Ethics is a system of moral principles and their application to particular problems of conduct, especially the ethics of a profession, the rules imposed by a professional body on the behavior of its members. In the accounting profession, rules of professional conduct applying to members of the American Institute of Certified Public Accountants (AICPA). Read more this article....
The moral obligation assumed by a public accountant, as a member of a profession, in certifying to a financial statement from which information may be sought by management, creditors, and investors. A number of states, through the issue of annual licenses and the setting of minimum standards of performance, have endeavored to focus attention on such responsibility... read more this article.
Financial accounting can be defined as the process to prepare financial reports on the enterprise to be used by both internal and external parties. Users of these financial reports include investors, creditors, managers, unions, and government agencies. Financial statements are prepared and presented for external users. These statements provide the firm’s history quantified in money terms. Most of financial statements generally include: (1) the balance sheet; (2) the income statement; (3) the statement of cash flows, and (4) the statement of owner’s or stockholder’s equity. In addition, note disclosures are an integral part of each financial statement...Read this article completely.
Internal control is a basic factor operating in one form or another in the administration of every organization, business or otherwise. Although sometimes identified with the administrative organism itself, it is often characterized as the nervous system that activates overall operating policies and keeps them within practicable performance ranges... read this article completely.
