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Accounting: Aronson Company
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Cash-based accounting recognizes income when the money is received. Accrual-based accounting recognizes income when goods are shipped or services rendered. For expenses, under the cash method, an expense is recognized when you pay it. Under the accrual method, the cost is recognized when your company is obligated to pay it. For accounting purposes, most businesses opt for the accrual method. Cash-based accounting can distort the true operations of your business and incorrectly reflect income. The choice generally is yours, although in certain circumstances the IRS requires companies to use the accrual method. And some businesses decide to use a hybrid of the two.
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BNA (http://www.bna.com/) is a leading publisher of print and electronic news, analysis, and reference products, including the recently launched Accounting Policy & Practice Series. BNA publications intensely cover legal and regulatory developments for professionals in business and government. BNA is the oldest wholly employee-owned company in the United States, and produces more than 350 news and information services -- including Daily Labor Report and Daily Tax Report -- widely respected for comprehensive and objective reporting and analysis.
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Rockville, MD, April 30, 2002/PRNewswire/ -- US Investigations Services, Inc. (USIS) recognized Aronson & Company (A&C), a nationally ranked top 50 accounting and consulting firm, for outstanding service and assistance on several high-profile projects. USIS is the largest personnel security services company in North America. USIS ... maintains Regional Business Centers in New York, Philadelphia, Washington, D.C., Atlanta, Chicago, Dallas, Albuquerque, Denver, Los Angeles, San Francisco, and Seattle.
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The company determined that certain hedges did not qualify for hedge accounting under the "short cut" method. As a result, any fluctuations in the market value of the derivatives should have been recorded through the income statement with no corresponding offset to the hedged item. While management believes most of these hedges would have qualified for hedge accounting under the "long haul" method, that accounting cannot be applied retroactively. Consequently, the restatement assumes hedge accounting was not applicable to these derivatives and the related hedged item during the periods under review.
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As the Mid-Atlantic region’s premier accounting and consulting firm, Aronson & Company has built a tradition of excellence spanning more than 40 years. Hundreds of dedicated business experts provide innovative solutions designed specifically for each client. A&C specializes in comprehensive audit, tax and consulting services for clients ranging from individual taxpayers up through publicly traded companies poised for continued success.
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The accounting associate of applied science degree is designed to prepare students for occupations in the accounting profession. Job responsibilities depend on the area of specialization: public accounting; managerial accounting; or governmental accounting. Accountants help individuals and businesses manage their money by setting up and maintaining accounting systems, preparing budgets, studying company operations, performing audits, and preparing government forms. They help management plan and control company activities.
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