Online Accounting Game – Bank On It

Bank On It features more than 1,000 questions inspired by content in accounting textbooks. The game challenges students on accounting fundamentals and real-world workplace scenarios in the context of an online board game.

The concept for the game was designed by high school students who won AICPA’s Project Innovation Competition. Their submission focused on creating an accounting version of a traditional board game. The questions in Bank On IT have been reviewed by CPAs and the game provides incorrect-answer explanations and rationale to increase student’s understanding of the accounting profession. In addition, the game weaves in real-life professional scenarios and reinforces principles already being taught in the classroom.

Students can play at one of two levels and can focus on one of three sectors, business and industry, public accounting or non-profit accounting. The game is won by reaching the winning bank balance set prior to starting. Players earn money by answering questions correctly and landing on other strategic spaces as they move around the board.

Bank On It provides a customizable experience for teachers as well. Educators who are registered on Start Here, Go Places. are given a unique classroom code  they can distribute to their students to track their progress. Students can play against each other, against other online players or against the computer, with the option of taking part in up to 10 games at once. In addition, the game is mobile-friendly – so students can play from their smartphones.

Source

Tangible Property Regulations

Source: Guidance Regarding Deduction and Capitalization of Expenditures Related to Tangible Property

BackgroundExplanation of Provisions

I. Overview

II. Materials and Supplies Under §1.162-3A. Definition of materials and suppliesB. Election to capitalize certain materials and suppliesC. Optional method for rotable and temporary spare partsD. Materials and supplies under the de minimis safe harborE. Property treated as materials and supplies in published guidance

III. Repairs Under §1.162-4

IV. De Minimis Safe Harbor Under §§1.263(a)-1(f) and 1.162-3(f)A. De minimis safe harbor ceilingB. Taxpayers without an applicable financial statementC. Safe harbor electionD. Written accounting proceduresE. Application to consolidated group membersF. Transaction and other additional costsG. Materials and suppliesH. Coordination with section 263AI. Change in accounting procedures not change in method of accounting

V. Amounts Paid to Acquire or Produce Tangible Property Under §1.263(a)-2

VI. Amounts Paid to Improve Property Under §1.263(a)-3A. OverviewB. Determining the unit of propertyC. Unit of property for leasehold improvementsD. Special rules for determining improvement costs1. Costs incurred during an improvement2. Removal CostsE. Safe harbor for small taxpayersF. Safe harbor for routine maintenance1. Buildings2. Other Changes3. Reasonable Expectation that Activities Will be Performed More than Once4. Amounts Not Qualifying for the Routine Maintenance Safe HarborG. Betterments1. Overview2. Amelioration of Material Condition or Defect3. Material Addition or Increase in Productivity, Efficiency, Strength, Quality, or Output4. Application of Betterment Rule5. Retail Store Refresh or RemodelsH. Restorations1. Overview2. Replacement of a Major Component or Substantial Structural Parta. Definition of major component and substantial structural partb. General rule for major component and substantial structural partc. Major component and substantial structural part of buildings3. Casualty Loss Rule4. Salvage Value Exception5. Rebuild to Like-New ConditionI. Adaptation to a new or different use

VII. Optional Regulatory Accounting Method

VIII. Election to Capitalize Repair and Maintenance Costs

IX. Applicability Dates

X. Change in Method of Accounting

Special AnalysesStatement of Availability for IRS Documents

Adoption of Amendments to the Regulations
PART 1—INCOME TAXESPART 602—OMB CONTROL NUMBERS UNDER THE PAPERWORK REDUCTION ACT

Unified Chart of Accounts for Nonprofit Organizations

UCOA – the Unified Chart of Accounts for nonprofit organizations, is designed so that nonprofits can can quickly and reliably translate their financial statements into the categories required by the IRS Form 990, the federal Office of Management and Budget, and into other standard reporting formats.

UCOA ver.3 Spreadsheet

All of the UCOA accounts and their relationships to the IRS Form 990, OMB A-122 cost principles, and United Way of America reporting requirements.

File: UCOA-version 3.xls

UCOA QuickBooks Files

Template for implementing the UCOA in QuickBooks. The file with the .MAC.qbmd file extension is for MacIntosh versions of QuickBooks.

File: UCOA 3.QBB
File: UCOA 3.IIF
File: UCOA 3.MAC.qbm

 UCOA Toolkit

A zipped file containing the QuickBooks chart of accounts files and Excel spreadsheets for working with UCOA.

File: UCOA version 3 .zip
UCOA ver.3 Keyword Lookup Spreadsheet

This file lists common account names and their UCOA account numbers — useful if you are in the process of converting your accounts to the UCOA.

