What is involved in Financial Accounting
Find out what the related areas are that Financial Accounting connects with, associates with, correlates with or affects, and which require thought, deliberation, analysis, review and discussion. This unique checklist stands out in a sense that it is not per-se designed to give answers, but to engage the reader and lay out a Financial Accounting thinking-frame.
How far is your company on its Financial Accounting journey?
Take this short survey to gauge your organization’s progress toward Financial Accounting leadership. Learn your strongest and weakest areas, and what you can do now to create a strategy that delivers results.
To address the criteria in this checklist for your organization, extensive selected resources are provided for sources of further research and information.
Start the Checklist
Below you will find a quick checklist designed to help you think about which Financial Accounting related domains to cover and 169 essential critical questions to check off in that domain.
The following domains are covered:
Financial Accounting, Trial balance, Constant item purchasing power accounting, Generally Accepted Accounting Principles, Accounting period, Marketable securities, Financial audit, Internal audit, Constant purchasing power accounting, Accounting analyst, Income statement, National Diet Library, Forensic accounting, Sole proprietorship, Revenue recognition, T accounts, Management accounting, Debits and credits, Positive accounting, Gross profit, Financial statement, General ledger, Intangible asset, Annual report, Accounting networks and associations, Social accounting, Current asset, Accounting equation, Ownership equity, Business owner, Government agencies, Net profit, Historical cost, Historical cost accounting, FIFO and LIFO accounting, Management discussion and analysis, Bank reconciliation, Balance sheet, Double-entry bookkeeping system, International Accounting Standards Board, Fair value, Governmental accounting, Accounting standards, Economic entity, Double-entry accounting system, Tax accounting, Net income, Capital expenditure, Management Accounting Principles, Fixed asset, General journal, Generally accepted auditing standards, Certified Public Accountant:
Financial Accounting Critical Criteria:
Track Financial Accounting outcomes and clarify ways to gain access to competitive Financial Accounting services.
– How do we know that any Financial Accounting analysis is complete and comprehensive?
– Does the Financial Accounting task fit the clients priorities?
– How can skill-level changes improve Financial Accounting?
Trial balance Critical Criteria:
Investigate Trial balance planning and assess what counts with Trial balance that we are not counting.
– Do several people in different organizational units assist with the Financial Accounting process?
– What are the business goals Financial Accounting is aiming to achieve?
Constant item purchasing power accounting Critical Criteria:
Debate over Constant item purchasing power accounting governance and oversee implementation of Constant item purchasing power accounting.
– Are accountability and ownership for Financial Accounting clearly defined?
– What about Financial Accounting Analysis of results?
– How can we improve Financial Accounting?
Generally Accepted Accounting Principles Critical Criteria:
Apply Generally Accepted Accounting Principles risks and point out improvements in Generally Accepted Accounting Principles.
– Among the Financial Accounting product and service cost to be estimated, which is considered hardest to estimate?
– Is a Financial Accounting Team Work effort in place?
Accounting period Critical Criteria:
Examine Accounting period adoptions and integrate design thinking in Accounting period innovation.
– How important is Financial Accounting to the user organizations mission?
– What vendors make products that address the Financial Accounting needs?
– What is going to be the accounting period?
Marketable securities Critical Criteria:
Reorganize Marketable securities leadership and acquire concise Marketable securities education.
– Marketing budgets are tighter, consumers are more skeptical, and social media has changed forever the way we talk about Financial Accounting. How do we gain traction?
– How do we go about Comparing Financial Accounting approaches/solutions?
– What is our Financial Accounting Strategy?
Financial audit Critical Criteria:
Give examples of Financial audit tasks and tour deciding if Financial audit progress is made.
– Is there a Financial Accounting Communication plan covering who needs to get what information when?
– Do the Financial Accounting decisions we make today help people and the planet tomorrow?
– Do we have past Financial Accounting Successes?
Internal audit Critical Criteria:
Experiment with Internal audit results and look for lots of ideas.
– Does Financial Accounting include applications and information with regulatory compliance significance (or other contractual conditions that must be formally complied with) in a new or unique manner for which no approved security requirements, templates or design models exist?
– How do we engage divisions, operating units, operations, internal audit, risk management, compliance, finance, technology, and human resources in adopting the updated framework?
