Behavior to Influence Auditors' Knowledge-Sharing Behavior , Xu Cheng

Theses/Dissertations from 2015 2015

Retail Investors' Perceptions of Financial Disclosures on Social Media: An Experimental Investigation Using Twitter , Neal Michael Snow

Does the Format of Internal Control Disclosures Matter? An Experimental Investigation of Nonprofessional Investor Behavior , Amanuel Fekade Tadesse

Theses/Dissertations from 2013 2013

Do Changing Reference Levels affect the Long-Term Effectiveness of Incentive Contracts? , Lee Michael Kersting

Theses/Dissertations from 2010 2010

The Effects of Directional Audit Guidance and Estimation Uncertainty on Auditor Confirmation Bias and Professional Skepticism When Evaluating Fair Value Estimates , Norma R. Montague

Theses/Dissertations from 2009 2009

Mitigating Escalation of Commitment: An Investigation of the Effects of Priming and Decision-Making Setting in Capital Project Continuation Decisions , Ann C. Dzuranin

Understanding and Improving Use-Tax Compliance: A Theory of Planned Behavior Approach , Christopher Robert Jones

Theses/Dissertations from 2008 2008

Detecting Financial Statement Fraud: Three Essays on Fraud Predictors, Multi-Classifier Combination and Fraud Detection Using Data Mining , Johan L. Perols

Performance and Perception: An Experimental Investigation of the Impact of Continuous Reporting and Continuous Assurance on Individual Investors , Anita Reed

The Effect of Multidimensional Information Presentation on the Effectiveness and Efficiency of a Spatial Accounting Judgment , John K. Tan

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Three essays in financial accounting and auditing

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Accounting Term Paper Writing: Guidelines and Topics

Accounting Term Paper: Basic Features and 100 Topics to Write About

Table of contents.

Accounting Essay: Definition, Goal, and Objectives Step 1. Focusing on the Task Step 2. Research and Analysis of Valid Sources Step 3. Outline Step 4. Tips on Accounting Term Paper Writing Step 5. Paper Editing and Proofreading Choosing an Effective Accounting Term Paper Topic Managerial Accounting Term Paper Topics Term Paper Topics for Nonprofit Accounting Cost Accounting Term Paper Topics Financial Accounting Term Paper Topics Forensic Accounting Term Paper Accounting Information Systems Term Paper Topics Government Accounting Term Paper Ideas

Studying at college is tightly related to writing academic projects. At this point, it is indispensable to mention that studying Accounting, there is no way to avoid accounting term paper creation. Therefore, you should better get ready for the completion of the assignment beforehand.

Unlike the majority of other fields of study, this specific one requires much attention to detail, precision, and accuracy, as each and every number, sign, and word matters. In most instances, the quality of the work will depend not only on the content but also on the format of the paper, thus, perfection is your primary goal.

Academic writing is never easy, especially when the topic is complicated and the requirements are specific. However, the struggle is real, and there is always a chance to become a first-class term paper writer . Keep reading the article to get detailed instructions on how to succeed with the assignment and make the term paper stand out from the crowd.

Accounting Essay: Definition, Goal, and Objectives

Before you immerse yourself in writing an accounting term paper, you should deal with definitions. The process of essay creation may be overwhelming for students, who are not aware of the accounting basics, so it is vital to start with the objectives, goals, and notions.

There are multiple purposes of term paper writing in accounting. College students working on similar projects aim to emphasize their awareness of the topic and its peculiarities. Additionally, they strive to highlight a deep understanding of the material presented by the professor, as well as excellent research, analysis, and writing skills.

The process of accounting term paper writing resembles the work on other academic essays and predetermines multiple stages. Check out the most critical stages of work on your assignments to enhance your chances to succeed.

Step 1. Focusing on the Task

The lack of writing experience, skills, knowledge, and competence is one of the critical problems that lead students to failure with the assignment. The moment the students receive the task, they start searching for a list of accounting term paper topics and dive into essay writing. However, similar to other types of academic projects, accounting term paper requires precision and attention to detail.