File: UCOA version 3 Content-Key word list.xls

Find latest version here

Accountants and Auditors Wages

 

 

Top paying States

State Employment (1) Employment per thousand jobs Location quotient (9) Hourly mean wage Annual mean wage (2)
New York 91,630 10.98 1.30 $40.98 $85,230
District of Columbia 9,910 15.49 1.84 $40.57 $84,390
New Jersey 34,130 9.05 1.07 $38.28 $79,620
Maryland 22,240 9.03 1.07 $36.48 $75,870
Massachusetts 33,290 10.68 1.27 $36.07 $75,030

 

 

Top paying metropolitan areas

Metropolitan area Employment (1) Employment per thousand jobs Location quotient (9) Hourly mean wage Annual mean wage (2)
New York-White Plains-Wayne, NY-NJ Metropolitan Division 63,320 12.71 1.51 $42.90 $89,220
San Jose-Sunnyvale-Santa Clara, CA 9,440 11.01 1.31 $42.67 $88,750
Nassau-Suffolk, NY Metropolitan Division 12,500 10.39 1.23 $41.83 $87,000
Newark-Union, NJ-PA Metropolitan Division 9,300 9.76 1.16 $40.67 $84,600
San Francisco-San Mateo-Redwood City, CA Metropolitan Division 13,350 14.07 1.67 $40.67 $84,590
Haverhill-North Andover-Amesbury, MA-NH NECTA Division 380 4.98 0.59 $39.63 $82,420
Washington-Arlington-Alexandria, DC-VA-MD-WV Metropolitan Division 28,920 12.63 1.50 $39.60 $82,360
Bethesda-Frederick-Gaithersburg, MD Metropolitan Division 6,880 12.48 1.48 $38.87 $80,850
Oakland-Fremont-Hayward, CA Metropolitan Division 8,130 8.55 1.01 $38.54 $80,160
Edison-New Brunswick, NJ Metropolitan Division 8,340 8.67 1.03 $38.18 $79,420

 

Top paying nonmetropolitan areas

Nonmetropolitan area Employment (1) Employment per thousand jobs Location quotient (9) Hourly mean wage Annual mean wage (2)
East Central New York nonmetropolitan area 150 4.54 0.54 $39.60 $82,360
Southwest Massachusetts nonmetropolitan area 60 4.78 0.57 $38.62 $80,330
North Idaho nonmetropolitan area 90 1.87 0.22 $36.37 $75,660
North Central Colorado nonmetropolitan area 780 10.68 1.27 $36.14 $75,180
St. Mary’s County, Maryland nonmetropolitan area 190 4.69 0.56 $36.03 $74,940

 

 

Source: U.S. Bureau of Labor Statistics, May 2010

Your Professional Bookshelf – Accounting and taxation

Accounting for Non-Accountants is the must-have guide for all of us who have never taken an accounting class, are mystified by accounting jargon, and have no clue about balance sheets, income statements, or statements of cash flows.

Whether you own a business, plan on starting one, or just want to control your own assets, you’ll find everything you need to know:

How to prepare and use financial statements

How to manage budgets

How to deal with audits and auditors

How to control cash flows

How to use accounting ratios to interpret financial statements

 

 

he authors of ACCOUNTING, 24e, understand that you need to find important information quickly. This textbook uses an integrated learning system to help you complete homework and lead you to accounting mastery. Built on the authors’ proven approach, clear examples and high-impact writing style, you will be guided through the preparation of financial statements to understand accounting’s evolving role in business.

Look inside book Accounting 24e

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Table of contents

1. Introduction to Accounting & Business.
2. Analyzing Transactions.
3. The Adjusting Process.
4. Completing the Accounting Cycle.
5. Accounting Systems.
6. Accounting for Merchandise.
7. Inventories.
8. Sarbanes-Oxley, Internal Control and Cash
9. Receivables.
10. Fixed Assets and Intangible Assets.
11. Current Liabilities & Payroll.
12. Accounting for Partnership & LLC’s.
13. Corporations: Organizations, Stock Transactions & Dividends.
14. Long-term Liabilities: Bonds & Notes.
15. Investment & Fair Value Accounting.
16. Statement of Cash Flows.
17. Financial Statement Analysis.
18. Managerial Accounting Concepts & Principles.
19. Job Order Costing.
20. Process Cost Systems.
21. Cost Behavior & Cost-Volume-Profit Analysis.
22. Budgeting.
23. Performance Evaluation Using Variances from Standard Costs.
24. Performance Evaluation for Decentralized Operations.
25. Differential Analysis, Product Pricing and Activity Based Costing.
26. Capital Investment Analysis

ISBN-10: 0538475005
ISBN-13: 978-0538475006

Authors:

Carl S. Warren, University of Georgia
James M. Reeve, University of Tennessee
Jonathan Duchac, Wake Forest University

South-Western College Pub; 24 edition (October 2010)

 

The Accounting Game: Basic Accounting Fresh from the Lemonade Stand

The Accounting Game presents financial information in a format so simple and so unlike a common accounting textbook, you may forget you’re learning key skills that will help you get ahead! Using the world of a child’s lemonade stand to teach the basics of managing your finances, this book makes a dry subject fun and understandable. As you run your stand, you’ll begin to understand and apply financial terms and concepts like assets, liabilities, earnings, inventory and notes payable, plus:

