posted by Administrator on Jun 10
Countless workforce are not aware that they can file a protest and claim against a present or former employer with regard to salaries and wages. If the said employer has failed to pay them with the government’s minimum wage or overtime pays, unless, they were known beforehand, employees can file an action. Many employers take advantage by failing to pay them properly and on time. This practice is usually visible in smaller, family run businesses which operate on a much more casual basis than the average corporate employer. It is always safe to ask for a record of every take-home pay to know how it was calculated.
posted by Administrator on Mar 10
Accounting practices differ across geographic and political boundaries, across sectors of the economy within these boundaries, and across types of organizations. Globalization exerts a homogenizing force across the political and jurisdictional boundaries with mixed consequences. Development of markets for various factors of production exerts a similar integrative force across sectors of the economy, including the business, government and not-for-profit (NFP) sectors. In this paper is an overview of the sources, consequences, and limits of these forces as they relate to accounting.
By: Shyam Sunder (shyam.sunder@yale.edu) (Yale University, School of Management)
Find out more (Available for downloading): ideas.repec.org
posted by Sherill on Dec 26
Working as an accountant, you are handling information that is vital to a firm’s overall function. Improper accounting practices have resulted in many high-profile cases of insider trading, accounting information manipulation and other crimes that have resulted in jail-time. Recently, companies that have received bailout funds from the US government have been found to use them for bonuses whilst the company has already declared bankruptcy. All these facts and information are witness to many a crimes that have gone unnoticed well till somebody found the anomalies and reports them.
Accountants are some of the most used people in such cases for they have the ability to manipulate ever so creatively the records so do be aware of such cases and abide by the law. You are obligated first by the company to do your job and the law to report any anomalies that may make or break your firm. Though mostly despised and black-listed in the industry, whistle-blowers are the first to raise the red flags that causes the investigative wheel to grind and work.
posted by Administrator on Nov 26
Image Source: static.howstuffworks.com
A businessman definitely does not want to be tax audited. It almost always is nightmare they have to go through. There is no way of telling exactly how and when your company will be suibjected to tax auditing. And sadly, there is no way of knowing why you are the next to be audited. They just come and you better be prepared for them. There are a few types of tax auditing. We cant be sure of the reasons why we are going to be scrutinized by the IRS but a few factors can be credited to merit their closer monitoring of your financial matters. Such as corporate returns income report of more than $250,000, those people applying for home office deductions and some sole proprietors in businesses where additional income is generated from tips.
posted by Administrator on Sep 29
Image Source: nylawblog.typepad.com
Labor law is also known as employment law in some parts of the world. Labor law is a broad category that covers all area of employer/employee relations. Labor law also includes the negotiation processes and collective bargaining. Its purpose is to protect the employer and the employee in the case of a wrongdoing from both ends.The labor law dates back to the 1930s. It was during this time that Congress acted to raise minimum wage and there was reconsideration of the labor laws that were affecting the employees. There have been no major new laws that have been passed over the last few decades.
Acts forbidden under the labor law
- Dominating or otherwise interfering with formation of a labor union, including the provision of any financial or other support.
- Interfering with or restraining employees engaged in the exercise of their rights to organize and bargain collectively.
- Imposing any special conditions of employment, which tended either to encourage or discourage union membership. The law stated, however, that this provision should be construed to prohibit union contracts requiring union membership as a condition of employment in a company.
- Discharging or discriminating against an employee because he had given testimony or filed charges under the Act.
- Refusing to bargain collectively with unions representing a Company’s employees.
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 9
This is a body of collective knowledge that dictates or outlines the basic principles accounting procedures and practices are to abide by. There are several principles that have to be satisfied by a set of accounting principles and they are; regularity, sincerity, permanence of records, non compensation, prudence, continuity and periodicity. These principles govern most countries of the world with the exception of communist countries that have their own set of rules that governs accounting practices. Most developing countries as well as developed ones adopt a single set of principles that allows one country to deal with the other and vice versa for trade purposes.
posted by Administrator on Mar 15
Our nation runs because of the taxes we pay. Without it, the government will be having a problematic situation for setting a financial plan for road widening, schools improvements, urban and rural development, government agency programs and so much more. This might be the reason why in some cases, extension for taxpayers are given. For some companies, they extend a good deed in filing their employee’s yearly taxes. However, despite of the extensions, citizens are hard-headed and are beating the deadline of payment which occur long queues. Then again, taxpayers who file earlier, will get their economic stimulus payments sooner.
posted by Administrator on Jan 5
Abstract: In 1888, the Quincy Mining Company changed its payroll accounting practices. Although efficiency was almost certainly a contributing factor, the nature and timing of this accounting innovation cannot be fully explained by efficiency alone. Instead, this paper attributes the new procedures to the transformation of American labor that characterized the last part of the 19th century. It is argued that the accounting changes reflect a realignment of the organizational relationship between management and labor. Through a contextual examination of a 19th century accounting innovation, this paper provides insights to the social and cultural influences upon accounting processes.
Read the rest of this entry »