If the professor gives you the topic for your work, you should start with the paper requirements. Read the instructions carefully to make sure you understand each aspect. Pay due attention to the assignment question, formatting requirements, citation style, structure, and other specifications you need to follow.

If the instructor gives you a chance to select the theme for your term paper on accounting, you should analyze the field and come up with a consistent and coherent theme you want to discuss. Avoid controversial and ambiguous issues that may be confusing. Focus on appealing and up-to-date topics worth attention.

Step 2. Research and Analysis of Valid Sources

Brainstorming is one of the most effective techniques that should be used at this stage. Your main task here is to get as much useful information on the topic of your accounting term paper as possible. Divide your theme into multiple elements, which will help you come up with a consistent and well-structured outline.

Keep in mind that profound research is halfway to successful work, so you should make maximum effort to detect the most interesting and relevant data sources giving you a better understanding of the theme and its various aspects. Read scholarly magazines, articles, and books that will help you view the question under analysis from multiple perspectives. Additionally, one should remember that reading an accounting term paper sample is always a good idea, as it will give you a hint of the structure, formatting rules, and citation specifications of the paper.

Step 3. Outline

Once you are done with the analysis of the accounting term paper information, you are ready to proceed to the essay outline. Start with the thesis statement, which is the fundamental sentence of the whole work, as it predetermines the goal of the writing and its basic objectives.

Do you hesitate on how to make an outline for accounting term paper effective and helpful? Here are a few tips and guidelines to follow.

Start with the title, which should be short but informative.
Include the abstract that will highlight the objectives of the paper and specify the importance of the work. Additionally, it will summarize the prominent ideas mentioned in the text and will specify your point of view on the problem.
The introductory part should be concise, giving background information on the topic, explaining the basic notions, and giving definitions of the terms used in the paper. Make sure you provide the reader with detailed information about the overview of the existing research on the topic if any.
The body passage is the biggest and the most informative part of the term paper. It should be divided into numerous paragraphs, each presenting valuable information on the topic. Provide comprehensive arguments, giving relevant evidence and convincing facts supporting your point of view. The body part may be filled with figures, infographics, tables, and diagrams.
The conclusion should summarize the whole work. Do not include any new information in the last paragraph, but rather suggest directions and ideas for future research.
The reference list is the last page of the term paper that should consist of the properly formatted list of the data sources you used in the text.

Step 4. Tips on Accounting Term Paper Writing

When you are done with the accounting term paper outline, you can proceed to its writing. Following the recommendations, you will enhance your chances to succeed with the task. Mind the formatting requirements and other specifications that can influence the quality of your writing. Additionally, check out extra recommendations that will potentially add to the relevance of your paper:

Use action verbs in active tense to increase the reader’s interest in the paper.
Watch the length of the paragraphs, making them approximately the same. Avoid too long or too short paragraphs, as it may affect the quality of your work.
Use linking and transition sentences that will keep your paper consistent and logical. Besides, they will keep the paper easy to read and comprehend.
Working on the accounting topic, you should avoid any emotional, biased, or vague statements that can sound confusing or dubious.
If you are still unsure of how to write accounting term paper, read the information once before and pay attention to both content and format of the paper.

Step 5. Paper Editing and Proofreading

Have you managed to create the first draft of your accounting term paper? Breathe out, as you have succeeded with the biggest part of the work. However, it is not the time to relax, as you will have to proofread and edit the essay. This is the final stage that will guarantee the excellence of your work.

First of all, you should check the overall organization of the text and make sure it meets all the accounting term paper requirements. Then, you should pay attention to the structure and logic of the paragraphs. Does each paragraph introduce a new idea and contain a topic sentence? Does it contain a transition word or sentence?

Finally, the last step you should take is to look for typos, errors, and inaccuracies in the text. Although they are not as critical as content issues, they can affect the quality of the whole work. Read the paper once again to make sure it is flawless, and get ready to submit it.

Choosing an Effective Accounting Term Paper Topic

Writing an accounting term paper has never been easy, as the process requires not only excellent writing skills but also competence in the field. At the same time, one should remember that the choice of accounting topic may be daunting and overwhelming, making the assignment even more challenging.