– Have we established unit(s) whose primary responsibility is internal audit, Quality Assurance, internal control or quality control?
– When was your last SWOT analysis for Internal Audit?
– What are our Financial Accounting Processes?
Constant purchasing power accounting Critical Criteria:
Look at Constant purchasing power accounting planning and get the big picture.
– How do we measure improved Financial Accounting service perception, and satisfaction?
– Who will be responsible for documenting the Financial Accounting requirements in detail?
– What are all of our Financial Accounting domains and what do they do?
Accounting analyst Critical Criteria:
Accelerate Accounting analyst decisions and use obstacles to break out of ruts.
– How can we incorporate support to ensure safe and effective use of Financial Accounting into the services that we provide?
– Which individuals, teams or departments will be involved in Financial Accounting?
Income statement Critical Criteria:
Recall Income statement decisions and assess what counts with Income statement that we are not counting.
– What is the formula for the debt to equity ratio, and what does it measure?
– Have you ever failed to complete any work awarded to you?
– Was cash used to buy stocks, bonds or other investments?
– Can contractor accurately reevaluate problems on a job?
– In what order are assets listed on a balance sheet?
– Are mark-to-market prices from liquid markets?
– Am i Overspending or underspending on Wages?
– What are the accounting principles employed?
– What is the firms sustainable growth rate?
– Are receivables coming in too slowly?
– What do profitability ratios measure?
– What is the balance of total assets?
– Is the balance of retained profits?
– What do activity ratios measure?
– What are the tax ramifications?
– What is a capital account?
– What is Return on Equity?
– What is the bottom line?
– What is a balance sheet?
National Diet Library Critical Criteria:
Categorize National Diet Library risks and innovate what needs to be done with National Diet Library.
– When a Financial Accounting manager recognizes a problem, what options are available?
– Is Financial Accounting dependent on the successful delivery of a current project?
Forensic accounting Critical Criteria:
Co-operate on Forensic accounting planning and find out.
– Will Financial Accounting have an impact on current business continuity, disaster recovery processes and/or infrastructure?
– What are the success criteria that will indicate that Financial Accounting objectives have been met and the benefits delivered?
Sole proprietorship Critical Criteria:
Rank Sole proprietorship adoptions and maintain Sole proprietorship for success.
– In the case of a Financial Accounting project, the criteria for the audit derive from implementation objectives. an audit of a Financial Accounting project involves assessing whether the recommendations outlined for implementation have been met. in other words, can we track that any Financial Accounting project is implemented as planned, and is it working?
– What tools do you use once you have decided on a Financial Accounting strategy and more importantly how do you choose?
– How do we ensure that implementations of Financial Accounting products are done in a way that ensures safety?
Revenue recognition Critical Criteria:
Differentiate Revenue recognition tasks and budget for Revenue recognition challenges.
– Does our organization need more Financial Accounting education?
– Is revenue recognition aggressive or conservative?
T accounts Critical Criteria:
Ventilate your thoughts about T accounts planning and differentiate in coordinating T accounts.
– Are vendor default accounts and passwords disabled or changed on production systems before putting a system into production?
– Are there any disadvantages to implementing Financial Accounting? There might be some that are less obvious?
– What are specific Financial Accounting Rules to follow?
– Who has what accounts?
Management accounting Critical Criteria:
Look at Management accounting tactics and observe effective Management accounting.
– What potential environmental factors impact the Financial Accounting effort?
– Are there recognized Financial Accounting problems?
– How do we go about Securing Financial Accounting?
Debits and credits Critical Criteria:
Paraphrase Debits and credits failures and improve Debits and credits service perception.
– What business benefits will Financial Accounting goals deliver if achieved?
– Do all accounting systems require using debits and credits?
Positive accounting Critical Criteria:
Scrutinze Positive accounting management and inform on and uncover unspoken needs and breakthrough Positive accounting results.
– What will be the consequences to the business (financial, reputation etc) if Financial Accounting does not go ahead or fails to deliver the objectives?
– What are the disruptive Financial Accounting technologies that enable our organization to radically change our business processes?
– What are internal and external Financial Accounting relations?
Gross profit Critical Criteria:
Look at Gross profit projects and probe the present value of growth of Gross profit.
– How do we Improve Financial Accounting service perception, and satisfaction?