–Interactive format gives you hands-on experience
–Color-coded charts and worksheets help you remember key terms
–Step-by-step process takes you from novice to expert with ease
–Fun story format speeds retention of essential concepts
–Designed to apply what you learn to the real world

Click here to enter Bookstore

 

 

Accountants and Auditors – Occupational Outlook Handbook

Accountants and auditors help to ensure that firms are run efficiently, public records kept accurately, and taxes paid properly and on time. They analyze and communicate financial information for various entities such as companies, individual clients, and Federal, State, and local governments. Beyond carrying out the fundamental tasks of the occupation—providing information to clients by preparing, analyzing, and verifying financial documents—many accountants also offer budget analysis, financial and investment planning, information technology consulting, and limited legal services.

Specific job duties vary widely among the four major fields of accounting and auditing: public accounting, management accounting, government accounting, and internal auditing.

Public accountants perform a broad range of accounting, auditing, tax, and consulting activities for their clients, which may be corporations, governments, nonprofit organizations, or individuals. For example, some public accountants concentrate on tax matters, such as advising companies about the tax advantages and disadvantages of certain business decisions and preparing individual income tax returns. Others offer advice in areas such as compensation or employee healthcare benefits, the design of accounting and data processing systems, and the selection of controls to safeguard assets. Still others audit clients’ financial statements and inform investors and authorities that the statements have been correctly prepared and reported. These accountants are also referred to as external auditors. Public accountants, many of whom are Certified Public Accountants (CPAs), generally have their own businesses or work for public accounting firms.

Some public accountants specialize in forensic accounting—investigating and interpreting white-collar crimes such as securities fraud and embezzlement, bankruptcies and contract disputes, and other complex and possibly criminal financial transactions, including money laundering by organized criminals. Forensic accountants combine their knowledge of accounting and finance with law and investigative techniques to determine whether an activity is illegal. Many forensic accountants work closely with law enforcement personnel and lawyers during investigations and often appear as expert witnesses during trials.

Management accountants—also called cost, managerial, industrial, corporate, or private accountants—record and analyze the financial information of the companies for which they work. Among their other responsibilities are budgeting, performance evaluation, cost management, and asset management. Usually, management accountants are part of executive teams involved in strategic planning or the development of new products. They analyze and interpret the financial information that corporate executives need to make sound business decisions. They also prepare financial reports for other groups, including stockholders, creditors, regulatory agencies, and tax authorities. Within accounting departments, management accountants may work in various areas, including financial analysis, planning and budgeting, and cost accounting.

Government accountants and auditors work in the public sector, maintaining and examining the records of government agencies and auditing private businesses and individuals whose activities are subject to government regulations or taxation. Accountants employed by Federal, State, and local governments ensure that revenues are received and expenditures are made in accordance with laws and regulations. Those employed by the Federal Government may work as Internal Revenue Service agents or in financial management, financial institution examination, or budget analysis and administration.

Internal auditors verify the effectiveness of their organization’s internal controls and check for mismanagement, waste, or fraud. They examine and evaluate their firms’ financial and information systems, management procedures, and internal controls to ensure that records are accurate and controls are adequate. They also review company operations, evaluating their efficiency, effectiveness, and compliance with corporate policies and government regulations. Because computer systems commonly automate transactions and make information readily available, internal auditors may also help management evaluate the effectiveness of their controls based on real-time data, rather than personal observation. They may recommend and review controls for their organization’s computer systems, to ensure their reliability and integrity of the data. Internal auditors may also have specialty titles, such as information technology auditors, environmental auditors, and compliance auditors.

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More information:

 

Information about careers in certified public accounting and CPA standards and examinations may be obtained from:

  • American Institute of Certified Public Accountants, 1211 Avenue of the Americas, New York, NY 10036. Internet: http://www.aicpa.org
  • AICPA Examinations Team, Parkway Corporate Center, 1230 Parkway Ave., Suite 311, Ewing, NJ 08628-3018. Internet: http://www.cpa-exam.org

Information on CPA licensure requirements by State may be obtained from:

  • National Association of State Boards of Accountancy, 150 Fourth Ave. North, Suite 700, Nashville, TN 37219-2417. Internet: http://www.nasba.org

Information on careers in management accounting and the CMA designation may be obtained from:

  • Institute of Management Accountants, 10 Paragon Dr., Montvale, NJ 07645-1718. Internet: http://www.imanet.org

Information on careers in internal auditing and the CIA designation may be obtained from:

  • The Institute of Internal Auditors, 247 Maitland Ave., Altamonte Springs, FL 32701-4201. Internet: http://www.theiia.org

Information on careers in information systems auditing and the CISA designation may be obtained from: