Global financial crisis: The challenge to accounting research
Zafirakis (2005:4) states that "Accrual accounting is the cornerstone of modern accounting procedures." In this essay, the importance of accrual accounting will be considered by looking at how it functions in the Double Entry System and comparing it to cash accounting, another method of gathering financial information.
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In a , humanity is quite susceptible to manias and panics. I believe that the cryptocurrency mania will be seen as the poster boy of and its coming collapse. This is the third manic bubble blown by the Federal Reserve and friends in the past generation, which is incredible and a sign that the end is near for the global financial system as we have known it. Money is only accounting. It is not real, but our political-economic systems have long relied on the manipulation of emotionally charged symbols to stampede humanity this way and that, playing to and . Not only is the cryptocurrency manias collapse well on its way as I write this, but large companies are beginning to collapse and, as usual, the public accounting firms will be in the midst of it, as their blatant conflicts of interest prevented them from sounding the alarm. It is .The aftermath of this collapse will be global in scope, like the last one. These kinds of economic collapses can initiate wars and other catastrophes. How about a instead, in which ? I have devoted the rest of my lifetimes spare time to . For those who can hit the notes, they are welcome to sing with me.
In conclusion, numerous benefits accrue to companies due to good accounting practice. Accounting provides a good platform on which a company can profitably operate their business activities basing their operational decisions on the accounting information available. The essay has explicated that indeed, the knowledge based on this area is worth exploring because it provides profitable alternatives and easy ways to drive a company to desirable heights.