– How can you measure Financial Accounting in a systematic way?
– Is gross profit holding?
Financial statement Critical Criteria:
Consolidate Financial statement management and describe the risks of Financial statement sustainability.
– Which customers cant participate in our Financial Accounting domain because they lack skills, wealth, or convenient access to existing solutions?
– What sources do you use to gather information for a Financial Accounting study?
– How Are Financial Statements Used?
General ledger Critical Criteria:
Confer over General ledger leadership and stake your claim.
– How much does Financial Accounting help?
Intangible asset Critical Criteria:
Investigate Intangible asset goals and find answers.
– Consider your own Financial Accounting project. what types of organizational problems do you think might be causing or affecting your problem, based on the work done so far?
Annual report Critical Criteria:
Nurse Annual report tasks and diversify disclosure of information – dealing with confidential Annual report information.
– What key measures should we include in our annual report to our Board of Directors?
– What key measures should we include in our annual report to stockholders?
– Which Financial Accounting goals are the most important?
Accounting networks and associations Critical Criteria:
Differentiate Accounting networks and associations projects and mentor Accounting networks and associations customer orientation.
– what is the best design framework for Financial Accounting organization now that, in a post industrial-age if the top-down, command and control model is no longer relevant?
– How do we make it meaningful in connecting Financial Accounting with what users do day-to-day?
Social accounting Critical Criteria:
Accumulate Social accounting results and diversify by understanding risks and leveraging Social accounting.
– Why is Financial Accounting important for you now?
Current asset Critical Criteria:
Map Current asset leadership and budget for Current asset challenges.
– What may be the consequences for the performance of an organization if all stakeholders are not consulted regarding Financial Accounting?
– What are the top 3 things at the forefront of our Financial Accounting agendas for the next 3 years?
– Is Supporting Financial Accounting documentation required?
Accounting equation Critical Criteria:
Examine Accounting equation adoptions and overcome Accounting equation skills and management ineffectiveness.
– How do senior leaders actions reflect a commitment to the organizations Financial Accounting values?
– Is the scope of Financial Accounting defined?
Ownership equity Critical Criteria:
Consolidate Ownership equity projects and explore and align the progress in Ownership equity.
– Think about the kind of project structure that would be appropriate for your Financial Accounting project. should it be formal and complex, or can it be less formal and relatively simple?
– Is the Financial Accounting organization completing tasks effectively and efficiently?
– Does Financial Accounting appropriately measure and monitor risk?
Business owner Critical Criteria:
Inquire about Business owner visions and devise Business owner key steps.
– Do we aggressively reward and promote the people who have the biggest impact on creating excellent Financial Accounting services/products?
– What new services of functionality will be implemented next with Financial Accounting ?
– To what extent are business owners involved in the bc management lifecycle?
– What are the short and long-term Financial Accounting goals?
Government agencies Critical Criteria:
Categorize Government agencies adoptions and stake your claim.
– Have current policies from relevant government and nongovernment agencies relating to the proposed program been examined?
– What will drive Financial Accounting change?
Net profit Critical Criteria:
Graph Net profit tasks and frame using storytelling to create more compelling Net profit projects.
– Who will be responsible for making the decisions to include or exclude requested changes once Financial Accounting is underway?
– Is Financial Accounting Required?
Historical cost Critical Criteria:
Categorize Historical cost planning and look at the big picture.
– Are there any easy-to-implement alternatives to Financial Accounting? Sometimes other solutions are available that do not require the cost implications of a full-blown project?
Historical cost accounting Critical Criteria:
Have a round table over Historical cost accounting goals and perfect Historical cost accounting conflict management.
– What threat is Financial Accounting addressing?
– Are there Financial Accounting Models?
FIFO and LIFO accounting Critical Criteria:
Pilot FIFO and LIFO accounting strategies and arbitrate FIFO and LIFO accounting techniques that enhance teamwork and productivity.
– How do you incorporate cycle time, productivity, cost control, and other efficiency and effectiveness factors into these Financial Accounting processes?
– Have the types of risks that may impact Financial Accounting been identified and analyzed?
Management discussion and analysis Critical Criteria:
Be clear about Management discussion and analysis planning and differentiate in coordinating Management discussion and analysis.
