accountinglaborlawreferences.com

posted by Avatar on Nov 5

Many companies how have electronic accounting systems that are a part of a larger office management and support system that provides the people above with all the necessary information at the click of a mouse. These centralized accounting systems are centralized and real-time enough to provide the latest information from the several branch offices of the business allowing them to make decisions accordingly. With many firms now utilizing the internet for their services and communication needs, the need for robust information protection systems is heightened and emphasized. The rate of information leakage has increased so much that federal offices have had to put up offices that deal specifically with information technology related crimes. From fraud, identity theft, insider trading and many more business related news in the headlines everyday and the economy slowing down, businesses seek better and cheaper alternatives to traditional accounting practices and measure.

posted by Administrator on May 28

I have tackled a form of incapacity, which is pregnancy, but let us delve further on the general scope of incapacitation. Sure an employer can ask questions on what you are incapacitated of, and your requirements, but they cannot ask any other questions regarding that matter.

Questions pertaining to these matters involve such discrimination on to these incapacitated people. And would mean that they aren’t fit for the job that they are applying for. Although it is logical that some cannot do physical jobs due to their condition, other jobs, requiring technical skills doesn’t limit incapacitated people from doing their best and producing quality output.

posted by Administrator on Mar 10

You’re a certified public accountant, but haven’t really gotten into a job? Here’s the article for you. The U.S. of A has been clear in its fight to stop discrimination and the like, but there are still a number of employers who prefer people based on their religion, race, or even gender and sex.

For the series of posts for this month, we will tackle several questions an employer should not ask an applicant on issues such as gender, and other factors such as disability and religion. America has been always regarded as the land of the free and has the highest tolerance to other people. But in the workplace, it seems to be a little different from what they are preaching, most especially these human resource developers – seeking efficiency more than other traits in a person, but the said traits/issues should not factor in according to several laws and also in the Amendments of the United States of America.

posted by Administrator on Jan 30

There is a very defined line between employment as a contractor or as an employee and in the middle may be the casual or an individual who is still not a full pledged employee but is performing the jobs of one pending his evaluation after a specified time frame. That time frame may depend on the agreement he signs with the company which will have to deliberate on whether to hire him as a full time employee or to terminate his services from the firm. The time-period is defined by law but may vary depending on the employer but is not to exceed six months to a year, after which the employee will automatically become a full-pledged employee entitled to all the benefits and pay as such. Contractors on the other hand are individuals that are brought into a company for their specific skills that may be required for a short period of time. Opposed to employees who can resign at anytime given a valid reason, contractors are bound by their contract to finish the terms of the contract signed. Contractors often work on a consultaion basis and are not obliged to come in as regular employees do, they simply have to perform their duties as required by their contract, in between that period they are free to take other jobs that may interest them. The binding that hold all the above situations is the contract which is signed by both employee and a contractor where all the specific are defined and discussed.

posted by Administrator on Aug 19

Image source: www.exagos.com
In 2002, the normal wage and salary annual earning of an accountant is $47,000. The middle half of the occupation earned between $37,210 and $61,630. The top 10 percent of accountants earned more than $82,730, and the bottom 10 percent earned less than $30,320. In 2002, normal annual earnings in the industries employing the largest numbers of accountants and auditors were:

Federal Government $51,070
Accounting, tax preparation, bookkeeping, and payroll services $49,520
Management of companies and enterprises $49,110
Local government $44,690
State government $42,680

In the Federal Government, the starting annual salary for junior was $23,442 in 2003. Candidates who had a superior academic record might start at $29,037, while applicants with a master’s degree or 2 years of professional experience usually began at $35,519. Beginning salaries were slightly higher in selected areas where the prevailing local pay level was higher. Accountants employed by the Federal Government in non- supervisory, supervisory, and managerial positions averaged $69,370 a year in 2003; auditors averaged $73,247.

posted by Avatar on May 29

Events in the financial markets have reshaped accounting and the advent of computer technology has added to the risks that are involved in dealing and handling with such financial information. Such information can be used against a firm for personal or criminal needs by people inside and outside of the company who knows how to utilize that information. Manipulation is also addressed by these practices for it aims to establish a set of checks and balances within the system allowing financial experts to quickly discover and deal with such threats (inconsistencies). Insider trading in stock markets have risen globally and the recent sub-prime lending crisis that has crippled the US economy are just some of the problems that have deep roots in flaws within the financial and accounting systems of companies who should have been able to determine the abnormalities before they caused much problems.

posted by Avatar on May 25

The set of accounting principles may be basic and elementary but the rules governing their use and creation must follow internationally approved standards. This allows global trade to go on regardless of geographic location. These principles are revised and deliberated on, by a board of accountants who represent the majority of the countries who participate in the standardization of these practices on a daily basis. Changes are made and adjustments to the rules are drafted, presented and deliberated on by the representatives to ensure that the principles are evolving with the current status of the global economy. Incidents that involve loopholes are plugged by amendments and new requirements such as the “Sarbanes and Oxley Act” of 2002 which were implemented in the US to prevent further taking advantage of loopholes in the existing set of principles making it relevant to modern financial markets.

posted by Avatar on May 21

The periodicity principle states that accounting information should be presented in periodic manner that is also included in the annual book keeping information set. Sales for the day are to be reflected for the daily, monthly, quarterly as well as annual records or depending on the time frame the business requires.
Wherever in the world you may be, there are a set of defined accounting principles that are defined by the country’s monetary authority. They are all patterned after the IFRS or the International Financial Reporting Standards that is established by a board of selected representatives form the accounting field or bodies of the countries who use and apply the principles that are detailed in the said laws/rules.

posted by Avatar on May 17

The principle of prudence states that accounting information is direct to the point without any beautification factor and that the numbers are on an as is basis meaning it is consistent and not embellished with non-fact. The principle of Prudence states that accounting practices and information should detail the value of assets as well as monetary funds. The information should be done in a way that is not for short term use only but for the long run but it is allowed that asset and other fixed materials be accounted for at their depreciated value. There is a need for the accounting of all assets (buildings, machinery and other assets) that are owned by the company for it is part of the overall value of a firm that should be included in financial reports submitted to requesting authorities.

posted by Avatar on May 13

The principle of regularity is defined as the conformity of the said accounting practices to applicable laws and rules defined by the country’s financial branch (also known as the principle of Consistency). The Principle of sincerity defines the truthfulness of the information as a true description of the company’s financial status. Permanence of records defines the absoluteness and coherence of the company’s financial information which ever way you may look. This states that information is consistent whether inside or outside the company.
The principle of non-compensation simply states that the financial system should have accounting of both income and expenses (debit and credit) which can be traced or checked easily with the provided accounting information.