Stored-value cards are access devices used to deduct money from a nonbank, nonchecking account. These cards are funded through checking accounts, ACH funds transfers, credit cards, debit cards or cash.
1. Which promulgated accounting standards did the company need to consider prior to implementing the initiative? Explain your answer.
Credit card companies need to consider prior to implementing this initiative would be the proposed guidance of FASB’s Emerging Issues Task Force (EITF Issue No. 15-B). This is the treatment of the liability that exists between the issuer of the card and the consumer before the card is redeemed.
When a Card Issuer sells a prepaid stored-value card directly to a Consumer, it recognizes a liability for its obligation to provide the Consumer with the ability to purchase goods or services at a Content Provider. When the Consumer redeems the prepaid stored-value card at a Content Provider, the Card Issuer processes the card payment via a bank card network and the liability between the Card Issuer and the Consumer is extinguished. At the same time, the Card Issuer incurs a liability to the Content Provider. This liability is typically settled within a few days through a card settlement process. A Card Issuer typically will settle the liability net of a fee for its services.
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When should the accounting department get involved with these initiatives (before or after the decision has been made and why so)?
The accounting department should get involved as soon as the credit card company makes the decision to offer these stored value cards to its customers. The accounting department will need to need to account and make a system to manage the ins and outs of these
The company has a responsibility to establish and implement internal and external controls for proper accounting reporting. Target Corporation has done a good job of developing these controls and thus the accounting has been reliable and accurate. To assist in a audit of the company, it must establish substantive procedures that can follow up on the EPS accounting policy. A testing to confirm events and their occurrence would be helpful to ensure that the events and transactions have actually occurred and are recorded in the financial statements accordingly.
This part of Ceridian is the number one supplier of electronic cash card and related services to the over-the-road trucking industry. Comdata's proprietary credit and debit card is a multi-service card, which allows payment for a range of personal and company related expenditures through a single card. Comdata serves over one million truckers in the United States with its proprietary card for over-the-road truck carriers and with a co-branded Comdata MasterCard® for local fleets. This is the credit card of choice for large local fleet operators including Pepsico, SYSCO and Frito Lay. Comdata is also a leading provider of retail gift, cash and stored value chip cards. In 2003 Comdata shipped more than 250 million cash cards to retailers, grocery and restaurant chains, and entertainment companies. Retailers including The Gap, Lowe's, Applebee's, Safeway, J.C. Penney and Kroger take advantage of Comdata's stored value card services.
The goal of the Codification is to simplify the organization of thousands of authoritative U.S. accounting pronouncements issued by multiple standard-setters. To achieve this goal, the FASB initiated a project to integrate and topically organize all relevant accounting pronouncements issued by the U.S. standard-setters including those of the FASB, the American Institute of Certified Public Accountants (AICPA), and the Emerging Issues Task Force (EITF)
I also support team in preparing various tax forms and documents required by clients. For example, I help team to prepare From 9 for registration of company; Form 8 for registration of sole proprietorship or partnership; Form 49 for directors’ information and Form B & BE for lodgment of tax. In addition, I also help to key-in the data into the UBS system. The UBS system requires the code to differentiate whether it is assets or liabilities or income or expenses. For instance, normally the company will use the code of 1000 for capital; 2000 for fixed assets; 3000 for current assets; 3100 for trade debtors; 3600 for cash in hand; 4000 for current liability; 4100 for trade creditors; 5000 for sales; 6000 cost of goods sold; 7000 for other income and 9000 for expenses. Thus, whenever the client company sold goods on credit, we need to debit the code 3100 into the trade debtors’ account and credit the code 5000 into the sales account in the UBS
... standard and help to reduce the preparer cost. And it has also enhanced the financial statements decision usefulness and make the organization prepare for expanded disclosure requirements.
In Canada, two political parties dominate the political and electoral sector. They are the Conservatives Party and the Liberal Party. The current electoral system being used in Canada is referred to as the “single-member plurality” (SMP) system, which is also commonly known as the “first-past-the-post” (FPTP) or “winner take all” system (Couture, 2014, p. 3). The FPTP is a branch from the majoritarian electoral system. This subsystem was adopted in Canada when the only existing political parties in the nation where the Conservatives and the Liberals, and during that period of time it was possible for one party to receive a clear majority of 51% of the votes (p. 3).
This paper will discuss these steps in detail. Because I work at home, I am not currently involved in any of the steps of the accounting cycle. The examples I give in this paper will be from various jobs I have held in the past.
Likewise, Sage 50 allows users to record payments separate from supplier payments, which can be debited to an equity account to represent the withdrawal of assets by owners or to a liability account to represent the payment of debts and interest on those debts.
Managerial Accounting addresses those aspects that relates to an individual organization return on investments (ROI). (Albrecht, Stice, Stice, & Skousen, 2002) A company’s profitability depends on periodic attention to its assets turnover and profit margin. This process is designed to support the decision making that adds value to an organization. Organizations are sometimes broad and divisional. Planning, controlling, and evaluating is key in the effective decision making process. (Albrecht, Stice, Stice, & Skousen, 2002) An organization must make decisions about its future products, services, operations, and investments. It must begin a tracking process for cost, quality, and performance. Finally it must analyze the results, and variances, providing feedback to assess areas of personnel, divisions, products, and processes. (Albrecht, Stice, Stice, & Skousen, 2002)
The main objective of the IASC was the development of International Accounting Standards, in an effort to reduce the differences in accounting practices across countries. Harmonization is the name given to the process of reducing differences in financial reporting practices and increasing comparability of financial statements in various countries. As such the intent of the IASC was to create a set of accounting rules that would be relevant and consistent to all countries ...
The success of a company is very dependent upon its financial accounting. In accounting there are numerous Regulatory bodies that govern the accounting world. These companies are extremely important to a company because they set the standards when it comes to the language and decision making of a company. These regulatory bodies can be structured as agencies, associations, commissions, and boards. Without companies like the Security and Exchange Commission (SEC), The Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), Internal Accounting Standards Board (IASB), Internal Revenue Service (IRS), and other regulatory bodies a company could not make well informed decisions. In this paper the author will look at only four of them.
According to business, or any organization, Accounting plays a major role in developing and growth of the business. Financial standards of the organization expected as the complexities of business growth and expansion. Hence determining the implementation of the standards can vary according to the type of industry, business or organization.
Nowadays with the implementation of new emerging technologies, the way businesses keep this financial information has become computerised. At the moment businesses use computers with a computerised accounting system in order to perform many other new activities than what they were able to do in the past. Businesses can access financial information from different department in the organisation, access to the information through computers and find financial data very fast, being more efficient. (Beliss, 2013)
I am interested in conducting research and teaching in managerial accounting, auditing and assurance services and accounting information systems. In particular, I am interested in exploring the role of accounting information systems in decision making, internal control, and auditing. In order to gain an appreciation of these and related issues, it is essential for me to have a strong grounding accounting, accounting information systems, information technology, managerial accounting, as well as gain a general economic and management perspective.
At the same time a balance score card intergraded with Accounting Information System allows the companies to collect rightfull information, analyse the data and make evidence based decisions. (Marr, 2010).