Fortunately, the struggle is real. Following the guidelines and recommendations mentioned above, accounting term paper writing may be simpler. Taking into account the list of the appealing and influential term paper topic specified below, the work becomes even easier.

Managerial Accounting Term Paper Topics

Management Accounting and Its Peculiarities
The Advantages of Management Accounting in Organizational Decision Making
Management Accounting Techniques: The Most Effective and Risky Ones
The Link Between Management and Financial Accounting
Managerial Accounting as a Powerful Tool for Simplifying Decision-Making
Strategic Cost and Managerial Accounting around the World
Top 10 Managerial Accounting Instruments
Data Safety and Reliability in Managerial Accounting
Managerial Accounting: The Cost of Variables
The Prominence of Managerial Accounting in the Management Process
The Significance of Management Accounting in Business
The Development of the Company and Managerial Accounting: Various Aspects of the Question
Managerial Accounting: Risks and Pitfalls
The Image of a Successful Managerial Accountant
The Basic Principles of Management Accounting

Term Paper Topics for Nonprofit Accounting

Social Networks in Nonprofit Organizations
The Key Principles of Fundraising in Nonprofit Organizations
Financial reports and Management in Nonprofit Organizations
Nonprofit Organizations Business Plan
The Risk of Fraud in Nonprofit Organizations
Various Approaches to Nonprofit Organization Accounting
Challenges of Nonprofit Organization Accounting
Financial Reporting Requirements in Nonprofit Accounting
State Tax Policy for Nonprofit Organizations
The Significance of the Nonprofit Accounting
Governance Practices of the Nonprofit Accounting
Nonprofit Organization Accounting: Aspects to Take into Account
Executive Succession Planning: Challenges Nonprofit Organizations Face
Using Innovative Software in Nonprofit Accounting
Program Composition and Its Impact on the Nonprofit Organization Accounting

Cost Accounting Term Paper Topics

Risk Assessment in Cost Accounting: Recognizing and Preventing Negative Consequences
Project Accounting Segment Getting Competitive Advantage: Steps to Success
Cost Accounting in the Publication Industry
The Development and Advancement of Cost Accounting
Challenges and Risks of the Cost Accounting
Relevance of the Cost Accounting Management for Small Companies
Cost Accounting Management in Various Industries
Gas Sector and Cost Accounting: An Option or an Obligation?
Challenges Companies Face without an Implemented Cost Accounting
Cost Accounting and Productivity of the Control Systems
Key Elements of Cost Accounting
Cost Accounting and Decision-Making: Is There a Link?
The Impact of Cost Accounting on the Managerial Effectiveness
Beneficial Cost Reduction Techniques
Cost Accounting in the Agricultural Sector

Financial Accounting Term Paper Topics

The History of Accounting: Most Significant Dates and Events
Effective Strategies to Make Profit Flow Mistakes Free
Various Aspects of Off-Shores
Accounting Software: Pros and Cons
Key Features and Specifications of Online Banking
Accounting Accuracy and Its Significance for Business Companies
Tax Management in the Contemporary Society
Is It Possible for the Company to Exist without Accounting Software?
Ways to Protect Accounting Information
Tax Reduction Methods for Non-Profit Organizations
Financial Management of the Earnings
Downsides and Risks of the Online Transactions
Accounting as a Profession in 2022
Eliminating the Accounting Risks within a Large Company
Top 10 Tips to the Excellent Financial Standing on the Market

Forensic Accounting Term Paper

Integrating Forensic Accounting into the Study of Accounting
Forensic Accounting Used to Deal with Financial Crisis
Forensic Accounting: Features and Specifications
The Impact of Forensic Accounting on Corporate Fraud
The Prominence of Forensic Accounting in the Fraud Auditing
Typical Practice of Running a Financial Check on the Suspect
A Comprehensive Analysis of the Instances of the Successful Use of Forensic Accounting
The Role of Forensic Accounting in the Prevention of Money Laundering
Forensic Accounting Used for Scrutinizing the International Companies
Effective Methods to Use in Forensic Accounting
Authority of the Forensic Accounting
Main Downsides and Weak Points of the Forensic Accounting Software
Understanding the Forensic Accounting: Key Notions and Specifications to Deal with
Forensic Accounting as an Effective Tool for the Fraud Prevention
The Necessity of the Forensic Accounting for Business Companies