– Where do ideas that reach policy makers and planners as proposals for Financial Accounting strengthening and reform actually originate?
– What is the total cost related to deploying Financial Accounting, including any consulting or professional services?
– Have all basic functions of Financial Accounting been defined?
Bank reconciliation Critical Criteria:
Grade Bank reconciliation tasks and reduce Bank reconciliation costs.
– How do we maintain Financial Accountings Integrity?
Balance sheet Critical Criteria:
Analyze Balance sheet tasks and budget the knowledge transfer for any interested in Balance sheet.
– What is the difference between current liabilities and long-term liabilities?
– What is the formula for developing an income statement, according to GAAP?
– What was the change in accumulated depreciation accounts during the year?
– How quickly does the prospective credit customer pay its bills?
– What is the difference between Basic EPS and diluted EPS?
– How much money came into the firm from issuing stock?
– Were some investments sold that brought in cash?
– What is the formula for inventory turnover?
– What is the earnings per share (EPS)?
– What constitutes a satisfactory ROA?
– Are billings in excess of costs?
– What was revenue for the year?
– Are liabilities missing?
Double-entry bookkeeping system Critical Criteria:
Probe Double-entry bookkeeping system management and point out improvements in Double-entry bookkeeping system.
International Accounting Standards Board Critical Criteria:
Meet over International Accounting Standards Board engagements and attract International Accounting Standards Board skills.
– What is the source of the strategies for Financial Accounting strengthening and reform?
– What are your most important goals for the strategic Financial Accounting objectives?
– What are the record-keeping requirements of Financial Accounting activities?
Fair value Critical Criteria:
Examine Fair value failures and do something to it.
– What are our best practices for minimizing Financial Accounting project risk, while demonstrating incremental value and quick wins throughout the Financial Accounting project lifecycle?
– How do you determine the key elements that affect Financial Accounting workforce satisfaction? how are these elements determined for different workforce groups and segments?
– Are estimated fair values unbiased?
Governmental accounting Critical Criteria:
Categorize Governmental accounting results and drive action.
– What are the key elements of your Financial Accounting performance improvement system, including your evaluation, organizational learning, and innovation processes?
– Risk factors: what are the characteristics of Financial Accounting that make it risky?
Accounting standards Critical Criteria:
See the value of Accounting standards outcomes and correct Accounting standards management by competencies.
– What are your key performance measures or indicators and in-process measures for the control and improvement of your Financial Accounting processes?
– What knowledge, skills and characteristics mark a good Financial Accounting project manager?
– How to deal with Financial Accounting Changes?
Economic entity Critical Criteria:
Investigate Economic entity management and look in other fields.
– Who is the main stakeholder, with ultimate responsibility for driving Financial Accounting forward?
– How do we manage Financial Accounting Knowledge Management (KM)?
– How would one define Financial Accounting leadership?
Double-entry accounting system Critical Criteria:
Track Double-entry accounting system visions and clarify ways to gain access to competitive Double-entry accounting system services.
Tax accounting Critical Criteria:
Have a session on Tax accounting adoptions and attract Tax accounting skills.
– How can you negotiate Financial Accounting successfully with a stubborn boss, an irate client, or a deceitful coworker?
– Why should we adopt a Financial Accounting framework?
Net income Critical Criteria:
Scrutinze Net income adoptions and customize techniques for implementing Net income controls.
– If depreciation is an expense, why is it added back to an investments net income to compute the net cash flow from that investment?
Capital expenditure Critical Criteria:
Deduce Capital expenditure management and assess what counts with Capital expenditure that we are not counting.
– Are assumptions made in Financial Accounting stated explicitly?
– Who sets the Financial Accounting standards?
Management Accounting Principles Critical Criteria:
Explore Management Accounting Principles projects and forecast involvement of future Management Accounting Principles projects in development.
– Think about the functions involved in your Financial Accounting project. what processes flow from these functions?
Fixed asset Critical Criteria:
Grade Fixed asset outcomes and inform on and uncover unspoken needs and breakthrough Fixed asset results.
– What is the amount of fixed assets?
General journal Critical Criteria:
Canvass General journal leadership and develop and take control of the General journal initiative.
– What tools and technologies are needed for a custom Financial Accounting project?
– What are the long-term Financial Accounting goals?
Generally accepted auditing standards Critical Criteria:
Sort Generally accepted auditing standards strategies and separate what are the business goals Generally accepted auditing standards is aiming to achieve.
– Do we monitor the Financial Accounting decisions made and fine tune them as they evolve?
Certified Public Accountant Critical Criteria:
Investigate Certified Public Accountant failures and create a map for yourself.
– What are your current levels and trends in key measures or indicators of Financial Accounting product and process performance that are important to and directly serve your customers? how do these results compare with the performance of your competitors and other organizations with similar offerings?
– How do we Identify specific Financial Accounting investment and emerging trends?
This quick readiness checklist is a selected resource to help you move forward. Learn more about how to achieve comprehensive insights with the Financial Accounting Self Assessment:
Author: Gerard Blokdijk
CEO at The Art of Service | http://theartofservice.com
Gerard is the CEO at The Art of Service. He has been providing information technology insights, talks, tools and products to organizations in a wide range of industries for over 25 years. Gerard is a widely recognized and respected information expert. Gerard founded The Art of Service consulting business in 2000. Gerard has authored numerous published books to date.
To address the criteria in this checklist, these selected resources are provided for sources of further research and information:
Financial Accounting External links:
[PDF]Statement of Financial Accounting Standards No. …
Financial Accounting Resource Center™ | Bloomberg BNA
Financial accounting is a specialized form of accounting that keeps track of transactions.
Trial balance External links:
Trial Balance – Video | Investopedia
Accounting Trial Balance Example and Financial …
GL Summary Trial Balance made easy with Excel Pivot Tables
Generally Accepted Accounting Principles External links:
GAAP – Generally Accepted Accounting Principles | …
Generally Accepted Accounting Principles – GAAP
What are the generally accepted accounting principles …
Accounting period External links:
Change in Accounting Period – IRS Tax Map
Marketable securities External links:
marketable securities – investopedia.com
Marketable Securities – Careers, Finance and Investing
Marketable Securities – investopedia.com
Financial audit External links:
U.S. GAO – Financial Audit Manual
Internal audit External links:
Global Institute of Internal Auditors
Internal Audit – aicpa.org
Internal Audit Definition | Investopedia
Constant purchasing power accounting External links:
Constant purchasing power accounting | CourseNotes
Accounting analyst External links:
Accounting Analyst Jobs, Employment | Indeed.com
Accounting Analyst Series – CalHR
Accounting Analyst Salary – PayScale – Salary …
Income statement External links:
Income Statement – Investopedia
Apple Inc. (AAPL) Income Statement – NASDAQ.com
T Annual Income Statement – AT&T Inc. Annual Financials
National Diet Library External links:
National Diet Library | library, Tokyo, Japan | Britannica.com
Online Gallery | National Diet Library
National Diet Library law. (Book, 1961) [WorldCat.org]
Forensic accounting External links:
Forensic Accounting legal definition of Forensic Accounting
Fraud Examiners, Forensic Accounting, Fraud …
Forensic Accounting | FBIJOBS
Sole proprietorship External links:
A sole proprietorship is an unincorporated business that is owned by an individual.
What is title of Sole Proprietorship Firm’s owner? – Quora
Title of a Sole Proprietorship | Chron.com
Revenue recognition External links:
Revenue Recognition Impact on Insurance Industry
Topic 13: Revenue Recognition – SEC.gov
T accounts External links:
Update Billing Contact Info for Your AT&T Accounts – …
Management accounting External links:
Title Management Accounting – Scribd
Management accounting (Book, 2004) [WorldCat.org]
Management Accounting Careers | Accounting.com
Debits and credits External links:
Closings- Debits and Credits Flashcards | Quizlet
Debits and credits — AccountingTools
How to Understand Debits and Credits: 7 Steps (with …
Positive accounting External links:
Positive Accounting Solutions, LLC, Home.
Positive Accounting – Positive Accounting Ltd
Gross profit External links:
Gross Profit Margin = Gross Profit/Sales – Investopedia
What is Gross Profit on the Income Statement?