Accounting Information Systems Term Paper Topics

Double-Entry Accounting System: Benefit or Downside for the Management of the Business Company?
Cost-Profit Analysis and Its Link to Computerized Accounting System
Technological Development Affecting the Accounting Systems of the Firms
Information Systems and Productivity of Organizations
Dealing with Competition in the Era of Technology
Accounting Information Systems and Data Security
Accounting Information Systems and Their Link with the Advanced Company Profitability
How to Develop and Use the Accounting Information System
Evolution of the Accounting Information Systems and Their Role in the Development of the Companies
The Risks and Downsides Using the Accounting Information Systems
The Influence of the Accounting Information Systems on the Business Strategies
Accounting Information System Software Identifying the Employer Needs
Qualitative and Quantitative Analysis of the Accounting Information Systems Efficiency
Decision-Making and Accounting Information Systems
Easy Ways to Implement Accounting Information Systems and Manage Them

Government Accounting Term Paper Ideas

The Peculiarities of the Public Sector Accounting
Accounting System in the Public Sector: Peculiarities and Specifications
Accounting in Local Governments
Financial Abuse in the Public Sector
How to Develop a Beneficial Strategy for Pension Administration
Funds Management and Control: Basic Challenges
The Influence of Public Sector Accounting on the Financial Control System of the Country
Pension Administration: Key Aspects to Consider
Corruption and Economic Crimes
Tax System and Its Impact on the Social Sphere
Budgeting in the Public Sector
Effective Internal Control and Audit of the Public Sector
Issue and Perspectives of Auditing Governmental Companies
Rules and Regulations Governing Taxable Income
Governing Financial Regulations: Implementing New Rules

Read also : More government term paper topics for your academic assignments

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Financial Accounting Memorandum, Term Paper Example

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Date: January 25, 2010

RE: Financial Accounting.

Fannie Mae is the short name for Federal National Mortgage Association founded in the year 1938 for the duration of the great depression; this is a government sponsored enterprise (GSE) which was chartered by the congress in the same year it was founded. The main function of this enterprise is to securitize and purchase mortgages so as to ascertain that the funds derived from these activities are consistently accessible to bodies that lend money to home buyers.

The corporation funds mainly its investment through proceeds, this are returns from the issuance from debt securities in the international and domestic capital markets. The main customers of this company are the lenders of the primary mortgages where loans for such ventures are originated and the lenders are lend out the finances to cover mortgage, this includes not only individuals but; savings and loan associations, commercial banks, credit unions, mortgage banking firms, insurance companies, state and local housing finance agencies and saving banks.

The year 1999 during the Clinton administration the Fannie Mae came under pressure, and the pressure was them to expand mortgages loans to moderate and low income lenders by escalating their loan portfolio ratio in distressed inner city areas selected in the CRA of 1977. This layered risk that made investors and borrowers to shy away continued up to the year 2005 during the overhaul by then president Bush administration. The company had tumbled up to 90% from their share, from their two years prior level this in the year 2008 and $5 trillion on debt.

Nassim Taleb wrote in his book the black swan “ when one looks at the risk the government sponsored institution Fannie Mae in, it good to say that its like sitting on a barrel of dynamite, while is venerable to a slightest hiccup, though not to worry the large staff of scientist working round the clock will eventually deem these events”.

At present the company stands at total revenue of US$ $51.7 billion, operating income of US$ ?5.1 billion, with a total net income of US$ ?2.0 billion, with total assets accumulating up to US$ 882.5 billion and a total equity equivalent to US$ 44.0 billion for the year 2007-2009. The company has gone through a rough time though its recovery is been felt by the shareholders and investors.

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