Testing Gross Profit Accuracy – IRS Tax Map
Financial statement External links:
Financial statement analysis Flashcards | Quizlet
Personal Financial Statement Filers
Accounting Reports & Financial Statement Templates
General ledger External links:
General Ledger – AbeBooks
[PDF]JD-Accountant General Ledger – Avinger
[PDF]POSITION Accountant TITLE: I-General Ledger
Intangible asset External links:
Intangible Asset – Investopedia
Intangible Asset (IA) Specialty Program
Obsidian Edge, LLC – Business and Intangible Asset Valuation
Annual report External links:
Annual Reports | Investors Title
SEC.gov | Annual Report
Social accounting External links:
Social Accounting: An Emerging Career Path for …
Current asset External links:
ch 7 current asset management Flashcards | Quizlet
Current Asset Recovery Flow | EZ Shipper Racks
Acct201 A Current Asset Is – Study Acer
Accounting equation External links:
The Accounting Equation – YouTube
Accounting Equation | Explanation | AccountingCoach
ACCOUNTING EQUATION Flashcards | Quizlet
Ownership equity External links:
What is Ownership Equity? – wiseGEEK
ownership equity – Wiktionary
Business owner External links:
What is the title of a small business owner? | Yahoo Answers
Business Card Tips for Business Owners — SitePoint
Title for Small Business Owner – Startup Biz Hub
Government agencies External links:
Government Agencies and Elected Officials | USAGov
Public Knowledge | Advising Government Agencies
Net profit External links:
UBS posts 14% rise in net profit, but misses estimates – CNBC
[PDF]SCHEDULE C-EZ Net Profit From Business 2017
Municipal Net Profit Tax
Historical cost External links:
Historical cost — AccountingTools
Historical Cost – Accounting Simplified
Historical Cost – Investopedia
Historical cost accounting External links:
Historical Cost Accounting | Student Simple
What is historical cost accounting? – Quora
Management discussion and analysis External links:
Sample Management Discussion and Analysis (MD&A) Note: This template is provided as a background for the MD&A. Districts have been preparing the MD&A for a …
http://Management discussion and analysis. (eJournal / …
[DOC]Sample Management Discussion and Analysis …
Bank reconciliation External links:
ch 8 bank reconciliation Flashcards | Quizlet
How to Audit a Bank Reconciliation | Chron.com
Bank Reconciliation – IRS Tax Map
Balance sheet External links:
Sample Balance Sheet | AccountingCoach
Balance Sheet – Investopedia
The Fed – Fed’s balance sheet
International Accounting Standards Board External links:
International Accounting Standards Board (IASB)
International Accounting Standards Board Finalises …
Fair value External links:
True Fair Value
Fair Value Measurement – AICPA
Fair Value Definition | Investopedia
Governmental accounting External links:
ERIC – Governmental Accounting: Comprehensive …
Governmental Accounting Standards Board (GASB) – …
Governmental Accounting: Fundamental Principles …
Accounting standards External links:
[PDF]Cost Accounting Standards Board Disclosure …
Sustainability Accounting Standards Board
[PDF]Statement of Financial Accounting Standards No. …
Economic entity External links:
“The Economic Entity” by Maurice J. Dix – Fordham University
Double-entry accounting system External links:
What are the two fundamental equality requirements of the double-entry accounting system? – 4910292
Net income External links:
[PDF]Schedule A Monthly Report for Establishing Net Income
[PDF]Reconciling Corporation Book and Tax Net Income, …
For business net-income: Net income equals gross income less cost of goods sold, expenses, and taxes.
Capital expenditure External links:
[PDF]Capital Expenditure Policy – University of Texas …
Capital Expenditure (CAPEX) – Investopedia
Management Accounting Principles External links:
Management accounting principles (Book, 1997) …
Management accounting principles (Book, 1965) …
Fixed asset External links:
[PDF]FIXED ASSET ACCOUNTING AND MANAGEMENT …
(RUS) Register a vehicle as a fixed asset [AX 2012]
[PDF]Chapter 30 – Fixed Assets – Maine.gov
General journal External links:
2. General Journal Entries – YouTube
[PDF]CHAPTER 7 – General Journal Entries
Generally accepted auditing standards External links:
AU 150 Generally Accepted Auditing Standards – PCAOB
Generally Accepted Auditing Standards – GAAS
Certified Public Accountant External links:
Certified Public Accountant – CPA Definition | Investopedia
Certified Public Accountant (CPA) – aicpa.org
PICPA – Pennsylvania Institute of Certified Public Accountants